Adani Total Gas Limited (ATGL)

Loading page…

Adani Total Gas Limited (ATGL) · mywealthgrid

About

Adani Total Gas operates an LPG, CNG, PNG and LNG supply network in India with a market capitalization of ₹71,932 Cr. Quarterly revenue ranges ₹1,569–₹1,907 Cr with net profits of ₹133–168 Cr per quarter, though operating margins have recently compressed to 14.1% from prior levels around 18.7%.

Face value: ₹1

Market cap

₹64,124 Cr

P/E

101.4×

P/B

13.2×

Dividend yield

0.1%

ROE

14.5%

ROCE

14.7%

Debt / equity

0.45

OPM

18.6%

EPS (TTM)

₹5.7

Book value

₹44.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin compression: Operating profit margin fell from 18.6–18.7% (Sep–Dec 2025) to 14.1% (Jun 2026) — 450+ bps in six months; verify root causes and persistence.

Valuation disconnect: PE of 113.78 is elevated against flat quarterly revenue of ₹1,569–₹1,907 Cr over 8 quarters; verify whether earnings recovery will justify this multiple.

Revenue plateau: Quarterly revenue range-bound with no growth trend over 8 quarters; verify what will drive volume acceleration or market expansion.

Commodity and regulatory exposure: Gas pricing faces input volatility and regulatory controls; verify margin protection and pricing-pass-through mechanisms.

Generated analysis · source review pending

Growth drivers

Margin recovery from 14.1% back to 18–19% would expand net profit significantly without requiring volume growth

Revenue acceleration beyond ₹1,569–₹1,907 Cr quarterly range; verify CNG and PNG volume drivers, geographic expansion capex and market demand trends

Input cost moderation if commodity gas prices decline; verify hedging effectiveness and margin sensitivity to gas price swings

Cash generation capacity: Consistent ₹133–168 Cr quarterly profits and regular dividend payments show funds available for network reinvestment; verify capex allocation to growth segments

Generated analysis · source review pending

1,949 historical price candles were omitted because the exchange source has not been verified.

₹583.1-0.9%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 29.1% over the last 5 years
+High promoter holding of 74.8% with no pledge

Cons

−Expensive at 101.4× trailing earnings
−Trading at 13.2× book value
−Low dividend payout of 8.7% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

30/100

Business quality: 48
Growth: 41
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,823	1,991	1,784	3,206	4,683	4,816	5,412	6,409
COGS	1,093	1,060	770	1,930	3,086	2,848	3,273	4,027
Gross profit	731	931	1,015	1,277	1,597	1,969	2,138	2,382
	276	336	320	499	710	847	990	1,165
	455	595	695	778	887	1,122	1,148	1,217
OPM %	24.9%	29.9%	39%	24.3%	18.9%	23.3%	21.2%	19%
Depreciation	67	51	63	83	113	158	204	243
Interest	90	41	40	53	78	111	101	129
	59	44	30	42	37	44	31	38
Profit before tax	357	547	622	684	733	896	875	882
Tax	128	111	159	174	186	229	220	226
Tax %	35.9%	20.3%	25.6%	25.5%	25.4%	25.5%	25.2%	25.7%
	229	436	463	509	546	668	654	656
PAT margin %	12.5%	21.9%	25.9%	15.9%	11.7%	13.9%	12.1%	10.2%
EPS (₹)	2.1	4	4.2	4.6	5	6.1	6	6
EPS adjusted (₹)	2.1	4	4.2	4.6	5	6.1	6	6
	12%	6.3%	5.9%	5.4%	5%	4.1%	4.2%	4.2%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	110	110	110	110	110	110	110	110	110
Reserves	759	992	1,361	1,824	2,306	2,831	3,470	4,097	4,755
	1,234	403	355	488	995	1,372	1,471	1,834	2,168
	699	543	651	782	1,004	1,332	1,540	1,624	2,516
Total equity & liabilities	2,803	2,048	2,476	3,204	4,415	5,645	6,592	7,665	9,549
	897	980	1,131	1,379	1,733	2,243	3,004	3,651	4,314
CWIP	102	190	342	696	1,171	1,616	1,498	1,865	2,001
Investments	65	—	—	417	634	682	706	811	1,690
	1,739	877	1,003	711	878	1,104	1,383	1,338	1,544
Total assets	2,803	2,048	2,476	3,204	4,415	5,645	6,592	7,665	9,549

