New Risk • Jun 07
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 46% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk High level of debt (46% net debt to equity). Upcoming Dividend • Jun 05
Upcoming dividend of ₹0.25 per share Eligible shareholders must have bought the stock before 12 June 2026. Payment date: 25 July 2026. Payout ratio is a comfortable 4.2% and this is well supported by cash flows. The company last paid an ordinary dividend in May 2019. The average dividend yield among industry peers is 2.0%. New Risk • Jun 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Declared Dividend • Apr 29
Dividend of ₹0.25 announced Dividend of ₹0.25 is the same as last year. Ex-date: 12th June 2026 Payment date: 25th July 2026 Dividend yield will be 0.04%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 4%. Cash payout ratio: 17%. Reported Earnings • Apr 29
Full year 2026 earnings released: EPS: ₹5.96 (vs ₹5.95 in FY 2025) Full year 2026 results: EPS: ₹5.96 (up from ₹5.95 in FY 2025). Revenue: ₹64.5b (up 29% from FY 2025). Net income: ₹6.56b (flat on FY 2025). Profit margin: 10% (down from 13% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Apr 28
Adani Total Gas Limited, Annual General Meeting, Jun 25, 2026 Adani Total Gas Limited, Annual General Meeting, Jun 25, 2026. Announcement • Apr 04
Adani Total Gas Limited to Report Q4, 2026 Results on Apr 27, 2026 Adani Total Gas Limited announced that they will report Q4, 2026 results on Apr 27, 2026 New Risk • Mar 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Jan 23
Third quarter 2026 earnings released: EPS: ₹1.44 (vs ₹1.29 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.44 (up from ₹1.29 in 3Q 2025). Revenue: ₹16.5b (up 27% from 3Q 2025). Net income: ₹1.59b (up 11% from 3Q 2025). Profit margin: 9.6% (down from 11% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Announcement • Jan 04
Adani Total Gas Limited to Report Q3, 2026 Results on Jan 22, 2026 Adani Total Gas Limited announced that they will report Q3, 2026 results on Jan 22, 2026 Reported Earnings • Oct 29
Second quarter 2026 earnings released: EPS: ₹1.49 (vs ₹1.69 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.49 (down from ₹1.69 in 2Q 2025). Revenue: ₹15.9b (up 30% from 2Q 2025). Net income: ₹1.63b (down 12% from 2Q 2025). Profit margin: 10% (down from 15% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Announcement • Oct 21
Adani Total Gas Limited to Report Q2, 2026 Results on Oct 28, 2025 Adani Total Gas Limited announced that they will report Q2, 2026 results on Oct 28, 2025 New Risk • Sep 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 29
First quarter 2026 earnings released: EPS: ₹1.50 (vs ₹1.56 in 1Q 2025) First quarter 2026 results: EPS: ₹1.50 (down from ₹1.56 in 1Q 2025). Revenue: ₹15.1b (up 32% from 1Q 2025). Net income: ₹1.65b (down 3.8% from 1Q 2025). Profit margin: 11% (down from 15% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Announcement • Jul 21
Adani Total Gas Limited to Report Q1, 2026 Results on Jul 28, 2025 Adani Total Gas Limited announced that they will report Q1, 2026 results on Jul 28, 2025 Declared Dividend • May 31
Dividend of ₹0.25 announced Dividend of ₹0.25 is the same as last year. Ex-date: 13th June 2025 Payment date: 25th July 2025 Dividend yield will be 0.04%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 4%. Cash payout ratio: 120%. Announcement • May 29
Adani Total Gas Limited announces Annual dividend, payable on July 25, 2025 Adani Total Gas Limited announced Annual dividend of INR 0.2500 per share payable on July 25, 2025, ex-date on June 13, 2025 and record date on June 13, 2025. Announcement • May 28
Adani Total Gas Limited, Annual General Meeting, Jun 25, 2025 Adani Total Gas Limited, Annual General Meeting, Jun 25, 2025, at 17:00 Indian Standard Time. Reported Earnings • Apr 29
Full year 2025 earnings released: EPS: ₹5.95 (vs ₹6.07 in FY 2024) Full year 2025 results: EPS: ₹5.95 (down from ₹6.07 in FY 2024). Revenue: ₹54.4b (up 22% from FY 2024). Net income: ₹6.54b (down 2.0% from FY 2024). Profit margin: 12% (down from 15% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Announcement • Apr 21
Adani Total Gas Limited to Report Q4, 2025 Results on Apr 28, 2025 Adani Total Gas Limited announced that they will report Q4, 2025 results on Apr 28, 2025 Reported Earnings • Jan 28
Third quarter 2025 earnings released: EPS: ₹1.29 (vs ₹1.61 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.29 (down from ₹1.61 in 3Q 2024). Revenue: ₹14.1b (up 22% from 3Q 2024). Net income: ₹1.42b (down 19% from 3Q 2024). Profit margin: 10% (down from 15% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Jan 18
