Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Adani Total Gas Ltd (NSE: ATGL) Q4 2026 Earnings Call dated Apr. 28, 2026
Corporate Participants:
Suresh P Manglani — Executive Director and Chief Executive Officer
Ravindra Desai — Head of Gas Sourcing and Business Development
Adish Vakharia — Deputy Manager of Investor Relations & Corporate Finance
Analysts:
Yogesh Patil — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Adani Total Gas Ltd. Q4FY26 Earnings Conference Call from Adani Total Gas. We are joined on the call by Mr. Suresh P. Manglani, Executive Director and CEO, Mr. Priya Shiveri, Interim Chief Financial Officer and Mr. Ravindra Desai, Head of Gas Sourcing and Business Development. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchtone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Suresh P. Mangani, Executive Director and Chief Executive Officer of Adani Total Gas Ltd. Thank you and over to Mr. Mangani.
Suresh P Manglani — Executive Director and Chief Executive Officer
Thank you. Good morning everyone. Let me extend a hearty welcome to all our investors, analysts and funds for taking out their time and participating in today’s call in quarter four and financial year 2526 result of Adani total blocking There. I would like to begin with sharing the update on our business given the ongoing geopolitical situation. Since late February, geopolitical tensions in West Asia have disrupted global energy markets resulting in higher natural gas prices, supply chain challenges and compounded currency volatility.
Recognizing this, government took several proactive steps like prioritizing supply of pipe natural gas to homes, CNG for transport sector and other key sectors. Government of India also took several policy initiatives to bring uniformity in grants of the permissions within time which we are very happy to state that have been reciprocated very well by several state governments navigating this phase. Amid this uncertainty, Adani Totalgas responded with strong on ground execution, prudent decision making and continuous consumer engagement to ensure uninterrupted supply and system stability while safeguarding PNG and CNG consumers from undue risk.
Guided by financial prudence and long term sustainability, our teams worked relentlessly with clear and transparent communications enabling us to retain the confidence of all stakeholders. Resilient execution supported by operational excellence and digital first approach enabled ATGL to deliver strong performance in Quarter 4 Jan to March 26 and financial year 2025 26. During this period, ATGL continued to see strong momentum across our core businesses. CNG volumes grew by 17% year on year during the fourth quarter starting from January 26 to March 26 and 18% for the financial year 2526 while PNG volumes increased by 5% during the fourth quarter from Jan to March 26 and 6% for the financial year 202526 reflecting the strength of our expanding footprint and deeper market penetration.
Customer addition remained strong with nearly 50,000 new domestic T and E connections added in this quarter which is our highest addition ever. For the entire financial year 2526 we added about 137 lakh 1 lakh 37 thousand new customers taking our total household tally to 1.1 million. Our steel pipeline infrastructure has now increased to 15,572 inch kilometer complemented by over 8,300 kilometers of MDP pipelines laid across all geographical areas enabling wider and more reliable access to large masses to avail pipe natural gas.
Natural expansion remained a key focus with the addition of a 25 new single station during the quarter taking the total taking the total network to 705 stations. Now out of these 705 station we are very happy to state 140 stations are under the category of Kodo company owned dealer operated or dealer owned dealer operated. These are our full branded CNG stations across the country. In the industrial and commercial segment we added 214 customers during the fourth quarter starting from January 26 to March 26 bringing the total to 9,965 customers across a diverse range of industries and commercial establishments.
In our E mobility business, our network continues to scale rapidly until our subsidiary company now operates 5,100 EV charge points across 26 states, add union territories covering 226 cities supported by around 54 megawatt of installed capacity. With strong adoption and continued network expansion, we remain on track to achieve our ambition of installing 10,000 AV charging points in the near term while sharpening our focus on improving utilization across the network. Along with our 5050 JV company Indian Oil, Adani Gas Pvt.
Ltd IOAGPL our consolidated nationwide CGD network today stands at 1169 CNG stations, 13.1 lakh PNG homes, 11,529 commercial and industrial consumers, 28,000 inch kilometer of a steel pipeline and 10,500 kilometers of a medium density polythene pipeline NTP pipe. Collectively, as you are all aware, ATGL is serving 53 geographical area of which 34 are being directly serviced by us and 19 through our JV company IOGPL. On the financial front, ATGL delivered a robust performance in quarter four as well as fiscal year 2025-26 supported by consistent volume growth and disciplined execution.
