# Adani Total Gas share price today (Adani Total Gas Ltd, NSE: ATGL)

> Adani Total Gas share price today: ₹549.90 at the NSE close on 3 November 2026, down 12.9% in a year. Adani Total Gas (NSE: ATGL) is worth ₹60,529 crore, trades at a P/E of 94.3 and has closed between ₹482.65 and ₹773.30 over the past 52 weeks. > Adani Total Gas Ltd's earnings have grown faster than its share price. Earnings per share grew +0.2% in a year while the price moved −12.9%. ATGL · Gas Distribution · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/adani-total-gas-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹549.90 (−12.9% in a year)
- P/E: 94.3× (lower than 74% of the last 7.7 years)
- Revenue (Sep 2026): ₹1,944 Cr (+34.0% on a year ago)
- Profit (Sep 2026): ₹173 Cr (+6.1% on a year ago)
- Operating margin: 17.0% (−3.0 points on a year ago)
- ROCE: 15%, FY26
- ROIC: 8.2%, against a 12.0% cost of capital: −3.8 points

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the Adani Total Gas share price today? Adani Total Gas Ltd's share price was ₹549.90 at the close on 3 November 2026. It has been falling for 5 weeks. That is 11.5% 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 23% of the way up from that low. 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 +588% 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. ## What changed at Adani Total Gas this quarter? 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. ## What are Adani Total Gas' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,944 crore | ₹1,451 crore | +34.0% |
| Profit | ₹173 crore | ₹163 crore | +6.1% |
| Earnings per share | ₹1.58 | ₹1.49 | +6.0% |
| Operating margin | 17.0% | 20.0% | −3.0 points |

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.)

## What is the Adani Total Gas share price history? Adani Total Gas closed at ₹549.90 on 3 November 2026, down 12.9% from ₹631.60 a year earlier (31 October 2025) and down 61.7% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹529.50 | +3.9% |
| 1 month ago · 1 Oct 2026 | ₹583.05 | −5.7% |
| 6 months ago · 30 Apr 2026 | ₹634.70 | −13.4% |
| 1 year ago · 31 Oct 2025 | ₹631.60 | −12.9% |
| 3 years ago · 3 Nov 2023 | ₹553.20 | −0.6% |
| 5 years ago · 4 Nov 2021 | ₹1,433.95 | −61.7% |
| Earliest weekly close in our records · 9 Nov 2018 | ₹79.95 | +587.8% |
| Highest weekly close since November 2018 · 20 Jan 2023 | ₹3,918.90 | −86.0% |
| Lowest weekly close since November 2018 · 16 Nov 2018 | ₹78.85 | +597.4% |
| 52-week high (weekly close) · 29 May 2026 | ₹773.30 | −28.9% |
| 52-week low (weekly close) · 6 Mar 2026 | ₹482.65 | +13.9% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (423 weekly closes from 9 November 2018 to 3 November 2026.)

## What is the latest news on Adani Total Gas? 3 Nov 2026: Adani Total Gas closed at ₹549.90, up 3.9% on the week and down 5.7% 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.)

## What dividend does Adani Total Gas pay? Adani Total Gas paid ₹0.25 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.05% at the ₹549.90 close on 3 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

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 12 Jun 2026 | ₹0.25 | Dividend | same day |
| 13 Jun 2025 | ₹0.25 | Dividend | same day |
| 14 Jun 2024 | ₹0.25 | Dividend | same day |
| 7 Jul 2023 | ₹0.25 | Dividend | same day |
| 14 Jul 2022 | ₹0.25 | Dividend | 15 Jul 2022 |
| 24 Jun 2021 | ₹0.25 | Dividend | 25 Jun 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Adani Total Gas management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/7204/Conference Call/CC-Oct26.pdf). (From the call for July to September 2026, 23 October 2026.)

## What could change the Adani Total Gas story? What are the risks? 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.)

