# Adani Total Gas (ATGL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/atgl

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹576.05
- Change: -0.95%
- As of: 2026-11-06
- 1D return: -0.95%
- 5D return: +7.78%
- 1M return: +2.46%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

ATGL (₹581.50) exhibits a sharp short-term bounce within a broader medium-term downtrend. The stock rose +1.9% on 2026-11-05, closing above its 20-day EMA and SMA, while remaining below the 50-day and 200-day moving averages and the Supertrend indicator. This divergence suggests a temporary relief rally rather than a confirmed trend reversal.

Momentum is mixed: ADX at 25.43 indicates an established daily trend, but the Supertrend remains bearish, and longer-term structures (weekly and monthly) are firmly bearish with price below all major averages. The stock is positioned near the upper end of its 20-day range (+90.1%) but in the lower-middle of its 252-day range (+29.9%).

Key resistance lies at ₹590.47 (1.54% above), followed by ₹607.73 (4.51%). Immediate support is at ₹580.53 (0.17% below), with stronger levels at ₹572.72 (-1.51%) and ₹563.27 (-3.14%). Volatility is elevated, with annualized volatility at +43.2% and ATR at 2.96%. The current drawdown is -28.1%, with a maximum historical drawdown of -40.1%.

A recent upward gap anomaly on 2026-11-05 (+1.9%, z-score 5.4) highlights strong short-term buying interest. However, confirmation of a sustained uptrend would require a decisive break above ₹590.47 and a move above the Supertrend. Invalidation occurs if price falls back below ₹580.53, signaling a resumption of the bearish structure.

- Trend Divergence: Price is above 20-day EMA/SMA but below 50/200-day MAs and Supertrend; longer timeframes remain bearish.
- Key Levels: Resistance at ₹590.47 (+1.54%) and ₹607.73 (+4.51%); Support at ₹580.53 (-0.17%) and ₹572.72 (-1.51%).
- Volatility & Risk: Annualized volatility is +43.2%; current drawdown is -28.1% against a max of -40.1%.
- Confirmation Condition: Sustained move above ₹590.47 and Supertrend needed to signal trend change; failure below ₹580.53 invalidates short-term bounce.

- Bullish Engulfing Reversal
- Inside Bar
- Harami
- Outside Bar

### News Context

Adani Total Gas (ATGL) reported unaudited financial results for Q2 FY27 (ended September 30, 2026), highlighting a divergence between top-line growth and margin pressure. Revenue rose 34% to ₹2,102 crores and EBITDA increased 12% to ₹340 crores, driven by a 12% year-on-year volume growth to 315 MMSCM. However, these gains were offset by a 43% surge in natural gas costs, which limited PAT growth to just 3% at ₹167 crores. The company continued its network expansion, adding 16 new CNG stations (totaling 723) and 39,574 PNG household connections (reaching 11.81 lakhs). Concurrently, ATGL announced a leadership transition: Executive Director Suresh P. Manglani will cease duties on October 31, 2026, due to superannuation, while CEO Sanjay Pandita has been appointed as Additional Director and Whole-time Director effective November 1, 2026, subject to shareholder approval. On the market front, the stock closed at ₹581.50 on November 5, 2026, with technical indicators showing bearish trends across daily, weekly, and monthly timeframes.

- Q2 FY27 Financials: Revenue grew 34% YoY to ₹2,102 crores and EBITDA rose 12% to ₹340 crores, but PAT increased only 3% to ₹167 crores due to a 43% YoY rise in natural gas input costs.
- Volume & Network Growth: Volumes expanded 12% YoY to 315 MMSCM; the company added 16 CNG stations (total 723) and 39,574 PNG connections (total 11.81 lakhs) during the quarter.
- Leadership Transition: CEO Sanjay Pandita appointed as Additional Director and Whole-time Director effective November 1, 2026, replacing Suresh P. Manglani who is retiring on October 31, 2026.
- Market Technicals: As of November 5, 2026, the stock traded at ₹581.50 with a market cap of ~₹62,755 crores; daily, weekly, and monthly supertrend directions are bearish, with the stock down 28.1% from recent highs.

- Adani Total Gas Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- Adani Total Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- Adani Total Gas Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting
- Adani Total Gas Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)
- Adani Total Gas Limited has informed the Exchange regarding Cessation of Mr. Suresh P Manglani as Executive Director of the company w.e.f. Closure of business hours on October 31, 2026. |SUBJECT: Cessation

### What Changed

Adani Total Gas (ATGL) shares on the NSE closed at ₹581.50 on November 5, 2026, reflecting an increase from the previous recorded price of ₹570.60. This movement marks a material change in the stock's valuation metric over the observed period. No new corporate filings or news developments were reported during this timeframe to accompany the price adjustment.

