Adani Total Gas Limited (ATGL) Q1 25/26 earnings summary

Executive summary

• Achieved robust operational and financial performance in Q1 FY26, with significant network expansion and CNG/PNG volume growth.

• Expanded CNG station network to 650 stations and increased steel pipeline infrastructure to 14,197 km.

• Added 27,000 new PNG home connections, reaching nearly 1 million domestic customers.

• EV charging infrastructure expanded to 3,801 charge points across 26 states and union territories.

• JV with Indian Oil Corporation now operates 1,078 CNG stations and supplies PNG to 1.17 million homes.

• Unaudited standalone and consolidated financial results for Q1 FY26 were approved by the Board and reviewed by statutory auditors, with no material misstatements identified.

Financial highlights

• Consolidated revenue from operations for Q1 FY26 was ₹1,498.32 crore, up from ₹1,239.06 crore year-over-year.

• Standalone revenue from operations reached ₹1,491.44 crore, up from ₹1,237.10 crore in Q1 FY25.

• EBITDA for the quarter was ₹301 crore, with a cash profit of ₹227 crore, both up 2% year-over-year.

• Profit before tax reached ₹219 crore; profit after tax was ₹162.17 crore, down 8% year-over-year.

• Gas cost increased by 31% due to lower APM allocation, replaced by higher-priced gas.

Outlook and guidance

• Optimism for continued double-digit CNG volume growth, supported by infrastructure expansion and strategic partnerships.

• CapEx guidance of ₹900–1,000 crore for FY26, with ₹3,500–3,700 crore planned over the next three years, focused on network creation and new geographies.

• Strategy targets at least 20% CNG penetration in each geography, with supply-driven expansion to stimulate demand.

• Focus on expanding CNG and PNG networks, with continued investment in e-mobility and biomass.

• Targeting increased natural gas share in India's fuel mix from 7% to 15% by 2030.