## What to watch in Adani Total Gas' next results? 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. - What to check (from the call)
- CNG station commissioning pace against flagged full-year goal - verify in Q3 operational update and advanced-stage conversions. - Domestic connection additions against flagged annual goal - verify in Q3 household update and implied volume contribution. - APM share and sourcing costs after next quarterly allocation - verify in Q3 commentary and pricing actions. - Barsana output following flagged near-term doubling - verify in Q3 biogas volumes and new project sanctions. ## Which stock lists is Adani Total Gas on? Adani Total Gas is on 2 of our India lists: Small & mid cap stocks and Oil & gas stocks. - [Small & mid cap stocks Size rank in India: 170](https://www.sectoralpha.in/small-cap-stocks-india)
- [Oil & gas stocks Group on the list: Gas pipelines, LNG, city gas and LPG](https://www.sectoralpha.in/sectors/oil-and-gas-stocks-india)

## Is Adani Total Gas profitable? 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. 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. ## How much revenue does Adani Total Gas make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Adani Total Gas keep? 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. 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. ## Is Adani Total Gas' profit turning into cash? 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. 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. ## Where does Adani Total Gas' cash go? 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. 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. ## What is Adani Total Gas' P/E ratio, and how does it compare with its own history? Adani Total Gas Ltd's P/E is 94.3×, near the low end of its own history: it has been lower only 26% 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. Why the multiple is where it is: over the past year earnings per share moved +0.2% while the price moved −12.9%. 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 −17.4% a year; about +1.5% a year came from earnings growth and about −18.9 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. ## Is the Adani Total Gas business getting better or worse? 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. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Adani Total Gas story, and has it been checked? 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. Our read, 19 July 2026. What is proven. 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. ## Did Adani Total Gas management deliver what it promised? 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. ## How much does Adani Total Gas earn on its capital? 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). 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. ## Does Adani Total Gas have too much debt? 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. ## What is the Adani Total Gas shareholding pattern? No group of Adani Total Gas Ltd's owners changed its stake by a full percentage point over the last two years. Foreign institutions moved −0.2 points over the same period, to 12.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +0.3 points over 8 quarters, to 6.4%; Foreign institutions: −0.2 points over 8 quarters, to 12.8%; Promoters: +0.0 points over 8 quarters, to 74.8%. ## How far is Adani Total Gas from balance-sheet trouble? For Adani Total Gas Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Adani Total Gas rank in its industry? 45.5 out of 100, rank 3 of 7 in Gas Distribution, with 78% of the evidence available. Adani Total Gas Ltd scores 45.5 out of 100 against the 7 companies it is compared with in Gas Distribution, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 19.2 + 14.5 + 3.5 + 8.3 = 45.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Adani Total Gas compared with? Adani Total Gas ranks 3 of 7 Gas Distribution companies on the 4-Factor Sector Score, with 45.5 out of 100. 1. [Petronet LNG Ltd](https://www.sectoralpha.in/stocks/petronet-lng-ltd) PETRONET · breaking out · Most evidence points up · 96% evidence 75.