Thank you. Good morning, everyone.

Let me extend a hearty welcome to all our investors, analysts, and funds for taking out their time and participating in today's call in quarter four and financial year '25-'26 result of Adani Total Gas Limited. I would like to begin with sharing the update on our business given the ongoing geopolitical situation.

Since late February, geopolitical tensions in West Asia have disrupted global energy markets, resulting in higher natural gas prices, supply chain challenges, and compounded currency volatility. Recognizing this, government took several proactive steps like prioritizing supply of piped natural gas to homes, CNG for transport sector, and other key sectors.

Government of India also took several policy initiatives to bring uniformity in grants of the permissions within time, which we're very happy to state that have been reciprocated very well by several state governments. Navigating this phase amid this uncertainty, Adani Total Gas responded with strong on-ground execution, prudent decision-making, and continuous consumer engagement to ensure uninterrupted supply and system stability while safeguarding PNG and CNG consumers from undue risk.

Guided by financial prudence and long-term sustainability, our teams worked relentlessly with clear and transparent communications, enabling us to retain the confidence of all stakeholders. Resilient execution supported by operational excellence and digital-first approach enabled ATGL to deliver strong performance in quarter four, Jan to March '26, and financial year 2025-'26.

During this period, ATGL continued to see strong momentum across our core businesses. CNG volumes grew by 17% year-on-year during the fourth quarter, starting from January '26 to March '26, and 18% for the financial year '25-'26, while PNG volumes increased by 5% during the fourth quarter from Jan to March '26 and 6% for the financial year 2025-'26, reflecting the strength of our expanding footprint and deeper market penetration.

Customer addition remained strong with nearly 50,000 new domestic PNG connections added in this quarter, which is our highest addition ever. For the entire financial year '25-'26, we added about 137 lakh—1,37,000 new customers, taking our total household tally to 1.1 million.

Our steel pipeline infrastructure has now increased to 15,572 inch-kilometer, complemented by over 8,300 kilometers of MDPE pipelines laid across all geographical areas, enabling wider and more reliable access to large masses to avail piped natural gas. Network expansion remained a key focus, with the addition of 25 new CNG stations during the quarter, taking the total network to 705 stations.

Now, out of these 705 stations, we are very happy to state 140 stations are under the category of CODO, company-owned dealer-operated, or dealer-owned dealer-operated. These are our full-branded CNG stations across the country.

In the industrial and commercial segment, we added 214 customers during the fourth quarter, starting from January '26 to March '26, bringing the total to 9,965 customers across a diverse range of industries and commercial establishments. In our e-mobility business, our network continues to scale rapidly.

ATEL, our subsidiary company, now operates 5,100 EV charge points across 26 states and union territories, covering 226 cities, supported by around 54 megawatt of installed capacity. With strong adoption and continued network expansion, we remain on track to achieve our ambition of installing 10,000 EV charging points in the near term while sharpening our focus on improving utilization across the network.

Along with our 50-50 JV company, Indian Oil-Adani Gas Private Limited, IOAGPL, our consolidated nationwide CGD network today stands at 1,169 CNG stations, 13.1 lakh PNG homes, 11,529 commercial and industrial consumers, 28,000 inch-kilometer of steel pipeline, and 10,500 kilometers of medium-density polyethylene pipeline, MDPE pipe. Collectively, as you're all aware, ATGL is serving 53 geographical areas, of which 34 are being directly serviced by us and 19 through our JV company, IOAGPL.

On the financial front, ATGL delivered a robust performance in quarter four as well as fiscal year 2025-'26, supported by consistent volume growth and disciplined execution. Total revenue for the fourth quarter, starting Jan to March '26, rose by 16% to INR 1,696 crore, while revenue for fiscal year 2025-'26 increased by 18% to INR 6,415 crore, driven by overall volume growth.

Earnings before interest, tax, depreciation, and amortization, we call it EBITDA, for the fourth quarter, starting Jan to March '26, increased by 13% to INR 310 crore, while EBITDA for the fiscal year 2025-'26 rose by 5% to INR 1,225 crore. Profit before tax, the fourth quarter starting from January '26 to March '26 increased by 8% to INR 214 crore, this is PBT, profit before tax, while PBT for the financial year '25-'26 was marginally lower by 1% to INR 863 crore.

