- Volumes Surge as ATGL Delivers 12% YoY Growth in Q3, 14% in 9MFY26
- EBITDA Strengthens to ₹314 Cr in Q3; 9MFY26 EBITDA at ₹919 Cr
- CNG Network Expands to 680 Stations; PNG Reaches 10.5 Lakh Homes
- ESG Credentials Shine with CDP ‘A’ Rating, DJSI Score of 72—9th Globally: EV Charging Crosses 4,900 Points; Biomass & E-Mobility Drive Energy Transition
NE BUSINESS BUREAU
AHMEDABAD, JAN 22
Adani Total Gas Limited (ATGL), India’s leading energy transition company, reported a robust operational and financial performance for the third quarter and nine months ended December 31, 2025, underscoring its scale, resilience and execution strength amid a challenging gas sourcing environment.
ATGL recorded 12% year-on-year volume growth in Q3FY26 and 14% growth for 9MFY26, driven by rapid expansion of its CNG and PNG networks, calibrated pricing strategy and uninterrupted supply across geographies.
Growth Anchored in Infrastructure Expansion
During Q3FY26, combined CNG and PNG volumes rose to 289 MMSCM, while the company expanded its CNG station network to 680, adding 18 new stations in the quarter. PNG household connections climbed to 10.5 lakh homes, with 34,210 new households added in Q3 alone, reinforcing ATGL’s leadership in clean fuel adoption.
Industrial and commercial connectivity also strengthened, with total I&C connections rising to 9,751, supported by the completion of 14,862 inch-km of steel pipeline network on a standalone basis.
On a Pan-India basis including JV IOAGPL, ATGL’s footprint expanded further:
- 460 MMSCM volumes (up 15% YoY)
- 1,120 CNG stations
- 12.5 lakh PNG homes, impacting over 4 million lives daily
- 27,011 inch-km of steel pipeline network
Financial Performance: Resilience Amid Cost Pressures
For Q3FY26, ATGL reported:
- Revenue from operations up 17% YoY to ₹1,631 crore
- EBITDA up 15% YoY to ₹313 crore
- PAT up 10% YoY to ₹157 crore
For 9MFY26, revenue rose 19% YoY to ₹4,692 crore, EBITDA stood at ₹916 crore, while standalone PAT was ₹481 crore. Consolidated PAT for the nine-month period reached ₹487 crore.
Despite reduced APM gas allocation (41%) and higher Henry Hub-linked R-LNG prices coupled with a rising USD exchange rate, ATGL ensured supply continuity and sustained profitability through diversified sourcing and operational efficiency.
Regulatory Tailwinds & Consumer Affordability
The quarter witnessed two key regulatory developments that strengthened the CGD cost framework:
- Reduction of tax on natural gas supplied outside Gujarat to 2% CST from 15% VAT
- Introduction of a simplified two-zone transmission tariff, effective January 1, 2026
Reflecting its consumer-centric approach, ATGL passed on benefits through calibrated price reductions for PNG and CNG consumers, protecting demand momentum.
ESG Leadership & Safety Excellence
ATGL further cemented its sustainability credentials with dual ESG upgrades—a CDP ‘A’ rating and a DJSI ESG score of 72, placing it 9th globally among gas utilities. The company also received the Gold Award for Safety Excellence at the Apex India Safety Awards.
New-Age Energy Platforms Scale Up
ATGL’s clean energy subsidiaries posted strong momentum:
- Adani TotalEnergies E-Mobility Ltd (ATEL) expanded to 4,908 EV charge points across 26 states/UTs and 226 cities, with installed capacity of ~51 MW
- Adani TotalEnergies Biomass Ltd (ATBL) sold 1,218 MT of CBG in 9MFY26, while fermented organic manure (FOM) sales crossed 1,000 tonnes, registering 301% QoQ growth
Management Speak
Commenting on the performance, Suresh P. Manglani, CEO & Executive Director, Adani Total Gas Ltd, said:
**“Team ATGL has delivered yet another strong quarter with double-digit growth in volumes, revenue, and EBITDA. Despite continued lower availability of APM gas and higher Henry Hub-linked RLNG prices, our diversified sourcing strategy enabled us to manage the gas basket efficiently and ensure uninterrupted supplies of PNG and CNG to all our customers. Our e-Mobility team has also put in an excellent set of numbers with installed Charge Points now nearing 5000 mark with 51 MW capacity.
Supportive regulatory changes, including effective reduction in tax on natural gas transported outside Gujarat and the new and simplified zonal transmission tariff will help CGDs entities to strengthen cost structures and create a more affordable pricing environment. As APM allocation for CNG continues to evolve, our balanced portfolio positions us to maintain affordability while managing cost pressures responsibly.
On the sustainability front, ATGL achieved dual upgrades in ESG ratings, with our S&P Dow Jones Sustainability Index score rising to 72, taking ATGL ranking up to 9th globally in gas utilities and our CDP rating improving to ‘A’. This reaffirms our commitment to a responsible energy transition.
With a strengthened sourcing portfolio, continued digitalisation, operational excellence, and expanding networks across our GAs, continued growth in our EV Charge Points, ATGL is strategically positioned to deliver sustainable growth and long-term value to its all stakeholders.”**
