Adani Total Gas Reports Marginal Dip in Q3 FY26 Profit as Labour Code Costs Impact Earnings

Adani Total Gas Limited reported its financial results for Q3 FY26, reflecting a marginal decrease in profitability alongside stable operating performance. The company recorded a net profit of ₹158.6 crore, down 3.3% from ₹164 crore reported in the previous quarter.

Revenue, however, rose 4% to ₹1,639 crore compared with ₹1,576 crore in Q2 FY26, indicating continued business momentum. EBITDA also improved to ₹305 crore from ₹294.7 crore, marking a 3.6% quarter‑on‑quarter increase.

Quarterly Profitability and Operating Performance

The company’s net profit movement during Q3 FY26 reflected modest pressure despite stable operational metrics. The decline of 3.3% was primarily attributed to additional costs recognised during the quarter.

Revenue expansion to ₹1,639 crore demonstrated underlying business growth across its operating segments. With EBITDA increasing to ₹305 crore, the company maintained consistent performance despite evolving cost structures.

Margin Stability and Cost Dynamics

Adani Total Gas reported EBITDA margins of 20.3%, remaining largely steady compared with the previous quarter. The stable margin profile suggested efficient cost management amid operational and regulatory changes in the broader business environment.

The consistent margin level reflects ongoing efforts to align operating expenses with revenue growth. These results also indicate that core business operations remained resilient during the period.

Impact Of India’s New Labour Codes

The quarter captured the initial impact of India’s newly implemented labour codes, which consolidated 29 existing labour laws into 4 unified frameworks effective from November 21, 2025. As the supporting rules for the codes are yet to be notified, the company undertook an internal assessment to estimate potential financial implications.

Based on this assessment, Adani Total Gas recognised exceptional costs of around ₹7.2 crore in Q3 FY26. The recognition of these costs materially influenced quarterly profitability despite stable operational performance.

Adani Total Gas Share Price Performance

On January 23, 2026, Adani Total Gas share price opened at ₹550.65, compared to the previous close of ₹548.00. During the session, as of 1:56 PM IST, the stock had touched a high of ₹550.65 and a low of ₹507.05, and was trading at ₹519.00, down by 5.29%.

The stock recorded a traded volume of 16.36 lakh shares and a traded value of ₹85.18 crore on the NSE. The market capitalisation stood at ₹57,300.11 crore.

Read More: Adani Total Gas Reduces CNG and PNG Prices After PNGRB Tariff Reform. 

Conclusion

Adani Total Gas delivered steady revenue and EBITDA growth in Q3 FY26, supported by stable demand and operational consistency. The moderate decline in net profit was primarily due to exceptional costs associated with India’s updated labour code framework.

Margin stability reaffirmed the company’s ability to manage cost pressures even in the face of regulatory adjustments. The company continues to monitor policy developments to assess future implications for employee‑related liabilities.

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