Adani Total Gas Q2 FY27 Results: Revenue Rises 34%

Adani Total Gas Limited, or ATGL, reported higher sales volumes, revenue and EBITDA for the quarter and half year ended 30 September 2026. The company said Q2 FY27 sales volume rose 12% year-on-year to 315 MMSCM. Revenue for the quarter increased 34% to INR 2,102 crore, while EBITDA grew 12% to INR 340 crore. ATGL attributed the performance to sustained CNG demand, deeper PNG penetration and disciplined network expansion. The Ahmedabad-based company released the results on 22 October 2026.

Q2 revenue rises to INR 2,102 crore

ATGL's Q2 FY27 revenue was INR 2,102 crore, compared with INR 1,569 crore in Q2 FY26. This represented year-on-year growth of 34%. The revenue increase was faster than the 12% growth in overall sales volume during the quarter. The company reported sales volume of 315 MMSCM, up from 280 MMSCM a year earlier. ATGL's statement linked the quarterly performance to demand for compressed natural gas and wider penetration of piped natural gas.

Half-year revenue reaches INR 3,999 crore

For H1 FY27, ATGL reported revenue of INR 3,999 crore, against INR 3,060 crore in H1 FY26. The half-year revenue increase was 31% year-on-year. Sales volume for the six-month period rose 13% to 618 MMSCM from 547 MMSCM. The H1 volume growth was marginally higher than the growth recorded in the second quarter. The results cover the period ended 30 September 2026.

EBITDA growth remains positive

Quarterly EBITDA increased to INR 340 crore in Q2 FY27 from INR 302 crore in Q2 FY26. The 12% increase was in line with the reported growth in sales volume. For H1 FY27, EBITDA stood at INR 621 crore, compared with INR 603 crore in H1 FY26. This translated into 3% year-on-year growth for the half year. ATGL said its Q2 result delivered double-digit EBITDA growth.

Profit before tax increases in the quarter

Profit before tax was INR 235 crore in Q2 FY27, up from INR 217 crore in the corresponding quarter of the previous year. The increase was 8% year-on-year. Profit after tax stood at INR 167 crore, compared with INR 162 crore in Q2 FY26, an increase of 3%. Cash profit for the quarter rose 8% to INR 254 crore from INR 235 crore. These figures show that quarterly profit growth was below the rate of revenue growth.

Half-year profit metrics were lower

For H1 FY27, profit before tax was INR 414 crore, compared with INR 436 crore in H1 FY26. This was a decline of 5% year-on-year. Profit after tax for the half year was INR 300 crore, down 7% from INR 324 crore in the prior-year period. Cash profit was INR 458 crore, compared with INR 462 crore, a 1% decline. The company separately reported consolidated PAT of INR 315 crore for H1 FY27.

Key financial and operating figures

CNG and PNG demand support volumes

ATGL operates in the city gas distribution, or CGD, segment and said it is developing infrastructure in existing and new geographical areas. Its reported volume data points to continued growth in gas sales during both reporting periods. The company specifically identified sustained CNG demand and deeper PNG penetration as drivers of its Q2 performance. CNG is used as an automotive fuel, while PNG is supplied through pipelines. ATGL did not provide a product-wise volume break-up in the released information.

Network expansion remains part of strategy

The company said disciplined network expansion supported its performance in Q2 FY27. ATGL also stated that it continues its energy transition mission through infrastructure development and new-age energy businesses. However, the results release did not provide figures for additions to its network, the number of new stations, or geographical area expansion during the quarter. Investors therefore have the reported volume, revenue and profitability figures, but not detailed operating expansion metrics in the available release.

Consolidated profit after tax

ATGL separately disclosed consolidated PAT of INR 173 crore for Q2 FY27. This was higher than the INR 167 crore PAT shown in the financial performance table for the quarter. For H1 FY27, consolidated PAT was INR 315 crore, compared with INR 300 crore PAT in the table. The company did not provide comparative consolidated PAT figures for Q2 FY26 or H1 FY26 in the supplied results information. The difference should be considered when comparing the table's PAT with the separately stated consolidated figure.

What the results indicate

The quarter showed stronger growth in revenue, volumes and EBITDA than the half-year comparison. Q2 revenue growth of 34% exceeded the 31% growth reported for H1 FY27. EBITDA growth was 12% in Q2, compared with 3% for the half year. At the same time, half-year PBT, PAT and cash profit were lower year-on-year despite growth in revenue and volume. The reported data shows ATGL's operating volumes expanded across both periods, while profit metrics varied between the quarter and the six-month period.

Outlook based on company disclosures

ATGL's release highlights continued infrastructure development across existing and new geographical areas, along with its new-age energy businesses. It has also identified CNG demand, PNG penetration and network expansion as factors supporting its quarterly operating performance. No financial guidance, capital expenditure figure, expansion timetable or future volume target was provided in the supplied announcement. The next reported financial update will provide a further view of whether the Q2 growth trends continue through the remainder of FY27.