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.1%	46.8%	56.9%	39.8%	34.1%	40.9%	39.5%	37.2%
EBITDA margin %	24.9%	29.9%	39.5%	24.1%	18.6%	22.9%	20.9%	18.6%
EBIT margin %	21.2%	27.3%	36%	21.5%	16.2%	19.6%	17.2%	14.8%
PAT margin %	12.5%	21.9%	25.9%	15.9%	11.7%	13.9%	12.1%	10.2%
Working capital
Receivable days	17	11	21	21	21	31	29	24
Inventory days	15	14	25	15	11	13	13	10
Payable days	2	28	55	31	36	44	35	34
NWC days	29	-3	-9	4	-5	-0	7	-0
Leverage
Current ratio	1.37	0.94	0.28	0.25	0.39	0.57	0.73	0.64
Debt to EBITDA	0.89	0.6	0.69	1.29	1.58	1.33	1.62	1.81
Debt to equity	0.37	0.24	0.25	0.41	0.47	0.41	0.44	0.45
Interest coverage	5.3	14.3	17	13.9	10.1	8.9	9.5	7.6
Asset turnover	0.89	0.8	0.56	0.73	0.83	0.73	0.71	0.67
Return ratios
Return on assets %	11.2%	17.6%	14.4%	11.5%	9.7%	10.1%	8.5%	6.9%
Return on capital employed %	30.5%	34.2%	32.1%	27.4%	24.8%	24%	17.6%	14.7%
Return on equity %	20.8%	29.7%	23.9%	21.1%	18.6%	18.6%	15.6%	13.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.8%	74.8%	74.8%	74.8%	74.8%	74.8%	74.8%	74.8%	74.8%	74.8%	74.8%	74.8%
	13.94%	13.06%	13.14%	12.96%	13.07%	13.06%	13.22%	13.01%	12.88%	12.81%	12.75%	12.76%
	6.15%	6.14%	6.12%	6.15%	6.13%	6.27%	6.23%	6.31%	6.24%	6.25%	6.26%	6.35%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	5.11%	6%	5.94%	6.09%	6%	5.87%	5.75%	5.88%	6.08%	6.14%	6.19%	6.09%
No. of shareholders	—	—	—	—	—	—	—	—	6,34,539	6,18,119	6,36,149	5,96,758

Promoter holding up 0 percentage points since Sep 2023.

30 deals · 23 Sept 2021 – 14 Nov 2022

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	3,95,328	₹3,800.60	₹150.25 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	3,95,328	₹3,800.60	₹150.25 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	3,95,328	₹3,637.30	₹143.79 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	3,95,328	₹3,637.30	₹143.79 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	2,12,686	₹3,267.30	₹69.49 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	2,12,686	₹3,267.30	₹69.49 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	3,34,233	₹3,047.15	₹101.85 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	3,34,233	₹3,047.15	₹101.85 Cr
11 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	3,26,829	₹3,161.00	₹103.31 Cr
11 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	3,26,829	₹3,161.00	₹103.31 Cr

1–10 of 30

1 / 3

Mr. Gautam S. AdaniNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Pranav V. AdaniNon-Executive - Non Independent Director
Mr. Sangkaran RatnamNon-Executive - Non Independent Director
Mr. Thibault LesueurNon-Executive - Non Independent Director
Mr. Shashi ShankerNon-Executive - Independent Director
Mr. Mukesh ShahNon-Executive - Independent Director
Ms. Gauri TrivediNon-Executive - Independent Director
Mr. Bharat VasaniNon-Executive - Independent Director
Mr. K JairajNon-Executive - Independent Director
Mr. Suresh P ManglaniExecutive Director
Mr. Preyash JhaveriInterim Chief Financial Officer

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

0.15%

of the company's equity

All mutual funds

0.2%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

38 schemes · 11 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.69 L	16.74	0.4%	0.024%	+9,524
ETF Nifty Midcap 150	Nippon India Mutual Fund	2.65 L	16.44	0.4%	0.024%	+15,689
Nifty Midcap 150 Index Fund	Nippon India Mutual Fund	1.86 L	11.53	0.41%	0.017%	+3,403
Nifty Oil & Gas ETF	ICICI Prudential Mutual Fund	1.38 L	8.58	2.83%	0.013%	+26
NIFTY MIDCAP 150 MOMENTUM 50 INDEX FUND	Tata Mutual Fund	1.37 L	8.49	0.67%	0.012%	+1,052
Nifty Midcap 150 Index Fund	ICICI Prudential Mutual Fund	86,073	5.35	0.4%	0.008%	+2,113
Nifty Midcap 150 Index Fund	SBI Mutual Fund	83,885	5.21	0.4%	0.008%	+3,380
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	72,792	4.52	0.49%	0.007%	-431

1–8 of 38

1 / 5

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026Transcript AI SummaryPPTREC
Apr 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

8

Dividend dividend12 Jun 2026 · ex-date₹0.25
Dividend dividend13 Jun 2025 · ex-date₹0.25
Dividend dividend14 Jun 2024 · ex-date₹0.25
Dividend dividend7 Jul 2023 · ex-date₹0.25
Final dividend14 Jul 2022 · ex-date₹0.25
Dividend dividend24 Jun 2021 · ex-date₹0.25
Interim dividend26 Mar 2020 · ex-date₹0.25
Dividend dividend26 Jul 2019 · ex-date₹0.25

1

Board meeting to consider results21 Jul 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

54 announcementsExport CSV

1 Oct 2026, 6:34 pmBoard Meeting

Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026.