Adani Total Gas Limited to Report Q3, 2025 Results on Jan 27, 2025 Adani Total Gas Limited announced that they will report Q3, 2025 results at 12:08 PM, Indian Standard Time on Jan 27, 2025 New Risk • Nov 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 25
Second quarter 2025 earnings released: EPS: ₹1.69 (vs ₹1.57 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.69 (up from ₹1.57 in 2Q 2024). Revenue: ₹13.3b (up 21% from 2Q 2024). Net income: ₹1.86b (up 7.5% from 2Q 2024). Profit margin: 14% (down from 16% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Oct 21
Adani Total Gas Limited Announces Cessation of Mr. Naresh Kumar Nayyar as Independent Director Adani Total Gas Limited announced that Mr. Naresh Kumar Nayyar ceased as an Independent Director of the Company effective from close of business hours on 21st October 2024, on completion of his two consecutive terms with the Company. Announcement • Oct 16
Adani Total Gas Limited to Report Q2, 2025 Results on Oct 24, 2024 Adani Total Gas Limited announced that they will report Q2, 2025 results on Oct 24, 2024 Reported Earnings • Jul 30
First quarter 2025 earnings released: EPS: ₹1.56 (vs ₹1.37 in 1Q 2024) First quarter 2025 results: EPS: ₹1.56 (up from ₹1.37 in 1Q 2024). Revenue: ₹11.5b (up 8.5% from 1Q 2024). Net income: ₹1.72b (up 14% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jul 22
Adani Total Gas Limited to Report Q1, 2025 Results on Jul 29, 2024 Adani Total Gas Limited announced that they will report Q1, 2025 results on Jul 29, 2024 Announcement • Jun 26
Adani Total Gas Limited Announces Resignation of Olivier Sabrie as Non-Executive Non-Independent Director Adani Total Gas Limited informed that Mr. Olivier Sabrie (DIN: 09375006), Non-Executive Non-Independent Director nominated by TotalEnergies on the Board of the Company has submitted his resignation with effect from 26th June, 2024 due to his assignment outside TotalEnergies Group. TotalEnerges has nominated a new nominee director in place of Mr. Olivier Sabrie. The proposal for the appointment of a new nominee Director shall be placed before the Nomination & Remuneration Committee and Board of the Company, in due course. Upcoming Dividend • Jun 07
Upcoming dividend of ₹0.25 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 25 July 2024. Payout ratio is a comfortable 4.1% and this is well supported by cash flows. The company last paid an ordinary dividend in May 2019. The average dividend yield among industry peers is 1.5%. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹6.07 (vs ₹4.97 in FY 2023) Full year 2024 results: EPS: ₹6.07 (up from ₹4.97 in FY 2023). Revenue: ₹44.8b (up 2.2% from FY 2023). Net income: ₹6.68b (up 22% from FY 2023). Profit margin: 15% (up from 13% in FY 2023). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • May 01
Adani Total Gas Limited, Annual General Meeting, Jun 25, 2024 Adani Total Gas Limited, Annual General Meeting, Jun 25, 2024, at 13:00 Indian Standard Time. Reported Earnings • May 01
Full year 2024 earnings released: EPS: ₹6.07 (vs ₹4.97 in FY 2023) Full year 2024 results: EPS: ₹6.07 (up from ₹4.97 in FY 2023). Revenue: ₹48.6b (up 11% from FY 2023). Net income: ₹6.68b (up 22% from FY 2023). Profit margin: 14% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 31
Third quarter 2024 earnings released: EPS: ₹1.61 (vs ₹1.37 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.61 (up from ₹1.37 in 3Q 2023). Revenue: ₹12.6b (up 14% from 3Q 2023). Net income: ₹1.77b (up 18% from 3Q 2023). Profit margin: 14% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 23
Adani Total Gas Limited Announces the Resignation of Mr. Gunjan Taunk as Company Secretary and Compliance Officer, Effective December 30, 2023 Adani Total Gas Limited announced the Resignation of Mr. Gunjan Taunk as Company Secretary and Compliance Officer with effect from close of business hour on December 30, 2023. New Risk • Nov 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 01
Second quarter 2024 earnings released: EPS: ₹1.57 (vs ₹1.45 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.57 (up from ₹1.45 in 2Q 2023). Revenue: ₹11.9b (up 6.5% from 2Q 2023). Net income: ₹1.73b (up 7.9% from 2Q 2023). Profit margin: 14% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Non-Executive Non-Independent Director Sangkaran Ratnam was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 23
