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Adani Total Gas Ltd.
(ATGL)
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Rating:57Neutral
Price Target:
₹603.00
▲(4.48% Upside)
Action:Reiterated
Date:09/19/26
The score is supported primarily by solid financial performance (steady growth and a generally healthy balance sheet), but is held back by weak free-cash-flow consistency and an expensive valuation (very high P/E). Technical indicators are mixed and do not materially improve the risk/reward.
Positive Factors
Steady revenue growth
Sustained revenue growth indicates continued customer demand and expanding throughput across the company’s gas-distribution network. This supports durable earnings power, provides a foundation for operating leverage, and can strengthen returns as infrastructure utilization increases over the next several quarters.
Negative Factors
Inconsistent free cash flow
Positive operating cash flow has not consistently translated into free cash flow, indicating that investment requirements or working-capital movements absorb a substantial portion of internally generated funds. Persistent volatility could constrain self-funded expansion and make capital allocation less flexible over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady revenue growth
Sustained revenue growth indicates continued customer demand and expanding throughput across the company’s gas-distribution network. This supports durable earnings power, provides a foundation for operating leverage, and can strengthen returns as infrastructure utilization increases over the next several quarters.
Read all positive factors
Adani Total Gas Ltd. (ATGL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹641.35B
Dividend Yield0.04%
Average Volume (3M)209.44K
Price to Earnings (P/E)101.4
Beta (1Y)0.91
Revenue Growth19.81%
EPS Growth-2.41%
CountryIN
Employees528
SectorGeneral
Sector StrengthN/A
IndustryRegulated Gas
Share Statistics
EPS (TTM)5.75
Shares Outstanding1,099,810,000
10 Day Avg. Volume282,130
30 Day Avg. Volume209,442
Financial Highlights & Ratios
PEG Ratio509.09
Price to Book (P/B)11.53
Price to Sales (P/S)9.52
P/FCF Ratio-28.62K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)20.6
Revenue Forecast (FY)₹95.01B
Adani Total Gas Ltd. Business Overview & Revenue Model
Company Description
Adani Total Gas Limited engages in the city gas distribution (CGD) business in India. The company supplies piped natural gas and compressed natural gas to the domestic, commercial, industrial, and transportation sectors. It also provides biogas, b...
How the Company Makes Money
ATGL primarily makes money by distributing natural gas within its authorized city gas distribution (CGD) areas and charging for the fuel it sells and the services it provides across two major end-use categories: (1) CNG for vehicles and (2) PNG fo...
Adani Total Gas Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 62.69B | 58.94B | 50.00B | 44.75B | 43.78B | 30.38B |
| Gross Profit | 15.70B | 15.67B | 16.42B | 15.53B | 12.31B | 10.60B |
| EBITDA | 12.03B | 12.54B | 11.20B | 10.84B | 8.61B | 7.64B |
| Net Income | 6.32B | 6.56B | 6.54B | 6.67B | 5.46B | 5.09B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 95.49B | 76.65B | 65.92B | 56.45B | 44.15B |
| Cash, Cash Equivalents and Short-Term Investments | 5.45B | 7.97B | 3.22B | 1.41B | 521.80M | 312.70M |
| Total Debt | 0.00 | 28.53B | 18.34B | 15.57B | 14.22B | 10.35B |
| Total Liabilities | -48.65B | 46.84B | 34.58B | 30.12B | 27.04B | 19.99B |
| Stockholders Equity | 48.65B | 48.65B | 42.07B | 35.80B | 29.41B | 24.16B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -19.60M | 229.50M | 1.56B | -3.23B | -2.15B |
| Operating Cash Flow | 0.00 | 9.86B | 9.64B | 9.55B | 8.53B | 7.36B |
| Investing Cash Flow | 0.00 | -12.57B | -9.33B | -7.52B | -11.67B | -11.37B |
| Financing Cash Flow | 0.00 | 3.00B | 563.50M | -777.30M | 2.95B | 4.22B |
Adani Total Gas Ltd. Technical Analysis
Negative
577.15
Price Trends
631.21
Negative
668.52
Negative
613.43
Negative
Market Momentum
-12.20
Positive
37.51
Neutral
11.19
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ATGL, the sentiment is Negative. The current price of 577.15 is below the 20-day moving average (MA) of 605.21, below the 50-day MA of 631.21, and below the 200-day MA of 613.43, indicating a bearish trend. The MACD of -12.20 indicates Positive momentum. The RSI at 37.51 is Neutral, neither overbought nor oversold. The STOCH value of 11.19 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ATGL.
Adani Total Gas Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹200.06B | 14.67 | ― | 3.33% | 9.92% | -18.29% | |
71 Outperform | ₹103.25B | 14.47 | ― | 2.87% | 11.12% | -33.11% | |
70 Outperform | ₹215.79B | 14.63 | ― | 2.86% | 43.18% | 34.40% | |
68 Neutral | ₹151.74B | 13.71 | ― | 1.86% | ― | ― | |
65 Neutral | ₹1.12T | 11.39 | ― | 3.21% | 3.52% | -15.10% | |
57 Neutral | ₹641.35B | 101.39 | ― | 0.04% | 19.81% | -2.41% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:ATGL
Adani Total Gas Ltd.
583.15
-50.03
-7.90%
IN:GAIL
GAIL (India) Limited
170.80
0.04
0.02%
IN:GSPL
Gujarat State Petronet Limited
268.95
-52.05
-16.21%
IN:GUJGASLTD
Gujarat Gas Ltd.
230.00
-126.27
-35.44%
IN:IGL
Indraprastha Gas Limited
142.90
-59.12
-29.27%
IN:MGL
Mahanagar Gas Ltd
1,045.30
-204.21
-16.34%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.