Adani Total Gas share price today

Adani Total Gas Ltd's share price was ₹570.60 at the close on 4 November 2026. It has been falling for 5 weeks. That is 8.2% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹483 and ₹773, and at that close it sat 30% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Adani Total Gas Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 17 weeks running.

Over the last 8 years the share price moved +614% while the NIFTY 500 moved +145%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 10 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), indian funds and insurers (DIIs) raised their stake for 4 quarters in a row and highest quarterly revenue in 16 quarters.

1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹1,944 crore, +34% on a year earlier.

2. Indian funds and insurers (DIIs) raised their stake for 4 quarters in a row

   From 6.2% to 6.4% of the company by the September 2026 quarter.

3. Highest quarterly revenue in 16 quarters

   Revenue of ₹1,944 crore in the September 2026 quarter is the highest of the last 16 quarters.

For July to September 2026 (the quarter ended 30 September 2026), Adani Total Gas reported revenue of ₹1,944 crore, up 34.0% from ₹1,451 crore a year earlier, and a profit of ₹173 crore, up 6.1% from ₹163 crore.

Adani Total Gas results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Adani Total Gas' management discussed these results on a call held on 23 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Adani Total Gas closed at ₹570.60 on 4 November 2026, down 6.6% from ₹611.20 a year earlier (7 November 2025) and down 60.2% over five years. Its highest weekly close since November 2018 was ₹3,918.90 on 20 January 2023.

Adani Total Gas share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

423 weekly closes from 9 November 2018 to 4 November 2026.

4 Nov 2026: Adani Total Gas closed at ₹570.60, up 6.8% on the week and down 2.1% on the month. 23 Oct 2026: Adani Total Gas held its results call for July to September 2026. Management guided: 80-90 CNG stations in FY27 with execution and procurement on track.

Earlier

• Results for July to September 2026: Revenue up 34.0% and profit up 6.1% on a year earlier.
• Our read, 19 Jul 2026: Revenue and operating profit have grown with the network, while operating margin is below the earlier level. Gross and operating margins moved down together, pointing to gas-input and pricing pressure rather than a simple overhead problem.
• 12 Jun 2026: ex-date for a dividend of ₹0.25 a share.

Our read of the business

Revenue and operating profit have grown with the network, while operating margin is below the earlier level. Gross and operating margins moved down together, pointing to gas-input and pricing pressure rather than a simple overhead problem.

Latest quarter: Revenue advanced while operating margin remained below the earlier level.

Our read after the latest results, written 19 July 2026.

Adani Total Gas paid ₹0.25 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.04% at the ₹570.60 close on 4 November 2026. The last was a dividend of ₹0.25 a share, ex-date 12 June 2026.

Adani Total Gas dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Adani Total Gas Ltd paid out 4% of its profit as dividends in FY26, and it paid a dividend in 8 of its last 9 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 23 October 2026, Adani Total Gas' management guided: 80-90 CNG stations in FY27 with execution and procurement on track.

“By leveraging diversified sourcing and flexible procurement, we achieved a stellar 12% year-on-year increase in quarterly volumes to 315 mmscm and a matching 12% increase in EBITDA to INR 340 crores”Sanjay Panditha, CEO, on the call for July to September 2026

What management guided

• More than 2 lakh domestic PNG connections in FY27 adding around 0.4-0.5 SCMD per household.
• FY28 CNG station additions similar to FY27 or more aggressive with final plan under discussion.
• EV charging scale-up through B2B and group-captive truck routes to lift utilization.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 23 October 2026.

The thesis would improve only if operating margin and return on capital recover while the network build continues; it would fail if margin pressure persists and incremental capital does not produce a visible utilisation ramp.

Each change stops working if

• : Volume growth slows while the capital base continues to expand.
• : Gross and operating margins remain depressed despite continuing volume growth.

The main risks

• : Gas-input and pricing pressure may be structural rather than cyclical. ⚠ estimate
• : New-area capital may take longer to earn its intended return. ⚠ estimate
• : Alternate-fuel pricing can pressure industrial volumes. ✓ fact
• : EV charging execution weakens confidence in adjacent-business guidance. ⚠ estimate

Our read after the latest results, written 19 July 2026.

