Adani Total Gas Limited (ATGL) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was ₹2,109.65 crore and profit ₹173.27 crore, versus ₹1,576.38 crore and ₹163.49 crore in Q2 FY26; H1 revenue was ₹4,016.44 crore and profit ₹314.99 crore, down from ₹328.73 crore.

• Q2 volumes rose 12% YoY to 315 MMSCM; H1 volumes increased 13% to 618 MMSCM.

Financial highlights

• Standalone Q2 revenue was ₹2,102.09 crore, EBITDA ₹340 crore and PAT ₹166.88 crore; revenue rose 34% and EBITDA 12% YoY.

• Standalone H1 revenue was ₹3,998.83 crore, EBITDA ₹621 crore and PAT ₹299.91 crore, versus ₹3,060 crore, ₹603 crore and ₹323.85 crore in H1 FY26, respectively.

• Consolidated Q2 total comprehensive income was ₹198.35 crore versus ₹166.22 crore YoY; H1 was ₹339.49 crore versus ₹329.39 crore.

• Consolidated H1 EBITDA was ₹625 crore, with ₹18 crore JV profit contribution.

• Q2 cost of goods sold rose 43% YoY to ₹1,599 crore; calibrated pricing and strategic sourcing supported EBITDA growth.

Outlook and guidance

• FY27 CNG station additions targeted at 80–90, versus 68 added in FY26; more than 2 lakh household PNG connections targeted for FY27.

• Around 70 CNG stations were under advanced construction, with equipment procurement and pipeline work underway.

• Current CBG production of 5–6 tonnes was planned to double within 5–6 months; further projects depend on feedstock and technology confidence.

• Growth priorities include CGD infrastructure, EV charging, biogas, and LNG for trucking and mining; internal accruals were identified as a capex funding source.

• Natural gas penetration in India’s fuel mix was projected to rise from 7% to 15% by 2030.