Adani Total Gas Ltd.
NSE: ATGLAdani Total Gas Ltd.: A 30-second snapshot
Adani Total Gas (ATGL) is a city gas distribution company trading at ₹612.60, up 12.78% over the past 3 months and above both its 50-DMA (₹570.63) and 200-DMA (₹587.91), yet flat over 12 months (-2.9%) with a 23.23% drawdown from its 52-week high. The company reported Q4 FY26 revenue growth of ~16-17% and profit growth of ~8-9%, while carrying a debt-to-equity ratio of 46.36 and a trailing PE of 103.75 — the highest among the 6 Energy sector peers examined, which trade between PE 4.9 and 22.4.
P/E
103.7
Forward P/E
—
ROE
+14.5%
Debt / Equity
46.36
Profit Margin
+11.1%
Div. Yield
+0.0%
5Y ROE > 15%
3/5
5Y FCF > 0
3/5
Quality
46/100
News
8 headlines · 6 positive · 1 negative
MP pulls up Adani Total Gas for delay in PNG supply line project for Udupi district - The Hindu
The Hindu
Adani Total Gas' Q4 Profit Rises 9%, Revenue Jumps Nearly 17% - NDTV
NDTV
Adani Total Gas Q4 profit rise 8%, announces ₹0.25 dividend - BusinessLine
BusinessLine
Adani Total Gas Q4 Results: Revenue Rises 16% On Back Of Robust Infrastructure Expansion - NDTV Profit
NDTV Profit
Adani Total Gas Q4 profit rises 4%, revenue up 16% on higher volumes - ANI News
ANI News
Recent context
- ·Q4 FY26 results released in late April 2026 showed profit growth of approximately 8-9% and revenue growth of approximately 16-17%, driven by infrastructure expansion and higher volumes — the divergence between revenue and profit growth rates continued in the most recent quarter.
- ·A member of parliament publicly criticised Adani Total Gas for delays in a PNG supply line project in Udupi district, highlighting execution risk in the company's geographic expansion programme.
- ·The stock has gained 12.78% over the past 3 months, recovering from a 52-week low to trade above both key moving averages, with the nearest resistance levels at ₹621, ₹649.50, and ₹651.
Strengths
- +Revenue has compounded at 16.1% over 5 years, with Q4 FY26 results confirming continued top-line momentum at approximately 16-17% year-on-year growth.
- +Price has recovered 12.78% over the past 3 months and is currently positioned above both the 50-DMA (₹570.63) and 200-DMA (₹587.91), with RSI at 51.16 — a neutral reading with no overbought signal.
- +ROE of 14.46% ranks 2nd of 6 Energy sector peers with available data, ahead of RELIANCE (9.14%) and COALINDIA (28.12%) as the only other peers reporting ROE figures.
- +City gas distribution carries a geographically exclusive franchise structure; infrastructure expansion (reflected in the 16.1% revenue CAGR) points to an ongoing network build-out with compounding volume potential.
Weaknesses
- −Debt-to-equity of 46.36 is substantially above sector peers and indicates heavy reliance on borrowed capital for infrastructure financing; the rising debt trend compounds this structural concern.
- −Trailing PE of 103.75 is the highest in the Energy peer set (next highest: RELIANCE at 22.4), while earnings have grown at only 8.5% over 5 years — the gap between valuation and earnings growth is wide.
- −Quality score of 35 ranks 4th of 6 peers; FCF has been positive in only 3 of the historical years available, and ROE has cleared 15% in only 3 years, indicating that capital returns are constrained by ongoing infrastructure spending.
- −Profit margin of 11.12% combined with earnings growth (8.5%) lagging revenue growth (16.1%) over 5 years suggests that cost escalation or rising interest charges are compressing profitability as the network scales.
Open questions
- ?How much of the debt-to-equity ratio of 46.36 is project-level infrastructure debt, and what are the repayment timelines relative to the cash flows generated by each completed network zone?
- ?Does the consistent gap between 5-year revenue CAGR (16.1%) and earnings CAGR (8.5%) reflect a temporary phase of network-build amortisation, or does it indicate a structural ceiling on margin expansion?
- ?How does ATGL's geographic authorisation area growth compare to peers in the city gas distribution sector, and what proportion of its authorised zones have reached commercial production stage?
- ?If infrastructure expansion capex moderates in the coming years, what historical precedent — from either ATGL or comparable CGD peers — exists for FCF conversion rates and ROE improvement post-build-out?
Peer comparison: Energy
Ranks 4 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| ATGL | Adani Total Gas Ltd.You're viewing | 103.7 | +14.5% | 35 |
| Industry avg | across 5 peers | 11.6 | +18.6% | 53 |
| COALINDIA | Coal India Ltd. | 9.2 | +28.1% | 77 |
| ONGC | Oil & Natural Gas Corporation Ltd. | 9.9 | — | 54 |
| BPCL | Bharat Petroleum Corporation Ltd. | 4.9 | — | 53 |
| RELIANCE | Reliance Industries Ltd. | 22.4 | +9.1% | 29 |
| DUMMYVEDL3 | Dummy Vedanta Ltd. 3 | — | — | — |
Technical state
Current price
₹612.60
SMA 50
₹570.63
SMA 200
₹587.91
RSI (14)
51.2 (neutral)
From 52w high
-23.2%
1Y return
-2.9%
3M return
+12.8%
50-DMA
Above
200-DMA
Above
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highDebt-to-equity of 46.36 is exceptionally high for a city gas distribution company; while some leverage is expected in infrastructure-heavy businesses, this level materially raises interest-service burden relative to earnings (profit margin 11.12%, earnings CAGR 8.5% over 5 years).
- highTrailing PE of 103.75 ranks 5th of 6 Energy sector peers, which trade between PE 4.9 and 22.4; with 5-year earnings CAGR of 8.5%, the implied growth-adjusted valuation is substantially above sector context.
- mediumQuality score of 35 (ranked 4th of 6 peers); ROE of 14.46% has exceeded 15% in only 3 of available historical years, and FCF has been positive in only 3 years — both reflecting capital intensity of ongoing network expansion.
- mediumDebt trend is classified as rising, compounding the existing D/E of 46.36; revenue grew at 16.1% over 5 years while earnings grew at 8.5%, indicating margin compression or rising financing costs absorbing incremental revenue.
- lowOne of 8 recent news items flagged a government official pulling up Adani Total Gas for delays in a PNG supply line project in Udupi district — an execution-risk signal in an infrastructure rollout context.
Cross-section contradictions
- Stock is flat over 12 months (-2.9%) yet has risen 12.78% over the past 3 months and now trades above both the 50-DMA (₹570.63) and 200-DMA (₹587.91); Q4 results reported 9% profit growth and 16-17% revenue growth, creating a divergence between the subdued 1-year price trend and recent operational momentum.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 15 May 2026 · rotates through NIFTY 500 every ~5 days