Thank you. Good morning, everyone.

Let me extend a hearty welcome to all of our investors, analysts, funds for taking out their time and participating in today's call on quarter three and nine months period ended financial year December financial year for financial year 2025-26 of the Adani Total Gas Limited. I'm pleased to share the operational and financial results of Adani Total Gas for the quarter ending December 31st, 2025.

Let me begin with our performance on volume growth and network expansion during the quarter. ATGL continued its strong growth trajectory with CNG volume rising 17% year-on-year during third quarter and 18% over the nine months period, while PNG volume registered 3% growth in the quarter and 7% over nine months period.

This performance by the company reflects our expanding network and deeper penetration across our markets. During the quarter, we added 18 new CNG stations, taking our network to now 680 stations.

Out of these 680 stations, 136 CNG stations are either company-owned, dealer-operated, which we call CODO, or dealer-owned, dealer-operated, DODO. These 136 stations provides completely full branded experience to our CNG consumers.

Our steel pipeline, which is our backbone infrastructure, has now increased to 14,862 inch-kilometer. This robust and growing network enables us to seamlessly extend our reach across all 34 GAs, ensuring reliable energy access to wider consumer base.

In addition, ATGL has laid over 8,100 kilometers—the steel was inch-kilometer, and MDPE is 8,100 kilometers—of MDPE pipeline to provide last-mile access to large masses to avail PNG supplies across all our geographical areas. With the addition of nearly 35,000 new connections during the quarter and approximately 88,000 new connections in the nine months period of this financial year, our domestic PNG consumer base has now increased to 1.05 million, which is 10.5 lakh homes.

In the industrial and commercial segment, we added 148 new customers during this quarter, taking our total consumer base to 9,750, and we are coming closer to the 10,000 mark. These additions span diverse industries and commercial establishments, representing key bulk-consuming segments.

On our e-mobility front, our network has continuously been growing rapidly. ATGL, which operates through its subsidiary called Adani Total Energies E-Mobility Limited, ATEL, now has installed 4,908, nearing 5,000 mark, charge points across 26 states and union territories, covering 226 cities.

This equals to 51 megawatt of installed capacity. With a strong adoption and continuous expansion which our ATEL team is doing, we are on track record and our ambition of installing 10,000 EV charge points is going to be realized very soon in the future.

We have a joint venture company, Indian Oil-Adani Gas Private Limited, IOAGPL. It's a 50-50 JV between ATGL and IOCL, which is a Fortune 500 company.

I will give you now a consolidated numbers on a pan-India basis. Our CNG stations, together with our JV partner, have now increased to 1,120 CNG stations.

We have now crossed 12.5 lakh, 1.25 million, PNG home connections, 11,106 commercial and industrial consumers, 27,000 inch-kilometer of steel pipeline network, and 10,000 kilometers of MDPE pipeline. This gives you the idea of a vast infrastructure which has been developed by ATGL and our joint venture partners, and together with it shows you the strength of our ATGL across pan-India basis.

You are aware that collectively we have 53 geographical area, which translates into 125 districts, out of which 34 geographical area, 95 districts, are being serviced by ATGL directly, and 19 geographical area, translating into 30 districts, are being catered by our JV company, IOAGPL. During the quarter, the CGD industry witnessed two important tax and regulatory development that strengthen the overall cost framework.

First, the transition to the 2% CST from earlier 15% value-added tax on natural gas, which was being transported outside Gujarat. Although the CST benefit was largely offset by higher gas costs and USD exchange rate increase, it provided a breather for us because otherwise that could have been an additional cost.

Second, the introduction of a simplified two-zone transmission tariff structure from earlier three zones, under which entire supplies made for domestic PNG and CNG transport segment is now being applied only Zone 1 tariff irrespective of a distance. From east to west, north to south, anywhere we supply gas, we'll only get Zone 1 tariff, which is ₹54 for PNG home and CNG entire supplies, whether it is APM, new well gas, HPHT, or RLNG which we source.

Entire supplies which happens to these two segment of our business, which is significant, we get Zone 1 tariff. This reform has been brought out by PNGRB, our regulator, who has clearly shown as a facilitator for the growth.

