Adani Total Gas Ltd. (ATGL) AI Stock Analysis

• Market Cap: ₹672.31B
• Dividend Yield: 0.04%
• Average Volume (3M): 125.94K
• Price to Earnings (P/E): 107.4
• Beta (1Y): 1.65
• Revenue Growth: 16.61%
• EPS Growth: -10.87%
• Country: IN
• Employees: 549
• Sector: Energy
• Sector Strength: 52
• Industry: Regulated Gas
• EPS (TTM): 1.49
• Shares Outstanding: 1,099,810,000
• 10 Day Avg. Volume: 174,737
• 30 Day Avg. Volume: 125,938
• PEG Ratio: -50.34
• Price to Book (P/B): 15.48
• Price to Sales (P/S): 13.03
• P/FCF Ratio: 2.84K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1,267.51
• Revenue Forecast (FY): ₹5.76T

• Rating: 66 Neutral
• Price Target: ₹686.00 ▲(10.01% Upside)

Adani Total Gas Ltd. scores moderately due to strong financial performance, which is offset by mixed technical indicators and a high valuation. The company's robust revenue growth and profitability are significant strengths, but the high P/E ratio and negative MACD signal potential risks. The absence of earnings call data and corporate events limits additional insights.

Adani Total Gas Ltd. Business Overview & Revenue Model

Company Description

Adani Total Gas Ltd. (ATGL) is a prominent player in the Indian utility sector, focusing on the distribution of natural gas and providing innovative energy solutions. As a joint venture between Adani Group and TotalEnergies, ATGL operates in the city gas distribution (CGD) sector, supplying piped natural gas to residential, commercial, and industrial customers, as well as compressed natural gas (CNG) for vehicles. The company is committed to advancing sustainable energy practices and contributing to India's transition towards cleaner energy sources.

How the Company Makes Money

Adani Total Gas Ltd. generates revenue primarily through the sale of natural gas to various customer segments, including residential, commercial, and industrial clients. The company earns income from the distribution of piped natural gas as well as from the sale of CNG at fueling stations. Key revenue streams include the installation and maintenance of gas pipelines, customer connections, and the ongoing supply of gas to end-users. Additionally, ATGL has established strategic partnerships with various stakeholders, including local governments and regulatory bodies, which facilitate its operations and expansion in the CGD market. The growing demand for clean energy alternatives and government support for natural gas infrastructure also contribute significantly to the company's earnings potential.

Adani Total Gas Ltd. Financial Statement Overview

Summary

Adani Total Gas Ltd. demonstrates strong growth and profitability reflected in its financial statements. The company benefits from robust revenue and profit margins, effective equity utilization, and strong cash generation. However, attention to rising liabilities and volatile free cash flow is necessary to maintain financial stability and support sustained growth.

Income Statement

Adani Total Gas Ltd. has shown a robust revenue growth, increasing from ₹18,615.9 million in 2020 to ₹49,998.6 million in 2025. The gross profit margin and net profit margin have remained strong, reflecting efficient cost management and profitability. The EBIT and EBITDA margins indicate strong operational efficiency, although a slight decline in net income from 2024 to 2025 suggests areas for improvement in bottom-line growth.

Balance Sheet

The company maintains a healthy equity ratio with stockholders' equity consistently increasing, indicating solid financial health. The debt-to-equity ratio has been stable, ensuring manageable leverage levels. Return on Equity is robust, showcasing effective use of equity to generate profits. However, the increase in total liabilities over the years indicates a need for cautious financial management.

Cash Flow

Operating cash flow has consistently grown, outpacing net income, which points to strong cash generation capability. However, the free cash flow has been volatile, mainly due to heavy capital expenditures. The free cash flow to net income ratio shows a need for careful capital investment planning to enhance cash flow stability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	52.33B	50.00B	44.75B	43.78B	30.38B	16.96B
Gross Profit	16.54B	16.42B	15.53B	12.31B	10.60B	8.87B
EBITDA	10.97B	11.20B	10.84B	8.61B	7.64B	6.96B
Net Income	6.48B	6.54B	6.67B	5.46B	5.09B	4.63B
Balance Sheet
Total Assets	0.00	76.65B	65.92B	56.45B	44.15B	32.04B
Cash, Cash Equivalents and Short-Term Investments	3.22B	3.22B	1.41B	521.80M	312.70M	102.60M
Total Debt	0.00	18.34B	15.57B	14.22B	10.35B	5.29B
Total Liabilities	-42.07B	34.58B	30.12B	27.04B	19.99B	12.70B
Stockholders Equity	42.07B	42.07B	35.80B	29.41B	24.16B	19.34B
Cash Flow
Free Cash Flow	0.00	229.50M	1.56B	-3.23B	-2.15B	470.70M
Operating Cash Flow	0.00	9.64B	9.55B	8.53B	7.36B	6.54B
Investing Cash Flow	0.00	-9.33B	-7.52B	-11.67B	-11.37B	-7.71B
Financing Cash Flow	0.00	563.50M	-777.30M	2.95B	4.22B	386.10M

