Adani Total Gas 9M & Q3FY26 Results

9M & Q3FY26 Volume up 14% and 12% YoY respectively

CNG network increases to 680 stations

PNG household increased to 10.5 lakh homes

Q3FY26 and 9MFY26 EBITDA increased to INR 314 Crs and INR 919 cr

Dual ESG upgrades with CDP ‘A’ and DJSI ESG score of 72, ranked 9th Globally in Gas Utilities

ATGL received Gold award for safety excellence at the Apex India Safety awards

Installed EV Charge Points increased from to 4908 from 4209 QoQ

EDITOR’S SYNOPSIS

Operational Highlights Q3FY26 (Standalone):

Combined CNG and PNG volume of 289 MMSCM, a 12% increase Y-o-Y
Increased CNG stations to 680 by adding 18 new stations
Expanded PNG home connections to 10.5 lakh, by adding 34,210 new households
Increased Industrial & Commercial connections to 9751 with 148 new customers added
Completed cumulative ~ 14,862 Inch Km of Steel Pipeline network

Pan India Footprint –Q3FY26 (With JV namely IOAGPL):

Combined CNG and PNG volume of 460 MMSCM, a 15% increase Y-o-Y
Combined network of 1,120 CNG Stations, with 41 new stations added
PNG home connections crossed 12.5 lakh, touching over 4 million lives daily.
Grew Industrial & Commercial connections to 11,106, by adding 222 new consumers
Completed cumulative ~ 27,011 Inch Km of Steel Pipeline network

Key Business updates

During the quarter, the CGD industry witnessed two important tax and regulatory developments that strengthened the overall cost framework. First, the transition to the 2% CST from earlier 15% VAT on natural gas supplied outside Gujarat, effective from 1st October 2025. Second, the introduction of a simplified twozone transmission tariff structure, from earlier three-zone, under which entire supplies made for Domestic PNG and CNG Transport segments would fall under Zone-1 tariff effective 1st January 2026.
Given ATGL’s consumer centric approach, it has reciprocated and provided better affordability to home PNG and CNG consumers by reducing prices in a calibrated manner.
CNG APM allocation for the quarter stood at 41%, and the lower availability was bridged with the additional suppliers made through New Well Gas (NWG), High Pressure High Temperature (HPHT) and R-LNG, all of which are costlier than APM gas supplies.
During the quarter, Henry Hublinked R-LNG saw a sharp increase combined with there was increase in USD exchange rate which further elevated gas cost. Despite these challenges, the Company has ensured uninterrupted supply across all operating areas and continued to deliver growth in volume, revenue, and EBITDA.

Adani TotalEnergies E-mobility Limited (ATEL)

ATEL has now expanded its footprint to 4908 installed EV Charge Points across 26 states/UTs and 226 cities
Installed capacity increases to ~51 MW

Adani TotalEnergies Biomass Limited (ATBL)

A total of 1218 MT of CBG was sold in 9MFY26, including 622 tons from our CBG DODO station.
In 9MFY26, Fermented Organic Manure (FOM) sales crossed 1,000+ Tons; recorded 301% growth over previous quarter

Financial Highlights Q3FY26 (ATGL Standalone) Y-o-Y:

Revenue from Operations increased by 17%, reaching INR 1,631 Cr
Registered EBITDA growth of 15%, to INR 313 Cr
PAT for the quarter increased to INR 157 Cr, clocked 10% growth

Consolidated Q3FY26 PAT

Consolidated PAT increased by 11%, reaching INR 159 Cr

Financial Highlights 9MFY26 (Standalone) Y-o-Y:

Revenue from Operations increased by 19%, reaching INR 4692 Cr
EBITDA rose by 3% to INR 916 Cr
PAT stood at INR 481 Cr

Consolidated 9MFY26 PAT

Earned a consolidated PAT of INR 487 Cr

Ahmedabad, 22 January 2026: Adani Total Gas (ATGL), India’s leading energy transition company, continues its mission of transforming India's energy landscape through extensive infrastructure development. Today, ATGL announced its operational, infrastructural and financial performance for the quarter and nine months ended 31st December 2025.