- Closing price of ₹581.50 recorded on November 5, 2026
- Price increase of ₹10.90 from the prior level of ₹570.60
- No new corporate filings or news events reported

### Official Filings

Adani Total Gas Limited (ATGL) reported unaudited financial results for Q2 and H1 FY27, highlighting strong volume growth offset by rising input costs. Standalone sales volumes rose 12% year-on-year to 315 MMSCM in Q2, driving revenue up 34% to ₹2,102 crore. However, EBITDA grew only 12% to ₹340 crore, constrained by a 43% surge in natural gas costs and reduced APM allocation. Profit after tax (PAT) increased modestly by 3% to ₹167 crore. The company continues expanding its network, adding 16 new CNG stations (totaling 723), 39,574 PNG connections (totaling 11.81 lakhs), and 318 Inch-Km of steel pipeline in the quarter. Concurrently, ATGL announced leadership changes: Executive Director Suresh P. Manglani is ceasing duties on October 31, 2026, due to superannuation, while CEO Sanjay Pandita has been appointed as Executive Director and Whole-time Director effective November 1, 2026, subject to shareholder approval.

- Q2FY27 standalone PAT rose 3% to ₹167 crore; consolidated PAT was ₹173 crore.
- Revenue surged 34% to ₹2,102 crore, but EBITDA growth lagged at 12% due to a 43% increase in natural gas costs.
- Network expansion added 16 CNG stations, 39,574 PNG connections, and 318 Inch-Km of pipeline in Q2.
- Sanjay Pandita appointed as Executive Director effective November 1, 2026, replacing Suresh P. Manglani who is retiring.

- [Adani Total Gas Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ATGL2024_29102026230558_ATGL_Investor_Call_Transcript_29102026.pdf)
- [Adani Total Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ATGL2024_23102026172617_ATGL_Investor_Call_23102026.pdf)
- [Adani Total Gas Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153313_ATGL_Outcome_22102026.pdf)
- [Adani Total Gas Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153756_ATGL_Outcome_22102026.pdf)
- [Adani Total Gas Limited has informed the Exchange regarding Cessation of Mr. Suresh P Manglani as Executive Director of the company w.e.f. Closure of business hours on October 31, 2026. |SUBJECT: Cessation](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153930_ATGL_Outcome_22102026.pdf)
- [Adani Total Gas Limited has informed the Exchange regarding a press release dated October 22, 2026, titled "Adani Total Gas Q2 and H1 FY27 Results". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026155310_ATGL_MediaRelease_Presentation_22102026.pdf)
- [ADANI TOTAL GAS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16864_WebXMLFile_20261022_171127843.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744254_22102026081948_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744255_22102026082025_WEB.xml)
- [Adani Total Gas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ATGL2024_13102026163353_ATGL_SE_InvestorCall_13102026.pdf)

### Fundamentals

Adani Total Gas (ATGL) is navigating a phase of aggressive expansion where top-line growth significantly outpaces bottom-line retention. For the trailing twelve months (TTM), sales surged 24% to ₹6,728 crore, driven by strong sequential momentum in Q1 and Q2 FY2026-27, where income rose from ₹1,920 crore to ₹2,124 crore. However, this revenue acceleration has not translated into proportional profit growth; TTM net profit contracted by 1% to ₹613 crore, and EPS declined to ₹5.58. This divergence stems from rising costs: interest expenses increased sharply to ₹151 crore (up from ₹100 crore in Mar 2025), reflecting higher borrowings that reached ₹2,423 crore as of Sep 2026. Consequently, Return on Capital Employed (ROCE) deteriorated from 21% in Mar 2024 to 15% in Mar 2026, indicating that new capital investments are currently yielding lower returns.

Financial health shows mixed signals. While the Cash Conversion Cycle improved efficiently to 26 days in Mar 2026, cash reserves dropped to ₹110 crore as of Sep 2026, down from ₹162 crore a year prior, coinciding with heavy investing activities (-₹1,231 crore in FY2026). Promoter holding remains stable at 74.8%, providing ownership continuity, but the market has punished valuation, with stock price CAGR falling -17% over five years despite operational scale-up. The critical checkpoint is whether the expanding asset base (Fixed Assets grew to ₹4,402 crore) will soon generate sufficient operating leverage to reverse the margin compression evident in the recent quarters.

- Revenue vs. Profit Divergence: TTM sales grew 24% to ₹6,728 crore, yet TTM net profit fell 1% to ₹613 crore, highlighting margin pressure from rising interest costs (₹151 crore TTM).
- Deteriorating Returns: ROCE declined from 21% (Mar 2024) to 15% (Mar 2026) as borrowings rose to ₹2,423 crore and fixed assets expanded to ₹4,402 crore, signaling lower near-term efficiency on new capital.
- Liquidity Tightening: Cash and cash equivalents decreased to ₹110 crore as of Sep 2026 (from ₹162 crore in Sep 2025), while non-current borrowings increased to ₹2,075 crore, reflecting funding for capex.
- Ownership Stability: Promoter holding remained constant at 74.8% through Sep 2026, though FIIs reduced their stake slightly to 12.84%.

