Adani Total Gas Ltd.EBITDA +12%, PAT +3% as gas costs jump 43%

Adani Total Gas's Q2 FY27 call, held on 23 October 2026, showed volume growth running into a sharp rise in gas costs.

Gas volumes grew 12% to 315 MMSCM and EBITDA rose 12% to ₹340 crore, but natural gas costs rose 43% on higher Brent and LNG prices, a weaker rupee, shifts in domestic gas availability and the withdrawal of pooled gas support, so revenue growth of 34% left profit after tax up only 3% at ₹167 crore. CNG volume rose 17% while piped gas volume rose 3%, and the company added 16 CNG stations and 39,574 household connections.

Management cut spot gas from about 15% to 7% to 8% of its portfolio and says it takes a calibrated approach to passing on costs. It targets 80 to 90 CNG stations and more than 2 lakh household connections this year, plans to double compressed biogas output within six months, and called cost pressures temporary, though it gave no timeline for margin recovery. Of 11 earlier promises, 9 were on track or met, one was not yet visible and one was delayed.