Total revenue for the fourth quarter starting January 26 rose by 16% to INIF 1,696 crore while revenue for fiscal year 2025. 6 increased by 18% to INR 6,415 crore driven by overall volume growth, earnings before interest, tax, depreciation and amortization which is we call it EBITDA for the fourth quarter starting January 2, March 26 increased by 13% to INR 310 crore while EBITDA for the fiscal year 2020 by 26 rose by 5% to INR12.25 crore. Profit before Taxpat the fourth quarter starting from January 26 to March 26 increased by 8% to INR 214 crore.
This is PBT profit before tax while PBT for the financial year 2526 was marginally lower by 1% to INR 863 crore. Profit after tax earlier was PBT and Now it’s a PET for the fourth quarter increased by 4% to INR 156 crore. By PET for financial year 2526 was 637 crore. I’m pleased to share that ATGL’s ESG performance continues to strengthen along with its operational, physical and financial performance with a CARE Age ESG rating of 83 out of 100 placing us among the top performers in the peer group alongside an improvement in our NSE sustainability score to 73 from 67.
Our HSC excellence was recognized through multiple honours including felicitations from Occupational Health, Safety, Sustainability and Industrial Hygiene India and from the International Business Conference for Innovation in EHS and Fire Safety. Additionally, we were honored at the national process safety honors 2026 with the award for Excellence in City Gas Distribution, reaffirming our leadership in process Safety and Industrial integrity. In closing, I would like to say that we remain committed to accelerating our network expansion, enhancing customer experience, deepening digital integration and strengthening our sourcing portfolio.
With a clear strategic roadmap, a strong balance sheet a and dedicated team, ATGL is well positioned to support the country’s transition to a gas based economy through expanded CGD network aligned with the India’s vision to raise share of a natural gas in the energy basket to 15% of the energy mix by 2030. I would like to acknowledge and be thankful to all all our shareholders, analysts, fund houses, consumers, dealers, suppliers, business partners and above all our employees for providing trust and continued support.
Thank you,
Operator
Thank you very much. We’ll now begin with the question and answer session. Anyone wishes to ask a question, may you press R N1 on their Touchstone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles participants, you may press star and one to ask the question. The first question is from Lena Yogesh Patel from Daulat Capital.
Please go ahead.
Questions and Answers:
Yogesh Patil
Yeah. Hi sir. Thanks for an opportunity and the congratulations for the good set of numbers. Sir. 9 March Government release a circle regarding to the gas supplies to the priority sector and the gas pool price. My question is related to this topic. We basically want to understand for gas price. If you could share with us any formula or method of calculating the gas fuel price or we wanted to understand whether on the side constituents of these gas price which type of gas is a part of this gas.
Suresh P Manglani
Okay. That’s the only question you are Yogesh. Anything else? Good morning to you. Anything else you have?
Yogesh Patil
Yeah, I have two more. But I would like to get the answer on this.
Suresh P Manglani
Thank you. Thank you, Yogesh. Let me ask Ravinder, who is our guest sourcing head to give you a brief on that. Thank
Ravindra Desai
You, Yogesh.
Yogesh Patil
So the government decided to help the CGD industry during this crisis. And we have seen that the
Suresh P Manglani
Priority segments like CNG and the domestic has been 100% supplied by the government to the domestic allocation. In addition to that they appointed GIL as a nodal agency. And they work very well in tandem with the CG industry to provide support during this crisis. The pricing formula, what they have derived for the gas fuel mechanism is like. There were various gases available in the market. So some of them were withdrawn from like RO2C. Some volume was withdrawn, some volume was withdrawn from the fertilizer and some was withdrawn from the ONGC consumption.
So that in addition to that the Vedanta gas plus the SPFC gas they were made part of this pull mechanism and whatever would be the average, the weighted average of this volumes available. That was the pooled gas price for the CGD sector. I’m able to answer your query.
Yogesh Patil
So for the March month could you please give us any idea what was the gas pool price for the March month? March 2020.
