Adani Total Gas Limited (ATGL) Q3 25/26 earnings summary

Executive summary

• CNG volume grew 17% year-on-year in Q3 and 18% over nine months; PNG volume rose 3% in Q3 and 7% over nine months, reflecting strong network expansion and market penetration.

• Added 18 new CNG stations in the quarter, reaching 680 stations; domestic PNG connections increased by 35,000 in Q3 and 88,000 over nine months, totaling 1.05 million homes.

• E-mobility network expanded to nearly 5,000 charge points across 226 cities, with a target of 10,000 charge points in sight.

• Joint venture with IOCL brings consolidated CNG stations to 1,120 and PNG home connections to 1.25 million pan-India.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on January 22, 2026.

Financial highlights

• Q3 revenue from operations rose 17% year-on-year to INR 1,631 crore; nine-month revenue up 19% to INR 4,692 crore.

• Q3 EBITDA increased 15% to INR 313 crore; nine-month EBITDA up 3% to INR 916 crore.

• Q3 profit after tax up 10% to INR 157 crore; nine-month profit after tax down 3% to INR 481 crore.

• Consolidated revenue for Q3 FY26 was ₹1,639.22 crore, up from ₹1,400.88 crore in Q3 FY25; nine-month revenue was ₹4,713.92 crore, up from ₹3,958.31 crore year-over-year.

• Profit before tax and profit after tax declined marginally by 3% and 4% year-over-year, respectively, due to higher gas costs and exchange rate impacts.

Outlook and guidance

• Continued focus on network expansion, digital integration, and customer experience enhancement.

• Well-positioned for sustainable growth and long-term value creation, with a strong balance sheet and strategic roadmap.

• The company recognized a financial impact of ₹7.23 crore in the current quarter due to the implementation of new labour codes effective November 21, 2025.