India · Delayed Price · Currency is INR Adani Total Gas Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 16% in Q4 and 18% for FY26, with strong CNG and PNG volume growth and record customer additions. EBITDA reached INR 1,225 crore for FY26, and guidance for FY27 targets similar growth and INR 1,500 crore EBITDA. Geopolitical risks were mitigated by government support and diversified sourcing.
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Q3 saw 17% revenue growth and 15% EBITDA growth year-on-year, driven by strong CNG and PNG volume expansion, network additions, and e-mobility progress. Regulatory reforms and sustainability achievements further strengthened the business.
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Strong double-digit volume and revenue growth continued, with CNG and PNG segments expanding and network infrastructure reaching new milestones. Margins remain healthy despite a shift to higher-cost gas, and credit ratings were upgraded to AA+ (stable).
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Q1 FY 2026 saw 21% revenue growth and strong CNG volume expansion, with network and EV infrastructure scaling up. CapEx of INR 900–1,000 crore is planned for the year, and regulatory changes in zonal tariffs are expected to benefit future margins.
Fiscal Year 2025
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Double-digit volume growth and 12% revenue increase were achieved, with CNG and e-mobility segments expanding rapidly. Profitability was impacted by reduced APM gas allocation, but offset by new well and HPHT gas. CapEx and investment in new infrastructure and geographies remain robust.
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Q3 saw 12% revenue growth and 15% volume increase year-over-year, with CNG volumes up 19%. ATM gas allocation challenges were managed through diversified sourcing, and a recent restoration to 51% is expected to benefit future quarters. CapEx for the year is projected at ₹900–1,000 crore.
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Volumes grew 15% year-over-year, driven by network expansion and higher PNG/CNG demand. Revenue reached INR 1,315 crore, EBITDA INR 313 crore, and PAT INR 178 crore. Despite a 16% APM allocation cut, margins are managed via OpEx optimization and diversified sourcing.
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Revenue grew 9% year-over-year to ₹1,237 crore, with EBITDA up 21% and PAT up 20%. Infrastructure expanded across CNG, PNG, EV, and biomass, while margins remained resilient despite higher OPEX and sourcing shifts. Credit rating upgrade and new Jalandhar GA authorization support future growth.