Adani Total Gas Limited (ATGL) was originally incorporated as 'Adani Gas Limited' on August 5, 2005, in Navrangpura, Ahmedabad. The company changed its name from Adani Gas Limited to Adani Total Gas Limited on January 1, 2021. Adani Group and Total Energy jointly promote the company, each holding a 37.4% stake. This strategic partnership brings together Adani Group, one of India's largest and fastest-growing diversified business conglomerates, with a presence across transport, logistics, energy, utilities, materials, metals, mining, and various B2C sectors, and TotalEnergies, a global leader in multi-energy solutions, producing and marketing oil, LNG, low-carbon energies, renewables, and electricity, with 1,00,000+ employees operating in 130 countries.
ATGL is engaged in City Gas Distribution (CGD) business and supplies natural gas to domestic, commercial, industrial and vehicle users. The company has authorizations to develop city gas distribution networks across 38 Geographical Areas (GAs) in 15 states in India. It has a presence in approximately 33 geographical areas, including states like Gujarat, Haryana, Karnataka, Tamil Nadu, Odisha and Rajasthan.
Adani Total Gas has a market cap of ₹72,598 crore as of June 2025. The company has demonstrated strong financial performance with revenue of ₹1,341.26 crore and net profit of ₹154.59 crore as of March 2025 (Q4 FY25). The company's net profit fell -7.96% since the same period last year to ₹154.59 crore in Q4 2024-2025.
For Q3 FY25, Adani Total Gas reported a 19.4% drop in consolidated net profit to ₹142.38 crore compared to ₹176.64 crore in the same period last year. However, consolidated revenue from operations rose by 12.6% to ₹1,400.88 crore for the quarter ending December 31, 2024, compared to ₹1,244 crore in the year-ago period.
- Revenue: ₹1,341.26 crore as of March 2025 (Q4 FY25)
- Net Profit: ₹154.59 crore as of March 2025 (Q4 FY25)
- EBITDA: ₹1,167 crore for FY25
- Dividend: ₹0.25 per share for the quarter ending March 2025
The company currently distributes environment-friendly natural gas to over 5.5 million kitchens and a wide range of industries across the country. ATGL has now expanded its infrastructure across CGD with close to 1 million PNG consumers and 647 CNG stations. The company has shown consistent growth in its operational metrics, with a 15% year-on-year increase in combined compressed natural gas (CNG) and piped natural gas (PNG) sales volumes, totaling 257 million standard cubic metres (MMSCM) in Q3 FY25.
The company's infrastructure expansion includes CNG network expanded to 605 stations across 34 geographical areas (GAs), while piped gas household supplies increased to 922,000 homes. Additionally, ATGL added 167 new industrial and commercial connections, taking the total to 8,913 connections.
Beyond traditional gas distribution, Adani Total Gas has been expanding into new energy sectors. Its e-mobility business includes setting up electric vehicle charging infrastructure across the country catering to various segments, such as bus, 4W cars, taxis, 3W and 2W commercial applications. The company is building its biomass business by setting up compressed biogas processing plants across the country based on multiple feedstocks like agricultural waste as well as municipal solid wastes. Its subsidiaries include Adani TotalEnergies E-mobility Limited and Adani TotalEnergies Biomass Limited.
The company faces certain operational challenges, particularly related to gas supply allocations. ATGL stated that the shortfall in APM-based gas allocation for the CNG (transport) segment - 47% during the quarter - was met through alternative supplies, including new well gas pricing. However, the company noted a positive development with APM gas allocation for the CNG (transport) segment increasing from 37% to 51% as of January 16, 2025.
The company has demonstrated resilience in managing these challenges by adopting a "balanced approach" in passing on increased gas costs to consumers to ensure volume growth remained unaffected. Despite supply challenges, ATGL has maintained momentum of delivering robust operational and infrastructure performance with a 15% year-on-year increase in volume, accelerating operations excellence supported by digitalization.
Adani Total Gas has formed a strategic partnership with Jio-bp to integrate fuel offerings at their retail outlets, enhancing the availability of high-quality fuels. This partnership represents a significant development in expanding the company's retail footprint and service offerings.
The company continues to focus on sustainability and technological advancement, with ongoing investments in digitalization and customer service improvements. ATGL has launched a Doorstep Customer Delight program to provide delightful experience to its customers at their doorstep.
With India's continued push toward cleaner energy solutions and the government's focus on increasing natural gas consumption in the country's energy mix, Adani Total Gas is well-positioned to capitalize on the growing demand for natural gas distribution services across its operational territories.
