Adani Total Gas Ltd. (IN:ATGL)
:ATGL
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Adani Total Gas Ltd.
(ATGL)
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Rating:62Neutral
Price Target:
₹674.00
▲(16.78% Upside)
Action:ReiteratedDate:04/28/26
The score is supported primarily by solid financial performance (steady revenue growth and a generally healthy balance sheet), but is held back by weak free-cash-flow consistency. Technicals are favorable with an established uptrend, while valuation is a meaningful downside factor due to the very high P/E and minimal dividend support.
Positive Factors
Steady revenue growth
Consistent double-digit revenue growth over recent years signals expanding CGD footprint and stronger customer adoption. Durable top-line expansion supports long-term scale economics by spreading fixed network costs, enabling sustainable earnings growth as pipelines and CNG stations mature.
Negative Factors
Volatile and weak free cash flow
Inconsistent free cash flow reflects heavy capex and working-capital swings, limiting internal funding for expansions or shareholder returns. Reliance on external financing for network buildout raises refinancing and execution risk over the medium term, especially if funding costs rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady revenue growth
Consistent double-digit revenue growth over recent years signals expanding CGD footprint and stronger customer adoption. Durable top-line expansion supports long-term scale economics by spreading fixed network costs, enabling sustainable earnings growth as pipelines and CNG stations mature.
Read all positive factors
Adani Total Gas Ltd. (ATGL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹699.59B
Dividend Yield0.04%
Average Volume (3M)110.90K
Price to Earnings (P/E)85.6
Beta (1Y)0.77
Revenue Growth17.89%
EPS Growth0.19%
CountryIN
Employees549
SectorEnergy
Sector Strength52
IndustryRegulated Gas
Share Statistics
EPS (TTM)1.53
Shares Outstanding1,099,810,000
10 Day Avg. Volume82,242
30 Day Avg. Volume110,896
Financial Highlights & Ratios
PEG Ratio509.09
Price to Book (P/B)11.53
Price to Sales (P/S)9.52
P/FCF Ratio-28.62K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)20.6
Revenue Forecast (FY)₹95.01B
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, Hary...
How the Company Makes Money
ATGL primarily makes money by selling natural gas to end customers through its city gas distribution networks. The company’s key revenue streams are: (1) CNG sales to the transportation segment via CNG stations, where revenue is generated from the...
Adani Total Gas Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 52.33B | 58.94B | 50.00B | 44.75B | 43.78B | 30.38B |
| Gross Profit | 16.54B | 15.67B | 16.42B | 15.53B | 12.31B | 10.60B |
| EBITDA | 10.97B | 11.95B | 11.20B | 10.84B | 8.61B | 7.64B |
| Net Income | 6.48B | 6.56B | 6.54B | 6.67B | 5.46B | 5.09B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 95.49B | 76.65B | 65.92B | 56.45B | 44.15B |
| Cash, Cash Equivalents and Short-Term Investments | 3.22B | 7.97B | 3.22B | 1.41B | 521.80M | 312.70M |
| Total Debt | 0.00 | 22.55B | 18.34B | 15.57B | 14.22B | 10.35B |
| Total Liabilities | -42.07B | 46.84B | 34.58B | 30.12B | 27.04B | 19.99B |
| Stockholders Equity | 42.07B | 48.65B | 42.07B | 35.80B | 29.41B | 24.16B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -19.60M | 229.50M | 1.56B | -3.23B | -2.15B |
| Operating Cash Flow | 0.00 | 9.86B | 9.64B | 9.55B | 8.53B | 7.36B |
| Investing Cash Flow | 0.00 | -12.57B | -9.33B | -7.52B | -11.67B | -11.37B |
| Financing Cash Flow | 0.00 | 3.00B | 563.50M | -777.30M | 2.95B | 4.22B |
Adani Total Gas Ltd. Technical Analysis
Positive
577.15
Price Trends
533.01
Positive
553.22
Positive
590.93
Positive
Market Momentum
19.39
Negative
69.51
Neutral
91.53
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ATGL, the sentiment is Positive. The current price of 577.15 is above the 20-day moving average (MA) of 544.92, above the 50-day MA of 533.01, and below the 200-day MA of 590.93, indicating a bullish trend. The MACD of 19.39 indicates Negative momentum. The RSI at 69.51 is Neutral, neither overbought nor oversold. The STOCH value of 91.53 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ATGL.
Adani Total Gas Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹1.36T | 5.71 | ― | 4.73% | 0.48% | 79.19% | |
70 Outperform | ₹1.01T | 50.05 | ― | 0.41% | 55.52% | 18.59% | |
69 Neutral | ₹1.43T | 78.05 | ― | 0.03% | 17.44% | 154.96% | |
69 Neutral | ₹263.89B | 26.58 | ― | 1.47% | -6.70% | -8.56% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | ₹699.59B | 85.56 | ― | 0.04% | 17.89% | 0.19% | |
58 Neutral | ₹810.81B | 6.62 | ― | 3.26% | -0.61% | 155.36% |
* Energy Sector Average
IN:ATGL
Adani Total Gas Ltd.
654.00
44.73
7.34%
IN:BPCL
Bharat Petroleum Corporation Limited
307.70
15.24
5.21%
IN:GUJGASLTD
Gujarat Gas Ltd.
389.30
-72.59
-15.72%
IN:HINDPETRO
Hindustan Petroleum Corporation Limited
379.65
2.61
0.69%
IN:JSWENERGY
JSW Energy Limited
580.80
117.93
25.48%
IN:POWERINDIA
Hitachi Energy India Limited
32,825.40
18,538.79
129.76%
Adani Total Gas Ltd. Corporate Events
Adani Total Gas Says Surge in Share Volumes Is Purely Market-Driven
Apr 8, 2026
Adani Total Gas Ltd. has clarified that the recent significant increase in trading volume of its shares is entirely driven by market conditions and not by any company-specific actions or undisclosed developments. The firm stated that its managemen...
Adani Total Gas Seeks Shareholder Nod to Re-Appoint Executive Director via E-Voting
Apr 6, 2026
Adani Total Gas Ltd. has initiated a postal ballot process to seek shareholder approval for the re-appointment of Mr. Suresh P. Manglani as Whole Time Director, designated as Executive Director of the company. The move underscores the company̵...
Adani Total Gas Files SEBI Dematerialisation Compliance Certificate for March Quarter
Apr 4, 2026
Adani Total Gas Limited has informed the stock exchanges that it has received a confirmation certificate from its registrar and share transfer agent, MUFG Intime India Private Limited, under Regulation 74(5) of the SEBI (Depositories and Participa...
Adani Total Gas Blames Share Price Volatility on Market Forces, Reaffirms SEBI Compliance
Mar 13, 2026
Adani Total Gas has told stock exchanges that the recent sharp movement in its share price is entirely driven by market conditions and not by any undisclosed company-specific developments. The management said it has neither control over, nor speci...
Adani Total Gas Flags Middle East Supply Hit as India Prioritises Retail and Transport Gas
Mar 11, 2026
Adani Total Gas Ltd. has disclosed that recent geopolitical escalation in the Middle East has led some of its gas suppliers to curtail deliveries, resulting in reduced supplies to its industrial customers. The disruption underscores the company...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.