Adani Total Gas Q2 Results, October 22, 2026: Volume Up 12%, Profit ₹167 Crore

Adani Total Gas Q2 results came in on October 22, 2026, and the story is one of strong demand meeting expensive gas. The city gas distributor sold 12% more gas than a year ago and grew revenue 34%, but standalone net profit rose only 3% to ₹167 crore. The gap between those two numbers tells you most of what happened in the September quarter.

All figures below are from the media release Adani Total Gas filed with NSE for the quarter ended September 30, 2026 (Q2 FY27). Unless we say otherwise, they are standalone numbers compared with Q2 FY26.

Adani Total Gas Q2 results: the key numbers

• Revenue: ₹2,102 crore, up 34% from ₹1,569 crore.
• EBITDA: ₹340 crore, up 12% from ₹302 crore.
• Profit before tax: ₹235 crore, up 8% from ₹217 crore.
• Net profit (PAT): ₹167 crore, up 3% from ₹162 crore. Consolidated PAT was ₹173 crore.
• Cash profit: ₹254 crore, up 8% from ₹235 crore.

For the half year to September, revenue rose 31% to ₹3,999 crore and EBITDA grew 3% to ₹621 crore. Profit went the other way. Standalone PAT for the half fell 7% to ₹300 crore from ₹324 crore, and consolidated PAT stood at ₹315 crore.

Volumes kept climbing

Total sales volume was 315 million standard cubic metres (MMSCM), against 280 MMSCM a year ago. CNG did the heavy lifting. CNG sales rose 17% to 223 MMSCM, while piped gas (PNG) grew just 3% to 92 MMSCM. By our arithmetic, CNG now makes up roughly 71% of the company’s volume.

The network kept growing too. ATGL added 16 CNG stations in the quarter to reach 723, connected 39,574 more homes to piped gas for a total of about 11.81 lakh households, and took industrial and commercial connections to 10,864. Including its joint venture IOAGPL, the combined footprint covers 1,185 CNG stations and 529 MMSCM of volume, up 18%.

Where the margin went

Here is the catch. The company said its cost of natural gas rose 43% in the quarter. It pointed to higher volumes, Brent-linked prices that stayed elevated, the withdrawal of temporary pooled-gas support from July 5, 2026, and the continuing West Asia crisis. A weaker rupee added to the bill.

Cheap domestic gas was also scarcer. The company said APM gas covered only around 25% of its CNG needs in Q2, so the rest came from HPHT gas, long- and short-term contracts and spot purchases. A revised government HPHT allocation framework did improve domestic availability, according to the release.

On our own calculation, EBITDA was about 16.2% of revenue this quarter, against about 19.2% a year ago. Revenue grew nearly three times as fast as EBITDA, which is what happens when a gas retailer passes on only part of a cost jump to customers. CEO Sanjay Pandita said in the release that sourcing choices and “calibrated” pricing helped manage the cost pressure.

The smaller businesses

The EV charging arm, Adani TotalEnergies E-mobility, had 5,513 installed charge points across 26 states and union territories, with 4,809 operational and installed capacity of about 63 MW. The biogas unit sold 460 tonnes of compressed biogas in the first half.

What we would watch

Demand is not the problem. CNG keeps growing in the high teens and the network keeps expanding. The real question is gas cost. If Brent and spot LNG stay high and APM allocation stays thin, ATGL either raises prices further and risks slowing CNG adoption, or it accepts thinner margins. Profit for the half is already down from last year. Any easing in sourcing costs would show up quickly in EBITDA, and so would any further cut in cheap domestic gas.

For the bigger picture, see our Adani Group Q2 results preview and the Adani Energy Solutions Q2 numbers from the same day. Our guide on how to analyse a company’s quarterly results explains how to read margins like these. The company’s own disclosures are on adanigas.com.

Disclaimer: This article is for information and education only and is not investment advice. Do your own research or consult a SEBI-registered adviser before investing.