Adani Total Gas Ltd, India’s leading energy transition company, has reported robust operational and financial performance for the quarter and nine months ended 31 December 2025, driven by sustained volume growth, network expansion and disciplined cost management despite a challenging gas sourcing environment.

 

ATGL recorded a 12% year-on-year rise in combined CNG and PNG volumes in Q3FY26 and 14% growth for the nine-month period, supported by rapid infrastructure build-out across its geographical areas. The company expanded its CNG network to 680 stations, added 34,210 new PNG households during the quarter, and crossed 10.5 lakh domestic PNG connections, extending clean energy access to millions of consumers.

 

EBITDA for Q3FY26 rose 15% to INR 314 crore, while nine-month EBITDA stood at INR 919 crore. Revenue from operations grew 17% year-on-year in Q3FY26 to INR 1,631 crore, with standalone PAT rising 10% to INR 157 crore. On a consolidated basis, Q3FY26 PAT increased 11% to INR 159 crore.

 

For the nine-month period, revenue climbed 19% to INR 4,692 crore, while standalone PAT reached INR 481 crore. Consolidated PAT for 9MFY26 stood at INR 487 crore.

 

Operationally, ATGL continued to scale its footprint. During Q3FY26, the company added 18 new CNG stations, completed ~14,862 inch-km of steel pipeline, and expanded industrial and commercial connections to 9,751 customers. On a pan-India basis, including its joint venture IOAGPL, the combined network grew to 1,120 CNG stations, with PNG household connections surpassing 12.5 lakh, touching over four million lives daily.

 

The quarter also saw key regulatory developments that strengthened the sector’s cost structure, including the shift to 2% CST from 15% VAT on natural gas supplied outside Gujarat, effective 1 October 2025, and the introduction of a simplified two-zone transmission tariff effective 1 January 2026. ATGL said it passed on benefits to consumers through calibrated price reductions for PNG and CNG.

 

Despite lower APM gas allocation of 41% and higher input costs due to elevated Henry Hub-linked R-LNG prices and a weaker rupee, the company ensured uninterrupted supply by diversifying sourcing through NWG, HPHT and R-LNG.

 

“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,” said Suresh P Manglani, CEO & ED, ATGL.

 

Beyond core gas distribution, ATGL’s clean energy portfolio gained momentum. Adani TotalEnergies E-Mobility Limited expanded its EV charging network to 4,908 charge points across 26 states and UTs, with installed capacity rising to ~51 MW. Adani TotalEnergies Biomass Limited sold 1,218 MT of compressed biogas in 9MFY26, while fermented organic manure sales crossed 1,000 tonnes, registering 301% quarter-on-quarter growth.

 

ATGL also strengthened its sustainability credentials, earning a CDP ‘A’ rating, a DJSI ESG score of 72, and a 9th global ranking among gas utilities, alongside a Gold Award for safety excellence at the Apex India Safety Awards.

 

With expanding infrastructure, supportive regulation and a diversified energy portfolio, ATGL said it remains well positioned to drive India’s clean energy transition while delivering consistent growth.