Given the ATGL's consumer-centric approach, we have reciprocated and provided better affordability to home PNG and CNG consumers by reducing the PNG and CNG prices in a calibrated manner across various geographical areas. Now let me take the financial side.

During the quarter, ATGL delivered a robust performance in quarter three and over the nine months period, supported by consistent volume growth and disciplined execution. Revenue from operations for the third quarter rose by 17% to INR 1,631 crore, while revenue for the nine months period increased by 19% to INR 4,692 crore, driven by overall volume growth.

Earnings before interest, tax, depreciation and amortization, which we call it EBITDA, for the third quarter increased by 15% to INR 313 crore. Now this is despite several impacts which we have stated, including the labor code impact.

EBITDA for the nine months period rose by 3% to INR 916 crore. Profit before tax for the third quarter increased by 10% to INR 212 crore, while profit before tax for the nine months period was marginally lower by 3% at INR 649 crore, which has been explained in our investor presentation.

Profit after tax for the third quarter has increased by 10% to INR 157 crore, while PAT for nine months period has marginally decreased by 3% to 481 crore. Again, for this we have provided detailed explanation in our investor presentation.

I'm proud to share that your company, Adani Total Gas Limited, the sustainable journey continues to gain strong recognition this year. Our S&P Dow Jones Sustainability Index score has now risen to 72.

We started journey from almost 50 points last two years back, and now it is 72, which is placing ATGL globally at the ninth rank in gas utility sector. In India, we are number one on gas utility sector side.

Our Carbon Disclosure Project, CDP, rating has now been upgraded to the category A-, which is the leadership category and the highest category under CDP requirement. This dual upgrades underscores our unwavering commitment to responsible growth, transparent governance, and cleaner, future-ready energy ecosystem.

I'm also delighted to share that ATGL has been honored with the prestigious Gold Award for safety excellence at the Apex India Safety Award 2025, an important reflection of our unwavering commitment to safety and also reminding us that there is a lot more to be done as a responsible corporate. As we move forward, we remain committed to accelerating our network expansion, enhancing customer experience, deepening, which is very close to the part of our DNA, digital integration, and strengthening our sourcing portfolio.

With a clear strategic roadmap, a strong balance sheet, and a dedicated team, ATGL is well positioned to deliver sustainable growth and long-term value for all its stakeholders. In closing, I would like to say that we remain committed to playing a leading role in India's energy transition journey by providing affordable and reliable low-carbon energy for homes, transportation, industrial and commercial users.

I would like to acknowledge and be thankful to all our stakeholders: our promoters, analysts, fund houses, consumers, our dealers, our suppliers partners, business partners, and most importantly, our employees, which we have employee-first policy, for Adani Total Gas, Adani Total Energy Limited, Adani Total Biomass Limited, for providing trust and continued support. Thank you.

Now it is open for questions.

Thanks for taking my questions. Sir, am I audible?

Yes, please. You are audible.

A couple of questions. PNGRB implemented two-zonal transmission tariff.

What is the impact on our cost of gas? Is it increase, decrease, and if you could share a quantum, it would be helpful.

Okay. Please continue your question.

I'll try to memorize as much I can. I'm growing old, I think [to memorize?]

, yeah.

Second one, CNG volume growth of 18% YoY, really a good set of numbers. If you could share the CNG vehicle additions in your geographical areas over the period of last one year.

Along with this, if you could also share the CNG volume growth from your new geographical areas versus the old geographical areas. The last one related to the APM gas price builder, what is the share of a compressed biogas blending in terms of a volume?

Is it a more than 0.2% or less than 2% in the APM gas price?

Good, good questions, Yogesh. Let me thank you for I think regularly following up the sector and also ATGL results.

If you could please mute your mic, because a lot of disturbance. I think you have been a regular participant in our investor calls.

It also shows that you have been following up regularly the CGD sector as well as ATGL, and your penetrated questions reflects the same. Now let me take question one by one.

