Adani Total Gas Reports Strong Q3 FY26 Performance with 17% Revenue Growth
Adani Total Gas Limited reported strong Q3 FY26 results with revenue growing 17% to INR1,631 crores, driven by 17% CNG volume growth and 3% PNG volume growth. EBITDA increased 15% to INR313 crores while profit after tax rose 10% to INR157 crores. The company expanded its network by adding 18 CNG stations to reach 680 total stations and connected 35,000 new PNG customers, bringing total domestic connections to 1.05 million across 34 geographical areas.
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Adani Total Gas Limited demonstrated strong operational and financial performance in the third quarter of FY26, showcasing continued growth momentum across its city gas distribution network. The company's strategic focus on network expansion and customer acquisition delivered impressive results despite challenging market conditions.
Financial Performance Highlights
The company reported robust financial metrics for Q3 FY26, reflecting the strength of its expanding operations:
| Financial Metric | Q3 FY26 | Growth (YoY) |
|---|---|---|
| Revenue from Operations | INR1,631 crores | +17% |
| EBITDA | INR313 crores | +15% |
| Profit Before Tax | INR212 crores | +10% |
| Profit After Tax | INR157 crores | +10% |
For the nine-month period, revenue increased 19% to INR4,692 crores, while EBITDA rose 3% to INR916 crores. The company maintained healthy profitability margins despite facing cost pressures from higher gas prices and currency fluctuations.
Volume Growth and Network Expansion
Adani Total Gas continued its strong growth trajectory with significant volume increases across both CNG and PNG segments:
| Volume Metrics | Q3 FY26 Growth | 9-Month Growth |
|---|---|---|
| CNG Volume Growth | +17% YoY | +18% YoY |
| PNG Volume Growth | +3% YoY | +7% YoY |
The company's infrastructure expansion remained robust during the quarter. It added 18 new CNG stations, bringing the total network to 680 stations across 34 geographical areas. Of these, 136 stations operate under the Company-owned Dealer Operated (CODO) or Dealer-owned Dealer-operated (DODO) model, providing a complete branded experience to consumers.
Infrastructure Development
Adani Total Gas significantly strengthened its backbone infrastructure during the quarter:
| Infrastructure Component | Current Status |
|---|---|
| Steel Pipeline Network | 14,862 inch-kilometres |
| MDPE Pipeline | Over 8,100 kilometres |
| Total CNG Stations | 680 stations |
| PNG Domestic Connections | 1.05 million homes |
| Industrial & Commercial Customers | 9,750 consumers |
The company added approximately 35,000 new PNG connections during the quarter and 88,000 connections over the nine-month period. In the Industrial and Commercial segment, 148 new customers were added, approaching the milestone of 10,000 total consumers.
Regulatory Benefits and Pricing Strategy
The CGD industry witnessed two significant regulatory developments that strengthened the operational framework. The transition to 2% CST from the earlier 15% value-added tax on natural gas transported outside Gujarat provided cost relief. Additionally, PNGRB introduced a simplified 2-zone transmission tariff structure, applying only zone 1 tariff of INR54 for domestic PNG and CNG transport segments regardless of distance.
In line with its consumer-centric approach, Adani Total Gas reciprocated these regulatory benefits by reducing PNG and CNG prices across various geographical areas in a calibrated manner, enhancing affordability for consumers.
E-mobility and Joint Venture Operations
The company's e-mobility subsidiary, Adani TotalEnergies E-mobility Limited (ATEL), expanded its network to nearly 5,000 charge points across 26 states and union territories, covering 226 cities with 51 megawatts of installed capacity. The company remains on track to achieve its target of 10,000 EV charge points.
Through its joint venture with Indian Oil Corporation Limited (IOAGPL), the combined operations now encompass 1,120 CNG stations, 1.25 million PNG home connections, and over 11,000 commercial and industrial consumers across 53 geographical areas covering 125 districts.
Sustainability Recognition
Adani Total Gas achieved significant recognition for its sustainability initiatives. The company's S&P Dow Jones Sustainability Index Score improved to 72, placing it ninth globally in the gas utility sector and first in India. The Carbon Disclosure Project (CDP) rating was upgraded to category A, the highest leadership category, reflecting the company's commitment to transparent governance and cleaner energy solutions.
Historical Stock Returns for Adani Total Gas
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.09% | -3.91% | -6.78% | -16.33% | -15.59% | +38.20% |
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