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 aP/E of 103and aprice-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 covering14% 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) andTotalEnergies(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 to1,072 in FY25, expanded its steel pipeline network to24,906 inch-km, and added nearly 4 lakh PNG home connections in two years. EV charging grew like it was on energy drinks, with1,759 new charging pointsin FY25 alone. And then there’s thebiogas business, which is literally turning waste into money.
3. Business Model (WTF Do They Even Do?)
A) City Gas Distribution (Core Business)
- SuppliesPiped Natural Gas (PNG)to homes, industries, and commercial establishments, andCompressed Natural Gas (CNG)to vehicles.
- Coverage:53 geographical areasacross 125 districts.
- Joint venture with IOCL (IOAGPL) covers an additional 19 areas.
- FY25 sales volumes:
- CNG: 663 MMSCM (vs 459 in FY23)
- PNG: 330 MMSCM (vs 294 in FY23)
B) E-Mobility
- Subsidiary ATEL runs3,401 installed EV charging points(2,338 active), across226 cities in 26 states.
- Clients: Maruti, Mahindra, Tata Motors, Flipkart, Indigo.
- Market positioning: Top 5 charge point operator (CPO) in India; #1 at airports with 100+ chargers at 21 airports.
C) Biomass / CBG
- Barsana plant:India’s largest CBG facility— 6.9 TPD production (scaling to 10 TPD).
- Peak input: 219 TPD agri-waste; 730+ tons of CBG supplied to GAIL in FY25.
- Organic manure brand “Harit Amrit” — 2,000+ tons sold in Q4 FY25.
D) Gas Meter Manufacturing
- Through Smart Meters Technologies JV, making mechanical & smart meters for in-house use and external sales.
Gas Sourcing
- APM gas allocation in CNG segment dropped from 49% to 37% in April 2025; compensated by higher NWG/Intervention gas share.
4. Financials Overview
| Metric | Q1 FY26 | Q1 FY25 | Q4 FY25 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 1,379 | 1,145 | 1,341 | 20.4% | 2.8% |
| EBITDA (₹ Cr) | 293 | 295 | 266 | -0.7% | 10.2% |
| PAT (₹ Cr) | 165 | 172 | 155 | -4.1% | 6.5% |
| EPS (₹) | 1.50 | 1.56 | 1.41 | -3.8% | 6.4% |
Commentary:Revenue’s climbing steadily, margins are steady at ~21%, but PAT has been flat to slightly down YoY. The P/E of 103 suggests the market expects a hockey stick in profits soon — otherwise, that valuation is just hot air.
5. Valuation (Fair Value RANGE only)
Method 1: P/E
- FY26E EPS (annualised Q1): ₹1.50 × 4 = ₹6.00
- Applying a reasonable sector P/E of 25–35 (vs current 103):
- FV = ₹150 –
