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City gas distribution joint venture between Adani Group and France's TotalEnergies, supplying piped natural gas and CNG across Indian cities.
City gas distribution joint venture between Adani Group and France's TotalEnergies, supplying piped natural gas and CNG across Indian cities.
Earns a margin between the cost of gas it buys and what it charges on CNG, piped household gas and industrial gas, with cheaper government-allotted domestic gas helping household and CNG margins. It holds exclusive city licences from India's gas regulator, PNGRB. Adani Group and TotalEnergies hold similar-sized stakes.
Moat: wide (regulatory licence, installed base). Exclusive geographic-area licences for city gas distribution create local monopolies over pipeline infrastructure.
Headquarters: Ahmedabad, India · Founded: 2005 · Employees: 621
Size Adani Total Gas (ATGL.NS) is an India Energy company (Gas Distributors) with a market value of $6.69B, the 168th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹575.40 on 6 Nov 2026.
Performance Over six months the shares fell 10.7%, against 0.0% for the median peer and 0.0% for the India market (cap-weighted) — 3rd lowest of 8 in its peer set.
Growth Revenue grew 23.7% over the last twelve months (peer median +13.6%); the operating margin is 13.9% (peer median 9.6%).
Valuation It trades at 27.9× forward earnings against a peer median of 14.3× (most expensive of 8).
Capital Return on invested capital runs 7.9 points below its cost of capital (18.0% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹67.6B | ₹58.9B | ₹50.0B | ₹44.7B | ₹43.8B |
| Revenue growth | — | +18% | +12% | +2% | — |
| Gross profit | ₹16.0B | ₹11.3B | ₹10.9B | ₹10.9B | ₹8.52B |
| EBITDA | ₹12.0B | ₹12.1B | ₹11.5B | ₹11.2B | ₹8.83B |
| Net income | ₹6.42B | ₹6.56B | ₹6.54B | ₹6.67B | ₹5.46B |
| Free cash flow | n/a | -₹19.6M | -₹1.29B | ₹387M | -₹3.39B |
| Capital expenditure | n/a | ₹9.88B | ₹9.41B | ₹7.99B | ₹11.8B |
| Total debt | ₹24.3B | ₹28.5B | ₹18.3B | ₹15.6B | ₹14.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Adani Total Gas ATGL.NS | $6.69B | -11% | +24% | 14% | 27.9× | n/a |
| Indraprastha Gas IGL.NS | $2.10B | -16% | +15% | 3% | 19.3× | 27.0% |
| GAIL (India) GAIL.NS | $12.9B | +11% | +10% | 9% | 8.7× | 16.9% |
| Mahanagar Gas MGL.NS | $1.18B | -4% | +14% | 9% | 15.3× | 24.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ATGL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.1% | -3.0% | 4th highest of 8 |
| 6-month return | -10.7% | 0.0% | 3rd lowest of 8 |
| Distance from 52-week high | -33.1% | -14.7% | 3rd lowest of 8 |
| Revenue growth (TTM) | +23.7% | +13.6% | 3rd highest of 8 |
| Operating margin | 13.9% | 9.6% | 4th highest of 8 |
| Forward P/E | 27.9× | 14.3× | most expensive of 8 |
| ROIC minus cost of capital | -7.9 pp | -5.8 pp | 2nd lowest of 8 |
| EV / EBITDA | 54.0× | 8.3× | most expensive of 8 |
| Net debt / EBITDA | 1.5× | 0.7× | 3rd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Adani Total Gas ATGL.NS | India | $6.69B | -11% | +24% | 14% | 27.9× | n/a | n/a |
| Petronet Lng PETRONET.NS | India | $5.02B | +12% | -30% | 16% | 11.3× | 0.9% | +10.8% |
| GAIL (India) GAIL.NS | India | $12.9B | +11% | +10% | 9% | 8.7× | 16.9% | +19.8% |
| Gujarat Energy GUJENERGY.NS | India | $2.15B | -46% | +43% | 10% | 7.6× | 8.7% | +19.1% |
| Indraprastha Gas IGL.NS | India | $2.10B | -16% | +15% | 3% | 19.3× | 27.0% | +26.8% |
| Mahanagar Gas MGL.NS | India | $1.18B | -4% | +14% | 9% | 15.3× | 24.5% | +30.8% |
| Oneok OKE | United States | $53.7B | 0% | +38% | 15% | 14.3× | 4.2% | +31.8% |
| Targa Resources TRGP | United States | $56.7B | +7% | -1% | 25% | 21.7× | 7.2% | +15.8% |