Adani Total Gas Limited Announces Cessation of Chandra Iyengar as Independent Director Adani Total Gas Limited announced that Mrs. Chandra Iyengar (DIN: 02821294) has ceased to be an Independent Director of the Company with effect from close of business hours on October 21, 2023, consequent upon completion of her term. Mrs. Chandra Iyenger is an Independent Director in following listed entities: Arihant Superstructures Limited, Audit Committee (Member), Stakeholders Relationship, Committee (Member), Nomination & Remuneration, Committee (Member), Adani Power Limited, Audit Committee (Member), Nomination & Remuneration, Committee (Member), Corporate Social Responsibility, Committee (Member), Risk Management Committee, (Member), The Bombay Burmah Trading, Corporation Limited, Audit Committee (Member), The Bombay Dyeing and, Manufacturing Company Limited, Audit Committee (Member). Announcement • Oct 01
Adani Total Gas Limited Announces Change in Directorate Adani Total Gas Limited informed that Mrs. Ahlem Friga-Noy nominee Director of TotalEnergies on the Board of the Company has submitted her resignation with effect from 30th September, 2023, due to restructuring of Directorship/Nominees of TotalEnergies Group in India. TotalEnerges has nominated new nominee director in place of Mrs. Ahlem's. Reported Earnings • Aug 02
First quarter 2024 earnings released: EPS: ₹1.37 (vs ₹1.26 in 1Q 2023) First quarter 2024 results: EPS: ₹1.37 (up from ₹1.26 in 1Q 2023). Revenue: ₹11.4b (up 9.6% from 1Q 2023). Net income: ₹1.50b (up 8.6% from 1Q 2023). Profit margin: 13% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 03
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risk High level of debt (45% net debt to equity). Upcoming Dividend • Jun 30
Upcoming dividend of ₹0.25 per share Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 17 August 2023. Payout ratio is a comfortable 5.4% but the company is not cash flow positive. The company last paid an ordinary dividend in May 2019. The average dividend yield among industry peers is 2.1%. New Risk • Jun 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Jun 27
Full year 2023 earnings released: EPS: ₹4.97 (vs ₹4.63 in FY 2022) Full year 2023 results: EPS: ₹4.97 (up from ₹4.63 in FY 2022). Revenue: ₹47.2b (up 55% from FY 2022). Net income: ₹5.46b (up 7.3% from FY 2022). Profit margin: 12% (down from 17% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: ₹1.37 (vs ₹1.16 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.37 (up from ₹1.16 in 3Q 2022). Revenue: ₹11.9b (up 35% from 3Q 2022). Net income: ₹1.50b (up 18% from 3Q 2022). Profit margin: 13% (down from 14% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 97% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 10
Adani Total Gas Limited Appoints Suresh P Manglani as an Additional Director and Executive Director Adani Total Gas Limited announced that at its board meeting held on February 9, 2023, the Board of Directors appointed Mr. Suresh P Manglani, currently Chief Executive Officer of the Company as also an Additional Director and Executive Director of the Company for a period of three years with effect from 9th February 2023 pursuant to the provisions of the Companies Act, 2013 and SEBI Listing Regulations. Mr. Suresh P Manglani is the chief executive officer of the Company. He has over three decades of experience in the oil and gas industry, which includes around 17 years of experience in British Gas and BP Plc joint ventures in India, in the area of midstream and downstream (CGD) businesses. He joined the Company as Chief Executive Officer of the Company in September 2018. He has previously been associated with GAIL for approximately five years followed by Mahanagar Gas Limited (a joint venture of British Gas (later Shell) and GAIL) for over 13 years. Subsequently, he was associated with Reliance Industries Limited for over 10 years, in the capacity of Sr leader and Chief Financial Officer for refinery and marketing divisions (retail petroleum business). He has vast experience in handling P&L responsibility, city gas distribution and across the value chain of gas business, petroleum retail and policy advocacy. He is a passionate professional on driving digitalization and process transformations in every business he has been entrusted upon in his career. Board Change • Dec 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Non-Executive Independent Director Shailesh Haribhakti was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 04
Second quarter 2023 earnings released: EPS: ₹1.45 (vs ₹1.44 in 2Q 2022) Second quarter 2023 results: EPS: ₹1.45 (up from ₹1.44 in 2Q 2022). Revenue: ₹12.0b (up 85% from 2Q 2022). Net income: ₹1.60b (up 1.2% from 2Q 2022). Profit margin: 13% (down from 24% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 195% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Sep 16
