Adani Total Gas Ltd. (ATGL) AI Stock Analysis

• Market Cap: ₹568.49B
• Dividend Yield: 0.04%
• Average Volume (3M): 110.90K
• Price to Earnings (P/E): 98.4
• Beta (1Y): 0.62
• 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: 68 Neutral
• Price Target: ₹568.00 ▼(-1.59% Downside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is driven primarily by strong financial performance (growth, margins, and generally healthy leverage), partially offset by weak longer-term technical positioning (below key moving averages) and a demanding valuation (very high P/E with minimal dividend support).

Positive Factors

Revenue Growth

Multi-year top-line expansion demonstrates durable demand and successful CGD network rollout across segments. Sustained revenue growth supports economies of scale, higher pipeline utilization and underpins long-term cash generation as new customer additions and volume growth continue.

Profitability & Margins

Consistently strong gross and net margins point to effective cost control and operational efficiency in distribution. Given regulated exposures and predictable volumetric demand, stable margins promote durable earnings quality and reinvestment capacity for network expansion over the medium term.

Balance Sheet Strength

Rising equity, stable leverage and solid ROE indicate a resilient capital structure able to fund capital-intensive CGD growth. This financial flexibility reduces refinancing risk, supports capex programs and provides a buffer against cyclical pressures over the next several quarters.

Negative Factors

Volatile Free Cash Flow

Heavy, ongoing capex driving FCF swings reduces near-term financial flexibility. Even with rising operating cash flow, volatile FCF can constrain dividends, increase reliance on external funding and raise execution risk for expansion projects, affecting stability over the medium term.

Rising Total Liabilities

An upward trend in total liabilities increases leverage-related risks for an asset-heavy CGD operator. If liabilities grow faster than cash generation, liquidity and refinancing pressure could rise, magnifying vulnerability to funding-cost shifts during continued capex cycles.

Earnings Momentum Weakness

A marginal fall in net income alongside negative EPS growth signals slowing per-share earnings momentum despite revenue gains. This may reflect higher depreciation, margin compression or transitional costs from expansion, limiting improvement in underlying profitability over coming quarters.

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

ATGL primarily makes money by selling natural gas to end customers through its city gas distribution networks. Its main revenue streams typically include: (1) CNG sales to the automotive/transport segment via CNG stations, where revenue is generated per unit of gas dispensed; (2) PNG sales delivered through pipelines to households for cooking and other uses, to commercial customers, and to industrial customers for process heat and manufacturing needs—again monetized on a per-unit consumption basis; and (3) network-related charges and services associated with providing last-mile connectivity (for example, connection/installation and related service income), where applicable. Earnings are influenced by the spread between the cost of procuring natural gas (from domestic and/or imported sources) and the regulated/market-linked retail prices charged to different customer categories, as well as by volumes sold driven by network expansion, customer additions, and higher utilization of existing infrastructure. ATGL’s joint-venture structure with TotalEnergies (via Adani Total Gas) is a significant partnership factor, supporting its CGD business; details such as the precise contribution of specific contracts, pricing formulas, or segment-wise revenue breakdowns are null if not publicly specified in the requested context.

Adani Total Gas Ltd. Financial Statement Overview

Summary

Strong revenue growth and solid profitability margins support the score. Balance sheet quality is healthy with rising equity and stable leverage, but rising liabilities and volatile free cash flow (from heavy capex) temper the outlook.

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: Negative
• RSI: Neutral
• 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 518.29, above the 50-day MA of 535.38, and below the 200-day MA of 603.12, indicating a neutral trend. The MACD of 1.23 indicates Negative momentum. The RSI at 49.04 is Neutral, neither overbought nor oversold. The STOCH value of 55.23 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	₹1.30T	5.71	―	4.73%	-1.35%	61.80%
POWERINDIA	73 Outperform	₹1.10T	78.05	―	0.03%	16.49%	245.51%
GUJGASLTD	69 Neutral	₹249.58B	26.58	―	1.47%	-2.39%	-12.17%
ATGL	68 Neutral	₹568.49B	98.39	―	0.04%	16.61%	-10.87%
HINDPETRO	67 Neutral	₹736.65B	6.62	―	3.26%	-1.81%	231.75%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
JSWENERGY	64 Neutral	₹888.57B	50.05	―	0.41%	39.71%	1.33%

Adani Total Gas Ltd. Corporate Events

Adani Total Gas Blames Share Price Volatility on Market Forces, Reaffirms SEBI Compliance

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 specific knowledge of, the factors behind the price swing and emphasised that all material information continues to be disclosed in line with SEBI listing regulations.

The company assured BSE and NSE that it remains compliant with disclosure norms under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements, and will keep providing timely updates as required. This clarification aims to address investor concerns and support market transparency after the exchanges sought an explanation to safeguard investor interests.

Adani Total Gas Flags Middle East Supply Hit as India Prioritises Retail and Transport Gas

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’s exposure to global gas market tensions and highlights the vulnerability of industrial users to external supply shocks.

The company also noted that a new Natural Gas (Supply Regulation) Order issued by India’s Ministry of Petroleum and Natural Gas gives priority to domestic PNG and CNG for transport, while recognizing PNG needs of industrial and commercial customers. Adani Total Gas said it welcomes the government’s move, and is currently assessing the operational impact and coordinating with authorities to mitigate effects on its customer base and ensure continuity of priority gas supplies.

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.