When Adani Total Gas reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: CNG station commissioning pace against flagged full-year goal - verify in Q3 operational update and advanced-stage conversions.

Adani Total Gas is on 2 of our India lists: Small & mid cap stocks and Oil & gas stocks.

Adani Total Gas Ltd earned ₹173 Cr of net profit in the Sep 2026 quarter, +6.1% on the same quarter a year earlier. Full-year FY26 profit was ₹656 Cr. Over 8 years profit has grown 19.1% a year on average. That is 8.9% of the quarter's revenue. The same quarter a year earlier earned ₹163 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹656 Cr (+0.3% on the year before).

Why profit moved: revenue changed +34.0% on a year earlier and the margin moved −3.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +3.1% and revenue +23.4%. Profit is growing slower than sales: rising costs are taking part of the growth.

FY27-Q1. revenue ₹1,754 Cr and profit ₹142 Cr as reported.

FY27-Q2. revenue ₹1,944 Cr and profit ₹173 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Adani Total Gas Ltd reported ₹1,944 Cr of revenue in the Sep 2026 quarter, +34.0% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 8 years it has grown 20.0% a year on average. The last full year, FY26, came in at ₹5,894 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹6,762 Cr.

FY26 revenue was ₹5,894 Cr, +17.9% on the year before.

Recent pace: the last four quarters grew +23.4% on average, against 20.0% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +23.7%, against +20.1% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +2.7%, against −4.4% a year (accelerating).

FY27-Q1. revenue ₹1,754 Cr and profit ₹142 Cr as reported.

FY27-Q2. revenue ₹1,944 Cr and profit ₹173 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Adani Total Gas Ltd's operating margin was 17.0% in the Sep 2026 quarter, 3.0 percentage points lower than the same quarter a year ago. Across 9 years it has been between 20.0% and 42.0%. The latest quarter is below every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. Gross and operating margins fell together, pointing to input cost and pass-through pressure. The sourcing mix and pricing strategy influence that pressure but do not prove a return to the earlier margin band.

Why the margin moved: operating margin changed −3.5 percentage points on the year while gross margin changed −5.1 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

FY27-Q1. revenue ₹1,754 Cr and profit ₹142 Cr as reported.

FY27-Q2. revenue ₹1,944 Cr and profit ₹173 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Over the last 3 years, 155% of Adani Total Gas Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,149 Cr of operating cash against ₹656 Cr of profit. After ₹1,035 Cr of spending on assets, ₹114 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Why this happened. Operating cash flow exceeds profit, while spending outflow, work in progress, and borrowings rose. The next proof point is whether new areas lift return on capital as utilisation builds.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 155% of profit came in as cash: the cash cycle got 34 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 4.9× depreciation over three years. The next section checks what that spending is building.

Adani Total Gas Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 26 days in FY26, up from −8 days in FY21. It spent ₹2,966 Cr on assets over the last 3 years. Customers take 26 days to pay, and stock sits for 10 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. Annual revenue increased, and the concall records higher CNG activity and a staged return profile for new geographic areas. This driver is volume and utilisation, not assumed margin expansion.

At FY26 sales of ₹5,894 Cr, each day of that cycle ties up about ₹16.1 Cr, so roughly ₹420 Cr is tied up in the business at any time.

FY26: customers took 26 days to pay and stock sat for 10 days, about 0.3 months of sales sitting as stock, for a full cycle of 26 days, longer than FY21's −8.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 10 days. Customers pay about 26 days after that. Suppliers are paid at 34 days. Together that makes the 26-day cycle.

Spending on assets: ₹2,966 Cr over the last 3 years, against ₹605 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹2,001 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Adani Total Gas Ltd's P/E is 97.9×, near the low end of its own history: it has been lower only 30% of the time. Its usual P/E (the middle reading) is 114.6×, over 7.7 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +0.2% while the price moved −6.6%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 5 years the price moved −16.8% a year; about +1.5% a year came from earnings growth and about −18.3 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Adani Total Gas Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE steady at 13.9%; each line tells part of the story. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Adani Total Gas Ltd's story is not scored yet against the checks our research set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file.