I have my colleagues who deals with these subject matters, but broadly let me say first few things and then thereafter I will hand over to the team, because I think your questions will resonate with a lot of other investors as well. Two-zone, I think it's, as I said, it's a good reform.

Regulator has acted as a facilitator to give the growth boost for the sector, and more importantly I think regulator has seen the consumer interest in mind. Two-zone to three-zone to two-zone is a good way to move forward.

It brings efficiency. More importantly, I think what the facilitating part of a PNGRB has been done is that they have applied with the consensus of industry—this was the most complex job that they had to take everybody's consent, including transmission partners—with that consensus, they have applied Zone 1 tariff of ₹54 for entire PNG and CNG volume, not alone APM volume.

It means whatever we sell, which must be around I think around 70%—give or take, around 70% of our volume—that now has Zone 1 tariff, ₹54, as against earlier significant volume the amount was going on Zone 2. Now what has it is brought, largely most of the GA, barring two, three GAs of Gujarat, we have been benefited significantly on terms of freight, transportation, as well as the GST part would gets reduced further.

Two, three GAs of Gujarat have very slight implication of tariff going up, because they were earlier in Zone 1. Now they remain in Zone 1, from earlier ₹42 to ₹54, will have an implication of ₹14, around 30%.

The volume in those GAs are still significantly lower as compared to our overall volume growth and the exit volume which is happening. I think net-net, it has brought a good momentum boost.

As I said, for us, it is not to see what is coming as a saving for us. As I've been saying all along consistently in my all investor calls, our main aim is to grow volume, widen consumer base, bring affordability in the consumer hands, and provide operational delightness to the consumers.

Keeping these objectives in mind, which has been mandated by our chairman to us, we have immediately reduced the prices of PNG and CNG. Mind you, even in those areas where Zone 1 tariff now was higher, two, three GAs which lesser volume, not to disappoint our CNG consumers, because neighborhood have a decrease in the price and they could have a increase in the price, we in fact slightly decreased the price to overall motivate our consumers to give a right message to a CNG community that we are here to stay and they should go ahead and convert their vehicles to CNG.

Aim is to widen consumer base, a good step by PNGRB. Second, I think you asked CNG volume growth and number of vehicles, I'll hand over to Ravindra and our CFO, Priyash, to give you the answer.

On APM side, I can give you some overview about blending part. Today there is a blending requirement of 1% and then 2%.

Overall production itself is significantly lower of a CBG, and it works in two ways. Largely in a single way I would say that we also produce CBG through our Barsana plant and also through our Varanasi plant, which we purchase from our Varanasi foundation, which is there from Gujarat, the Adani Foundation.

Also we purchase CBG from various developers. How it works mechanism, Yogesh, is that it is purchased under SATAT scheme under tripartite agreement.

In that meaning is that CBG volume gets into the pool of APM and gas, and that price becomes UBP, unified base price. So $6.5 or $6.75 will go slightly up how much, depending on the quantity which gets blended in CBG.

This is a universal quantity. Now we need to come to an interpretation along with the ministry that now when it is being, let's say if I buy in Ahmedabad and I get it pooled and that price is shared by every other CGD, now whether this is blending for all or blending for only us.

Now this is the area which we are currently discussing, but currently our blending part is much, much lesser than what you are indicating, 2%. I think our sourcing team will give you further information.

Ravindra, I think you can.

Good morning, everybody. On the part of CNG, there is a 17% growth as sir explained.

Respecting to ATGL GAs, we are seeing growth of around 31% in the vehicle addition quarter-on-quarter, which is the addition of around 45,000 vehicles compared to the last quarter. In addition to that, you have asked regarding the CBG, currently we are purchasing CBG to the tune of 1% of our total consumption, and that is probably you can consider that blending of CBG into the natural gas.

This 45,000 vehicle addition is compared to the quarter second FY26 or quarter third FY25?

Last quarter. Compared to last quarter, 45,000 vehicles have been added in ATGL GAs.

What would be the total number of CNG vehicles to them we are selling the CNG now?

If you are talking about quarter-on-quarter total number of vehicles, around 3 lakh vehicles were sold pan-India level.

