Adani Total Gas Ltd. (IN:ATGL)
:ATGL
Want to see IN:ATGL full AI Analyst Report?
Top Page
Adani Total Gas Ltd.
(ATGL)
Select Model
Select Model
Rating:63Neutral
Price Target:
₹769.00
▲(33.24% Upside)
Action:Reiterated
Date:05/28/26
The score is driven by solid underlying financial performance (growth and balance-sheet health) but held back by weak/volatile free cash flow. Technicals are strong with clear upward momentum, though overbought signals add short-term risk. Valuation remains the biggest headwind due to the very high P/E and low dividend yield.
Positive Factors
Steady Revenue Growth
Consistent double-digit top-line growth over multiple years (about 11–13% recently) reflects steady expansion of customer connections and gas volumes. For a city gas distributor, durable revenue growth supports higher network utilization, economies of scale and sustained reinvestment capacity over the medium term.
Negative Factors
Volatile Free Cash Flow
Although operating cash flow is positive, inconsistent conversion to free cash flow — with recent FCF near breakeven or negative — signals heavy capex and working-capital swings. Persistently volatile FCF can force external funding, constrain capital returns, and raise refinancing risk during prolonged investment cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady Revenue Growth
Consistent double-digit top-line growth over multiple years (about 11–13% recently) reflects steady expansion of customer connections and gas volumes. For a city gas distributor, durable revenue growth supports higher network utilization, economies of scale and sustained reinvestment capacity over the medium term.
Read all positive factors
Adani Total Gas Ltd. (ATGL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹794.12B
Dividend Yield0.04%
Average Volume (3M)110.90K
Price to Earnings (P/E)121.5
Beta (1Y)0.76
Revenue Growth17.89%
EPS Growth0.20%
CountryIN
Employees549
SectorEnergy
Sector Strength52
IndustryRegulated Gas
Share Statistics
EPS (TTM)5.89
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 (ATGL.NS) operates as a key energy infrastructure company, delivering piped natural gas (PNG) to industrial, commercial, and residential consumers. The firm also provides compressed natural gas (CNG) for the automotive sect...
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 | 12.54B | 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 | 28.53B | 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
657.01
Positive
591.29
Positive
598.86
Positive
Market Momentum
19.56
Positive
54.94
Neutral
19.80
Positive
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 below the 20-day moving average (MA) of 722.69, below the 50-day MA of 657.01, and below the 200-day MA of 598.86, indicating a neutral trend. The MACD of 19.56 indicates Positive momentum. The RSI at 54.94 is Neutral, neither overbought nor oversold. The STOCH value of 19.80 is Positive, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹1.62T | 163.79 | ― | 0.03% | 27.61% | 150.52% | |
74 Outperform | ₹275.12B | 30.55 | ― | 1.47% | 3.73% | -1.38% | |
68 Neutral | ₹1.37T | 5.23 | ― | 4.73% | 3.40% | 93.77% | |
67 Neutral | ₹854.11B | 4.74 | ― | 3.26% | 1.77% | 167.91% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | ₹794.12B | 121.54 | ― | 0.04% | 17.89% | 0.20% | |
55 Neutral | ₹1.05T | 45.05 | ― | 0.41% | 60.92% | 14.55% |
* Energy Sector Average
IN:ATGL
Adani Total Gas Ltd.
722.05
104.62
16.94%
IN:BPCL
Bharat Petroleum Corporation Limited
316.20
22.05
7.50%
IN:GUJGASLTD
Gujarat Gas Ltd.
399.65
-43.69
-9.85%
IN:HINDPETRO
Hindustan Petroleum Corporation Limited
401.40
23.35
6.18%
IN:JSWENERGY
JSW Energy Limited
575.10
77.69
15.62%
IN:POWERINDIA
Hitachi Energy India Limited
36,285.35
17,562.93
93.81%
Adani Total Gas Ltd. Corporate Events
Adani Total Gas files FY26 business responsibility and sustainability report
May 29, 2026
Adani Total Gas Limited has filed its Business Responsibility and Sustainability Report for the financial year 2025-26 with Indian stock exchanges under SEBI’s Listing Regulations. The report, prepared on a consolidated basis and assured by ...
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...
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.