Adani Total Gas Reports 12% EBITDA Growth In Q2 Despite High Gas Prices, APM Cut

Ahmedabad: Adani Total Gas Limited (ATGL), one of India’s largest CGD companies, continues its mission of transforming India’s energy landscape through infrastructure development across existing and new geographical areas, and new-age energy businesses. Today, ATGL announced its operational and financial performance for the second quarter and half year ended 30^th September 2026.

“ATGL delivered a strong performance in Q2FY27, with volumes growing 12% and revenue rising 34% year-on-year, supported by sustained CNG demand, deeper PNG penetration and disciplined network expansion. This momentum enabled ATGL to achieve strong double-digit EBITDA growth up by 12% YoY.

This performance was achieved despite a challenging operating environment marked by the continuation of the West Asia crisis, elevated Brent and spot gas prices, currency depreciation and a reduction in APM allocation. Our diversified sourcing portfolio, mix of long-term contracts and flexible market purchases along with calibrated price mechanism, helped manage cost pressures, maintained supply reliability, and sustained customer demand.

We remain focused on disciplined capital allocation, volume growth, operational excellence combined with digital enablement across CNG, PNG, e-mobility and biomass segments to create long-term value for customers and stakeholders.” – Sanjay Pandita, CEO, ATGL

Standalone Operational and Infrastructural Highlights:

Key Business updates

• The West Asia crisis continued in Q2FY27, resulting in elevated Brent and spot gas prices, while currency depreciation further increased the gas cost.
• Following withdrawal of temporary pooled gas support effective 5 July 2026, the Government introduced a revised HPHT allocation framework, improving domestic gas availability for CGD entities through a demand and shortfall-based methodology.
• ATGL continued to leverage a diversified sourcing portfolio, including increased domestic allocation, new long and mid-term contracts and market purchases, to address demand requirements, manage supply risks and maintain operational reliability.

Operations Commentary – Q2 & H1FY27

• CNG volume increased by 17% YoY in Q2FY27 and H1FY27, supported by network expansion and higher throughput across multiple Geographical Areas.
• ~11.81 lakh homes are now connected with Piped Natural Gas.
• PNG volume grew by 3% YoY in Q2FY27 and 4% YoY in H1FY27, supported by domestic and commercial demand.
• Overall volume increased by 12% YoY in Q2FY27 and 13% YoY in H1FY27.

Standalone Financial Highlights:

Results Commentary Q2 & H1FY27

• Revenue from operations rose by 34% in Q2FY27 and 31% in H1FY27, led by sustained volume growth.
• Cost of natural gas increased by 43% in Q2FY27, driven by sustained volume growth, elevated Brent-linked prices, withdrawal of pooled-gas support and the prolonged West Asia crisis.
• APM allocation for the CNG segment averaged around 25% in Q2FY27, with shortfall addressed through HPHT gas, NWG, long-term and short-term contracts, and market purchases.
• Strategic sourcing and calibrated pricing helped manage higher input costs while sustaining volume growth.
• EBITDA grew by 12% YoY at INR 340 Cr in Q2FY27 and 3% growth at INR 621 Cr in H1FY27.
• PBT and PAT stood at INR 235 Cr and INR 167 Cr, respectively in Q2FY27.
• Consolidated PAT stood at INR 173 Cr for Q2 FY27 and INR 315 Cr for H1 FY27.

Adani TotalEnergies E-mobility Limited (ATEL)

• ATEL expanded its footprint to 5,513 installed EV Charge Points across 26 states/UTs and 225 cities
• Installed capacity increased to ~63 MW, with 4,809 charge points operational

Adani TotalEnergies Biomass Limited (ATBL)

• A total of 460 MT of CBG was sold in H1FY27, including 195 tonnes through dedicated CBG stations and the balance to third parties.
• Organic manure recorded sales of 6,865+ tonnes in H1FY27, including 1,757+ tonnes under the Harit Amrit brand.
• Harit Amrit continued its regional expansion with brand-awareness sessions for farmers.

Key ESG Highlights

• NSE Sustainability score increased to 75 and Stakeholders Empowerment Services (SES) score improved to 75 out of 100

About Adani Total Gas

Given its gas distribution, ATGL is authorised in 34 Geographical Areas and plays a significant role in the nation’s efforts to enhance the share of natural gas in its energy mix. Of the 53 GAs, 34 are owned by ATGL and the balance 19 GAs are owned by Indian Oil-Adani Gas Private Limited (IOAGPL) – a 50:50 joint venture between Adani Total Gas Limited and Indian Oil Corporation Limited. Further, ATGL has formed 2 wholly owned subsidiaries, namely Adani TotalEnergies E-Mobility Ltd (ATEL) and Adani TotalEnergies Biomass Ltd (ATBL) for its E-Mobility and Biomass Business respectively. ATGL has also formed a 50:50 joint venture, namely Smart Meter Technologies Private Limited, for its gas meter manufacturing business.