### Bear Case

Adani Total Gas (ATGL) exhibits a pronounced technical deterioration across daily, weekly, and monthly timeframes as of November 5, 2026. The stock is trading at ₹581.50, well below its recent high of ₹588.35, with the Supertrend indicator signaling a bearish bias on all three monitored periods. Momentum indicators reflect this weakness: the Average Directional Index (ADX) sits at 25.43 on the daily chart, suggesting moderate trend strength in a downward direction, while the 20-day Simple Moving Average (SMA) slope has turned sharply negative at -7.23 over the last five days. Price performance underscores the sustained pressure, with the stock down 11.9% over the past three months and 10.2% over six months. Year-to-date, the share price has declined by 2.1%, and it remains significantly off its peak, recording a maximum drawdown of -40.1% and a current drawdown of -28.1%. Volatility remains elevated, with annualized volatility at +43.2%, indicating heightened risk for holders. Immediate support is thin, with the nearest level at ₹580.53, just 0.17% below the current close.

- Bearish Technical Consensus: Supertrend signals are bearish across daily, weekly, and monthly charts, with negative slopes on both the 20-day and 50-day SMAs.
- Significant Underperformance: The stock is down -11.9% over the last three months and -10.2% over the last six months, with a year-to-date decline of -2.1%.
- Elevated Drawdowns and Volatility: Current drawdown stands at -28.1% against a maximum historical drawdown of -40.1%, accompanied by high annualized volatility of +43.2%.
- Fragile Support Levels: Trading at ₹581.50, the stock faces immediate support at ₹580.53 (0.17% downside), offering minimal buffer before testing lower pivots like ₹572.72.

- [Adani Total Gas Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ATGL2024_29102026230558_ATGL_Investor_Call_Transcript_29102026.pdf)
- [Adani Total Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ATGL2024_23102026172617_ATGL_Investor_Call_23102026.pdf)
- [Adani Total Gas Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153313_ATGL_Outcome_22102026.pdf)
- [Adani Total Gas Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153756_ATGL_Outcome_22102026.pdf)
- [Adani Total Gas Limited has informed the Exchange regarding Cessation of Mr. Suresh P Manglani as Executive Director of the company w.e.f. Closure of business hours on October 31, 2026. |SUBJECT: Cessation](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153930_ATGL_Outcome_22102026.pdf)
- [Adani Total Gas Limited has informed the Exchange regarding a press release dated October 22, 2026, titled "Adani Total Gas Q2 and H1 FY27 Results". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026155310_ATGL_MediaRelease_Presentation_22102026.pdf)
- [ADANI TOTAL GAS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16864_WebXMLFile_20261022_171127843.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744254_22102026081948_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744255_22102026082025_WEB.xml)
- [Adani Total Gas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ATGL2024_13102026163353_ATGL_SE_InvestorCall_13102026.pdf)

### FAQs

**How did Adani Total Gas perform financially in Q2 FY27, and what drove the results?**

For the quarter ended September 30, 2026, ATGL reported revenue of ₹2,102 crores (+34% YoY) and PAT of ₹167 crores (+3% YoY). EBITDA rose 12% to ₹340 crores despite a 43% surge in natural gas costs. Volumes grew 12% YoY to 315 MMSCM, indicating strong operational growth offsetting higher input expenses.

**What leadership changes are occurring at Adani Total Gas effective November 2026?**

Mr. Suresh P. Manglani ceased serving as Executive Director and Key Managerial Personnel on October 31, 2026, due to superannuation. Concurrently, CEO Sanjay Pandita was appointed as Additional Director and Whole-time Director (Executive Director) for a three-year term starting November 1, 2026, subject to shareholder approval.

**What is the current technical trend and price structure for ATGL shares?**

As of November 5, 2026, the daily Supertrend is bearish with the stock closing at ₹581.50. Immediate support lies near ₹580.53, while resistance is observed at ₹590.47. The stock has declined -28.1% from its current level relative to recent peaks, with a maximum drawdown of -40.1% recorded historically.

