Key Metrics of Adani Total Gas
About Adani Total Gas
Sectors
Company details
- Website
- adanigas.com
- Registered office
- Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar Ahmedabad, Ahmedabad, In-gj, 382421
Operational Areas of Adani Total Gas
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 06 Aug 2026 | ICRA | Reaffirmed | AA+ | A1+ | Stable | ₹4,700 Cr | View |
| 30 Jul 2026 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹4,244 Cr | View |
| 26 Mar 2026 | ICRA | Other | AA+ | A1+ | Stable | ₹5,500 Cr | View |
| 08 Aug 2025 | CARE | Assigned | AA+ | A1+ | Stable | ₹4,650 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Strong promoter profile
ATGL is promoted by the Adani family and TotalEnergies SE.
+ Expanding infrastructure yields volume growth; CNG continues to drive volumes
ATGL has been witnessing healthy volume growth across its CGD network, backed by expanding infrastructure across the GAs.
+ Healthy financial profile
ATGL’s financial risk profile has remained healthy , supported by growing volumes and robust contribution margin on the sale of natural gas.
Credit challenges
− Operations exposed to changes in spread between CNG/PNG and alternative fuel prices
In FY2026, ATGL derived nearly 69% of its volumes from the CNG segment and ~24% from PNG (I&C).
− Environment and social risks Environmental considerations
ATGL is promoting the use of natural gas, which reduces CO2 emissions, and is a cleaner fuel, and hence, is favourable with respect to environmental concerns.
− Social considerations
The worldwide trend towards a shift to less carbon-intensive sources of energy could structurally increase the demand for natural gas.
Could lead to an upgrade
ICRA could upgrade the ratings if the company is able to successfully meet its capital commitments in the authorised GAs in a timely manner along with achieving a healthy growth in sales volumes and earnings.
Could lead to a downgrade
Any sustained moderation in the sales volume and profitability weakening the credit metrics may result in a downgrade. A specific credit metric for downgrade would be the gross external debt/OPBDITA increasing over 3.0 times on a sustained basis, or if the PNGRB levies a significant penalty for non -achievement of MWP, weakening the
Agency-reported financials (ICRA, 06 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹5,000 Cr | ₹5,894 Cr |
| PAT | ₹639 Cr | ₹634 Cr |
| OPBDIT/OI | 22.8% | 20.3% |
| PAT/OI | 12.8% | 10.8% |
| Total outside liabilities/Tangible net worth (times) | 0.82× | 0.96× |
| Total debt/OPBDIT (times) | 1.61× | 1.88× |
| Interest coverage (times) | 11.30× | 9.20× |
| Revenue growth (YoY) | — | 17.9% |
| EBITDA (margin × income) | ₹1,138 Cr | ₹1,197 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹1,832 Cr | ₹2,250 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹101 Cr | ₹130 Cr |
Adani Total Gas Limited, incorporated in 2005, is in the CGD business, which involves the marketing and distribution of natural gas (piped and compressed). At present, ATGL is one of the largest CGD players in India with presence in 34 GAs, including the 14 GAs won under the eleventh round of bidding. ATGL has also entered into a 50:50 JV with Indian Oil Corporation Limited, with the joint venture, IOAGPL, engaged in the implementation of CGD network in several other GAs across India. IOAGPL is present in 19 GAs across the country.
