Highlights

• Combined CNG and PNG volumes of Adani Total Gas increased 16% YoY to 280 MMSCM in Q2 FY26.
• PNG households crossed one million, reaching 1.02 million homes during the quarter.
• Consolidated PAT stood at ₹163 Cr for Q2 FY26 and ₹329 Cr for H1 FY26.

Adani Total Gas Limited (NSE:ATGL), India’s energy transition company, announced its operational and financial results for the quarter and half year ended 30 September 2025. The company recorded combined CNG and PNG volumes of 280 MMSCM during Q2 FY26, reflecting a 16% year-on-year increase. CNG sales rose by 18% YoY to 191 MMSCM, while PNG sales increased by 11% YoY to 89 MMSCM.

The company expanded its CNG network to 662 stations by adding 12 new stations during the quarter. PNG home connections reached 1.02 million, with 26,418 new households added. Industrial and commercial connections grew to 9,603, with 147 new consumers added. The cumulative steel pipeline network reached approximately 14,524-inch kilometres.

Including the joint venture, Indian Oil-Adani Gas Pvt. Ltd. (IOAGPL), the combined CNG and PNG volume stood at 449 MMSCM, a 23% YoY increase, supported by a network of 1,095 CNG stations.

Financial Performance

For Q2 FY26, ATGL’s revenue from operations rose 19% YoY to ₹1,569 Cr. EBITDA stood at ₹302 Cr, and profit after tax (PAT) was ₹162 Cr. On a consolidated basis, PAT stood at ₹163 Cr for the quarter.

For the half year ended September 2025, revenue increased 20% YoY to ₹3,060 Cr, while EBITDA was ₹603 Cr. PAT for the period was ₹324 Cr on a standalone basis, and ₹329 Cr on a consolidated basis.

The company noted that higher gas costs, up 29% YoY due to lower APM gas allocation, were managed through a calibrated pricing approach. Despite an appreciating USD and higher input costs, ATGL maintained its operational performance through cost optimization measures.

Infrastructure Development

As of 30 September 2025, ATGL operated 662 CNG stations, with cumulative 14,524 inch kilometres’ of steel pipelines. The company’s EV charging subsidiary, Adani TotalEnergies E-Mobility Limited (ATEL), expanded its network to 4,209 installed charging points across 26 states and 226 cities, with a total installed capacity of about 42 MW.

Adani TotalEnergies Biomass Limited (ATBL) sold 804 tonnes of compressed biogas (CBG) during H1 FY26, with 357 tonnes from its first CBG DODO station. Its organic manure brand, Harit Amrit, expanded into Uttar Pradesh, Madhya Pradesh, and Gujarat.

Credit Rating Updates

During the period, ATGL’s long-term credit rating was upgraded to ‘AA+ (Stable)’ by ICRA. CARE and CRISIL also assigned fresh ‘AA+ (Stable)’ ratings, reflecting the company’s increasing operational scale, network expansion, and healthy financial profile.

Share Performance

ATGL shares were trading at ₹ 617.10 per share slightly down by 0.63% from its previous close of ₹ 621.

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