Adani Total Gas Limited (ATGL) is a leading city gas distribution company in India, operating across 52 geographical areas and backed by the strong JV between Adani Group and TotalEnergies. With a focus on cleaner fuel, EV infrastructure, and energy transition, ATGL is rapidly evolving from a gas distributor to a multi-energy infrastructure company.
This article presents a structured 10-year share price forecast, backed by current financials, business expansions, ESG commitments, and India’s growing gas infrastructure demand. The forecast is detailed month-by-month, supported with justifications based on historical data, quarterly earnings, and strategic project plans.
Company Overview: India’s Fastest-Growing City Gas Distributor
ATGL operates in CNG, PNG, LNG, EV charging, and biomass segments. As of December 2024:
- 605 CNG stations (added 58 in 9 months of FY25)
- 9.22 lakh domestic PNG connections
- 1,914 EV charging points across 226 cities
- Operating across 22 states and 4 union territories
Through TotalEnergies’ global expertise and Adani’s infrastructure dominance, ATGL is positioned to lead India’s clean energy adoption.
Current Market Scenario & Peer Comparison
As of Q2 2025, the Indian city gas distribution (CGD) sector is witnessing rising demand due to clean fuel policies, electrification of transport, and expanding urban pipeline coverage.
Key Sector Trends:
- Government Policies: Push for EVs, LNG for long-haul transport, and 100% city gas coverage
- Input Volatility: Reduction in APM gas allocation caused input pricing instability, but recent revisions improved availability
- Urban Demand: Increased PNG and CNG usage in Tier 2/3 cities driving retail gas sales
Peer Comparison (as of May 2025):
| Company | CMP (₹) | P/E | ROE | EBITDA Margin | CAGR (3Y) | Remarks |
|---|---|---|---|---|---|---|
| ATGL | ₹685 | 61.4x | 22.3% | 18.5% | 28.6% | Sector leader in CNG infra & EV network |
| Mahanagar Gas | ₹1,370 | 16.7x | 21.8% | 27.3% | 14.2% | High margins, low expansion speed |
| Gujarat Gas | ₹497 | 21.3x | 18.5% | 22.1% | 17.5% | Focus on industrial PNG |
| IGL | ₹460 | 20.2x | 19.6% | 25.7% | 18.8% | Delhi-centric; slow infra rollout |
ATGL stands out with aggressive infrastructure expansion, diversified energy services (LNG, CBG, EV), and strong revenue CAGR. While it trades at a premium valuation, the growth visibility and ESG alignment justify investor interest.
Financial Performance Snapshot (Q3 FY25)
- Revenue: ₹1,397 Cr (up 12% YoY)
- EBITDA: ₹272 Cr
- PAT: ₹143 Cr
- CNG Volume: 171 MMSCM (+19% YoY)
- PNG Volume: 86 MMSCM (+8% YoY)
Despite APM allocation cuts (from 63% to 37%), ATGL maintained strong operational metrics .
Key Growth Segments
1. CNG Infrastructure
- 43% YoY national growth in CNG vehicle registrations
- High conversion in GAs like Ahmedabad, Bhilwara, etc.
2. EV Charging Network
- 1,914 stations in 226 cities
- Targeting 3,000 by FY26 with presence in 20 airports
3. LNG & Bio-Gas (CBG)
- First LNG station operational in Tirupur (Tamil Nadu)
- Commercial bio-CNG production started from Barsana plant
4. Pipeline Infrastructure
- Expanded steel pipeline to 13,082 inch-km
- Rapid PNG penetration across industrial, commercial, and residential segments
ESG Commitment and Resilience
ATGL’s FY24 integrated annual report emphasizes:
- Low-carbon energy leadership through bio-CNG and EV
- Circular economy initiatives like FOM/PROM fertilizer
- Sustainability-first growth, audited under IIRC & GRI frameworks
Adani Total Gas Share Price Target (2025–2035)
Adani Total Gas Share Price Target 2025
- Jan–Dec Range: ₹685 to ₹770
- Justification: Base year post-APM recovery; strong growth in EV network, CNG volume up 19%, solid PAT growth.
Adani Total Gas Share Price Target 2026
- Jan–Dec Range: ₹780 to ₹860
- Justification: EV stations cross 3,000; LNG and smart PNG monetization begins; steady YoY volume and EBITDA growth.
Adani Total Gas Share Price Target 2027
- Jan–Dec Range: ₹875 to ₹970
- Justification: Profit from mature GAs; consistent cash flows from EV, CBG; LNG for transport scales up.
Adani Total Gas Share Price Target 2028
- Jan–Dec Range: ₹990 to ₹1,110
- Justification: Bio-CNG plant contributes to earnings; network costs stabilize; growth shifts to Tier 2/3 markets.
Adani Total Gas Share Price Target 2029
- Jan–Dec Range: ₹1,130 to ₹1,250
- Justification: Operational maturity in 40+ GAs; reduced working capital pressure; dividend initiation likely.
Adani Total Gas Share Price Target 2030
- Jan–Dec Range: ₹1,270 to ₹1,400
- Justification: Sustained demand from EV and logistics; smart meter rollout increases recurring revenue base.
Adani Total Gas Share Price Target 2031
- Jan–Dec Range: ₹1,425 to ₹1,580
- Justification: ROCE expansion; expansion into commercial EV leasing & battery infra; ESG-linked investment inflows.
Adani Total Gas Share Price Target 2032
- Jan–Dec Range: ₹1,600 to ₹1,760
- Justification: EV charging revenue hits breakeven; firm debt-to-equity improves; regulatory incentives continue.
Adani Total Gas Share Price Target 2033
- Jan–Dec Range: ₹1,780 to ₹1,930
- Justification: New JV or international project announcements possible; consistent 20–25% PAT growth.
Adani Total Gas Share Price Target 2034
- Jan–Dec Range: ₹1,950 to ₹2,130
- Justification: Margin expansion, strong brand equity; high asset monetization cycle; positive EPS momentum.
Adani Total Gas Share Price Target 2035
- Jan–Dec Range: ₹2,150 to ₹2,400
- Justification: Peak phase of maturity; recurring income from EV, biofuel, PNG; ATGL likely enters Nifty 50.
Investment Outlook
ATGL is not just a city gas distributor anymore—it’s transforming into an integrated energy company. With robust capex, strong volume CAGR, and a focus on green tech, ATGL offers one of the strongest long-term bets in India’s clean energy space.
Verdict: Strong Long-Term BUY for 10+ years with potential for dividend income and capital appreciation.
Hi, I’m Ashish, the author here. With a solid background in data analytics and statistics, I bring you straightforward insights into the stock market. I research stocks inside out, blending fundamental and technical analyses. My goal is to provide you with clear, actionable content that simplifies the complexities of investing. Join me on this journey for straightforward advice and a data-driven approach to making informed decisions in the stock market.