- [Adani Total Gas Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ATGL2024_29102026230558_ATGL_Investor_Call_Transcript_29102026.pdf)
- [Adani Total Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ATGL2024_23102026172617_ATGL_Investor_Call_23102026.pdf)
- [Adani Total Gas Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153313_ATGL_Outcome_22102026.pdf)
- [Adani Total Gas Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153756_ATGL_Outcome_22102026.pdf)
- [Adani Total Gas Limited has informed the Exchange regarding Cessation of Mr. Suresh P Manglani as Executive Director of the company w.e.f. Closure of business hours on October 31, 2026. |SUBJECT: Cessation](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153930_ATGL_Outcome_22102026.pdf)
- [Adani Total Gas Limited has informed the Exchange regarding a press release dated October 22, 2026, titled "Adani Total Gas Q2 and H1 FY27 Results". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026155310_ATGL_MediaRelease_Presentation_22102026.pdf)
- [ADANI TOTAL GAS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16864_WebXMLFile_20261022_171127843.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744254_22102026081948_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744255_22102026082025_WEB.xml)
- [Adani Total Gas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ATGL2024_13102026163353_ATGL_SE_InvestorCall_13102026.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹581.97
- Risk regime: Price Risk Requires Attention

### Support levels
- 572.7249999999999
- 558.72265625
- 545

### Resistance levels
- 634
- 640.555859375
- 653.29375

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.95% |
| return_10 | +8.79% |
| return_1m | -2.11% |
| return_1y | -6.72% |
| return_20 | +2.46% |
| return_3m | -12.75% |
| return_5 | +7.78% |
| return_6m | -11.51% |
| return_since_start | -23.20% |
| return_ytd | -3.04% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -40.07% |
| annualized_volatility | +43.20% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Adani Total Gas Limited Q2 FY2026-27: Revenue rises 11% QoQ

Adani Total Gas reported Q2 FY2026-27 revenue from operations of ₹2,110 crore, up 10.6% quarter on quarter (QoQ) and 33.8% year on year (YoY). Profit before tax rose 31.6% QoQ to ₹233 crore, while profit for the period increased 22.3% to ₹173 crore. Operating cash flow was positive, but investing outflows left free cash flow negative at ₹173 crore.

## Revenue growth lifts pre-tax profit

Revenue from operations increased from ₹1,907 crore in Q1 FY2026-27 to ₹2,110 crore in Q2. Total expenses rose 8.5% QoQ to ₹1,890 crore. Profit before tax reached ₹233 crore, up from ₹177 crore in Q1 and 8.0% above the ₹216 crore reported in Q2 FY2025-26. YoY, revenue grew 33.8%, while expenses increased 38.1%.

Cost of materials consumed was ₹1,446 crore, the largest expense line. Depreciation and amortisation was ₹71.7 crore, employee benefit expense ₹13.8 crore and finance costs ₹36.5 crore. Finance costs were down 6.8% from ₹39.1 crore in Q1 FY2026-27.

## Higher tax moderates profit growth

Tax expense increased 51.6% QoQ to ₹68.5 crore from ₹45.2 crore in Q1 FY2026-27. Current tax rose to ₹49.3 crore from ₹38.2 crore, and deferred tax to ₹19.2 crore from ₹7.0 crore. Profit from continuing operations was ₹164.9 crore, up 24.7% QoQ; profit for the period was ₹173.3 crore, up 22.3% QoQ and 6.0% YoY.

Comprehensive income was ₹198.4 crore, compared with ₹141.1 crore in Q1 FY2026-27, an increase of 40.5%. It included ₹8.4 crore in share of profit from associates and joint ventures and ₹25.1 crore of other comprehensive income, net of tax.

## Investment outflows weigh on free cash flow

Operating cash flow was ₹456 crore in Q2, against an investing cash outflow of ₹630 crore. Free cash flow was negative ₹173 crore, while financing cash flow was positive ₹30 crore.

Cash and cash equivalents stood at ₹110 crore on 30 September 2026, down from ₹253 crore on 31 March 2026. Other bank balances declined to ₹111 crore from ₹252 crore over the same period, while current investments increased to ₹407 crore from ₹292 crore.

## Fixed assets and capital work in progress expand

Property, plant and equipment rose to ₹4,582 crore on 30 September 2026 from ₹4,261 crore on 31 March 2026 and ₹3,766 crore on 30 September 2025. Capital work in progress was ₹2,048 crore, compared with ₹2,001 crore at March-end and ₹1,834 crore a year earlier. Total assets reached ₹10,057 crore, up from ₹9,549 crore on 31 March 2026.

Investments accounted for using the equity method stood at ₹993 crore, compared with ₹790 crore at March-end.

## Borrowings rise as equity grows

Non-current borrowings increased to ₹2,075 crore on 30 September 2026 from ₹1,597 crore on 31 March 2026, while current borrowings declined to ₹267 crore from ₹571 crore. Combined borrowings rose to about ₹2,342 crore from ₹2,168 crore, with a larger proportion in non-current borrowings.

Equity attributable to owners of the parent was ₹5,177 crore, up from ₹4,865 crore at March-end and ₹4,509 crore a year earlier. Share capital remained unchanged at ₹110 crore.

## Per-share results

Earnings per share for Q2 FY2026-27 was ₹1.58, compared with ₹1.29 in Q1 FY2026-27 and ₹1.49 in Q2 FY2025-26. Trailing twelve-month earnings per share was ₹5.84.