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term: Fund based limits – : Term loans | Term loans | ₹1,163 Cr | ₹1,037 Cr | −10.9% | AA+ (Stable) | Reaffirmed | ICRA |
| Long term: Fund based limits – : Cash credit Short term: Non-fund based limits | Non-fund based limits | ₹30.0 Cr | ₹30.0 Cr | 0.0% | AA+ (Stable) | Reaffirmed | ICRA |
| LC/BG | Non-fund based limits | ₹3,430 Cr | ₹3,150 Cr | −8.2% | A1+ | Reaffirmed | ICRA |
| Long term/Short term | Working capital & bank lines | ₹877 Cr | ₹483 Cr | −44.9% | AA+ (Stable) | Other | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term Loan FY FY | Term loans | — | 31 Mar 2024 | 31 Mar 2027 | ₹448 Cr | AA+ | Outstanding |
| — | Term Loan FY FY | Term loans | — | 31 Mar 2020 | 31 Mar 2029 | ₹119 Cr | AA+ | Outstanding |
| — | Term Loan FY FY | Term loans | — | 31 Mar 2024 | 31 Mar 2029 | ₹289 Cr | AA+ | Outstanding |
| — | Term Loan FY FY | Term loans | — | 31 Mar 2024 | 31 Mar 2029 | ₹304 Cr | AA+ | Outstanding |
| — | Term Loan FY FY | Term loans | — | 31 Mar 2017 | 31 Mar 2026 | ₹3.69 Cr | AA+ | Matured |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹3,150 Cr | CARE AA+; Stable / CARE A1+ |
| Cash Credit | ₹30.0 Cr | CARE AA+; Stable |
| Term Loan | ₹1,064 Cr | CARE AA+; Stable |
Lenders
| Fund-based - LT | Cash Credit | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Term Loan | Canara Bank |
| Fund-based - LT | Term Loan | ICICI Bank Ltd. |
| Fund-based - LT | Term Loan | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Term Loan | Proposed |
| Non-fund-based - LT/ ST | BG/LC | DBS Bank India Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Federal Bank |
| Non-fund-based - LT/ ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Indian Bank |
| Non-fund-based - LT/ ST | BG/LC | Kotak Mahindra Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Mizuho Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Standard Chartered Bank |
| Non-fund-based - LT/ ST | BG/LC | Sumitomo Mitsui Banking Corporation |
| Non-fund-based - LT/ ST | BG/LC | Union Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 65% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 65% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 9.2×
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate ATGL’s liquidity position is expected to remain adequate, supported by free cash and liquid investments of Rs. 544.9 crore as on March 31, 2026.
From the report
Liquidity: Strong ATGL’s liquidity profile is strong marked by strong cash accruals against its debt repayment obligations and cash and bank balance of ~₹527 crore as on March 31, 2026.
From the report
Nevertheless, ATGL’s healthy customer mix, coupled with an on-hand liquidity of around Rs. 480 crore, low near-term debt repayments and fully tied up funding for the ongoing capex plan, provides comfort from a credit profile point of view.
From the report
Liquidity: Strong ATGL’s liquidity profile is strong marked by strong cash accruals against its debt repayment obligations and cash and bank balance of ~₹313 crore as on March 31, 2025, additionally, the company also had a Rs. 173 crore of fixed deposits against which it can avail overdraft facility up to INR 146 crores.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Adani Total Gas
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 GAIL (India) |
Outlets operated by GAIL. | gailonline.com | — | New Delhi, India |
 Indraprastha Gas |
Outlets operated by Indraprasath. | iglonline.net | — | New Delhi, India |
 Mahanagar Gas Limited |
Natural Gas & City Gas · Electricity, Gas and Water companies | mahanagargas.com | — | Mumbai, Maharashtra, India |
| Natural Gas & City Gas · Electricity, Gas and Water companies | adanigas.com | — | Ahmedabad, Gujarat, India | |
| Green Gas Limited | Natural Gas & City Gas · Oil, Gas & Energy | — | — | Lucknow, Uttar Pradesh, India |
| Tripura Natural Gas Company Limited | Natural Gas & City Gas · Oil, Gas & Energy | — | — | Tripura, India |
| Meena Lpg Industries | Natural Gas & City Gas · Oil, Gas & Energy | — | — | Tamil Nadu, India |
| Natural Gas & City Gas · Electricity, Gas and Water companies | osakagas.co.jp | — | Delhi, India | |
| Mahanagar Gas |
Natural Gas & City Gas · Oil, Gas & Energy | mahanagargas.com | — | Mumbai, India |
| Outlets operated by India Gas Limited. | gas-web.com | — | India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
City gas distribution
Filings
No filings on record yet.