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.1%	46.8%	56.9%	39.8%	34.1%	40.9%	39.5%	37.2%
EBITDA margin %	24.9%	29.9%	39.5%	24.1%	18.6%	22.9%	20.9%	18.6%
EBIT margin %	21.2%	27.3%	36%	21.5%	16.2%	19.6%	17.2%	14.8%
PAT margin %	12.5%	21.9%	25.9%	15.9%	11.7%	13.9%	12.1%	10.2%
Working capital
Receivable days	17	11	21	21	21	31	29	24
Inventory days	15	14	25	15	11	13	13	10
Payable days	2	28	55	31	36	44	35	34
NWC days	29	-3	-9	4	-5	-0	7	-0
Leverage
Current ratio	1.37	0.94	0.28	0.25	0.39	0.57	0.73	0.64
Debt to EBITDA	0.89	0.6	0.69	1.29	1.58	1.33	1.62	1.81
Debt to equity	0.37	0.24	0.25	0.41	0.47	0.41	0.44	0.45
Interest coverage	5.3	14.3	17	13.9	10.1	8.9	9.5	7.6
Asset turnover	0.89	0.8	0.56	0.73	0.83	0.73	0.71	0.67
Return ratios
Return on assets %	11.2%	17.6%	14.4%	11.5%	9.7%	10.1%	8.5%	6.9%
Return on capital employed %	30.5%	34.2%	32.1%	27.4%	24.8%	24%	17.6%	14.7%
Return on equity %	20.8%	29.7%	23.9%	21.1%	18.6%	18.6%	15.6%	13.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Adani Total Gas LimitedATGLATGL	₹64,124 Cr	₹66,292 Cr	₹6,817 Cr	₹1,172 Cr	18.6%	₹632 Cr	10.2%	14.7%	14.5%	-0
Petronet Lng LimitedPETRONETPETRONET	₹42,825 Cr	₹42,825 Cr	₹37,173 Cr	₹5,711 Cr	12.3%	₹4,208 Cr	9%	22.1%	18.6%	10
Gujarat Energy LimitedGUJENERGYGUJENERGY	₹21,585 Cr	₹24,645 Cr	₹23,618 Cr	₹2,884 Cr	12.5%	₹1,706 Cr	6.9%	17%	15%	16
Indraprastha Gas LimitedIGLIGL	₹19,991 Cr	₹20,017 Cr	₹18,563 Cr	₹1,627 Cr	10.3%	₹1,354 Cr	8.7%	14.5%	14%	-11
Mahanagar Gas LimitedMGLMGL	₹10,329 Cr	₹10,329 Cr	₹9,382 Cr	₹1,293 Cr	16%	₹715 Cr	9.3%	17.3%	13.7%	-9
Gspl Transmission LimitedGSPLTRANSGSPLTRANS	₹4,290 Cr	—	—	—	—	—	—	—	—	—
Confidence Petroleum India LimitedCONFIPETCONFIPET	₹2,859 Cr	₹3,361 Cr	₹6,001 Cr	₹407 Cr	7.4%	₹134 Cr	2.1%	10.5%	6.7%	26
Irm Energy LimitedIRMENERGYIRMENERGY	₹1,059 Cr	₹1,109 Cr	₹1,229 Cr	₹148 Cr	9.7%	₹73 Cr	4.6%	8.6%	5.5%	-4

Date	Category	Subject	Filing
1 Oct 2026, 6:34 pm	Board Meeting	Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026.	PDF
28 Sept 2026, 4:47 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 8:07 pm	Company Update General	Announcement Under Regulation 30 (LODR) - Update	PDF
21 Sept 2026, 1:21 pm	Company Update General	Clarification	PDF
21 Sept 2026, 11:35 am	Company Update Clarification	Clarification sought from Adani Total Gas Ltd	—
3 Sept 2026, 2:04 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
20 Aug 2026, 3:07 pm	Company Update General	Clarification	PDF
20 Aug 2026, 1:24 pm	Company Update Clarification	Clarification sought from Adani Total Gas Ltd	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	277	356	492	654	736	853	955	964	1,149
	-988	791	-461	-771	-1,137	-1,167	-752	-933	-1,236
	779	-1,077	-102	39	422	295	-78	56	117
Net cash flow	—	—	-71	-78	21	-19	125	87	29
Free cash flow	—	—	—	47	-215	-323	156	23	161
CFO / Operating profit %	—	78.3%	82.8%	92.8%	95.2%	98%	86.5%	85.1%	96.2%

Adani Total Gas Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

8

1

Announcements

8

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Adani Total Gas Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends8

Board meetings1

Announcements

Dividends8

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

8

1

8

1