## Key Takeaway

Revenue growth outpaced expense growth sequentially, lifting pre-tax profit, while higher tax moderated the increase in profit for the period. Investment outflows left free cash flow negative as fixed assets, capital work in progress and total borrowings increased, keeping investment funding and liquidity in focus alongside earnings growth.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +74.80%
- FII holding: +12.84%
- DII holding: +6.38%
- Mutual fund holding: +0.21%
- Retail holding: +5.38%
- Promoter pledged: +0.00%

### Major reported shareholders

- TotalEnergies Holdings SAS — +37.40% (Bodies Corporate)
- Gautambhai Shantilal Adani and Rajeshbhai Shantilal Adani (on behalf of S. B. Adani Family Trust) — +37.38% (Trusts)
- Life Insurance Corporation Of India — +6.02%
- Envestcom Holding Rsc Ltd — +4.96%
- Rahi Rajesh Adani — +0.01%
- Vanshi Rajesh Adani — +0.01%

## Official filings

- 2026-11-07 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_07112026121809_ATGL_SE_Intimation_Appt_SMP_07112026.pdf)
- 2026-11-07 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16864_WebXMLFile_20261107_135740656.xml)
- 2026-10-29 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_29102026230558_ATGL_Investor_Call_Transcript_29102026.pdf)
- 2026-10-23 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_23102026172617_ATGL_Investor_Call_23102026.pdf)
- 2026-10-22 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153313_ATGL_Outcome_22102026.pdf)
- 2026-10-22 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153756_ATGL_Outcome_22102026.pdf)
- 2026-10-22 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026153930_ATGL_Outcome_22102026.pdf)
- 2026-10-22 — Press Release: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_22102026155310_ATGL_MediaRelease_Presentation_22102026.pdf)
- 2026-10-22 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16864_WebXMLFile_20261022_171127843.xml)
- 2026-10-22 — Financial Results Filing: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744254_22102026081948_WEB.xml)
- 2026-10-22 — Financial Results Filing: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744255_22102026082025_WEB.xml)
- 2026-10-13 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_13102026163353_ATGL_SE_InvestorCall_13102026.pdf)
- 2026-10-10 — Shareholding Disclosure: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1735353_10102026015343_WEB.xml)
- 2026-10-08 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_08102026141327_ATGL_SE_Reg_74_5_08102026.pdf)
- 2026-10-01 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16864_WebXMLFile_20261001_183551644.xml)
- 2026-10-01 — Board Meeting Notice: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16864_WebXMLFile_20261001_183551644.xml)
- 2026-10-01 — Board Meeting Notice: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_01102026184017_ATGL_SE_Intimation_01102026.pdf)
- 2026-09-28 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_16864_WebXMLFile_20260928_165008953.xml)
- 2026-09-28 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_28092026165358_ATGL_Intimation_CTW_28092026.pdf)
- 2026-09-23 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_23092026182727_ATGL_Intimation_Change_in_SMP_230926.pdf)
- 2026-09-22 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_22092026201127_ATGL_Intimation_SEBI_Order_22092026.pdf)
- 2026-09-03 — Management Change: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_03092026140903_ATGL_Disclosure_SE_Appt_CFO_03092026.pdf)
- 2026-09-03 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16864_WebXMLFile_20260903_155628728.xml)
- 2026-08-14 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_14082026171904_ATGL_Intimation_Investor_Conf_14082026.pdf)
- 2026-08-11 — Generic Announcement: Adani Total Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ATGL2024_11082026184704_ATGL_Intimation_NSE_Rating_11082026.pdf)

