WatchTalking point
Profit lagging revenue
Revenue grew 18.4% but profit grew 0.2%, so the company kept less of each rupee of revenue as profit.
Importance 68 / 95 · growth
ADANI TOTAL GAS LIMITED · Research view
ADANI TOTAL GAS LIMITED
NSE: ATGLBSE: 542066ISIN INE399L01023Face value ₹1standalone
₹583
−1.58% · 2026-10-01 · 52-wk ₹468–₹809
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Premium valuation, soft growth
The P/E of 101.45× is above the gas median (56.41×) while profit grew 0.2% last year.
Importance 62 / 95 · valuation
WatchTalking point
Growing, but less profitably
Revenue grew 18.4% but EBITDA margin fell 2.3 percentage points to 19.2%, so the company kept less of each rupee of revenue as operating profit.
Importance 62 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 23.6% a year over 7 years (₹1,102 → ₹4,865).
Importance 60 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Energy › Oil, Gas & Consumable Fuels › Gas › LPG/CNG/PNG/LNG Supplier.
- Market cap
- ₹64,135 cr
- FY2026 revenue
- ₹6,378 cr
- FY2026 net profit
- ₹637 cr
- Net worth
- ₹4,824 cr
- Total debt
- ₹2,168 cr
- EPS (basic)
- ₹5.79
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 gas.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 18.4% but profit grew 0.2%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +19.6%over 7 years
- Revenue growth
- +18.2%vs last year
- Net profit growth
- −1.7%vs last year
- Change in net profit since FY19
- +178%
Revenue grew 18.4% but EBITDA margin fell 2.3 percentage points to 19.2%, so the company kept less of each rupee of revenue as operating profit.
Revenue compounded at 19.7% a year over 7 years (₹1,823 → ₹6,409) — though FY2022 saw a one-off step-change of 80% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Revenue grew 18.4% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Watch
Q1 FY27 net profit declined 14.2% while revenue grew 27.3% vs the same quarter last year — a gap of 41.5 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Strength
Q1 FY27 revenue was ₹1,907 cr, up 27.3% from ₹1,498 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Concern
Q1 FY27 EBITDA margin was 14.8%, down 5.26 percentage points from 20.1% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,318 | — | 186 | — | 14.1% |
| Q3 FY25 | 1,401 | +12.6% | 142 | −19.4% | 10.2% |
| Q4 FY25 | 1,453 | +15.5% | 155 | −8.0% | 10.6% |
| Q1 FY26 | 1,498 | +20.9% | 165 | −3.8% | 11.0% |
| Q2 FY26 | 1,576 | +19.6% | 163 | −11.9% | 10.4% |
| Q3 FY26 | 1,639 | +17.0% | 159 | +11.4% | 9.7% |
| Q4 FY26 | 1,695 | +16.6% | 168 | +8.9% | 9.9% |
| Q1 FY27 | 1,907 | +27.3% | 142 | −14.2% | 7.4% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹6,817 crTTM
- EBITDA
- ₹1,214 crTTM
- EBIT
- ₹960 crTTM
- PBT
- ₹819 crTTM
- Net profit
- ₹632 crTTM
C. Corporate actions
12 Jun 2026DividendDividend - Rs. - 0.2500 — ₹0.25/share
13 Jun 2025DividendDividend - Rs. - 0.2500 — ₹0.25/share
14 Jun 2024DividendDividend - Rs. - 0.2500 — ₹0.25/share
7 Jul 2023DividendDividend - Rs. - 0.2500 — ₹0.25/share
14 Jul 2022DividendFinal Dividend - Rs. - 0.2500 — ₹0.25/share
24 Jun 2021DividendDividend - Rs. - 0.2500 — ₹0.25/share
26 Mar 2020DividendInterim Dividend - Rs. - 0.2500 — ₹0.25/share
26 Jul 2019DividendDividend - Rs. - 0.2500 — ₹0.25/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE of 14.5% is the lowest in 7 years (prior range 16.8% to 33.9%).
Rule ROE_AT_MULTI_YEAR_LOW
- EBITDA margin now
- 19.2%
- 8-year range
- 19.2–42.0%
- ROE FY2026
- 14.1%
- ROCE FY2026
- 15.4%
ROE declined from 16.8% to 14.5% year on year.
EBITDA margin fell from 21.5% to 19.2% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 23.6% a year over 7 years (₹1,102 → ₹4,865).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹2,168 cr
- Operating cash flow ÷ net profit
- 1.81×FY2026
- Free cash flow
- ₹247 cr
- Current ratio
- 0.64×
Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 1.75×).
