ATGL Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,507 Cr
verified against source
Revenue YoY
17%
reported change
EBITDA
₹313 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Adani Total Gas delivered a robust Q3 FY26 with revenue up 17% YoY to INR 1,631 Cr and PAT up 10% YoY to INR 157 Cr, driven by strong CNG volume growth of 17% YoY and disciplined execution. EBITDA grew 15% YoY to INR 313 Cr despite labor code impacts. The company added 18 new CNG stations (total 680) and 35,000 new PNG connections, expanding its consumer base. Key regulatory tailwinds include the transition to a 2% CST and a simplified two-zone transmission tariff, which management passed on to consumers via price reductions to boost volumes. The e-mobility subsidiary now has nearly 5,000 charge points. Management remains focused on network expansion and volume growth, with a healthy dealer response to new station opportunities. Risk: Industrial PNG growth remains pressured by cheaper alternate fuels like LPG/propane, and policy support for MSME gas adoption is still awaited.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects continued healthy growth in CNG stations, with focus on company-owned dealer-operated (CODO) and dealer-owned dealer-operated (DODO) models.
- The e-mobility subsidiary aims to install 10,000 EV charge points in the near future, up from nearly 5,000 currently.
- Management plans to continue offering cashback incentives (INR 15,000-20,000 per vehicle) to boost CNG vehicle adoption and widen consumer base.
Risks flagged
- Industrial PNG growth is constrained by cheaper LPG/propane, which reduces the competitiveness of natural gas for industrial users.
- The cost impact of CBG blending into APM gas is uncertain, as the mechanism for sharing the blended price across CGDs is still under discussion with the ministry.
- Potential reduction in APM gas allocation in April could increase gas costs, though management expects continuity based on current trends.
Key quotes
- Our main aim is to grow volume, widen consumer base, bring affordability in the consumer hands and provide operational delight to the consumers.
- We are a partner in prosperity; we don't see only the dealer should make everything from his side. We try to make sure the dealers remains sticky with us.
- The regulator has acted as a facilitator to give the growth boost for the sector and more importantly, has seen the consumer interest in mind.
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