## News and market events

- 2026-10-23 — The Hindu: **Oil prices extend rally to near six-month high amid Houthi attacks on Saudi Arabia** — Oil rises toward six-month high as Houthi attacks deepen turmoil; Brent hits near $115 while India’s crude basket climbs, plus Adani Total Gas hikes CNG prices. — [Source](https://www.thehindu.com/news/national/oil-prices-extend-rally-to-near-six-month-high-amid-houthi-attacks-on-saudi-arabia/article71615824.ece)
- 2026-10-23 — The Hindu: **Adani Total Gas Ltd, a city gas distributor supplying CNG and piped natural gas across cities in states, has raised Compressed Natural Gas (CNG) prices by ₹4.45 per kg** — ATGL raises CNG prices by ₹4.45/kg due to higher LNG costs, reduced domestic gas and supply cuts, with regional rates shown in Ahmedabad, Faridabad, and Jalandhar. — [Source](https://www.thehindubusinessline.com/markets/commodities/adani-total-gas-cites-higher-lng-cost-domestic-supply-cut-for-445-per-kg-cng-prices-hike/article71615330.ece)
- 2026-10-23 — BUSINESSTODAY: **CNG price hike impact: Adani Total Gas shares off day's low amid 'calibrated' price revision** — Adani Total Gas Ltd shares were off the day's low after the Adani group firm announced a CNG price revision, insisting a "calibrated CNG price revision" was required to partly absorb a substantial rise in natural gas procurement costs while ensuring dependable supply to consumers.The company attributed the move to increase in procurement costs due to elevated global gas prices, lower availability of domestic gas and ongoing supply curtailments. — [Source](https://www.businesstoday.in/markets/stocks/story/cng-price-hike-impact-adani-total-gas-shares-off-days-low-amid-calibrated-price-revision-563257-2026-10-23)
- 2026-10-23 — IANSLIVE.IN: **Adani Total Gas cites surge in gas procurement costs behind CNG price hike** — Ahmedabad, Oct 23 (IANS) Adani Total Gas Limited (ATGL) on Friday increased compressed natural gas (CNG) prices by Rs 4.45 per kg in Ahmedabad, citing a sharp rise in natural gas procurement costs due to elevated global gas prices, reduced domestic gas availability and continued supply curtailments. — [Source](https://ianslive.in/adani-total-gas-raises-cng-prices-by-rs-445kg-cites-surge-in-gas-procurement-costs--20261023135758)
- 2026-10-23 — Mint: **Top stocks to watch today: Infosys, Tata Motors, Swiggy, Cyient shares in focus on Friday, 23 Oct | Full list** — Top stocks to watch today: Infosys, Adani Power, Tata Motors, Swiggy, Cyient, Adani Energy Solutions, Hindustan Petroleum Corporation among shares in focus on Friday. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-infosys-tata-motors-swiggy-cyient-shares-in-focus-on-friday-23-oct-full-list-11792719056861.html)
- 2026-10-23 — The Hindu: **Stock Market Highlights, October 23: Sensex, Nifty extend losses as crude surges to $114, all sectors close in red** — Sensex Today, Nifty 50 | Stock Market Highlights - Find here all the highlights related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 23rd October 2026. — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-highlights-23rd-october-2026/article71611889.ece)
- 2026-10-22 — The Hindu: **Q2 Results Today Highlights: Adani Energy Solutions PAT surges 145%, CPCL profit triples; Havells profit up 9.7%, Jindal Stainless Q2 profit rises 11%, Colgate profit rise 4.3%, Adani Total Gas Q2 net profit rises 3%; Swiggy shares tumble over 5%** — Q2 Results Today, 22nd October 2026 Highlights: Follow the latest announcements and developments on the company's September quarter earning on Adani Energy, HPCL, Havells, Swiggy, Colgate, Hatsun, Cyient, Adani Total Gas, Nippon Life and others — [Source](https://www.thehindubusinessline.com/markets/q2-results-today-live-updates-adani-energy-hpcl-havells-swiggy-colgate-hpcl-hatsun-cyient-adani-tital-gas-nippon-life-company-results-22-october-2026/article71610008.ece)
- 2026-10-22 — NEWS.WEBINDIA123.COM: **Adani Total Gas Q2 profit rises 3% to Rs 167 crore as revenue grows 34%** — Adani Total Gas Limited (ATGL) reported a 3 per cent year-on-year rise in standalone net profit to Rs 167 crore for the second quarter of FY27, compared with Rs 162 crore in the corresponding quarter last year, as higher natural gas sales volumes supported revenue growth despite rising input costs. — [Source](https://news.webindia123.com/news/Articles/Business/20261022/4513875.html)
- 2026-10-22 — Economic Times: **Adani Total Gas Q2 Results: Net profit rises 6% YoY to Rs 173 crore, revenue jumps 34%** — Adani Total Gas Q2 Results: Adani Total Gas reported a 5.9% year-on-year rise in Q2FY27 net profit to Rs 173.27 crore, while revenue from operations climbed 33.8% to Rs 2,109.65 crore. EBITDA grew 12% YoY, supported by higher CNG and PNG volumes and continued expansion of its city gas distribution network. — [Source](https://cfo.economictimes.indiatimes.com/news/strategy-operations/adani-total-gas-q2-results-net-profit-rises-6-yoy-to-rs-173-crore-revenue-jumps-34/135118391)