Insider recently sold ₹4.2m worth of stock On the 9th of September, Harleen Kaur sold around 1k shares on-market at roughly ₹3,628 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹11m. Insiders have been net sellers, collectively disposing of ₹45m more than they bought in the last 12 months. Recent Insider Transactions • Sep 09
Insider recently sold ₹1.5m worth of stock On the 2nd of September, Arvind Raval sold around 401 shares on-market at roughly ₹3,658 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹11m. Insiders have been net sellers, collectively disposing of ₹36m more than they bought in the last 12 months. Recent Insider Transactions • Aug 27
Insider recently sold ₹11m worth of stock On the 22nd of August, Virendra Shah sold around 3k shares on-market at roughly ₹3,421 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹34m more than they bought in the last 12 months. Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: ₹1.26 (vs ₹1.30 in 1Q 2022) First quarter 2023 results: EPS: ₹1.26 (down from ₹1.30 in 1Q 2022). Revenue: ₹11.2b (up 126% from 1Q 2022). Net income: ₹1.38b (down 3.0% from 1Q 2022). Profit margin: 12% (down from 29% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 177% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 06
Full year 2022 earnings released Full year 2022 results: EPS: ₹4.63. Net income: ₹5.09b (up 10% from FY 2021). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 147% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 06
Full year 2022 earnings released: EPS: ₹4.63 (vs ₹4.21 in FY 2021) Full year 2022 results: EPS: ₹4.63 (up from ₹4.21 in FY 2021). Revenue: ₹30.4b (up 79% from FY 2021). Net income: ₹5.09b (up 10% from FY 2021). Profit margin: 17% (down from 27% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 165% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Apr 02
Insider recently sold ₹3.5m worth of stock On the 28th of March, Pratibha Raval sold around 2k shares on-market at roughly ₹1,753 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹18m more than they bought in the last 12 months. Recent Insider Transactions • Mar 22
Insider recently sold ₹1.5m worth of stock On the 16th of March, Kumkum Singh sold around 900 shares on-market at roughly ₹1,652 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹7.4m. Insiders have been net sellers, collectively disposing of ₹14m more than they bought in the last 12 months. Reported Earnings • Feb 03
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹1.16 (down from ₹1.33 in 3Q 2021). Revenue: ₹9.40b (up 89% from 3Q 2021). Net income: ₹1.28b (down 13% from 3Q 2021). Profit margin: 14% (down from 29% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 167% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jan 04
Insider recently sold ₹7.4m worth of stock On the 31st of December, Ram Singh sold around 4k shares on-market at roughly ₹1,718 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹13m more than they bought in the last 12 months. Reported Earnings • Oct 29
Second quarter 2022 earnings released: EPS ₹1.44 (vs ₹1.22 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₹7.02b (up 68% from 2Q 2021). Net income: ₹1.58b (up 18% from 2Q 2021). Profit margin: 23% (down from 32% in 2Q 2021). The decrease in margin was driven by higher expenses. Recent Insider Transactions • Oct 04
Insider recently sold ₹1.7m worth of stock On the 29th of September, Ina Jhaveri sold around 1k shares on-market at roughly ₹1,428 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 05
First quarter 2022 earnings released: EPS ₹1.30 (vs ₹0.35 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹4.94b (up 151% from 1Q 2021). Net income: ₹1.43b (up 266% from 1Q 2021). Profit margin: 29% (up from 20% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Jun 24
Full year 2021 earnings released: EPS ₹4.21 (vs ₹3.97 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹17.0b (down 9.5% from FY 2020). Net income: ₹4.63b (up 6.1% from FY 2020). Profit margin: 27% (up from 23% in FY 2020). The increase in margin was driven by lower expenses. Reported Earnings • May 05
Full year 2021 earnings released: EPS ₹4.21 (vs ₹3.97 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹18.3b (down 2.4% from FY 2020). Net income: ₹4.63b (up 6.1% from FY 2020). Profit margin: 25% (up from 23% in FY 2020). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Feb 15
New 90-day high: ₹427 The company is up 46% from its price of ₹293 on 17 November 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 40% over the same period. Reported Earnings • Feb 04