Suresh P Manglani
For the month of March the gas pool price was 12.$42 per MMBtu.
Yogesh Patil
Okay. And sir, is it only the domestic gases are included into the gas? Sorry to interrupt
Suresh P Manglani
You
Operator
Your audio is not here.
Yogesh Patil
Okay sir, am I audible now here?
Operator
Yes,
Suresh P Manglani
Yeah,
Yogesh Patil
Yeah, sorry. So my question was again is the only domestically produced gas like the apm, non apm, hpht? All these gases are the only part or some contracted LNG is also included into the gas pool.
Suresh P Manglani
Contracted LNG was also included during the later part.
Yogesh Patil
Oh okay. So and the 12.$42 for FMDQ was month price.
Suresh P Manglani
So in the month of March the imported LNG was not available that easily. So that did not include the imported lng. But in the later part of April that has come.
Yogesh Patil
Okay sir, my second question is as per the 9th March 9th March government circular, gas supply to the DPNG and the CNG would be available 100% of the past six months average. Now the question comes in the mind are you weighting the gas supply enough to cater the incremental demand of the DPNG and the CNG segment? So are you fulfilling this demand with the help of spot LNG or the government is providing you incremental molecule to cattle the demand of the CNG and the dpng?
Suresh P Manglani
See, one other thing is that I was expecting this question only from you because this is a bit of a penetrating question that you can understand when you follow the sector that when they give last 6 month average there will be incremental growth. So certainly I think Government supplied Full 6 month average Gas supply and you know we have the additional portfolio available to us you would like to accept
Yogesh Patil
After that 6 months average? Definitely there was some shortfall to get to this priority sector and
Suresh P Manglani
Government made an arrangement to supply with additional volumes which were higher than the six month average. So that was available and allocated later.
Yogesh Patil
Okay. Okay sir, my next question is that if any entity is procuring a spot LNG for the captive consumption Then we believe the 9 March circular government circular will not be applicable for them. Correct me if I’m wrong. So this question is from the angle of some industries or industrial builds which are planning to consume the spot and wanted to resume the operations. Any, any update on that side?
Suresh P Manglani
There is a freedom to purchase the imported lng. There’s no restriction on the purchase of imported lng. Probably get is available but the imported get is available at a higher price. So there is no restriction on purchase.
Yogesh Patil
Okay, and the last one from my side, if you could provide us the gas sourcing mix for the cng, how much is apm? How much is non apm? This would be really helpful.
Suresh P Manglani
Yeah, okay, probably we’ll come back to that. So it’s a. See, it’s a mixture of the whole portfolio is a mixture of apm, non apm, HPST and the RLNG contract. So probably we can discuss that in detail later. Let us take the other questions as of now.
Yogesh Patil
I’ll get back to.
Operator
Thank you very much. Participants, you may press Star and one to ask a question. Next question is from the line of Kiran Knight from Modi Fincat. Please go ahead.
Yogesh Patil
Thank you for giving me an opportunity. Hello.
Ravindra Desai
Yeah, please go ahead. Sir,
Yogesh Patil
Can you. Can you give me the guidance for 27 revenue growth and EBITDA margin for 27?
Ravindra Desai
Yeah. Kiran, we are expecting the same revenue growth which we have achieved in the current financial year. Maybe something more on a newer GA compared to our existing GA in current financial year. And is it the same in the same ratio of which we are taking that in the current financial year?
Adish Vakharia
Hello.
Ravindra Desai
Yes, are you able to hear?
Adish Vakharia
Yeah, yeah, yeah, tell me.
Ravindra Desai
So I’m saying we are expecting the same growth which we are currently having in 25, 26 in the next financial year.
Yogesh Patil
Okay. And
Ravindra Desai
Will be in the range of same or SPM based on that growth. So we are expecting around you can say 1500.
Yogesh Patil
1500 of
Ravindra Desai
EBITDA.
Yogesh Patil
EBITDA. Okay. Thank you sir. Thank you.
Operator
Thank you. Participants, you may press Star and one to ask a question. Next question is from line of Sridhar Chandra from Parasit Capitals. Please go ahead.
