Adani Total Gas Ltd (ATGL), the energy transition arm of the Adani Group, posted a 16% year-on-year rise in overall volumes for the quarter ended September 30, 2025, driven by strong growth in both compressed natural gas (CNG) and piped natural gas (PNG) segments.
The company’s revenue from operations grew 19% year-on-year to ₹1,569 crore, while EBITDA stood at ₹302 crore and profit after tax (PAT) at ₹162 crore. On a consolidated basis, PAT came in at ₹163 crore for the quarter.
For the first half of FY26, ATGL’s revenue rose 20% to ₹3,060 crore, EBITDA stood at ₹603 crore, and standalone PAT reached ₹324 crore. Consolidated PAT for the period was ₹329 crore.
Strong Operational Momentum
ATGL continued expanding its nationwide gas distribution footprint during the quarter, taking its CNG station network to 662 after adding nine new outlets.
The company also surpassed a significant milestone of connecting over one million households to its PNG network, with the total now standing at 1.02 million.
Industrial and commercial connections rose to 9,603 after adding 147 new consumers, while the combined CNG and PNG volume reached 280 million standard cubic meters (MMSCM).
“The company has delivered a steady operational and financial performance during the quarter, reflecting the strength of our integrated business model and the growing preference for cleaner energy solutions,” said Suresh P. Manglani, CEO and Executive Director, ATGL.
“Even with the tightening of APM gas availability, ATGL recorded a healthy double-digit year-on-year growth of 16% in volume and 20% in revenue. We are pleased to have surpassed the key milestone of connecting over one million households through our PNG home connections.”
Manglani added that the company’s diversified gas sourcing portfolio enabled it to maintain a calibrated pricing strategy despite cost pressures from reduced allocation of APM gas to the CNG segment.
Network Expansion and Credit Rating Upgrade
Including its joint venture with Indian Oil—Indian Oil-Adani Gas Pvt Ltd (IOAGPL)—the company’s pan-India footprint reached 1,091 CNG stations, with PNG home connections totaling 1.18 million. The company’s steel pipeline network expanded to 26,411 inch kilometers.
During the quarter, ATGL’s long-term credit rating was upgraded to ‘AA+ (Stable)’ by ICRA, with similar ratings assigned by CRISIL and CARE. According to the company, these upgrades reflect its growing scale, favorable demand outlook, and a robust financial profile backed by strong parentage and secure gas sourcing arrangements.
Regulatory Tailwinds and Energy Transition Push
Two key regulatory developments are expected to benefit the company in the coming quarters.
From October 1, 2025, APM and New Well Gas supplied outside Gujarat are being billed at a concessional CST rate of 2%, replacing the earlier 15% VAT.
Additionally, a new Zone 1 tariff for the priority segment will come into effect in November 2025, expected to ease cost pressures, particularly during the winter season.
ATGL also reported progress in its clean energy subsidiaries.
Adani TotalEnergies E-Mobility Ltd expanded its EV charging network to 4,209 installed points across 26 states and union territories.
Adani TotalEnergies Biomass Ltd sold 357 tonnes of compressed biogas (CBG) in the first half of FY26 under its “Harit Amrit” brand, which has now expanded into Uttar Pradesh, Madhya Pradesh, and Gujarat.
Recognition for Sustainability
Further underscoring its operational excellence, ATGL received three PNGRB awards, including two for health, safety, and sustainability, and one for customer service. “Our journey remains aligned with India’s energy transition vision,” Manglani said, emphasizing the company’s commitment to expanding cleaner and sustainable energy access across the country.
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