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Swing Capital

Adani Total Gas Ltd

NSE: ATGL BSE: 542066Auto

AGL is engaged in City Gas Distribution (CGD) business and supplies natural gas to domestic, commercial, industrial and vehicle users.

₹604
52W: ₹454 — ₹798
PE 104 · Book ₹43.9 · +1276% vs book
Market Cap₹66,379 Cr
Stock P/E104Price to Earnings
ROCE15.2%Return on Capital
ROE14.1%Return on Equity
Div. Yield0.04%Face Value ₹1

Weaknesses

  • −Stock is trading at 13.7 times its book value
  • −Dividend payout has been low at 4.26% of profits over last 3 years

Shareholding Pattern

Promoters74.8%
FIIs12.75%
DIIs6.26%
Public6.18%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.8%74.8%74.8%74.8%74.8%74.8%74.8%74.8%
FIIs12.96%13.07%▲0.113.06%▼0.013.22%▲0.213.02%▼0.212.88%▼0.112.81%▼0.112.75%▼0.1
DIIs6.15%6.13%▼0.06.27%▲0.16.23%▼0.06.31%▲0.16.23%▼0.16.25%▲0.06.26%▲0.0
Public6.08%5.99%▼0.15.85%▼0.15.74%▼0.15.87%▲0.16.07%▲0.26.14%▲0.16.18%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,1551,1661,1441,2161,2911,3361,3721,4441,4991,549
Expenses8678778479091,0261,0711,0801,1511,1961,249
Operating Profit288289296307264265292293303299
OPM %25%25%26%25%20%20%21%20%20%19%
Net Profit172165177178143149162162157156
EPS ₹1.571.51.611.621.31.361.471.471.431.42

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,864Cr, up 17.6% YoY. OPM at 20%.

Debt Position

Borrowings at ₹2,252Cr. Debt-to-equity ratio: 0.48x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,919Cr (47% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 6.26% (+0.11pp change). FIIs: 12.75% (-1.33pp change). Promoters hold 74.8%.

Margin & Efficiency

ROCE improving from 0% (Mar 2016) to 15% (Mar 2026). Working capital days: -80.

Valuation

PE 104x with 15.2% ROCE. Price is 1276% above book value of ₹43.9. Dividend yield: 0.04%.

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