Overview

Detailed Summary

Adani Total Gas Limited (ATGL) is a leading player in the city gas distribution (CGD) sector, focusing on supplying compressed natural gas (CNG) and piped natural gas (PNG) across various geographical areas in India.
ATGL has shown strong growth by expanding its EV infrastructure, with 4908 electric vehicle charging points installed across 26 states, emphasizing its commitment to the transition towards greener energy solutions.
The company is actively investing in renewable and alternative energy, demonstrated by the commissioning of large-scale compressed biogas plants, aligning with its sustainability objectives.
Though facing pressure from rising gas costs, ATGL maintained a revenue increase of 19% due to strategic network expansions and effective gas procurement strategies.
ATGL's strategic partnerships and acquisitions in smart metering technology position it well for future growth, leveraging advanced technologies for operational efficiency.

Sector: Gas Distribution
Industry: Gas Distribution
Market Cap: 52,912 Cr
Volatility: High Risk
P/E Ratio: 82.4
Industry P/E: 16.6
PEG Ratio: 9.5
P/B Ratio: 11.7
52W High: 797.40
52W Low: 453.50

Sales CAGR

1Y: 11.74%
3Y: 18.96%
5Y: 22.08%
10Y: 18.13%

Profit CAGR

1Y: -1.96%
3Y: 8.69%
5Y: 8.24%
10Y: 25.91%

ROE

TTM: 13.88%
3Y: 17.13%
5Y: 18.63%
10Y: 19.23%

ROCE

TTM: 13.56%
3Y: 19.27%
5Y: 21.13%
10Y: 21.37%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ATGL	481.10	52,912 Cr	82.38	11.73	0.05	13.88	13.56	7.34
PETRONET	280.50	42,075 Cr	11.57	1.99	3.57	17.39	20.95	12.54
GUJGASLTD	418.60	28,816 Cr	24.80	3.31	1.39	12.83	17.24	8.69
AEGISVOPAK	200.10	22,071 Cr	103.68	4.65	0.00	3.81	5.57	2.89
IGL	157.45	22,043 Cr	13.25	1.96	4.45	14.23	17.81	9.89
GSPL	288.00	16,379 Cr	15.44	1.37	1.72	8.63	17.47	7.23
MGL	1101.20	10,877 Cr	11.36	1.75	2.72	15.76	20.47	11.06

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,096	1,156	1,167	1,145	1,219	1,294	1,341	1,379	1,451	1,507
Expenses	816	868	879	849	913	1,030	1,075	1,085	1,156	1,202
Operating Profit	280	288	288	296	306	265	266	293	295	305
OPM %	25.55	24.91	24.68	25.88	25.09	20.45	19.85	21.27	20.35	20.24
Other Income	15	18	19	7.43	16	8.00	14	12	12	12
Interest	27	31	29	26	23	27	24	28	26	41
Depreciation	38	39	49	46	51	53	53	56	62	62
Profit Before Tax	230	236	229	232	247	192	204	222	219	214
Tax %	24.89	25.10	26.74	25.84	24.97	25.87	24.10	25.66	25.32	25.78
Net Profit	173	177	168	172	186	142	155	165	163	159
EPS in Rs	1.57	1.61	1.53	1.56	1.69	1.29	1.41	1.50	1.49	1.44

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,458	1,823	1,991	1,784	3,206	4,683	4,816	5,412	5,233
Expenses	1,008	1,264	1,280	991	2,265	3,508	3,371	3,867	4,103
Operating Profit	449	559	711	793	942	1,175	1,445	1,545	1,130
OPM %	30.82	30.66	35.72	44.45	29.37	25.09	30.01	28.55	21.59
Other Income	80	59	44	30	42	54	62	46	51
Interest	125	90	41	40	53	78	111	101	102
Depreciation	61	67	51	63	83	113	158	204	213
Profit Before Tax	259	357	547	631	679	733	896	875	865
Tax %	36.45	35.85	20.31	25.23	25.68	25.40	25.53	25.20	25.14
Net Profit	165	229	436	472	505	546	668	654	648
EPS in Rs	—	2.08	3.96	4.21	4.64	4.97	6.08	5.95	5.84
Dividend Payout %	0.00	12.02	6.30	5.94	5.40	5.03	4.12	4.20	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	110	110	110	110	110	110	110	110
Reserves	759	992	1,361	1,824	2,306	2,831	3,470	4,097
Borrowings	1,234	346	380	529	1,035	1,422	1,557	1,834
Other Liabilities	699	600	625	741	964	1,282	1,454	1,624
Total Liabilities	2,803	2,048	2,476	3,204	4,415	5,645	6,592	7,665
Fixed Assets	897	980	1,198	1,379	1,733	2,335	3,174	3,651
CWIP	102	190	342	696	1,171	1,619	1,502	1,872
Investments	180	176	282	417	634	682	706	811
Other Assets	1,624	701	655	711	878	1,010	1,209	1,331
Total Assets	2,803	2,048	2,476	3,204	4,415	5,645	6,592	7,665

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	277	356	492	654	736	853	955	964
Cash from Investing Activity	-988	791	-461	-771	-1,137	-1,167	-752	-933
Cash from Financing Activity	779	-1,077	-102	39	422	295	-78	56
Net Cash Flow	68	70	-71	-78	21	-19	125	87

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	74.80%	74.80%	74.80%	74.80%	74.80%	74.80%	74.80%	74.80%	74.80%	74.80%	74.80%	74.80%
FIIs	16.31%	14.08%	13.94%	13.06%	13.14%	12.96%	13.07%	13.06%	13.21%	13.01%	12.88%	12.81%
DIIs	6.14%	6.15%	6.15%	6.14%	6.12%	6.15%	6.13%	6.27%	6.23%	6.31%	6.24%	6.25%
Public	2.75%	4.97%	5.11%	5.99%	5.94%	6.09%	6.00%	5.86%	5.75%	5.88%	6.08%	6.14%
Total Shareholders	3,01,530	4,82,919	4,94,186	6,53,417	6,31,022	6,55,643	6,25,899	6,43,039	6,41,091	6,32,842	6,34,539	6,18,119

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