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 gas (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Watch
The P/E of 101.45× is above the gas median (56.41×) while profit grew 0.2% last year.
Rule PRICED_FOR_GROWTH
- P / E
- 101.4×TTM to Jun 26
- P / B
- 13.2×latest book
- P / S
- 9.4×TTM sales
- Earnings yield
- 1.0%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 97.8× · P/S 9.9× · ROE 14.5%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −9.0%
- 3-year return
- −4.9%
- 5-year return
- −58.6%
- From 52-wk high
- −27.9%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹633
- vs 200-day avg
- Below₹614
- RSI (14)
- 37.7neutral
- MACD histogram
- -1.1
- From 52-wk high
- −27.9%
- From 52-wk low
- +24.6%
- 30-day volatility
- 40.5%ann.
- 6-month return
- +14.4%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit lagging revenueRevenue grew 18.4% but profit grew 0.2%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 68
- WatchPremium valuation, soft growthThe P/E of 101.45× is above the gas median (56.41×) while profit grew 0.2% last year.PRICED_FOR_GROWTH · conviction 62
- WatchGrowing, but less profitablyRevenue grew 18.4% but EBITDA margin fell 2.3 percentage points to 19.2%, so the company kept less of each rupee of revenue as operating profit.REVENUE_UP_MARGIN_DOWN · conviction 62
- ConcernReturns at a multi-year lowROE of 14.5% is the lowest in 7 years (prior range 16.8% to 33.9%).ROE_AT_MULTI_YEAR_LOW · conviction 58
- ConcernReturns decliningROE declined from 16.8% to 14.5% year on year.ROE_DETERIORATED_YOY · conviction 42
- ConcernMargins compressingEBITDA margin fell from 21.5% to 19.2% of revenue.MARGIN_COMPRESSED_YOY · conviction 40
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,823 | 1,991 | 1,784 | 3,206 | 4,683 | 4,813 | 5,398 | 6,378 |
| Total income | 1,910 | 2,035 | 1,829 | 3,248 | 4,720 | 4,860 | 5,432 | 6,415 |
| EBITDA | 541 | 639 | 749 | 815 | 907 | 1,150 | 1,167 | 1,225 |
| Profit before tax | 357 | 547 | 631 | 679 | 716 | 882 | 868 | 863 |
| Net profit | 229 | 436 | 472 | 505 | 530 | 653 | 648 | 637 |
| EPS (₹) | 2.1 | 4.0 | 4.3 | 4.6 | 4.8 | 5.9 | 5.9 | 5.8 |
| Net worth | 1,111 | 1,480 | 1,952 | 2,430 | 2,938 | 3,563 | 4,185 | 4,824 |
| Total debt | 346 | 355 | 468 | 1,035 | 1,372 | 1,471 | 1,746 | 2,168 |
| Operating cash flow | — | — | 654 | 736 | 846 | 971 | 980 | 1,150 |
| Free cash flow | — | — | 47 | −215 | −312 | 227 | 145 | 247 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 9.2 | -10.4 | 79.7 | 46.1 | 2.8 | 12.1 | 18.2 |
| Profit growth YoY | — | 90.7 | 8.2 | 6.9 | 5.0 | 23.3 | -0.8 | -1.7 |
| Profitability | ||||||||
| EBITDA margin % | 29.7 | 32.1 | 42.0 | 25.4 | 19.4 | 23.9 | 21.6 | 19.2 |
| Net margin % | 12.0 | 21.4 | 25.8 | 15.5 | 11.2 | 13.4 | 11.9 | 9.9 |
| Return on equity % | 20.6 | 33.7 | 27.5 | 23.0 | 19.7 | 20.1 | 16.7 | 14.1 |
| Return on capital % | 32.5 | 35.7 | 32.2 | 24.9 | 20.4 | 21.3 | 17.7 | 15.4 |
| Leverage & cash | ||||||||
| Debt to equity | 0.31 | 0.24 | 0.24 | 0.43 | 0.47 | 0.41 | 0.42 | 0.45 |
| Cash flow ÷ profit | — | — | 1.38 | 1.46 | 1.60 | 1.49 | 1.51 | 1.81 |
| Current ratio | 3.03 | 0.94 | 0.28 | 0.25 | 0.39 | 0.58 | 0.73 | 0.64 |