- 2026-10-22 — CNBC-TV18: **Stocks to Watch for October 23: RIL, Swiggy, HPCL, Jindal Stainless, eMudhra and more** — From Swiggy narrowing its Q2 net loss to ₹922 crore to Colgate-Palmolive India reporting a 4.1% year-on-year rise in net profit to ₹341.5 crore, here are the stocks to track ahead of Friday’s trading session. — [Source](https://www.cnbctv18.com/photos/market/stocks-to-watch-for-october-23-ril-swiggy-hpcl-jindal-stainless-emudhra-and-more-20017155.htm)
- 2026-10-22 — Economic Times: **Adani Total Gas Q2 Results: Net profit rises 6% YoY to Rs 173 crore, revenue jumps 34%** — Adani Total Gas Q2 Results: Adani Total Gas reported a 5.9% year-on-year rise in Q2FY27 net profit to Rs 173.27 crore, while revenue from operations climbed 33.8% to Rs 2,109.65 crore. EBITDA grew 12% YoY, supported by higher CNG and PNG volumes and continued expansion of its city gas distribution network. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/adani-total-gas-q2-results-net-profit-rises-6-yoy-to-rs-173-crore-revenue-jumps-34/articleshow/135115540.cms)
- 2026-10-22 — IANSLIVE.IN: **Adani Total Gas Q2 revenue rises 34 pc to Rs 2,102 crore, PAT jumps to Rs 167 crore** — New Delhi, Oct 22 (IANS) Adani Total Gas Ltd (ATGL) on Thursday posted a 34 per cent rise in revenue from operations to Rs 2,102 crore in Q2 FY27 from Rs 1,569 crore in the year-ago period, led by sustained volume growth. — [Source](https://ianslive.in/adani-total-gas-q2-revenue-rises-34-pc-to-rs-2102-crore-pat-jumps-to-rs-167-crore--20261022165124)
- 2026-10-22 — CNBC-TV18: **Adani Total Gas Q2 Results: Revenue jumps 34% on 12% volume growth, EBITDA margin falls** — Adani Total Gas reported a 3.2% year-on-year rise in Q2 FY27 net profit to ₹167 crore, while revenue increased 34.1% to ₹1,936 crore. EBITDA rose 11% to ₹326 crore, but the margin narrowed to 16.8% from 20.3% a year ago. The company reported 12% growth in standalone CNG and PNG volumes. — [Source](https://www.cnbctv18.com/market/stocks/adani-total-gas-share-price-q2-results-revenue-jumps-34-on-12-volume-growth-ebitda-margin-falls-20017131.htm)
- 2026-10-22 — Economic Times: **Adani Total Gas appoints CEO Sanjay Pandita as executive director for 3 years; Suresh P Manglani retires** — Adani Total Gas has appointed CEO Sanjay Pandita as executive director for three years from November 1, 2026, subject to shareholder approval. The appointment comes as executive director Suresh P Manglani retires upon superannuation on October 31. Pandita brings over 25 years of experience across the energy industry. — [Source](https://economictimes.indiatimes.com/industry/energy/oil-gas/adani-total-gas-appoints-ceo-sanjay-pandita-as-executive-director-for-3-years-suresh-p-manglani-retires/articleshow/135115621.cms)
- 2026-10-22 — Mint: **Q2 results 2026 today, schedule: Swiggy, Adani Energy, HPCL 53 more firms to declare quarterly earnings; Oct 22 Tue list** — Q2 results 2026 today, schedule: Key companies set to declare their quarterly earnings today include Swiggy, Adani Energy Solutions, Hindustan Petroleum Corporation, Adani Total Gas, Colgate Palmolive (India). — [Source](https://www.livemint.com/market/stock-market-news/q2-results-2026-today-schedule-swiggy-adani-energy-hpcl-53-more-firms-to-declare-quarterly-earnings-oct-22-tue-list-11792636869326.html)
- 2026-10-22 — CNBC-TV18: **Q2 Results LIVE Updates: Eternal, Indian Hotels react to earnings; HPCL, Colgate-Palmolive report today** — Q2 Results LIVE Updates: HPCL, Colgate-Palmolive, Adani Energy Solutions, Havells India, Cyient, Swiggy, Jindal Stainless, Adani Total Gas, CreditAccess Grameen, Bluestone Jewellery, Sagility, are among the companies reporting their earnings today. Watch this space for all the LIVE updates of Q2 results. — [Source](https://www.cnbctv18.com/market/q2-results-live-updates-eternal-mm-fin-indian-hotels-hpcl-colgate-adani-cyient-havells-swiggy-sagility-creditaccess-grameen-pcj-share-price-liveblog-20016529.htm)
- 2026-10-18 — Mint: **Stock market this week: Jio IPO, crude volatility, FII selling, Q2 results among 7 factors to watch | Nifty outlook** — Indian markets posted their strongest weekly gains since April, with Nifty 50 and Sensex rising more than 2.4%. This week, investor sentiment may hinge on major company earnings, Jio Platforms’ IPO, volatile crude prices, foreign and domestic institutional flows, and a Dussehra trading holiday. — [Source](https://www.livemint.com/market/stock-market-news/stock-market-this-week-jio-ipo-crude-oil-price-volatility-fii-selling-q2-results-among-7-factors-to-watch-check-ni-11792326615470.html)