Profit after tax, earlier was PBT and now it's a PAT, for the fourth quarter increased by 4% to INR 156 crore, while PAT for financial year '25-'26 was 637 crore. I'm pleased to share that ATGL's ESG performance continues to strengthen along with its operational, physical, and financial performance.

With a CareEdge ESG rating of 83 out of 100, placing us among the top performers in the peer group, alongside an improvement in our NSE sustainability score to 73 from 67. Our HSE excellence was recognized through multiple honors, including felicitations from Occupational Health, Safety, Sustainability and Industrial Hygiene India, and from the International Business Conference for innovation in EHS and fire safety.

Additionally, we were honored at the National Process Safety Honours 2026 with the Award for Excellence in City Gas Distribution, reaffirming our leadership in process safety and industrial integrity. In closing, I would like to say that we remain committed to accelerating our network expansion, enhancing customer experience, deepening digital integration, and strengthening our sourcing portfolio.

With a clear strategic roadmap, a strong balance sheet, and dedicated team, ATGL is positioned to support the country's transition to a gas-based economy through expanded CGD network aligned with India's vision to raise share of natural gas in energy basket to 15% of the energy mix by 2030. I would like to acknowledge and be thankful to all our shareholders, analysts, fund houses, consumers, dealers, suppliers, business partners, and above all, our employees for providing trust and continued support.

Thank you.

Hi, sir. Thanks for an opportunity and congratulations for the good set of numbers.

Sir, 9th March government released a circular regarding to the gas supplies to the priority sector in the gas pool price. My question is related to this topic.

We basically want to understand for gas pool price if you could share with us any formula or method of calculating the gas pool price, or we wanted to understand on the side constituents of this gas pool price, which type of gas is the part of this gas pool?

Okay. That's the only question you have, Yogesh?

Anything else? Good morning to you.

Anything else you have in mind?

I have two more, but I would like to get answer of this question first.

Theek hai. Thank you, Yogesh.

Let me ask Ravindra, who is our gas sourcing head, to give you brief on that. Ravindra,

please. Thank you, Yogesh.

The government decided to help the CGD industry during this crisis. We have seen that the priority segments like CNG and the domestic has been 100% supplied by the government to the domestic allocation.

In addition to that, they appointed GAIL as the nodal agency, and they worked very well in tandem with the CGD industry to provide support during this crisis. The pricing formula what they have derived for the gas pool mechanism is they have various gases available in the market.

Some of them were withdrawn from RO2C, some volume was withdrawn, some volume was withdrawn from the fertilizers, and some was withdrawn from the ONGC consumption. In addition to that, the Vedanta gas plus the HPHT gas, they were made part of this pool mechanism.

Whatever would be the weighted average of these volumes available, that was the pool gas price for the CGD sector.

Hope

I'm able to answer your query?

For the March month, could you please give us any idea what was the gas pool price for the March month, March 2026?

For the month of March, the gas pool price was $12.42 per MMBtu.

Okay. Sir, is it only the domestic gases are included into the gas pool?

Okay. Sir, am I audible now?

Clear?

Please go ahead.

Sorry. My question was again: are the only domestically produced gas, like the APM, non-APM, HPHT, all these gases are the only part, or some contracted LNGs also included into the gas pool?

Contracted LNG was also included during the later part. Okay.

The $12.42 per MMBtu was the March month price?

Probably in the month of March, the imported LNG was not available that easily. That did not include the imported LNG, but in the later part of April, that has come.

Okay. Sir, my second question is, as per the 9th March—9th March government circular, gas supply to the D-PNG and the CNG would be available 100% of the past six months average.

Now the question comes in the mind, are you getting the gas supply enough to cater the incremental demand of the D-PNG and the CNG segment? Are you fulfilling this demand with the help of a spot LNG, or the government is providing you incremental molecule to cater the demand of the CNG and the D-PNG?

See, one of the thing is that I was expecting this question only from you. Because this is a bit of a penetrating question that you can understand when you follow the sector, that when they give last six month average, there would be incremental growth.

Certainly, I think government supplied full six month average gas supply. We have the additional portfolio available to us.

Ravindra, you would like to add something?

Yeah.

Yeah.

After that six months average, definitely there was some shortfall to cater to this priority sector. Government made an arrangement to supply this additional volumes which were higher than the six months average.

That was available and allocated later.

Okay. Sir, my next question is that if any entity is procuring a spot LNG for the captive consumption, then we believe the 9th March circular, government circular will not be applicable for them.

