Adani Total Gas Ltd. (ATGL) AI Stock Analysis

• Market Cap: ₹542.04B
• Dividend Yield: 0.04%
• Average Volume (3M): 110.90K
• Price to Earnings (P/E): 98.4
• Beta (1Y): 0.98
• Revenue Growth: 16.61%
• EPS Growth: -10.87%
• Country: IN
• Employees: 549
• Sector: Energy
• Sector Strength: 52
• Industry: Regulated Gas
• EPS (TTM): 1.44
• Shares Outstanding: 1,099,810,000
• 10 Day Avg. Volume: 82,242
• 30 Day Avg. Volume: 110,896
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹520.00 ▼(-9.90% Downside)
• Action: Reiterated Date: 10/30/25
• Date: Action: Reiterated 10/30/25

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.

Positive Factors

Revenue Growth & Margins

Sustained multi-year revenue expansion and stable gross/net margins signal strong demand, pricing power and operational efficiency in regulated CGD markets. This durable top-line growth across residential, industrial and CNG segments supports long-term earnings visibility and reinvestment capacity.

Operating Cash Generation

Consistent operating cash flow growth that outpaces net income indicates high quality earnings and strong cash conversion. This cash generation underpins capital investment in network expansion, debt servicing and potential shareholder returns without relying solely on external financing over the medium term.

Balance Sheet Strength

A solid equity base, manageable leverage and strong ROE provide financial flexibility to fund CGD expansion, absorb regulatory changes and pursue joint-venture investments. Durable balance-sheet strength reduces refinancing risk and supports multi-year infrastructure rollout plans.

Negative Factors

Volatile Free Cash Flow

Heavy, lumpy capex for pipeline rollouts causes free cash flow volatility, constraining discretionary spending and increasing dependence on external funding cycles. Over the next several quarters this can pressure dividend consistency, reinvestment timing and balance-sheet ratios if capex planning is not tightly managed.

Rising Total Liabilities

A trend of rising total liabilities, even with stable debt-to-equity, raises refinancing and interest-rate exposure as the company scales. Increased liabilities to fund growth reduce financial headroom and heighten vulnerability to demand or regulatory shocks, impacting medium-term capital allocation choices.

Recent Net Income/EPS Weakness

A decline in net income (and modest negative EPS growth) despite revenue gains suggests margin or cost pressures, higher depreciation from capex, or non-operating items affecting profitability. If persistent, this undermines the conversion of sales growth into shareholder returns and strains reinvestment capacity.

Adani Total Gas Ltd. Business Overview & Revenue Model

Company Description

Adani Total Gas Limited distributes piped natural gas (PNG) to industrial, commercial, and residential customers. The company also distributes compressed natural gas (CNG) to the automotive sector. It has gas distribution networks in Gujarat, Haryana, Karnataka, Tamil Nadu, Rajasthan, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Odisha, Maharashtra, Jharkhand, and Assam. As of March 31, 2022, the company had 334 CNG filling stations. Adani Total Gas Limited was formerly known as Adani Gas Limited and changed its name to Adani Total Gas Limited in January 2021. The company was founded in 2004 and is based in Ahmedabad, India.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: 577.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

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 577.15 is above the 20-day moving average (MA) of 529.11, above the 50-day MA of 544.64, and below the 200-day MA of 609.87, indicating a bearish trend. The MACD of -10.71 indicates Positive momentum. The RSI at 29.17 is Positive, neither overbought nor oversold. The STOCH value of 21.25 is Neutral, 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	₹1.55T	5.71	―	4.73%	-1.35%	61.80%
POWERINDIA	73 Outperform	₹1.14T	78.05	―	0.03%	16.49%	245.51%
GUJGASLTD	69 Neutral	₹288.16B	26.58	―	1.47%	-2.39%	-12.17%
HINDPETRO	67 Neutral	₹854.11B	6.62	―	3.26%	-1.81%	231.75%
ATGL	66 Neutral	₹542.04B	98.39	―	0.04%	16.61%	-10.87%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
JSWENERGY	64 Neutral	₹846.75B	50.05	―	0.41%	39.71%	1.33%