NOT YET CHECKED

What is not proven yet. The thesis would improve only if operating margin and return on capital recover while the network build continues; it would fail if margin pressure persists and incremental capital does not produce a visible utilisation ramp.

What would change our mind. The thesis would improve only if operating margin and return on capital recover while the network build continues; it would fail if margin pressure persists and incremental capital does not produce a visible utilisation ramp.

The test written in advance. The thesis would improve only if operating margin and return on capital recover while the network build continues; it would fail if margin pressure persists and incremental capital does not produce a visible utilisation ramp. Measured by: the thesis as written as stated by the next result.

What the company does. Revenue and operating profit have grown with the network, while operating margin is below the earlier level. Gross and operating margins moved down together, pointing to gas-input and pricing pressure rather than a simple overhead problem.

What the surface reading misses. The surface reading is: Revenue growth indicates an expanding business. The research reads it further: Profit did not keep pace with revenue because annual operating margin declined. The co-mover is the quarterly gross-margin decline, pointing to input-cost and pricing pressure rather than a pure volume issue.

What the surface reading misses. The surface reading is: Falling return on capital indicates weaker capital efficiency. The research reads it further: The co-mover is larger work in progress and borrowings, consistent with infrastructure that has not yet reached utilisation. Management explicitly describes lower initial returns in new geographic areas before a later ramp.

Sources: our stock research file (19 July 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

What Adani Total Gas Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

CNG Station Count Falls Despite Net Additions · 23 October 2026. The Jul 2026 call reported 707 CNG stations and the Apr 2026 call reported 705. The Oct 2026 call reports only 623 despite adding 16 stations in the quarter, an unexplained 84-station decline from the immediately prior call that materially undermines the stated network expansion trajectory.

Unreconciled Increase in Spot Gas Exposure · 23 October 2026. In Jul 2026, management disclosed spot volumes at about 15% of total consumption, while Apr 2026 described about 16% as spot. In Oct 2026, management said close to 40% of the 75% other-source portfolio was spot, implying roughly 30% of total supply, but did not quantify or reconcile the increase beyond saying APM had declined slightly; the change is material for gas-cost and margin assumptions.

Next-year EBITDA outlook no longer reconciled · 22 July 2026. In Apr 2026, management explicitly guided around INR 1,500 crores of EBITDA for the next financial year and said EBITDA growth would track volume growth. In Jul 2026, management described compressed margins caused by market-priced gas and declining APM allocation, while offering no reaffirmation of that goal or timing for recovery. Although it attributed the pressure to sourcing conditions, the change leaves the earlier earnings model materially unreconciled.

Gas sourcing disclosures are materially unreconciled · 22 July 2026. In Apr 2026, management said 85% of CNG volumes were covered by APM, HPHT, WG and contracts, with approximately 16% purchased spot, and described the portfolio as diversified enough to manage the crisis. In Jul 2026, management reported domestic APM and NWG allocation of around 40% and spot volumes of around 50% after curtailment. Management attributed the change to withdrawal of the pool mechanism and curtailment, but did not reconcile the different bases or explain whether the earlier protected-supply profile remained, creating a materially different margin and supply-risk assumption.

Every quote above is taken word for word from the company’s own earnings calls.

Adani Total Gas Ltd earned a ROCE of 15% in FY26. Its return on capital used (ROIC) is 3.8 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 11.1% net margin and 0.62× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 11.1% net margin × 0.62× asset turnover × 1.96× leverage (assets divided by equity) ≈ 13.5% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 8.2% − 12.0% = −3.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Adani Total Gas Ltd has total debt of ₹2,742 Cr against shareholder equity of ₹5,177 Cr as of Sep 2026, so its debt is 0.53× its equity. Year by year, that ratio went from 0.43 in FY22 to 0.59 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.