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue -24.8% · Profit 13.4% · Operating margin change 18 points · 88% evidence Capital efficiency 20.8/25 · ROCE 22.6% · Operating margin 28% · 100% evidence Valuation 13.1/20 · P/E 10.3× · PEG 1.3 · 100% evidence Relative strength 20.0/20 · Lead over its industry 11.1% · Lead over NIFTY 500 8% · 1 year 2.9% · 100% evidence · 8 of 12 weeks ahead Exact sum: 21.4 + 20.8 + 13.1 + 20 = 75.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [GAIL (India) Ltd](https://www.sectoralpha.in/stocks/gail-indialtd) GAIL · breaking out · Evidence leans up · 100% evidence 62.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.9/35 · Revenue 10.4% · Profit 15% · Operating margin change 5 points · 100% evidence Capital efficiency 10.1/25 · ROCE 9.7% · Operating margin 15% · 100% evidence Valuation 9.9/20 · P/E 8.7× · PEG 1.79 · 100% evidence Relative strength 14.5/20 · Lead over its industry 8.4% · Lead over NIFTY 500 5.4% · 1 year -8.1% · 100% evidence · 2 of 12 weeks ahead Exact sum: 27.9 + 10.1 + 9.9 + 14.5 = 62.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Adani Total Gas Ltd this page ATGL · basing · Evidence leans down · 78% evidence 45.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.2/35 · Revenue 23.7% · Profit 2.7% · Operating margin change -3 points · 100% evidence Capital efficiency 14.5/25 · ROCE 15.3% · Operating margin 17% · 100% evidence Valuation 3.5/20 · P/E 91.6× · PEG 8.41 · 65% evidence Relative strength 8.3/20 · Lead over its industry n/a · Lead over NIFTY 500 -7.9% · 1 year -15.4% · 25% evidence · 0 of 12 weeks ahead Exact sum: 19.2 + 14.5 + 3.5 + 8.3 = 45.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Mahanagar Gas Ltd](https://www.sectoralpha.in/stocks/mahanagar-gas-ltd) MGL · turning · Evidence leans down · 81% evidence 44.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.3/35 · Revenue 11.1% · Profit -33.4% · Operating margin change -10 points · 88% evidence Capital efficiency 13.1/25 · ROCE 17% · Operating margin 14% · 100% evidence Valuation 12.0/20 · P/E 14.5× · PEG 0.3 · 100% evidence Relative strength 9.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -0.4% · 1 year -17.9% · 25% evidence · 0 of 12 weeks ahead Exact sum: 9.3 + 13.1 + 12 + 9.9 = 44.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Gujarat State Petronet Ltd](https://www.sectoralpha.in/stocks/gujarat-state-petronet-ltd) GSPL · Too little evidence to rank firmly · 55% evidence 44.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.8/43.75 · Revenue -7.5% · Profit -18.6% · Operating margin change 3 points · 47% evidence Capital efficiency 12.3/31.25 · ROCE 15.2% · Operating margin 16% · 75% evidence Valuation 13.2/25 · P/E 14.4× · PEG 1.27 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 18.8 + 12.3 + 13.2 = 44.3 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [Indraprastha Gas Ltd](https://www.sectoralpha.in/stocks/indraprastha-gas-ltd) IGL · basing · Evidence leans down · 100% evidence 41.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.6/35 · Revenue 14.7% · Profit -37.6% · Operating margin change -11.6 points · 100% evidence Capital efficiency 12.8/25 · ROCE 17.5% · Operating margin -0.6% · 100% evidence Valuation 14.8/20 · P/E 19.5× · PEG 1.26 · 100% evidence Relative strength 5.3/20 · Lead over its industry -8.9% · Lead over NIFTY 500 -11.5% · 1 year -34.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 8.6 + 12.8 + 14.8 + 5.3 = 41.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 7. [Gujarat Gas Ltd](https://www.sectoralpha.in/stocks/gujarat-gas-ltd) GUJGASLTD · Too little evidence to rank firmly · 47% evidence 52.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/43.75 · Revenue 3.7% · Profit -10.6% · Operating margin change 0 points · 53% evidence Capital efficiency 18.2/31.25 · ROCE 18.5% · Operating margin 11% · 71% evidence Valuation 14.9/25 · P/E 18.6× · PEG n/a · 50% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 19.3 + 18.2 + 14.9 = 52.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Gas Distribution](https://www.sectoralpha.in/sectors/gas-distribution), all 7 compared on one page. ## Which companies are close to Adani Total Gas in size? Adani Total Gas is the 2nd largest of 7 Gas Distribution companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: GAIL (India). Just below it: Petronet LNG, Gujarat Gas, Indraprastha Gas, Gujarat State Petronet and Mahanagar Gas. ### Gas Distribution companies close in size

