Adani Total Gas LimitedQ1 FY27 Results & Financial Update
Adani Total Gas Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,906.79 Cr, PAT ₹141.72 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Adani Total Gas Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Adani Total Gas Limited reported consolidated total income of INR 1,919.77 crore for the quarter ended June 30, 2026, alongside a consolidated net profit after tax of INR 141.72 crore.
Standalone operations achieved a combined CNG and PNG sales volume of 303 MMSCM during the quarter, representing a 13% increase year-on-year, driven by high throughput across multiple geographical areas and an expanding station network.
CNG volumes grew by 18% year-on-year to 218 MMSCM, supported by network expansion and strong demand, while PNG volumes increased by 4% year-on-year to 85 MMSCM despite regional geopolitical pressures.
The operating environment during the quarter was marked by macro headwinds from the West Asia crisis, which drove up Brent-linked gas costs across New Well Gas, Regasified Liquefied Natural Gas (RLNG), and spot LNG procurements.
Administrative pricing pressures were compounded by a reduction in domestic APM gas allocation for the CNG segment to approximately 30% from 36% in the previous quarter, requiring the company to balance higher-priced spot and contract sourcing.
Management adopted a calibrated pricing approach to absorb some cost pressures without disrupting volume growth, resulting in standalone EBITDA of INR 281 crore and standalone PAT of INR 133 crore.
Infrastructure deployment continued steadily, with standalone CNG stations reaching 707 via the addition of 5 new stations, domestic PNG connections expanding by 38,243 households to reach 11.41 lakh, and industrial and commercial connections rising to 10,422.
01 · Business model
What does Adani Total Gas do?
Adani Total Gas Limited operates primarily in the city gas distribution sector, supplying compressed natural gas (CNG) to vehicles and piped natural gas (PNG) to domestic households, commercial establishments, and industrial units across authorized geographical areas in India.
The company operates through a mix of standalone operations and joint ventures, notably Indian Oil-Adani Gas Private Limited (IOAGPL), expanding its infrastructure footprint across multiple Indian districts and urban centers.
Beyond traditional gas distribution, ATGL is scaling up new energy verticals through wholly owned subsidiaries, specifically Adani TotalEnergies E-Mobility Limited (ATEL) for electric vehicle charging infrastructure and Adani TotalEnergies Biomass Limited (ATBL) for compressed biogas and organic fertilizer production.
02 · Historical context
What shaped the business before this quarter
Since February 2020, TotalEnergies Holdings SAS has held a 37.4% stake in ATGL alongside the Adani group, providing joint operational and sourcing synergies.
ATGL has expanded its city gas distribution authorization across 34 geographical areas, while its joint venture IOAGPL holds licenses for another 19 areas.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,906.79 Cr |
| Total income | ₹1,919.77 Cr |
| Profit before tax | ₹177.33 Cr |
| Profit after tax | ₹141.72 Cr |
| EPS | ₹1.29 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone CNG sales volume grew by 18% year-on-year to 218 MMSCM, bolstered by station additions and high station throughput.
Piped natural gas volumes rose by 4% year-on-year to 85 MMSCM, led by steady additions in domestic household and commercial segments.
Volumes registered a 32% year-on-year growth in new geographical areas, reaching 1.37 mmscmd, with the volume mix for new GAs improving to 41%.
What drove margins
Standalone cost of natural gas increased by 39% year-on-year to INR 1,454 crore due to elevated Brent-linked RLNG prices, currency depreciation, and a higher APM gas price ceiling.
ATGL utilized flexible spot-linked contracts and maintained disciplined pricing to protect overall volume growth while absorbing part of the input cost volatility.
05 · Demand, customers & order book
Where demand is coming from
Standalone domestic PNG connections expanded by 38,243 households during the quarter, taking total connected households to 11,41,108.
Standalone industrial and commercial connections grew by 448 consumers during the quarter to reach a total of 10,422.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Joint ventures contributed a share of profit of INR 9.6 crore during the quarter, aiding consolidated profit before tax.
Geography and market mix
Including the 50:50 joint venture IOAGPL, the combined network reached 1,167 CNG stations across 53 geographical areas and 1.37 million PNG connections.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Cumulative standalone steel pipeline network reached approximately 15,987 Inch-Km following an addition of 415 Inch-Km during the quarter.
Standalone CNG stations increased to 707 after the addition of 5 new stations during Q1 FY27.
Projects, capex and execution
Capital expenditure continued toward expanding steel pipelines, establishing new CNG stations, and laying out piped natural gas connections in authorized areas.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Adani TotalEnergies E-Mobility Ltd expanded its footprint to 5,306 installed EV charge points across 26 states and UTs and 226 cities, with installed capacity reaching approximately 58 MW.
Adani TotalEnergies Biomass Ltd sold 323 metric tonnes of compressed biogas in Q1 FY27, while its FOM organic fertilizer brand recorded sales of 5,533 tonnes, including 760 tonnes sold under the Harit Amrit brand.
09 · Reported developments
What changed operationally
The company acknowledged timely government interventions facilitating continuous gas supply, waivers of imbalance and system disciplinary charges, and supportive state-level statutory permissions.
CareEdge and CRISIL ESG scores for ATGL increased to 84 and 66 respectively, placing the company among top performers in its peer group.
10 · Pressure points & risks
What is not going smoothly
West Asia crisis disruptions created severe volatility in Brent-linked and spot LNG pricing, putting upward pressure on raw material gas costs.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Digital and customer initiatives
ATGL expanded its digital infrastructure with the rollout of the SOUL platform, Adani Gas Mitra self-help kiosks, and WhatsApp-based self-billing invoices exceeding 1.5 million.
12 · Key Q&A
The quarter, answered directly
What does Adani Total Gas do?
Adani Total Gas Limited operates primarily in the city gas distribution sector, supplying compressed natural gas (CNG) to vehicles and piped natural gas (PNG) to domestic households, commercial establishments, and industrial units across authorized geographical areas in India.
What is the clearest takeaway from Q1 FY27?
Adani Total Gas Limited reported consolidated total income of INR 1,919.77 crore for the quarter ended June 30, 2026, alongside a consolidated net profit after tax of INR 141.72 crore.
What drove revenue or demand?
Standalone CNG sales volume grew by 18% year-on-year to 218 MMSCM, bolstered by station additions and high station throughput.
What mattered most for margins or profitability?
Standalone cost of natural gas increased by 39% year-on-year to INR 1,454 crore due to elevated Brent-linked RLNG prices, currency depreciation, and a higher APM gas price ceiling.
What changed operationally beyond the headline numbers?
Cumulative standalone steel pipeline network reached approximately 15,987 Inch-Km following an addition of 415 Inch-Km during the quarter.
What are the main pressure points disclosed for the quarter?
West Asia crisis disruptions created severe volatility in Brent-linked and spot LNG pricing, putting upward pressure on raw material gas costs.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
APM allocation trends: Monitor future domestic APM gas allocation percentages and spot LNG price movements for their impact on gross margins.
- 02
New energy scaling: Track the commercial progress and utilization rates of EV charging points under ATEL and compressed biogas production under ATBL.
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