Adani Total Gas Q4 FY26 Earnings Call: Revenue Rises 16%, Record EBITDA
Adani Total Gas delivered Q4 FY26 revenue of ₹1,696 crores (+16% YoY) and a record quarterly EBITDA of ₹310 crores (+13%), with full-year revenue reaching ₹6,415 crores (+18%). CNG volumes grew 17% YoY in Q4, ~50,000 new PNG connections were added (highest ever), and the combined ATGL-IOAGPL network spans 1,169 CNG stations and 13.1 lakh PNG homes. Management guided for FY27 EBITDA of approximately ₹1,500 crores, in line with volume growth.
*this image is generated using AI for illustrative purposes only.
Adani Total Gas Limited delivered a robust operational and financial performance for the fourth quarter (January–March 2026) and the full fiscal year 2025-26, as highlighted during its Q4 FY26 Earnings Conference Call held on April 28, 2026. The company navigated a challenging global energy environment marked by geopolitical tensions in West Asia, supply chain disruptions, and currency volatility, while maintaining uninterrupted gas supply to consumers and sustaining volume growth across its core business segments.
Financial Performance: Q4 FY26 and Full Year FY26
Adani Total Gas posted consistent growth across key financial metrics for both the quarter and the full fiscal year. The following table summarises the reported financial highlights:
| Metric: | Q4 FY26 (Jan–Mar 2026) | FY 2025-26 | YoY Change |
|---|---|---|---|
| Total Revenue: | ₹1,696 crores | ₹6,415 crores | +16% (Q4), +18% (FY) |
| EBITDA: | ₹310 crores | ₹1,225 crores | +13% (Q4), +5% (FY) |
| Profit Before Tax (PBT): | ₹214 crores | ₹863 crores | +8% (Q4), -1% (FY) |
| Profit After Tax (PAT): | ₹156 crores | ₹637 crores | +4% (Q4), — |
Executive Director and CEO Suresh P. Manglani noted that Q4 FY26 marked the company's highest-ever quarterly EBITDA, attributing this to the expanded operational footprint rather than growth from existing geographical areas alone. The full-year PBT was marginally lower by 1% to ₹863 crores, reflecting the impact of higher gas costs during the geopolitical crisis period.
Operational Highlights: Volume Growth and Network Expansion
The company reported strong volume momentum across both CNG and PNG segments during Q4 FY26 and the full fiscal year. Key operational metrics are presented below:
| Parameter: | Q4 FY26 | FY 2025-26 |
|---|---|---|
| CNG Volume Growth (YoY): | +17% | +18% |
| PNG Volume Growth (YoY): | +5% | +6% |
| New Domestic PNG Connections (Q4): | ~50,000 (highest ever) | ~137,000 |
| Total Household Connections: | — | 1.1 million |
| CNG Stations (Total): | 705 | — |
| New CNG Stations Added (Q4): | 25 | — |
| Steel Pipeline Infrastructure: | 15,572-inch km | — |
| MDPE Pipeline: | 8,300+ km | — |
| Industrial & Commercial Customers Added (Q4): | 214 | — |
| Total Industrial & Commercial Customers: | 9,965 | — |
Of the 705 CNG stations, 140 are categorised as company-owned dealer-operated or dealer-owned dealer-operated (CODO/DODO) branded stations. The company serves 53 geographical areas in total — 34 directly and 19 through its 50-50 joint venture, IndianOil-Adani Gas Private Limited (IOAGPL). Management highlighted that on a daily basis, the company connects over 400 homes, 2 new businesses, lays approximately 3 kilometres of pipeline, and commissions 1 new CNG station every week.
Volume Segment Mix and Gas Sourcing
Management provided a detailed breakdown of volume composition and gas sourcing for Q4 FY26. In terms of volume segment mix, CNG and domestic PNG together accounted for approximately 78% of total volumes, while industrial volumes constituted approximately 20% and commercial approximately 2.5%.
On the sourcing side, Head of Gas Sourcing and Business Development Ravindra Desai outlined the following for CNG transport volumes during Q4 FY26:
| Sourcing Category: | Share of CNG (T) Volumes |
|---|---|
| APM allocation, HPHT, and WG volumes plus contracted sources: | ~85% |
| Spot market (diversified portfolio incl. Brent-linked and asset-linked contracts): | ~16% |
The gas pool mechanism introduced by the government designated GAIL as the nodal agency and included APM gas, non-APM gas, HPHT gas, Vedanta gas, volumes redirected from fertilisers and ONGC consumption, and contracted LNG in later periods. The gas pool price for March 2026 was reported at $12.42 per MMBtu.
Consolidated Network with JV Partner IOAGPL
Including the IOAGPL joint venture, the combined nationwide network as reported by management stands as follows:
| Network Parameter: | Combined (ATGL + IOAGPL) |
|---|---|
| Total CNG Stations: | 1,169 |
| PNG Homes: | 13.1 lakh |
| Commercial & Industrial Consumers: | 11,529 |
| Steel Pipeline: | 28,000-inch km |
| MDPE Pipeline: | 10,500 km |
E-Mobility Business: ATEL Scales Rapidly
Adani Total Gas's e-mobility subsidiary, ATEL, continued to expand its EV charging infrastructure during the period. Key highlights include:
- 5,100 EV charge points operational across 26 states and union territories
- Coverage spanning 226 cities
- Supported by approximately 54 megawatts of installed capacity
- Target of 10,000 EV charging points identified as a near-term ambition
ESG Recognition and FY27 Outlook
Adani Total Gas received a CareEdge-ESG rating of 83 out of 100, placing it among top performers in its peer group. The company's NSE Sustainability score improved to 73 from 67. The company also received recognition at the National Process Safety Honors 2026 with the award for Excellence in City Gas Distribution.
On the outlook for FY27, Interim CFO Preyash Jhaveri indicated that the company expects revenue growth in line with FY26 levels, with newer geographical areas expected to contribute incrementally. The company is targeting EBITDA of approximately ₹1,500 crores for FY27, with EBITDA growth expected to track volume growth.
Historical Stock Returns for Adani Total Gas
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.04% | -1.93% | +23.08% | +4.32% | +1.79% | -50.41% |
How will Adani Total Gas manage margin pressure if global gas pool prices remain elevated above $12 per MMBtu through FY27, and what hedging strategies are being considered?
With ATEL targeting 10,000 EV charging points, how might accelerating EV adoption in India structurally impact CNG volume growth beyond FY27?
As the company expands into newer geographical areas, what is the expected timeline for these regions to reach breakeven EBITDA contribution, and how will this affect the ₹1,500 crore FY27 EBITDA target?
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