“Team ATGL has delivered yet another strong quarter with double‑digit growth in volumes, revenue, and EBITDA. Despite continued lower availability of APM gas and higher Henry Hub-linked RLNG prices, our diversified sourcing strategy enabled us to manage the gas basket efficiently and ensure uninterrupted supplies of PNG and CNG to all our customers. Our e‑Mobility team has also put in an excellent set of numbers with installed Charge Points now nearing 5000 mark with 51 MW capacity.

“Supportive regulatory changes, including effective reduction in tax on natural gas transported outside Gujarat and the new and simplified zonal transmission tariff will help CGDs entities to strengthen cost structures and create a more affordable pricing environment. As APM allocation for CNG continues to evolve, our balanced portfolio positions us to maintain affordability while managing cost pressures responsibly.

“On the sustainability front, ATGL achieved dual upgrades in ESG ratings, with our S&P Dow Jones Sustainability Index score rising to 72, taking ATGL ranking up to 9th globally in gas utilities and our CDP rating improving to ‘A’. This reaffirms our commitment to a responsible energy transition.

“With a strengthened sourcing portfolio, continued digitalisation, operational excellence, and expanding networks across our GAs, continued growth in our EV Charge Points, ATGL is strategically positioned to deliver sustainable growth and long‑term value to its all stakeholders,” said Mr. Suresh P. Manglani, CEO & ED, ATGL.

Standalone Operational and Infrastructural Highlights:

Operational Performance
Particulars	UoM	9M FY26	9M FY25	% Change YoY	Q3 FY26	Q3 FY25	% Change YoY
Sales Volume	MMSCM	836	730	14%	289	257	12%
CNG Sales	MMSCM	576	486	18%	200	171	17%
PNG Sales	MMSCM	260	244	7%	89	86	3%

Infrastructure Performance
Particulars	UoM	As on 31 Dec’ 25	9M Additions	Q3 Additions
CNG Stations	Nos.	680	33	18
MSN (IK)	Nos.	14,862	1090	338
Domestic-PNG	Nos.	10,50,165	87,497	34,210
Commercial -PNG	Nos.	6,714	373	127
Industrial-PNG	Nos.	3,037	79	21

Operations Commentary – Q3FY26

CNG Volume increased by 17% Y-o-Y on account of CNG network expansion across multiple Geographical Areas (GAs)
Over 10.5 lakh homes are now connected with Piped Natural gas
With addition of new PNG connections, PNG Volume has increased by 3% Y-o-Y
Overall volume has increased by 12% Y-o-Y

Standalone Financial Highlights:

Financial Performance
Particulars	UoM	9M FY26	9M FY25	% Change YoY	Q3 FY26	Q3 FY25	% Change YoY
Revenue from Operations	INR Cr	4692	3,950	19%	1631	1397	17%
Cost of Natural Gas	INR Cr	3,334	2,666	25%	1164	991	18%
Gross Profit	INR Cr	1,358	1,284	6%	467	406	15%
EBITDA	INR Cr	916	893	3%	313	272	15%
Profit Before Tax	INR Cr	649	670	-3%	212	193	10%
Profit After Tax	INR Cr	481	499	-4%	157	143	10%

Results Commentary Q3 FY25

Revenue from operations rose by 17% on account of higher volume
With lower allocation of APM gas to CNG segment coupled with NWG and higher HH linked R-LNG price due to winter, the cost of Natural gas rose by 18%.
During the quarter, APM allocation for CNG segment marginally reduced to ~41% from 42% from last quarter, the balance was met with New Well Gas, existing contracts and Spot procurement.
ATGL took a calibrated approach in passing the higher gas cost to ensure volume growth does not get impacted.
EBITDA increased by 15% Y-o-Y to INR 313 Crs.
PBT and PAT increased by 10% to INR 212 Crs and INR 157 Crs respectively

Key ESG Highlights

ATGL’s DJSI net ESG score improved to 72 from 62, positioned 9th rank globally in Gas utility sector.
ATGL Carbon disclosure project rating increased to ‘A’ – Highest category from ‘B’ supported by improved scope 1 and 2 emissions management
ATGL received Gold award for Safety excellence at the Apex India Safety award held in Udaipur