1. At a Glance
Adani Total Gas isn’t just piping gas into homes — it’s pumping adrenaline into investors with a valuation that makes even Silicon Valley startups blush. With a P/E of 103 and a price-to-book ratio of 15.9, this city gas distribution (CGD) giant, backed equally by Adani Group and TotalEnergies, has its pipelines in 53 geographical areas covering 14% of India’s population. It’s also in EV charging, biomass, and gas meter manufacturing — because why stick to one profit centre when you can try to control every molecule of India’s energy future?
2. Introduction
Picture this: You’re at a fuel station in Ahmedabad. On one side, a CNG pump with Adani branding. On the other, a sleek EV charger humming quietly. Somewhere in Barsana, cow dung is being converted into compressed biogas under the same corporate umbrella. That’s Adani Total Gas — an energy octopus with multiple tentacles in CGD, e-mobility, biomass, and metering.
The promoters — Adani Group (India’s infrastructure emperor) and TotalEnergies (global energy juggernaut) — each hold a 37.4% stake, making this one of the rare Indo-French joint ventures where both sides bring money, tech, and an appetite for scale.
In FY25, AGL didn’t just sell more gas — it doubled CNG stations from 505 in FY23 to 1,072 in FY25, expanded its steel pipeline network to 24,906 inch-km, and added nearly 4 lakh PNG home connections in two years. EV charging grew like it was on energy drinks, with 1,759 new charging points in FY25 alone. And then there’s the biogas business, which is literally turning waste into money.
3. Business Model (WTF Do They Even Do?)
A) City Gas Distribution (Core Business)
- Supplies Piped Natural Gas (PNG) to homes, industries, and commercial
