Adani Total Gas Reports 20% Revenue Growth In Q2FY26, Crosses 1 Million PNG Household Connections

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.

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.

Operations Commentary – Q2FY26

• CNG Volume increased by 18% Y-o-Y on account of network expansion across multiple Geographical Areas (GAs).

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• 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

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

Given its gas distribution, ATGL is authorised in 34 Geographical Areas and plays a significant role in the nation’s efforts to enhance the share of natural gas in its energy mix. Of the 53 GAs, 34 are owned by ATGL and the balance 19 GAs are owned by Indian Oil-Adani Gas Private Limited (IOAGPL) – a 50:50 joint venture between Adani Total Gas Limited and Indian Oil Corporation Limited. Further, ATGL has formed 2 wholly owned subsidiaries namely Adani TotalEnergies E-Mobility Ltd (ATEL) and Adani TotalEnergies Biomass Ltd (ATBL) for its E-Mobility and Biomass Business respectively. ATGL has also formed a 50:50 joint venture, namely Smart Meter Technologies Private Limited for its gas meter manufacturing business.