Adani Total Gas Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 623.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ATGL, the sentiment is Negative. The current price of 623.6 is below the 20-day moving average (MA) of 624.14, below the 50-day MA of 625.45, and below the 200-day MA of 627.62, indicating a bearish trend. The MACD of -2.37 indicates Positive momentum. The RSI at 41.70 is Neutral, neither overbought nor oversold. The STOCH value of 11.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ATGL.

Adani Total Gas Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BPCL	76 Outperform	₹1.62T	7.51	―	4.77%	-1.35%	61.80%
GUJGASLTD	69 Neutral	₹275.15B	24.03	―	1.46%	-2.76%	-9.00%
HINDPETRO	67 Neutral	₹1.03T	7.41	―	3.23%	-1.81%	231.75%
ATGL	66 Neutral	₹672.31B	107.45	―	0.04%	16.61%	-10.87%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
JSWENERGY	63 Neutral	₹922.38B	45.53	―	0.38%	39.71%	1.33%
POWERINDIA	59 Neutral	₹915.07B	126.33	―	0.03%	16.49%	245.51%

Adani Total Gas Ltd. Corporate Events

Adani Total Gas Reports Financial Results and New Board Appointment

Adani Total Gas Limited announced the approval of its unaudited financial results for the quarter and half-year ending September 30, 2025, during a board meeting held on October 28, 2025. The company also appointed Mr. K. Jairaj as an Additional Director for a three-year term, pending shareholder approval. These developments are expected to enhance the company’s governance and financial transparency, potentially strengthening its position in the energy sector.

Adani Total Gas Announces Financial Results and New Director Appointment

Adani Total Gas Limited announced the approval of its unaudited financial results for the quarter and half-year ending September 30, 2025, during a board meeting held on October 28, 2025. Additionally, the company appointed Mr. K. Jairaj as an Additional Director (Non-Executive, Independent) for a three-year term, pending shareholder approval. These developments reflect the company’s ongoing efforts to strengthen its governance and transparency, potentially impacting its market position and stakeholder confidence.

Adani Total Gas Ensures Compliance with SEBI Regulations for Q3 2025

Adani Total Gas Limited has submitted a confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ending September 30, 2025. This submission, confirmed by their Registrar and Share Transfer Agent, MUFG Intime India Private Limited, ensures that the securities received for dematerialization have been processed and listed on the stock exchanges, maintaining compliance with regulatory requirements.

Adani Total Gas Announces Trading Window Closure Ahead of Financial Results

Adani Total Gas Limited has announced the closure of its trading window for dealing in securities starting from October 1, 2025, in compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015. This closure will remain in effect until 48 hours after the company announces its unaudited financial results for the quarter ending September 30, 2025. This measure is part of the company’s adherence to regulatory requirements, ensuring transparency and compliance in its financial reporting processes.

Adani Total Gas Attributes Share Price Fluctuations to Market Conditions

Adani Total Gas Limited has reported that recent fluctuations in its share price are entirely due to market conditions and are beyond the company’s control. The company assures stakeholders that it remains committed to transparency and compliance with regulatory disclosure requirements, ensuring that all relevant information affecting its operations and performance is communicated promptly.

Adani Total Gas Launches ‘Saksham Niveshak’ Campaign for Shareholders

Adani Total Gas Limited has announced its participation in the ‘Saksham Niveshak’ 100-day campaign initiated by the Investor’s Education and Protection Fund Authority under the Ministry of Corporate Affairs. This campaign aims to reach out to shareholders with unpaid or unclaimed dividends, encouraging them to update their details and claim their dividends before they are transferred to the Investor Education and Protection Fund. The initiative is designed to enhance shareholder awareness and ensure that dividends are paid directly to shareholders’ bank accounts, provided all necessary information is updated.