Adani Total Gas distributes piped natural gas to households and CNG to vehicles across its city gas distribution network in India, a business that runs on regulated, exclusive geographic licences and recurring metered volumes. Its moat is that network itself: once a distribution pipeline is laid across a city, a competitor cannot replicate it cheaply, and India's push to shift vehicles and homes off liquid fuels adds demand that the incumbent can serve. Revenue grew 27.2% on the latest data, with a gross margin of 28.2% and an operating margin of 11.6%, which is a reasonable profile for a gas distributor with pass-through commodity costs. The stock trades at 96.1 times trailing earnings with no forward multiple available, so the valuation depends on sustained volume growth and margin stability rather than on current earnings. Worth a deeper look to test whether the 27% top-line growth is volume-led or price-led, and how exposed margins are to gas procurement costs.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:53 CEST | ACCE price target | ₹450 | first publication | ₹553 |
Answered from Adani Total Gas Limited fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| ATGL.NS Adani Total Gas Limited | ₹529.50 | - | - | 94.9x | 13.3% | 65 | 40 |
| BKH Black Hills Corporation Common Stock | $79.41 | - | - | 20.0x | 8.0% | 61 | 63 |
| SWX Southwest Gas Holdings Inc. Common Stock (DE) | $91.15 | $86 | 6% above | 22.1x | 6.8% | 68 | 55 |
| 2688.HK ENN Energy Holdings Limited | HK$48.06 | HK$112 | 57% below | 7.8x | 13.4% | 49 | 50 |
| NJR NewJersey Resources Corporation Common Stock | $53.16 | $41 | 31% above | 14.4x | 14.4% | 57 | 60 |
| ENG.MC Enagas | €17.54 | €14 | 23% above | 14.3x | 11.9% | 68 | 53 |
| SR Spire Inc. Common Stock | $85.24 | - | - | 23.8x | 8.1% | 55 | 63 |
Where ATGL.NS ranks against its sector peers on each metric.