- 2026-10-18 — Mint: **Adani Group stocks Q2 results 2026 date this week: Adani Green, Adani Energy, Adani Gas, Adani Power schedule, returns** — Adani Green Energy, Adani Energy Solutions, Adani Total Gas and Adani Power are scheduled to announce Q2FY27 results this week. Their boards will review quarterly and half-yearly financials, followed by investor or analyst calls. — [Source](https://www.livemint.com/market/stock-market-news/adani-group-stocks-q2-results-2026-date-this-week-adani-green-adani-energy-adani-gas-adani-power-schedule-returns-11792312936958.html)
- 2026-10-09 — BUSINESSTODAY: **Why Adani stocks are falling | Rs 2.7 lakh crore gone in 3 months; explained** — Adani stocks, why Adnai stocks are falling, Adani GQG, Adani news, Adani shares, Why Adani stocks are down, Adani Power share price, Adani Enterprises share price, AEL shares, Adani Green shares — [Source](https://www.businesstoday.in/markets/stocks/story/why-adani-stocks-are-falling-rs-2-7-lakh-crore-gone-in-3-months-explained-560621-2026-10-09)
- 2026-09-27 — MONEYCONTROL: **Broader markets underperform, extend losing streak to third week** — Midcap,Smallcap,Broader indices,Market this week,midcap this week,smallcap this week — [Source](https://www.moneycontrol.com/news/business/markets/broader-markets-underperform-extend-losing-streak-to-third-week-14039106.html)
- 2026-09-23 — LIVELAW.IN: **Five Adani Group Companies Settle SEBI Cases Over Hindenburg-Linked Issues For ₹1.5 Crore** — Five Adani Group companies have settled SEBI adjudication proceedings arising from an examination into issues highlighted in the Hindenburg Report by paying combined settlement amounts of ₹1.508... — [Source](https://www.livelaw.in/top-stories/adani-group-companies-settle-sebi-proceedings-over-hindenburg-551356)
- 2026-09-23 — BUSINESSTODAY: **Adani Enterprises, Adani Total, Adani Green, Adani Energy, AWL Agri shares in focus today; here's why** — Adani Group firms, Adani Enterprises Ltd, Adani Total Gas Ltd, AWL Agri Business Ltd, Adani Green Energy Ltd, Adani Energy Solutions, SEBI, Hindenburg case, related-party transactions,  SEBI’s High Powered Advisory Committee — [Source](https://www.businesstoday.in/markets/trending-stocks/story/adani-enterprises-adani-total-adani-green-adani-energy-awl-agri-shares-in-focus-today-heres-why-557173-2026-09-23)
- 2026-09-23 — BUSINESSTODAY: **GIFT Nifty down 45 pts; Adani shares, Hero Motors, Persistent, IRB Infra, among top stocks in focus** — GIFT Nifty down 45 pts; Adani shares, Hero Motors, Persistent, IRB Infra, among top stocks in focus — [Source](https://www.businesstoday.in/markets/trending-stocks/story/gift-nifty-down-45-pts-adani-shares-hero-motors-persistent-irb-infra-among-top-stocks-in-focus-557167-2026-09-23)
- 2026-09-23 — Economic Times: **Stocks in news: Adani Group, OMCs, Persistent Systems and IRB Infra** — The Indian stock market closed lower on Tuesday, with profit-taking affecting investor sentiment. Adani Group companies resolved their SEBI adjudication issues tied to potential infractions. Focus turned to oil marketing firms in light of a sharp fall in crude oil prices. Persistent Systems expanded its stake in Nagarro, eyeing a potential delisting, alongside numerous companies announcing expansion and corporate milestones. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-adani-group-omcs-persistent-systems-and-irb-infra/articleshow/134416639.cms)
- 2026-09-23 — Economic Times: **Adani Group firms settle Sebi case on governance issues** — The Adani Group has settled with Sebi, with companies like Adani Enterprises and Adani Green Energy collectively paying ₹1.5 crore over allegations concerning related party transaction disclosures and corporate governance practices. Notably, Adani Enterprises contributed ₹76.05 lakh to the settlement, responding to criticisms raised in the Hindenburg Report about the company's compliance with audit standards and peer reviews. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/adani-group-settles-legal-issues-with-sebi-pays-rs-1-5-cr-over-alleged-corporate-governance-violations/articleshow/134423213.cms)

## Business profile

**Strategic vision:** Develops and supplies natural gas and electric vehicle services.

### Business segments
- **City Gas Distribution (CGD):** Develops CGD networks to supply Piped Natural Gas to residential, commercial, and industrial customers, and Compressed Natural Gas for transportation.
- **Electric Vehicle Ecosystem:** Focuses on developing the EV ecosystem by offering EV charging services for various segments with a pan-India approach.
- **Biogas Production:** Dedicated to advancing biogas activities by establishing biogas plants that utilize agricultural waste to produce compressed biogas.

### Competitive strengths
- Joint venture between Adani Group and TotalEnergies
- Extensive operational presence in multiple geographical areas across India

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/atgl
Markdown representation: https://faxioms.com/stocks/atgl?render=md