1. [GAIL (India) Ltd](https://www.sectoralpha.in/stocks/gail-indialtd) ₹1,10,402 crore
2. Adani Total Gas Ltd ₹58,779 crore
3. [Petronet LNG Ltd](https://www.sectoralpha.in/stocks/petronet-lng-ltd) ₹43,425 crore
4. [Gujarat Gas Ltd](https://www.sectoralpha.in/stocks/gujarat-gas-ltd) ₹33,105 crore
5. [Indraprastha Gas Ltd](https://www.sectoralpha.in/stocks/indraprastha-gas-ltd) ₹19,487 crore
6. [Gujarat State Petronet Ltd](https://www.sectoralpha.in/stocks/gujarat-state-petronet-ltd) ₹15,141 crore
7. [Mahanagar Gas Ltd](https://www.sectoralpha.in/stocks/mahanagar-gas-ltd) ₹10,357 crore

[All 7 Gas Distribution companies, largest first](https://www.sectoralpha.in/sectors/gas-distribution#all-companies)

### Companies close in size in other industries

1. [NMDC Ltd](https://www.sectoralpha.in/stocks/nmdc-ltd) ₹59,204 crore · Mining/Minerals - Iron Ore
2. [Torrent Power Ltd](https://www.sectoralpha.in/stocks/torrent-power-ltd) ₹59,103 crore · Power - Generation/Distribution
3. Adani Total Gas Ltd ₹58,779 crore
4. [Fortis Healthcare Ltd](https://www.sectoralpha.in/stocks/fortis-healthcare-ltd) ₹57,992 crore · Hospitals
5. [Indo-MIM Ltd](https://www.sectoralpha.in/stocks/indo-mim-ltd) ₹57,933 crore · Engineering - Light - General

## What else do people ask about Adani Total Gas? ### What is Adani Total Gas's share price today? Adani Total Gas Ltd's share price is ₹549.90, −12.9% over the past year. The whole company is worth ₹60,529 Cr on the market. In the last 52 weeks it traded between ₹483 to ₹773; today it is 23% of the way up from the low, 11.5% below its 200-day average (as of 3 November 2026). ### What were Adani Total Gas's latest quarterly results? Adani Total Gas Ltd reported revenue of ₹1,944 Cr and net profit of ₹173 Cr for the Sep 2026 quarter. Revenue rose 34.0% and profit rose 6.1% compared with a year earlier. Earnings per share were ₹1.58. The operating margin was 17.0%, 3.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is Adani Total Gas's market cap? Adani Total Gas Ltd's market capitalisation is ₹60,529 Cr at a share price of ₹549.90. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Adani Total Gas performing? Adani Total Gas Ltd's share price has been falling for 5 weeks. In its latest quarter, revenue rose 34.0% and profit rose 6.1% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 17 weeks running (as of 3 November 2026). ### Will Adani Total Gas's share price go up? This page does not forecast Adani Total Gas Ltd's share price. What it shows instead: the share price is ₹549.90, and it has been falling for 5 weeks. Its P/E of 94.3× is higher than 26% of its own last 8 years (as of 3 November 2026). ### Does Adani Total Gas have too much debt? Adani Total Gas Ltd has a moderate amount of debt: its debt is 0.46× its equity, and its operating profit is 9 times its interest bill. FY26 borrowings were ₹2,255 Cr against equity of ₹4,865 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is Adani Total Gas in its business cycle? Adani Total Gas Ltd's FY26 operating margin was 20.0%, against a 9-year range of 20.0% to 42.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 17.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Adani Total Gas story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Adani Total Gas a stock worth studying right now? What the numbers show: Adani Total Gas Ltd's earnings have grown faster than its share price. Earnings per share grew +0.2% in a year while the price moved −12.9%. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Adani Total Gas share price forecast for 2026? What management itself guided: 80-90 CNG stations in FY27 with execution and procurement on track. What would change the story: 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. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Oil & gas stocks: https://www.sectoralpha.in/sectors/oil-and-gas-stocks-india

This is research, not advice. We’re not SEBI-registered.