Okay. Thanks a lot, sir, and all the best.

Thank you.

Thank you.

What has happened, the APM allocation has increased a bit, which is probably good for the industry. In terms of the domestic gas, considering APM, new well gas, and HPHT, I would say it would comprise of around 65% to 70% of our portfolio, and the balance could be RLNG.

We are not seeing much dip in this domestic gas production in the last quarter. Specifically new well gas also.

New well gas, I would say the proportion what was expected probably reduction in APM and increase in new well gas, that has not happened and that is good for the industry. Probably that is better for ATGL.

I would say the proportion of allocation from new well gas has not increased.

Any of you, Varadarajanji, if you are not satisfied with our answer, please do raise it again. We'll make sure that you are fully satisfied with our responses.

No, this is good, sir. Do you have any expectation come April, do we see one more round of cut, how is this predictability, we were originally supposed to be getting some kind of an advance notice in case there is a cut which is going to be implemented?

If I remember right, it was supposed to be somewhere around six months or whatever. Is that process being followed, are we looking at something happening in April or nothing will happen?

I would say not so much advance notice, but not a big problem also. We are seeing the allocation continue in the similar trend what it was happening earlier.

We are not facing much issues there. Hope you Fair enough, sir.

On the Please go ahead. No, that is fine, sir.

In terms of our rollout of services additionally, what is the target we are looking at in terms of number of outlets to be added for the rest of the year, this year, as well as any plans for next year and the following year, if you can give us a visibility, for yourself on a standalone basis as well as your joint venture?

Varadarajanji, actually, see there is one guiding factor for us is that we have bidded our minimum work program on CNG stations, right? While so 680 numbers is currently, and as we have said that we are rolling it out every year additional number.

This next quarter also will see some more number. What we do is actually, Varadarajanji, that we plan it out basis the way we see traction of a volume, while keeping in mind overall weightage of MWP the way we have given.

I think you will see a healthy growth in our CNG station. Our actually focus is not only driving through the main engine of a COLO station, which is co-located with oil marketing company.

If you see from our commentary that we had 136 CNG station on CODO-DODO, so that takes slightly better more time. Our focus is that to grow this network, because this gives us leverage for future value addition of businesses.

In addition to that, this also gives us the customer experience as Adani and Total would like to give to our consumers. You will see growth in that segment as well as.

Currently when I'm speaking to you pan-India, we have opened the dealership LOIs and there is a continuous advertisements going on. Both on a COLO front, wherever we required to do initial mobilization of CNG station in our new geographical areas, but largely in existing geographical areas we are growing through the CODO or DODO stations.

I would tell you that you may please wait for our results actually which we announce. Numbers will be healthy for both CNG in this quarter as well as for the next year.

Fair enough, sir. One last question on the throughput per outlet.

Given the fact that we have had a very, very healthy addition to number of vehicles last quarter, what would be the average throughput per outlet in terms of kg per day of CNG? Again, this is a very good question you asked actually, and this is a curiosity we also carry.

Because we have 34 GA, it means 95 districts. Every GA is is at a different maturity level.

If you ask me, there will be a let's say if you ask Faridabad, for example, Faridabad will have very high throughput of let's say 6,000-odd or maybe ranging to up to 10 to 12,000, 15,000 kg per station. If you ask Ahmedabad, it may be generally minimum 4,000, but ranging in around 5 to 6,000 and going upward and upward, because these are mature GAs.

Same is our Khurja GA, Palwal GA. If you ask the newer geographical area, you will find recently inaugurated station maybe 500 kg, and then newer little more older station going to 1,500 kg to 2,500 kg.

It is very wide, and if I give you one generalized number of throughput on 680 station, it may not actually give you right perspective. Your conclusion may not be right.

It is actually the way CGD's life cycle gets developed. We are We see actually a good traction of a volume across all geographical area, and you are seeing CNG volume traction.

You are also seeing that how new vehicles are coming up, how the retrofittment are going up. The important part actually what we are seeing is a traction even in the goods vehicle, which we are seeing, and you can see the vehicle which have been newly purchased on the goods vehicle side also.

