Adani Total Gas Q2 Profit Drops to ₹164 Crore Despite 16% Rise in Volumes

Adani Total Gas Ltd (ATGL) reported a decline in its second-quarter profit despite witnessing steady growth in its CNG and PNG volumes. The company’s Q2 FY26 results reflect a mix of higher sales and expanding operations, balanced by rising costs and reduced margins.

Revenue Growth Offset by Profit Decline

For the quarter ended September 2025, Adani Total Gas posted a net profit of ₹164 crore, down 11.9% from ₹186 crore a year earlier. Revenue from operations rose 19.6% year-on-year to ₹1,576.4 crore, supported by a 16% increase in combined CNG and PNG volumes. 

However, higher input costs impacted profitability, with EBITDA falling 3.5% to ₹295.1 crore compared to ₹305.8 crore in the same period last year. The company’s operating margin slipped to 18.7% from 23.2% in the previous year. For the first half of FY26, ATGL reported revenue of ₹3,060 crore, EBITDA of ₹603 crore, and a profit after tax of ₹324 crore.

Expansion in Gas Network and Customer Base

On the operational side, Adani Total Gas recorded a 16% year-on-year increase in total gas volumes to 280 MMSCM (Million Metric Standard Cubic Metres), reflecting steady growth in both CNG and PNG segments. The company’s CNG network expanded to 662 stations with 12 new additions, while PNG household connections crossed the one million mark, reaching 1.02 million homes. 

Industrial and commercial connections rose to 9,603, adding 147 new customers during the quarter. Including its joint ventures under IOAGPL, total CNG and PNG volumes reached 449 MMSCM, up 23% year-on-year. The combined network now includes 1,095 CNG stations and 1.21 million PNG home connections, supported by a pipeline network spanning 26,411 Inch Km.

Growing Presence in E-Mobility and Renewable Gas

Adani TotalEnergies E-Mobility Ltd (ATEL) expanded its EV charging infrastructure to 4,209 charging points across 26 states and 226 cities, with a total installed capacity of 42 MW. Meanwhile, Adani TotalEnergies Biomass Ltd (ATBL) saw its Harit Amrit brand enter new regions, including Uttar Pradesh, Madhya Pradesh, and Gujarat, selling 804 tonnes of CBG in H1 FY26.

Leadership Update and Market Snapshot

The company’s board has approved the appointment of K. Jairaj as an Additional Director (Non-Executive, Independent) for a three-year term starting November 3, 2025, subject to shareholder approval.

As of October 29, 2025, 12:08 PM, Adani Total Gas Share Price stood at ₹654, marking a 5.27% increase from the previous session. The company’s market capitalisation was ₹71,917 crore, with a P/E ratio of 115, and it maintained a ROCE of 17.5% and ROE of 16.8%.

Read More:Adani Total Gas and Jio-bp Team Up to Deliver Better Fuel Offerings

Conclusion

Adani Total Gas Limited’s Q2 performance reflects steady operational expansion despite margin pressure from higher gas costs. The company’s consistent growth in CNG and PNG volumes, network expansion, and diversification into e-mobility and biomass highlight its ongoing efforts to strengthen its presence in India’s clean energy sector.

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