Adani Total Gas 9M & Q3FY26 Results

Adani Total Gas Limited (ATGL), India’s leading energy transition company, continued its steady growth trajectory in the third quarter and the nine months ended December 31, 2025, supported by network expansion, operational resilience, and sustained focus on clean energy infrastructure.

The company delivered double-digit year-on-year growth in volumes, revenue, and EBITDA during the quarter, despite challenges such as lower availability of APM gas and higher Henry Hub-linked RLNG prices. ATGL’s diversified gas sourcing strategy enabled it to efficiently manage its gas basket and ensure uninterrupted supply of CNG and PNG across all operating regions.

During Q3 FY26, combined CNG and PNG volumes rose 12 per cent year-on-year to 289 MMSCM, while volumes for the nine-month period increased 14 per cent to 836 MMSCM. CNG volumes recorded strong growth of 17 per cent during the quarter, driven by continued expansion of the CNG station network across multiple geographical areas. PNG volumes also registered steady growth, supported by the addition of new household connections.

Adani Total Gas further strengthened its infrastructure footprint during the quarter, expanding its CNG network to 680 stations. The company crossed the milestone of connecting over 10.5 lakh households with piped natural gas, reinforcing its commitment to providing cleaner and affordable energy solutions. Industrial and commercial PNG connections also continued to grow, while the cumulative steel pipeline network expanded significantly, enhancing long-term supply capabilities.

Financially, ATGL reported a 17 per cent increase in revenue from operations to ₹1,631 crore in Q3 FY26, driven primarily by higher sales volumes. EBITDA for the quarter rose 15 per cent year-on-year to ₹313 crore, while profit after tax increased 10 per cent to ₹157 crore. For the nine-month period, revenue from operations grew 19 per cent to ₹4,692 crore, with EBITDA at ₹916 crore and standalone profit after tax at ₹481 crore.

The company highlighted that recent regulatory developments, including a reduction in tax on natural gas transported outside Gujarat and the introduction of a simplified zonal transmission tariff structure, are expected to further strengthen the cost framework for city gas distribution companies and improve affordability for consumers. ATGL also took a calibrated approach to pricing during the quarter to ensure that higher gas costs did not impact volume growth.

ATGL’s energy transition initiatives continued to gain momentum. Its e-mobility arm expanded the number of installed EV charging points to nearly 5,000, with a total installed capacity of about 51 MW. The company also made progress in its biomass business, contributing to circular economy goals through increased sales of compressed biogas and fermented organic manure.

On the sustainability front, Adani Total Gas achieved significant milestones, with its S&P Dow Jones Sustainability Index ESG score improving to 72, ranking the company ninth globally in the gas utilities sector. Its Carbon Disclosure Project (CDP) rating was upgraded to ‘A’, reflecting improved emissions management. The company was also recognised with a Gold Award for safety excellence at the Apex India Safety Awards.

Commenting on the performance, Suresh P. Manglani, CEO and Executive Director of Adani Total Gas, said the company remains well positioned for long-term, sustainable growth, backed by a strengthened sourcing portfolio, continued digitalisation, operational excellence, and expanding networks across its authorised geographical areas.

Adani Total Gas is authorised to operate in 34 geographical areas across India and plays a key role in increasing the share of natural gas in the country’s energy mix. Through its subsidiaries and joint ventures in e-mobility, biomass, and smart metering, ATGL continues to support India’s transition towards cleaner and more sustainable energy solutions.