Adani Total Gas Ltd. Corporate Events

Adani Total Gas Says US Legal Summons Report Does Not Involve Company

Adani Total Gas Limited has clarified to the BSE and NSE that a recent media report about a US regulator seeking measures to serve legal summons on Gautam and Sagar Adani does not involve the company in any way. The company reiterated that there are no allegations against it, it is not a party to the referenced proceedings, and the media report does not trigger any disclosure obligations under SEBI’s listing regulations, signalling that management sees no direct regulatory or operational impact on Adani Total Gas from this development.

Adani Total Gas Files SEBI-Mandated Demat Compliance Certificate for December Quarter

Adani Total Gas Limited has submitted to the stock exchanges a confirmation certificate from its registrar and share transfer agent, MUFG Intime India Private Limited, for the quarter ended 31 December 2025, in compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate confirms that all securities received for dematerialisation during the quarter were duly verified, either accepted or rejected, properly mutilated and cancelled where applicable, and that the corresponding dematerialised securities are listed on the same stock exchanges as the previously issued securities, with depositories correctly recorded as the registered owners within the prescribed timelines, underscoring the company’s adherence to regulatory and governance norms in handling its share capital.

Exchange Seeks Clarification from Adani Total Gas After Surge in Trading Volumes

The stock of Adani Total Gas Limited has seen a significant surge in trading volumes, prompting the stock exchange to seek updated and relevant information from the company to safeguard investor interests and ensure market transparency. The exchange has formally written to Adani Total Gas and is awaiting the company’s response, signaling heightened regulatory attention on the stock’s recent activity and potential implications for shareholders and market participants.

Adani Total Gas shuts trading window ahead of December-quarter results

Adani Total Gas Limited has notified the stock exchanges that it will close its trading window for dealing in the company’s securities from 1 January 2026 until 48 hours after the release of its unaudited financial results for the quarter ended 31 December 2025, in compliance with SEBI’s Prohibition of Insider Trading Regulations. The move is a routine governance measure designed to prevent insider trading around the results announcement, signaling adherence to regulatory requirements and reinforcing transparency for investors and other market participants.

Adani Total Gas Completes E-Dispatch of Postal Ballot Notice, Publishes Statutory Ads

Adani Total Gas Limited has completed the electronic dispatch of its Postal Ballot Notice dated 19 December 2025, along with the accompanying explanatory statement, to all company members on 24 December 2025. The company has also published statutory advertisements about this postal ballot process in the English-language Indian Express and Gujarati-language Financial Express, and uploaded the intimation on its website, underscoring its adherence to regulatory disclosure norms and shareholder communication requirements as it seeks member approvals via postal ballot.

Adani Total Gas Seeks Shareholder Nod via E-Vote for Independent Director Appointment

Adani Total Gas Limited has initiated a postal ballot process to seek shareholder approval for the appointment of Mr. K. Jairaj as an Independent, Non-Executive Director of the company, via a special resolution. In line with SEBI Listing Regulations and recent Ministry of Corporate Affairs guidance, the company is conducting the process entirely through electronic means, using NSDL’s remote e-voting platform and sending ballot notices via email to eligible shareholders, underscoring its continued adherence to regulatory norms and governance procedures.

Adani Total Gas Limited Receives ESG Rating of 73 from NSE Sustainability

Adani Total Gas Limited has received an ESG Rating of 73 for the fiscal year 2025 from NSE Sustainability Ratings & Analytics Limited. This rating reflects the company’s performance in environmental, social, and governance parameters, highlighting its commitment to sustainable practices. The rating was independently assigned by NSE Sustainability based on publicly available data, without direct engagement from Adani Total Gas Limited. This assessment could positively impact the company’s reputation and stakeholder confidence, reinforcing its position in the energy sector as a responsible and sustainable entity.