Yogesh Patil
Thank you for the opportunity. Sir, are you able to hear me? Yes. Okay. So given the address is expansion in PNG stations and PNG connections when do you expect the new geographical areas to reach peak utilization and start contributing meaningfully to profitability?
Suresh P Manglani
So I think if you have seen our media release as well on the top of the headline we in fact given that this year itself we have connected nine citigrid stations, one LCND plant where network was quite far. So that gives you indication that we have been working on adding more and more new geographical area to the mainstream gas supply. So by and large now most of the geographic area 34 barring couple of them are also likely to happen anytime soon. We have already connected them with the city gather station or LCNG plant.
And then secondly as you ask, CNG stations are being serviced across all 34 geographical area. Whether we have mainstream supply of our own the way now we are connecting CVS or we are bringing compression from neighborhood GA or from our own geographical areas. So to answer your question, I think we are already working on expanding our networks. Now we are expanding on the pipe natural gas side on the all the geographical area, wherever city gas stations are connected. We have done a lot of work already on the pipe metropolis side also.
So you are aware that CGD infrastructure is a bit of a capex oriented infrastructure building and you have numbers on the EBITDA side as we CFO stated, we also have a track record of double digit growth track record which we have been maintaining and a kind of a robust ebitda. Our philosophy, as I have been stating in several earlier calls has been this consumer first. We make sure that like for example in the new geographical area you will see several marketing intervention to bring the consumer to the CBD network because they are used to several other uses like they are using liquid fuels, they are using lpg, they are using different different segments.
How do we bring them back to this, bring them sorry to this pipe, natural gas or CNG and then start working on much larger profitability goals, etc. The initial target is widen the consumer base and overall you are seeing the profitability track record also which is on a continuous rise. This quarter in fact or this financial year is the highest ever EBITDA which we have actually declared because of the same thing as you asked. It’s not that it is coming from the same geographic area, it is coming from expanded footprint of atgl.
Yogesh Patil
Okay, so the next question. So with the supportive government policies for CGD and the priority gas allocation, how much pricing flexibility does APGL app to pass on il gas cost without impacting its demand?
Suresh P Manglani
I think it’s a very good question. I was giving you kind of a flavor of that that while as I stated in my opening remarks, we got really. We appreciated the way government of India, state governments and the regulator all responded to this crisis situation supporting the sector, the way the pool gas was provided, continuous supply has been maintained, there were certain increase in the prices. But as I said, our approach has always been consumer first. And you will see from a volume growth even during this crisis there is a hardly 1% here and there of industrial consumer.
Otherwise there has been a good track record of volume growth, price has been calibrated, we have not been able to pass through in the interest of a consumer while we maintain our reasonable profitability which is in front of you all through our announcement of results. So as I always say for us consumer is the first which we do because wider the consumer base profitability will be kept happening better and better rather than continue suddenly start passing on everything on the consumer whether he can afford or not.
And we’ll see dropping of a consumer base. So Our aim is look at our operational excellence, look at our digitalization program, bring various other ways to bring corporate savings rather than everything just passed through to the consumer. And we do calibrate all the time. And you have seen us doing that all the time. And that’s the reason acceptability is continuously increasing. I hope I have given you the response to your question.
Yogesh Patil
Yes sir. And to complete my question’s last point is how do you balance the aggressive
Suresh P Manglani
Taxes expansions which you spoke about with return ratios like Roce and what’s your target return profile for the new investments? You see all the numbers. We run the business with the robust returns, good reasonable profitability. As I said, it’s a business which you build for generation. You don’t build for only tomorrow. Keeping these things in mind, initially the returns would be on an elevated graph that it will keep happening. As we see, it’s always the game of how you announce the yield of the same pipe.
So while somebody may look at two year return, somebody may look at three year return and we look at a very longer term return. And the track record which has been set by the Adani Total gas for Ahmedabad, Faridabad or other all existing GA. Even now the 9th and 10th round GA which now you all call it a new GA, but it has become the operational GA. Returns are in front of you. We have good returns coming across every investment. Reason is because the two promoters strong background which we have on appraisal, capex, appraisal, opex, appraisal, financial prudency.