Correct me if I'm wrong. This question is from the angle of some industries or industrial belts which are planning to consume the spot and wanted to resume the operations.

Any update on that side?

There is freedom to purchase the imported LNG. There's no restriction on the purchase of imported LNG.

Probably gas is available, but the imported gas is available at a higher price. There is no restriction on purchase by the industries.

Okay. The last one from my side: if you could provide us the gas sourcing mix for the CNG, how much is the APM, how much is non-APM, this would be really helpful.

Yeah. Probably we'll come back to that.

See, the whole portfolio is a mixture of APM, non-APM, HPHT, and the RLNG contracts. Probably we can discuss that in detail later.

Let us take the other questions as of now.

Thanks a lot. I'll get back in the queue for further.

Yeah.

Hello. Thank you for giving me an opportunity.

Hello?

Please go ahead. You're audible, Kiran.

Yeah. Sir, can you give me the guidance for '27 revenue growth and EBITDA margin for '27?

Kiran, Priyesh this side. We are expecting the same revenue growth which we have achieved in the current financial year.

Maybe something more on a newer GA compared to our existing GA in current financial year. EBITDA in the same ratio of per SCM which we are taking that in the current financial year.

Hello?

Yeah. Are you able to hear?

Tell me.

I'm saying we are expecting a same growth which we are currently having in '25-'26 in the next financial year,

and

EBITDA will be in the range of same per SCM based on that growth. We are expecting around we can say 1,500 crore of EBITDA.

1,500 crore of?

EBITDA.

EBITDA. Sir.

Thank you, sir. Thank you.

Thank you for the opportunity, sir. Are you able to hear me?

Yes, you are audible. Okay.

Given the aggressive expansion in CNG stations and the PNG connections, when do you expect the new geographical areas to reach peak utilization and start contributing meaningfully to profitability?

I think if you has seen our media release as well, on the top of the headline, we're in fact given that this year itself, we have connected nine city gate station, one LCNG plant, where network was quite far. That gives you indication that we have been working on adding more and more new geographical area to the mainstream gas supply.

By and large, now most of the geographical area, 34, barring couple of them which are also likely to happen anytime soon, we have already connected them with the city gate station or LCNG plant. Then, secondly, as you asked, CNG stations are being serviced across all 34 geographical area.

Whether we have mainstream supply our own, the way now we are connecting CGS, or we are bringing compressed gas from neighborhood GA or from our own geographical areas. To answer your question, I think we are already working on expanding our networks.

Now we are expanding on the piped natural gas side on all the geographical area. Wherever city gas stations are connected, we have done lot of work already on the piped natural gas side also.

You are aware that CGD infrastructure is a bit of a capex-oriented infrastructure building, and you have a numbers on the EBITDA side, as our CFO stated. We also have a track record of double-digit growth, which we have been maintaining, and a kind of a robust EBITDA.

Our philosophy, as I have been stating in several earlier calls, has been always consumer-first. We make sure that, for example, in the new geographical area, you will see several marketing intervention to bring the consumer to the CGD network.

Because they are used to several other usage, like they are using liquid fuels, they are using LPG, they are using different segment. How do we bring them to this piped natural gas or CNG, and then start working on much larger profitability goals, etc.

The initial target is widen the consumer base. Overall, you are seeing the profitability track record also, which is on a continuous rise.

This quarter, in fact, or this financial year is the highest ever EBITDA which we have actually declared. Because of the same thing as you asked, it's not that it is coming from a same geographical area, it is coming from expanded footprint of ATGL.

Sir. The next question: so with the supportive government policies for CGD and the priority gas allocation, how much pricing flexibility does ATGL have to pass on higher gas cost without impacting demand?

That,

I think it's a very good question. I was giving you kind of a flavor of that, that while, as I stated in my opening remarks, we appreciated the way Government of India, state governments, and the regulator all responded to this crisis situation, supporting the sector, the way the pool gas was provided, continuous supply has been maintained.

There were certain increase in the prices, but as I said, our approach has always been consumer-first. You will see from a volume growth, even during this crisis, there is hardly 1% here and there of industrial consumer, otherwise there has been a good track record of a volume growth.

Price has been calibrated, we have not been able to pass through in the interest of a consumer while we maintained our reasonable profitability, which is in front of you all through our announcement of results. As I always say, for us, consumer is the first, which we do because wider the consumer base, profitability will be kept happening better and better, rather than suddenly start passing on everything on the consumer whether he can afford or not, and we'll see dropping of a consumer base.

