| Results date | October 22, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,906.79 Cr (Q1 FY27, consolidated) |
| Previous quarter PAT | Rs. 141.72 Cr (Q1 FY27, consolidated) |
| Previous quarter EBITDA margin | 14.85% (consolidated, Q1 FY27) |
| Market cap | Rs. 63,717.5 Cr |
| CMP | Rs. 579.35 |
The Board of Adani Total Gas will meet on Thursday, October 22, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The trading window, closed since October 1, re-opens on October 25, 2026 (48 hours after results become public).
The company has intimated a post-results conference call on Friday, October 23, 2026, at 12:30 pm IST, for the quarter and half year ended September 30, 2026, and business outlook. Speakers are Mr. Sanjay Pandita (CEO), Mr. Preyash Jhaveri (CFO) and Mr. Adish Vakharia (Investor Relations).
The central question for Q2 FY27 is whether margin compression worsened: spot LNG moved from the mid-$16s/MMBtu in mid-July to about $26/MMBtu by mid-September (the highest since December 2022), Brent exited the quarter at $108.30 on September 28 versus roughly $73 at entry, and the rupee ended near 96 to the dollar. In Q1 FY27, cost of natural gas rose 39% YoY (Rs. 1,454 Cr standalone) against 27% revenue growth, with standalone EBITDA down 7% YoY to Rs. 281 Cr and EBITDA margin at 14.71% versus 20.07% a year earlier. Volume momentum, however, remains intact — Q1 sales volume was 303 MMSCM (+13% YoY), CNG 218 MMSCM (+18%), and industry CGD sales grew 21% YoY in April-June FY27, while a government incentive scheme for domestic PNG connections took effect September 1, 2026. Management guided ~Rs. 1,500 crore of group EBITDA for FY27 with EBITDA growth in line with volume growth, but Q1 standalone EBITDA annualizes (simple 4x, not a company figure) to only ~Rs. 1,124 Cr, and the Middle East supply normalization underpinning the margin-recovery thesis had re-escalated rather than materialized as of the note date. The call's center of gravity will be whether the ~Rs. 1,500 Cr path is reaffirmed, re-phased, or re-based, and how much of the spot-cost surge was passed into CNG/PNG tariffs versus absorbed — with CNG price hikes (Delhi peer IGL raised Rs. 3.89/kg in late August) now active against static petrol and diesel prices.
FY27 EBITDA target (~Rs. 1,500 crore) tracking: Q1 standalone EBITDA of Rs. 281 Cr (-7% YoY) annualizes to ~Rs. 1,124 Cr (simple 4x, an arithmetic run-rate, not a company forecast) — below the target pace.
Margin recovery and gas sourcing mix post-pool withdrawal: Management gave no specific margin recovery timeline on the Q1 call, pointing to contract renewals and mid/long-term procurement.
Volume growth and new Geographical Areas: Whether the 13% Q1 FY27 volume growth and double-digit CNG trajectory is sustained, especially with the pricing lever now active.
EV charge-point additions vs 10-15/day target: Q1 FY27 net additions ran at ~2.3/day (derived) against the stated target of at least 10-15 additions per day.
Pipeline capex, PNGRB disputes and new CFO's first full quarter: Preyash Jhaveri, CFO since September 3, 2026 (Interim CFO since December 22, 2025), will present his first full quarter.
Management attributed the compression to market-priced gas sourcing and declining APM allocation — cost of natural gas rose 39% YoY in Q1 FY27 against 27% revenue growth, with APM at only 28% of the portfolio. On the Q1 call, management pointed to upcoming contract renewals and mid/long-term procurement but gave no specific recovery timeline.
The government withdrew pooled gas volumes after the peace deal, which management described as a 'sudden decision by the government'. ATGL is pursuing mid-term purchases and plans longer-term contracts once the market stabilizes.
Management guided to around Rs. 1,500 crores of group EBITDA for FY27, with EBITDA growth in line with volume growth and revenue growth matching FY26's achieved level. Interim CFO Preyash Jhaveri stated on the Q4 FY26 call: 'we are expecting around -- we can say INR 1,500 crores of EBITDA'.
Consolidated revenue rose 27.26% YoY to Rs. 1,906.79 Cr, but consolidated PAT fell 14.23% YoY to Rs. 141.72 Cr. Standalone EBITDA declined 7% YoY to Rs. 281 Cr with total sales volume of 303 MMSCM (+13% YoY).
The e-mobility SPV targets 10,000 charge points, 10-15 additions per day, and 100 MW installed capacity 'very soon'. In Q1 FY27, installed charge points reached 5,306 with 3.3 million electrons sold (+100% YoY), though net additions ran at roughly 2.3 per day against the stated target.