According to the latest exchange filing, Adani Total Gas Ltd delivered robust quarter-on-quarter performance in Q2 FY27, with net profit rising 3% year-on-year to ₹167 crore from ₹141.72 crore in the preceding quarter. The company's revenue increased by 34% year-on-year to ₹2,102 crore from ₹1,906.79 crore in Q1 FY27, demonstrating strong operational momentum. Profit before tax rose 8% to ₹235 crore, while EBITDA increased 12% to ₹340 crore in Q2FY27. The company sold 17% more CNG and 3% more piped cooking gas (PNG), with higher compressed natural gas and piped natural gas sales helping offset a spike in cost of natural gas.
In response to escalating input costs, Adani Total Gas Ltd has implemented a ₹4.45 per kg increase in CNG prices, with current rates varying across locations. CNG at ATGL outlets in Ahmedabad now costs ₹98.47 per kg, while it is priced at ₹102.60 per kg in Faridabad, Haryana and ₹100 per kg in Jalandhar. The company attributed this price revision to global spot LNG prices rising to around $30 per Million British Thermal Units (MMBtu) from $10-12 in February 2026, increasing the cost of imported gas. Additionally, reduced availability of New Well Gas (NWG) from domestic fields of state-owned companies like ONGC and lower supplies of High-Pressure, High-Temperature (HPHT) gas following a government order have created supply constraints. A company spokesperson stated that the revision is a calibrated measure to partly offset increased procurement expenses while maintaining reliable supplies, with the company focusing on limiting impact on consumers while maintaining uninterrupted CNG availability.
As reported by Business Standard, the company's sales volumes increased 12% year-on-year to 315 million standard cubic metres (MMSCM) in the September quarter, with CNG volumes growing 17% to 223 MMSCM and PNG volumes rising 3% to 92 MMSCM. The company expanded its CNG network to 723 stations, adding 16 new stations during the quarter. PNG home connections increased to 11.81 lakh after the addition of 39,574 households, while industrial and commercial connections rose to 10,864, with 442 new customers added. The company also expanded its steel pipeline network by 318 inch-kilometres, taking the cumulative network to 16,305 inch-kilometres.
According to Business Standard, the cost of natural gas increased 43% in Q2FY27, driven by sustained volume growth, elevated Brent-linked prices, withdrawal of pooled-gas support and the prolonged West Asia crisis. Average allocation of domestic administered price mechanism (APM) gas for the CNG segment stood at around 25%, with the shortfall met through high-pressure, high-temperature (HPHT) gas, new well gas, contracts and market purchases. The company's diversified sourcing portfolio and calibrated pricing helped manage input costs and maintain supply reliability. Excise duty rose 32.6% to ₹165.93 crore, reflecting the company's expanded operations. Despite strong revenue growth, EBITDA margin compressed due to the significant cost inflation and the recent price hike implementation. The company noted that supply curtailments by upstream producers had created a sourcing gap that needed to be met through alternative sources, raising the overall cost of supplying the transport fuel.
According to Business Standard, including its joint venture, IndianOil-Adani Gas Private Ltd (IOAGPL), Adani Total Gas recorded combined CNG and PNG volume of 529 MMSCM in Q2 FY27, an 18% year-on-year increase. The combined CNG network expanded to 1,185 stations, with 18 new stations added. PNG home connections crossed 14.31 lakh, reaching more than 6 million people daily, while industrial and commercial connections increased to 12,925, with around 600 new customers added. The combined steel pipeline network reached 29,156 inch-kilometres. For the first half of FY27, net profit fell 7% year-on-year to ₹300 crore while revenue grew 31% to ₹3,999 crore.
According to market data, Adani Total Gas shares were trading at ₹552.50 at 3:25 pm on October 22, 2026, with the company having a market capitalisation of about ₹61,300 crore and a P/E ratio of approximately 97. The stock has declined 6.50% year-to-date, reflecting investor concerns about margin pressure from rising input costs and the recent CNG price hike. CEO Sanjay Pandita highlighted that the company delivered strong performance with volumes growing 12% and revenue rising 34% year-on-year, supported by sustained CNG demand and deeper PNG penetration, despite challenging operating environment marked by elevated Brent crude and spot gas prices, currency depreciation and reduced domestic gas allocation amid the continuing West Asia crisis. The price increase highlights the exposure of city gas distributors to changes in domestic gas allocation and international energy markets, with distributors needing to rely more heavily on expensive alternatives when lower-cost domestic supplies become less available.