Our aim is look at our operational excellence, look at our digitalization program, bring various other ways to bring corporate savings rather than everything just pass through to the consumer. We do calibrate all the time, and you have seen us doing that all the time, and that's the reason acceptability is continuously increasing.

I hope I have given you the response to your question.

Yes, sir. To complete my questions, last pointers: how do you balance the aggressive infrastructure expansions which you spoke about with return ratios like ROCE, and what's your target return profile for the new investment, sir?

As I said, you see, all the number we run the business with a robust returns, good, reasonable profitability, as I said. It's a business which you build for generation, you don't build for only tomorrow.

Keeping these things in mind, initially the returns would be on a elevated graph that it'll keep happening. See, it's always the game of how you enhance the yield of the same pipe.

While somebody may look at two-year return, somebody may look at three-year return, and we look at a very longer-term return. The track record which has been set by the Adani Total Gas for Ahmedabad, Faridabad, or other all existing GA, even now the ninth and 10th round GA, which now you all call it a new GA, but it has become the operational GA, returns are in front of you.

We have good returns coming across every investment. Reason is because the two promoters' strong background, which we have on appraisal, capex appraisal, opex appraisal, financial prudency.

It's not directly that you have to make necessarily 20%. Some GA you may be making today 10 to 8% to 10%, but the same pipe will yield you 12% tomorrow and 15% later with some small incremental investment.

It's a bit of a dynamic situation. We don't put the figure at the first, because it's a chicken and egg: we build infra, then consumer will come, or we ask consumer to come and build infra.

That this infrastructure, when we took the licenses, we decided to take the first step. We let it make it supply-driven rather than only the demand-driven.

I think you are seeing the result of that strategy, which has worked. Consumer base is continuously widening.

You have seen everyday we are connecting 400-plus home connections. Everyday we are connecting two new businesses.

Every week we are building one CNG station. Everyday we are laying 3-kilometer pipeline in the country.

Despite so many ground constraint, rains, etc., average 3-kilometer pipeline has been raised. All that has resulted in footprint of volume going up, and same infra has a significant potential to volume to go up, and that will yield further returns to us.

I think we look at little bit more in longer term because this business is for generation utility, infrastructure business. Thank you.

Thank you, sir.

Hi, sir. Thank you for the opportunity and congratulations on the good set of numbers.

Sir, two questions from my side. First, you mentioned the comments while answering the question that there has been some degrowth here and there in industrial and commercial volumes.

Can you help us with the breakup of PNG volumes into domestic, industrial, and consumer speed? My second question is on the sourcing mix.

If you can help us with the sourcing mix in Q4?

Actually, Arya, your audio is not very clear. If I understood, you want some breakup of PNG, CNG in all segment, and you want something about sourcing.

That I couldn't understand, what you want about sourcing?

Am I audible? Or is it better now?

No, no, now it is better, better. Please go ahead.

Yeah. My first question was regarding the breakup of PNG sales, breakup in domestic, industrial, and consumers.

This is because, as you mentioned, there has been some degrowth here and there in industrial or commercial. Second question was regarding the gas sourcing mix for Q4.

Gas for Q4. Ravindra actually was our gas sourcing and BD head.

I think he will give you all the details.

In terms of percentage breakup of the different segment, the PNG constitute around 20% of the volume and the CNG plus domestic is around—

Ravindra, please give the breakup of PNG—industrial, commercial, domestic.

The CNG plus domestic is around 78%, and the balance is industrial plus commercial, 22%. If you want further breakup, the industrial volume would be around 20%, and the rest is commercial, around 2.5%.

The gas sourcing for fourth quarter?

On the gas sourcing portfolio, 85% of our volumes are met from the APM allocation plus HPHT and the new G volumes and the different contracts what we have. Balance, around 16%, we are buying from the market on a spot basis.

We have a different portfolio of various indices, including the Brent-linked contracts plus HH-linked contracts. This is a diversified portfolio which help us to take care during these crisis times.

Hope we have responded, Arya, to you, please?

Yes, sir. Thank you for the opportunity, and that's it from my side.

Thank you, Arya, for coming on the call.

Sure. Thanks, Nirav.

Thank you once again to all investors, funds, analysts for taking time to join our quarter four earning call. 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 relation press release. Thank you so much for the joining.

Thank you, everyone.