Adani Total Gas Limited

ATGL.NS

Regulated Gas · Utilities

Price

₹639.60

-6.50 (-1.01%)

Market Cap

₹703.44B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Dividends

Weak

Track this stock — start free trial

Winston Score History

The full picture

Adani Total Gas is an Indian company that supplies natural gas directly to homes, businesses, and vehicles. It builds and operates city gas distribution networks, including pipelines that deliver cooking gas to kitchens and compressed natural gas (CNG) stations that fuel cars and buses. The company is a joint venture between the Adani Group and TotalEnergies of France, making it one of India's leading city gas distributors.

The company earns revenue by selling piped natural gas (PNG) and CNG across a growing number of geographic areas authorized by India's gas regulator. It operates in dozens of districts across multiple Indian states and continues to expand its network. Its joint-venture backing provides both capital strength and technical expertise, giving it a competitive edge in winning new licenses. The key growth driver is India's push to increase natural gas in its energy mix, though the business faces risks from fluctuating global gas prices and the pace of infrastructure buildout in newer territories.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+8.5% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

79.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹23.7B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Adani Total Gas Limited is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.10B (2022) → 1.10B (2026)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

25.7%

Modest — 25.7% gross margin

Profit after running costs

Operating Margin

11.6%

Modest — 11.6% operating margin

Return on the money invested

ROCE

14.8%

Good — 14.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+19.8%

Fast-growing sales (+19.8% YoY)

Profit growth

EPS YoY

-2.4%

Earnings shrinking (-2.4% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

5.12x

Adequate interest coverage (5.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

111.2x

Expensive — P/E 111.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+80.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (111.2 → 31.1)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

0.04%

Small dividend — 0.04% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+0.0%

Dividend flat

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial