📌 At a Glance
From piping gas into kitchens to inflating investor hopes, Adani Total Gas Ltd (ATGL) has had a blockbuster 5-year run—fueled by India’s clean energy push and its own flair for premium valuations. Backed by the Adani Group and France’s TotalEnergies, the company expanded across India’s cities, built an enviable CGD network, and posted consistent revenue growth. But here’s the twist: while profits rose, so did the P/E—like it was on helium.
🏢 About the Company
Adani Total Gas Ltd is a 50:50 JV between:
- 🇮🇳 Adani Group (the behemoth running everything from ports to airports), and
- 🇫🇷 TotalEnergies (global energy giant with fingers in every clean-tech pie).
It operates in the City Gas Distribution (CGD) space, delivering:
- Piped Natural Gas (PNG) to households, hotels, factories
- Compressed Natural Gas (CNG) for vehicles
- And now, EV Charging & Green Hydrogen just to keep analysts busy with buzzwords.
Currently present in 33+ geographical areas, ATGL is spreading faster than startup layoffs during a funding winter.
🧑💼 Key Managerial Personnel (KMPs)
| Name | Role |
|---|---|
| Suresh P Manglani | Executive Director & CEO |
| Rajesh S Adani | Chairman |
| Vneet Jaain | Non-Executive Director (Adani) |
| Stéphane Michel | Non-Executive Director (Total) |
| Kaushik Chokshi | CFO |
These are the folks piping gas into Indian homes and dreams into investor portfolios.
📅 5-Year Financial Recap (FY21–FY25)
💸 Annual Performance
| FY | Revenue (₹ Cr) | EBITDA (₹ Cr) | Net Profit (₹ Cr) | OPM (%) | ROCE (%) | ROE (%) |
|---|---|---|---|---|---|---|
| 2021 | 1,801 | 648 | 435 | 36.0 | 21.3 | 21.5 |
| 2022 | 3,038 | 773 | 509 | 25.4 | 18.1 | 18.7 |
| 2023 | 4,378 | 870 | 546 | 19.9 | 16.5 | 16.2 |
| 2024 | 4,475 | 1,104 | 668 | 24.7 | 17.0 | 17.5 |
| 2025 | 5,000 | 1,137 | 654 | 22.7 | 17.5 | 16.8 |
👀 Quick Takeaways:
- Revenue grew 2.7× in 5 years.
- Profit growth was steady but slower than stock price hype.
- OPM cooled off post-2021, thanks to rising input gas prices.
- Still one of the most profitable CGD companies on ROCE.
💹 Market Metrics (As of June 2025)
| Metric | Value |
|---|---|
| CMP | ₹680 |
| Market Cap | ₹74,782 Cr |
| P/E Ratio | 114.2 |
| Book Value | ₹38.2 |
| Dividend Yield | 0.04% |
| 5Y Price CAGR | ~29% |
A utility stock with a SaaS-level P/E. Investors are paying premium for gas like it’s French perfume.
📈 5-Year Stock Chart Summary
- 2019–2020: Steady post-listing rise; nobody noticed.
- 2020–2021: COVID spike in home gas usage