Also I would like, through your platform, also to tell you that while we are discussing today, you are seeing that across various geographical area, and we are expanding that, we have launched substantive, incentive plans for our CNG consumers for either buying new vehicle from any OEM—Maruti, Hyundai, and any other OEMs. Similarly on a retrofittment, we are giving significant amount of a cashback of 15,000 to 20,000 per vehicle.

Three-wheeler is very different, around 10 to 15,000, and for bus, truck, 1 to 1.5 lakh that you can take the cashback from us in form of a CNG refill. This helps us to widen As I said in the beginning, and I have been saying for all my investor call, Adani Group and TotalEnergies' aim for through ATGL is to widen consumer base, focus on volume growth.

Throughputs will be the consequence of that. Fair enough, sir.

If I may, I had a couple of more questions. Since there is a long queue, I'll come back.

I didn't want to take it on a monologue. Thank you, Varadarajan, for insightful questions.

Thank you. Hope we could answer you to your satisfaction.

Sure. Yeah.

Thank you.

Thank you, sir, for the opportunity. You mentioned that we have around 130s CODO as well as DODO stations and you also gave us certain ranges of the throughput per outlet.

I just wanted to understand the thought at what level of throughput the dealer-owned dealer is willing to make investments into the station and go ready to go for a DODO station? How does the economics work out for dealer?

What sort of gives a comfort that they'll be able to sort of earn the good IRR on the investment? That was the first question.

Second question was about you also gave us told us that 45,000 quarter-on-quarter vehicle additions has been done. Just wanted to understand the breakup between Gujarat and outside Gujarat as well as within Gujarat where is the growth coming from, is it largely the Is it possible to give a breakup in terms of the private cars, commercial vehicles, and different grading to understand the source of growth?

Good. Thank you, Kirenbhai, actually, and thanks for asking a further supplementary question on CODO and DODO, which I thought was very pertinent for me even to explain, but answer was going very long.

I think you are now giving me opportunity to explain to you further. I think for a DODO dealer, the more important is that he has to see not only the immediate volume, but over the period where his volumes are going to be heading.

Then we also help him to see that even if he comes with a one land parcel which is not very strategic, we will guide him to bring the better location. That's the reason number you are only seeing 136.

Our target was 400, but we are being very calibrated way that dealer should finally get a good IRR. I am very happy to tell you that by and large, there will be some pockets where we are again boosting through these schemes more and more volume to come in.

I think that there is a healthy volume growth. That's the reason your response to our LOI is overwhelming, actually.

Continuously everybody's asking for the another CNG station. There is a repeat.

The people who are having station in Gujarat, for example, they are continuously asking us more CNG station in Udaipur or Bhilwara or in other places. Similar is a vice versa, the dealer which is in other location is asking the new location CNG station.

I think overall, it's a confidence level which is there. They are building up a good IRR.

More important, this business is that they have a confidence in our technology and the processes where there is no adulteration possible, there is no malfunctioning possible by the people, they are also fully assured that if they are deploying a manager, and the land remains with them only. There are various business aspects besides only throughput.

Throughputs are healthy, I would say. Then again, as I said in the original answer, that depends upon some places.

Udaipur stations is even ranging up to 10,000 kg, but Bhilwara maybe 2,000 kg. Actually it depends upon where it is, and investments are also similarly.

Some place stations are very small, some are very large formats. Depending upon location, and also we give some rental amount to them or the one or two years for them we give them business development support fees for some new geographical area.

We are a partner in prosperity. We don't see only the dealer should make everything from his side.

I think we try to make sure that dealers remains sticky with us, and volume throughput, again as I said, IRR will depend upon investment by the dealer, depending upon land size, etc., and formats. Overall, it is encouraging for us.

The network is growing. On the number of vehicle breakup, I think Ravindra will give you Ravindra?

On the vehicle breakup, in the state of Gujarat around 30,000 vehicles have been added in the last quarter, and out of that around 43% is in Ahmedabad and the balance is in rest of Gujarat.