So it’s not directly that you have to make necessary 20% some GA you may be making today 10 to 8 to 10% but. But you know the same pipe will yield you 12% tomorrow and 15% later with some small incremental investment. So it’s a bit of a dynamic situation. We don’t put the figure at the first because the chicken and egg we build infra then consumer will come or we ask consumer to come and build infra. This infrastructure. When we took the licenses, we decided to take the first step. We let it make it supply driven rather than only the demand driven.
So I think you are seeing the result of that strategy which has worked. Consumer base is continuously welding. You are seeing every day we are connecting 400 plus home connections. Every day we are connecting two new businesses. Every week we are building one CNG station. Every day we are laying 3 kilometer pipeline in the country. Despite so many ground constraint, rains etc average 3 kilometer pipeline has been raised. All that has resulted in footprint of volume Going up and same infra has a significant potential to volume to go up and that will yield further returns to us.
So I think we look at little bit more and longer term because this business is for generation infrastructure. Thank you. Thank you sir.
Operator
Thank you Participants GMA plus star and one to ask the question. Next question is from line of Aria Patel from MK Global. Please go ahead.
Unidentified Participant
Hi sir, thank you for the opportunity and congratulations the good set of numbers. So questions from my side first you
Operator
Mentioned in the comments or you know while answering the question that there has been some desert here and there in industrial and commercial. So can you help us the breakup of PNG volumes into domestic, industrial and consumer speed. And my second question is on the sourcing. So if the sourcing mix and Q4
Suresh P Manglani
Actually your area, your audio is not very clear. If I understood you want some breakup of PNG CNG in all segment and you want something about sourcing that I couldn’t understand what you want about sourcing.
Unidentified Participant
Yeah. Am I audible or is it better now?
Suresh P Manglani
No, no that is better but please go ahead.
Unidentified Participant
Yeah, so my first question was regarding the breakup of PNG sales. So a breakup in domestic
Operator
Interested and consumer. This is because as you mentioned there has been you know some degrees here and there in industries or commercial. And second question is regarding the gas sourcing mix for Q4.
Suresh P Manglani
Yeah, just in Q4 Ravinder actually was our guest BD head. I think he’ll give you all the details.
Yogesh Patil
Yeah. So in terms of percentage breakup of the different segments, so the PNG contributed around 50% of the volume and the LNG the CNG.
Operator
Sorry to interrupt. Aria, can you please mute your line from your side. There’s a lot of background from your name. Sorry sir. Go ahead.
Suresh P Manglani
Yeah, please give the breakup of PNG industrial, commercial, domestic. Yeah, CNG. CNG plus domestic is around 78% and the balance is industrial plus commercial 22 percentage. And
Yogesh Patil
If you want further breakup the industrial volume would be around 20% and the rest is commercial around 2.5%.
Suresh P Manglani
And the gas sourcing for fourth quarter
Yogesh Patil
On the gas sourcing portfolio. So 85% of our volumes are mapped from the EPM allocated
Suresh P Manglani
Allocation plus HPT NW and the different contracts what we have so balance around 16% we are buying from the market on a spot basis. So we have. We have a different portfolio of various indices including the brand link contracts
Yogesh Patil
Plus asset link contract. So this is a diversified portfolio which help us to take care during these crisis times.
Suresh P Manglani
Hope we have responded earlier to you please.
Unidentified Participant
Yes sir. Thank you for the opportunity. And that’s it from my side.
Suresh P Manglani
Thank you, Arya, for coming on the call.
Operator
Thank you. Ladies and gentlemen, you must press start and one to ask the question. Participants, you may press star and one to ask the question. A reminder to all the participants you may press Current 1 to ask a question. A final reminder to all the participants, you may press star and one to ask the question. As there are no further questions, I would now like to hand the conference Botham Sadesh Vakaria from Investor Relations for closing comments.
Adish Vakharia
Sure. Thanks, Neera. Thank you once again to all investors and panelists for taking time to join our Quarter four earning call. If you have any further questions or queries, please feel free to reach out to us. The contact details are available on the website as well as on the Investor Relations press release. Thank you so much for the joining.
Operator
Thank you very much on behalf of Adani Total Gas Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your name. Thank you.
Ravindra Desai
Thank you everyone.