Adani Total Gas Q2 & H1FY26 Results

Q2FY26 Volume up 16% YoY

CNG network increases to 662 stations

PNG households crossed a million mark, hits 1.02 million homes

Q2FY26 and H1FY26 EBITDA stood at INR 302 Crs and INR 603 cr

ATGL Shines at PNGRB Awards with Triple Recognition in CGD Industry

Installed EV charging points increases to 4209

Editor's Synopsis

Operational Highlights Q2FY26 (Standalone):

Combined CNG and PNG volume of 280 MMSCM, a 16% increase Y-o-Y
Increased CNG stations to 662 by adding 12 new stations
Expanded PNG home connections to 1.02 million, by adding 26,418 new households
Increased Industrial & Commercial connections to 9,603 with 147 new consumers added
Completed cumulative ~ 14524 Inch Km of Steel Pipeline network

Pan India Footprint –Q2FY26 (With JV namely IOAGPL):

Combined CNG and PNG volume of 449 MMSCM, a 23% increase Y-o-Y
Combined network of 1095 CNG Stations, with 17 new stations added
PNG home connections reached ~12.1 lacs, touching nearly 5 million lives
Grew Industrial & Commercial connections to 10,884, by adding 244 new consumers
Completed cumulative ~ 26,411 Inch Km of Steel Pipeline network

Key Business updates

The external credit rating of facilities sanctioned to ATGL is now rated AA+ (Stable) by 3 rating agencies i.e. ICRA, CRISIL, and CARE which reflects the company's growing scale and positive developments.

The upgradation in the long-term rating is primarily due to the increasing scale owing to healthy volume growth, favorable demand outlook, network expansion, strong parentage, adequate gas sourcing arrangement, and a healthy financial profile.

Upgradation in External Credit Rating:

ICRA has upgraded rating to AA+ (Stable) from AA (Stable) on dated July 30, 2025

Assignment of Fresh External Credit Rating:

CARE has assigned its AA+/Stable ratings to the bank facilities of Adani Total Gas Ltd (ATGL) dated August 08, 2025
Crisil Ratings has assigned its AA+/Stable ratings to the bank facilities of Adani Total Gas Ltd (ATGL) dated August 21, 2025

Adani TotalEnergies E-mobility Limited (ATEL)

ATEL has now expanded its footprint to 4209 installed EV charging points across 26 states/UTs and 226 cities
Installed capacity increases to ~42 MW

Adani TotalEnergies Biomass Limited (ATBL)

Harit Amrit (the Fermented Organic Manure brand) has taken a significant leap in regional growth with its expansion into Uttar Pradesh, Madhya Pradesh, and Gujarat.
Sold 804 tonnes of CBG during H1FY26 out of which 357 tonnes of CBG sold from its first CBG DODO station

Financial Highlights Q2FY26 (ATGL- Standalone) Y-o-Y:

Revenue from Operations increased by 19%, reaching INR 1569 Cr,
EBITDA stood at INR 302 Cr,
PAT for the quarter was at INR 162 Cr

Consolidated Q2FY26 PAT

Consolidated PAT stood at INR 163 Cr

Financial Highlights H1FY26 (ATGL-Standalone) Y-o-Y:

Revenue from Operations increased by 20%, reaching INR 3060 Cr,
EBITDA stood at INR 603 Cr,
PAT for the period was at INR 324 Cr

Consolidated H1FY26 PAT

Consolidated PAT at INR 329 Cr

Ahmedabad, 28 October 2025: 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 half year ended 30th September 2025.

"Team ATGL has yet again delivered an impressive set of numbers with volume growth of 16%, revenue growth of 20% on YoY basis, and EBIDTA at INR 603 Crs, despite combined APM and NWG gas supplies moderating down to 59% in H1FY26 from 70% H1FY25 and USD further appreciating by 4% against INR resulting to an increase in the gas cost. Home PNG numbers crossed 1 million mark and number of CNG stations reached 662 out of which 129 are of CODO/DODO category. There has been strong growth in both steel and MDPE pipelines across all our GAs."

"Our continued focus on digitalisation across project management, operational excellence and value optimisation has helped us in delivering better physical and financial outcomes.

“While we closely monitor the evolving situation around APM gas allocation for the CNG segment, our diversified gas sourcing portfolio enables us to adopt a calibrated pricing approach, ensuring that consumer interests remain at the forefront.

"Further strengthening our position, ATGL's long-term credit rating has been upgraded to ‘AA+ (Stable)' by ICRA, with CRISIL and CARE have assigned fresh AA+ (Stable) ratings. These ratings reflect the agencies' positive view of ATGL's expanding scale, strong parentage, healthy volume growth, robust gas sourcing arrangements, and strong financial profile," said Mr Suresh P Manglani, CEO & ED, ATGL.

Standalone Operational and Infrastructural Highlights:

Particulars	UoM	H1 FY26	H1 FY25	% Change YoY	Q2 FY26	Q2 FY25	% Change YoY
Operational Performance
Sales Volume	MMSCM	547	472	16%	280	242	16%
CNG Sales	MMSCM	376	315	19%	191	162	18%
PNG Sales	MMSCM	171	157	9%	89	80	11%

Infrastructure Performance	UoM	As on 30 Sep' 25	H1 Additions	Q2 Additions
CNG Stations	Nos.	662	15	12
MSN (IK)	Nos.	14524	752	327
Domestic-PNG	Nos.	1,015,955	53,287	26,418
Commercial -PNG	Nos.	6,587	246	121
Industrial-PNG	Nos.	3,016	58	26

Operations Commentary – Q2FY26

CNG Volume increased by 18% Y-o-Y on account of network expansion across multiple Geographical Areas (GAs).
With stabilization of gas prices, there has been an increase in consumption of PNG Industrial volume, and coupled with the addition of new PNG connection in domestic and commercial segments, PNG Volume has increased by 11% Y-o-Y
PNG households crossed a million mark, hits 1.02 million homes
Overall volume has increased by 16% Y-o-Y

Standalone Financial Highlights:

Financial Performance	UoM	H1 FY26	H1 FY25	% Change YoY	Q2 FY26	Q2 FY25	% Change YoY
Revenue from Operations	INR Cr	3,060	2,553	20%	1,569	1,315	19%
Cost of Natural Gas	INR Cr	2,169	1,675	30%	1120	871	29%
Gross Profit	INR Cr	891	878	1%	449	444	1%
EBITDA	INR Cr	603	621	-3%	302	313	-3%
Profit Before Tax	INR Cr	436	477	-8%	217	240	-9%
Profit After Tax	INR Cr	324	355	-9%	162	178	-9%

Results Commentary Q2FY26

Revenue from operations rose by 19% on account of higher volume and sales realization
Besides higher volume, the gas cost increased by 29% largely due to the lower allocation of APM to CNG segment being replaced by high priced New well gas and HPHT gas.
To ensure volume growth, ATGL took a calibrated approach in passing on the higher price to consumers.
Despite an increase in exchange rate and higher gas costs, ATGL delivered increase in volume through calibrated pricing strategy and Opex optimization, delivering an EBITDA of INR 302Crs in Q2FY26.

Awards & Accolades

ATGL won three PNGRB Awards for its work in city gas distribution out of which two awards won under HSE and Sustainability and one in customer delight segment

Leader in Safety integrity and technical excellence for Bhandara, Gadchiroli GA
Leader in Sustainability and Green Initiative for Cuddalore GA
Leader in customer care and service delivery in CGD for Bhilwara GA

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