Thank you, sir, for this clarification. Just couple of follow-ups.

In terms of dealer incentives, what would be the range, what we understand is I think ₹3 to ₹5 per kg is what typically the OMC charge. If a station is owned by dealer-owned dealer-operator, what could be the different range across different cities or different geographic areas?

On the vehicle as well, is it also possible to categorize them into sort of the taxis, commercial vehicles, or cars, is that a breakup also possible?

Yeah. Kirenbhai, actually on the dealer margin which you are asking, again as I said, depend upon new geographical area, what is our focus.

Let's say Tamil Nadu may have a very different margin versus the Ahmedabad which is very mature with very high throughput volume. Again, I think you are asking a question which is very specific, a commercial inquiry for the new dealer station.

If you are interested or some of your friends and colleagues are interested, I think it is important that you ask them to log in our website and because everything is online and they should show the interest and our channel team will immediately get in contact with them and give them the complete specific location basis margins and what supports we extend, what rental we pay. These are very specific commercial inquiry about a particular business segment.

Now regarding the breakup of vehicle, Ravindra, you would like to provide?

Currently we do not have a breakup of the vehicles. However, we'll let you know later.

Sure, sir. Thank you for this color.

Thank you.

Thank you.

I may say if from a directional point of view, I think significant number is OEM number. Now actually the trend is largely people are opting new vehicle, the CNG vehicle, because there are incentive which we are offering, the kind of promotion which Maruti is doing along with us, or even other OEMs are doing it.

You will say that around 2/3, 1/3 could be the proportion of the OEM vehicle versus retrofitted vehicle. The exact numbers Ravindra will supply to you through Adish so that you are aware.

If any other investors are interested, we could give them those information because these are publicly available information in RTO sites, Vahan sites. We will able to give that, whatever we could extract from there.

Thank you. My second question was on the industrial side of the business.

What is the sense we're getting, are there any concerns which are actually causing a problem in terms of growth? Are we looking at any kind of a regulatory change or a implementation of pollution norms which can actually help going forward or anything which can actually open things up for us?

As of now, what is the kind of a growth rate we are seeing? Just wanted to get a sense of that.

I think you are bang on the point, actually. While the customer must have a choice of a fuel which he wants to opt for the industrial unit which he is running, and that is what is getting reflected in our growth or the slightly lesser volume which we got in this quarter because alternate fuels, particularly the LPG, propane, were very moderate and prices came down significantly through the quarter.

Despite that, I'm very happy that sourcing team and the project teams, they could manage to sustain a very healthy number across the GA. This stress will remain because if the alternate fuels are getting cheaper, particularly the liquid fuels, then that brings pressure on our pricing as well as.

Good part is that we have a very strong sourcing portfolio. That's what is reflecting not only in the volume, but also in the EBITDA growth which we have shown, PAT, PBT growth year-on-year basis.

It was despite the challenging times of alternate fuel being cheaper and gas prices sometime HH, etc., and Henry Hub and all were very sharply higher, actually. Now what we need actually, one thing which everybody is looking forward, compliance to the policies of what have been notified by government, for example, in NCR you're supposed to use only natural gas or a cleaner fuel, but we find even some places those issues we find that if people find some ways around it.

Second, I think industry has been requesting and we are engaged with the authorities who are policymakers that there has to be some sort of motivation for MSMEs to voluntarily opt for a piped natural gas because to get the level playing field across the country. I think industry has been requesting for some sort of connection incentive for taking first time PNG supply and also consumption linked incentive, or whatever nomenclature policymakers may call it, that will boost the actually consumption of natural gas in the country across pan-India and also give major boost to the infrastructure utilization of CGD companies.

That is one thing every industry is aspiring to achieve and we are seeing quite positive at the policy makers' side. It takes time, but I think I'm sure someday we will see these major policy reforms as well.

Great, sir. Thanks.

Thanks a lot for all the answers.

Thank you once again to all investors, funds, analysts for taking the time to join our quarter three earning calls. If you have any further questions or queries, please feel free to reach out to us.

The contact details are available on the website as well as on the investor relations press release. Thank you so much.