Third quarter 2021 earnings released: EPS ₹1.33 (vs ₹1.05 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹5.31b (up 8.6% from 3Q 2020). Net income: ₹1.46b (up 26% from 3Q 2020). Profit margin: 28% (up from 24% in 3Q 2020). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Jan 27
New 90-day high: ₹380 The company is up 86% from its price of ₹204 on 29 October 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 45% over the same period. Announcement • Jan 23
Adani Total Gas Limited (NSEI:ATGL) signed a share purchase agreement to acquire a 5% stake in Indian Gas Exchange Limited from Indian Energy Exchange Limited (BSE:540750) for INR 36.9 million. Adani Total Gas Limited (NSEI:ATGL) signed a share purchase agreement to acquire a 5% stake in Indian Gas Exchange Limited from Indian Energy Exchange Limited (BSE:540750) for INR 36.9 million on January 21, 2021.Under the terms of the agreement, Adani Total Gas Limited will acquire 3.69 million shares and will pay a cash consideration of INR 36.9 million. In a related transaction, Torrent Gas Private Limited signed a share purchase agreement to acquire 5% stake in Indian Gas Exchange Limited from Indian Energy Exchange Limited (BSE:540750) for INR 36.9 million on January 21, 2021. For the financial year ending March 31, 2020, Indian Gas Exchange Limited had turnover of INR 1 million and net worth of INR 78 million. Any governmental or regulatory approvals are not applicable for the transaction. The transaction is expected to close within seven days from the date of execution of share purchase agreement. Is New 90 Day High Low • Dec 29
New 90-day high: ₹374 The company is up 98% from its price of ₹189 on 30 September 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 39% over the same period. Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 24% share price gain to ₹293, the stock is trading at a trailing P/E ratio of 65.5x, up from the previous P/E ratio of 52.9x. This compares to an average P/E of 17x in the Gas Utilities industry in India. Total returns to shareholders over the past year are 101%. Reported Earnings • Nov 05
Second quarter 2021 earnings released: EPS ₹1.22 The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ₹4.49b (down 4.9% from 2Q 2020). Net income: ₹1.34b (up 12% from 2Q 2020). Profit margin: 30% (up from 25% in 2Q 2020). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Oct 30
New 90-day high: ₹220 The company is up 44% from its price of ₹154 on 31 July 2020. The Indian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹20.88 per share. Announcement • Jul 31
Total Holdings SAS completed the acquisition of 25.2% stake in Adani Gas Limited (NSEI:ADANIGAS). Total Holdings SAS made an offer to acquire 25.2% stake in Adani Gas Limited (NSEI:ADANIGAS) for INR 41.5 billion on October 14, 2019. Total Holdings will acquire 134.2 million shares at a price of INR 149.63 per share in cash. The group of sellers include Worldwide Emerging Market Holding Ltd, Universal Trade And Investments Ltd, Afro Asia Trade And Investments Ltd, Adani Tradeline LLP, Flourishing Trade And Investments Ltd, Shri Gautam S. Adani and Shri Rajesh S. Adani. On completion of agreement and an open offer, Total Holdings would hold 37.4% stake in Adani Gas. In a related transaction, Total Holdings SAS signed an agreement to acquire 12.2% stake in Adani Gas Limited (NSEI:ADANIGAS) from a group of sellers for INR 20.1 billion on October 14, 2019. Transaction is subject to statutory approvals and completion of the open offer by Total Holdings. As of November 28, 2019, transaction has been approved by Competition Commission of India. As of December 11, 2019, the tender offer period was changed to December 19, 2019 to January 3, 2020. As of December 17, 2019, the Committee of Independent Directors is of the opinion that the offer is fair and reasonable and recommends the acceptance of the Open Offer. As on February 24, 2020, the transaction was approved by the Petroleum and Natural Gas Regulatory Board. As of December 19, 2019, the transaction will be completed by July 17, 2020.
AZB & Partners acted as legal advisor to Total Holdings SAS. Edward Barnett, Hector Sants, Koushik Prasad, Ryan Maierson, and Rajiv Gupta of Latham & Watkins LLP (Paris) acted as legal advisor for Total Holdings. Grant Thornton India LLP has been appointed as the independent advisor to Independent Committee.
Total Holdings SAS completed the acquisition of 25.2% stake in Adani Gas Limited (NSEI:ADANIGAS) on January 14, 2020.Total Holdings SAS acquired the remaining shares in Adani Gas Limited on February 27, 2020 and February 28, 2020. 
