Adani Total Gas Limited (ATGL) fair value: what the stock is really worth
We calculate from audited financials what Adani Total Gas Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value ₹101.36 · Strongly overvalued (−85%)
!Quality 46/100
!Expensive Growth(revenue 5y +28.3 %/yr)
✓Solidly profitable · 11.1% net margin (TTM)
!Low debt · negative free cash flow
!Mixed vs. peers(6/13)
!Moderate moat55/100
!Evidence only low, so the estimate is less certain
Watch Adani Total Gas Limited for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 19, 2026.
How to read this chart
60‑month range ₹467.74 – ₹3,914 · fair‑value band ₹76.02 – ₹126.70 · the ₹660.70 price screens above the ₹101.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 19, 2026.
Adani Total Gas Limited engages in the city gas distribution (CGD) business in India. The company supplies piped natural gas and compressed natural gas to the domestic, commercial, industrial, and transportation sectors. It also provides biogas, biofuel, biomass, LCNG, HCNG, EV, and hydrogen.
Show more
Adani Total Gas Limited engages in the city gas distribution (CGD) business in India. The company supplies piped natural gas and compressed natural gas to the domestic, commercial, industrial, and transportation sectors. It also provides biogas, biofuel, biomass, LCNG, HCNG, EV, and hydrogen. In addition, the company manufactures various equipment; and offers value-added services related to the CGD business. The company was formerly known as Adani Gas Limited and changed its name to Adani Total Gas Limited in January 2021. Adani Total Gas Limited was founded in 2004 and is based in Ahmedabad, India.
Stock analysis
Adani Total Gas Limited (ATGL) currently trades at ₹660.70, while our model-based Fair Value estimate is ₹101.36, implying the stock looks roughly 551.9% overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹137.24 per share, and 0 of the 16 models we run sit above the ₹660.70 price.
Bear case: the Asset-Based group reads lowest at ₹29.64, and 16 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹76.02 (bear) to ₹126.70 (bull), the price of ₹660.70 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Adani Total Gas Limited reported revenue of ₹58.9B in FY2026 versus ₹30.4B in FY2022, a compound +18.0%/yr. Reported net income was ₹6.6B in FY2026, compounding +6.5%/yr from FY2022.
Key figures
Market cap ₹796B (≈ $8.3B) · P/E ratio 111.0 · P/S ratio 12.4 · EPS (TTM) ₹5.95 · Dividend yield 0.0% · Net margin 11.1% · Return on equity 14.5% · Return on assets (EBIT) 19.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 43% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −24% fair-value upside, at −85%, ATGL screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (₹4.30 to ₹249.16). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear ₹76.02Fair Value ₹101.36Bull ₹126.70
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹2.72 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+17.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.3%
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.4%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+7.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.2%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7% vs 5%, steady
Compare Adani Total Gas Limited with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Gas · 102 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−83% · Bottom 25%
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)11% · Above median
Operating margin (TTM)15% · Above median
Growth and dividend
Revenue growth16% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.33× · Below median
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
P/E (TTM)111.0× · Priciest 25%
P/B16.37× · Priciest 25%
P/S (TTM)13.51× · Priciest 25%
EV/EBITDA68.7× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 28
FUTURE (revenue growth)81· sector 0
PAST (return on equity)58· sector 34
HEALTH (low debt)84· sector 83
DIVIDEND (yield)1· sector 71
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Adani Total Gas Limited Fair Value". https://www.fairvalue-calculator.com/stock/ATGL
Frequently asked questions
Is Adani Total Gas Limited (ATGL) overvalued or undervalued?
As of Sep 19, 2026, our model estimates a fair value of ₹101.36 versus a price of ₹660.70, about −85% upside (overvalued).
What is the fair value of ATGL?
Our model-based fair value for Adani Total Gas Limited is ₹101.36 (as of Sep 19, 2026), built from audited fundamentals. The current price: ₹660.70.
What is the quality score of ATGL?
Adani Total Gas Limited has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Adani Total Gas Limited (ATGL)?
Our model-based price target is the fair value of ₹101.36 (as of Sep 19, 2026) from 16 valuation models. Cautious scenario ₹76.02, optimistic scenario ₹126.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Adani Total Gas Limited stock forecast for 2026?
Our models put fair value at ₹101.36, about −85% upside versus a price of ₹660.70 (overvalued). Cautious scenario ₹76.02, optimistic scenario ₹126.70. The calculation is refreshed regularly with new filings.
What is the revenue of Adani Total Gas Limited (ATGL)?
Adani Total Gas Limited reported trailing-twelve-month revenue of about ₹58.9B (latest available figure, as of Sep 19, 2026).
Does Adani Total Gas Limited pay a dividend?
Adani Total Gas Limited currently shows a dividend yield of about 0.04% relative to its recent price (as of Sep 19, 2026).
What is the intrinsic value of Adani Total Gas Limited (ATGL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Adani Total Gas Limited it is ₹101.36 per share (as of Sep 19, 2026), against a price of ₹660.70. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Adani Total Gas Limited stock overvalued or undervalued in 2026?
As of Sep 19, 2026, ATGL trades above its calculated fair value: price ₹660.70, fair value ₹101.36, a gap of about −85% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ATGL?
No. The price is what the market pays today (₹660.70); the fair value is what the company's own numbers justify (₹101.36). For Adani Total Gas Limited the two are ₹559.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is Adani Total Gas Limited worth?
The market values Adani Total Gas Limited at about ₹796B (market capitalisation, as of Sep 19, 2026). Per share that is ₹660.70; our models calculate a fair value of ₹101.36 per share.
What do the bullish and bearish scenarios say about ATGL?
Our models span a range for Adani Total Gas Limited: cautious scenario ₹76.02, base ₹101.36, optimistic ₹126.70 per share (as of Sep 19, 2026, price ₹660.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ATGL?
Adani Total Gas Limited trades at a price-to-earnings ratio of 111.0 (as of Sep 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹101.36 is built from several models across several years. Other multiples: P/B 16.4, P/S 13.5, EV/EBITDA 68.7.
How solid is the balance sheet of Adani Total Gas Limited (ATGL)?
Balance-sheet figures for Adani Total Gas Limited (as of Sep 19, 2026): return on equity 14.5%, debt of 0.33 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is ATGL from its 52-week high?
Adani Total Gas Limited trades at ₹660.70, about 23% below its 52-week high of ₹859.85 and 43% above the low of ₹462.80 (as of Sep 19, 2026). Distance from the high says nothing about value: that is what the fair value of ₹101.36 is for.
Which stocks are comparable to Adani Total Gas Limited?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, NiSource Inc, Uniper SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Adani Total Gas Limited stock attractive at the current price?
The data as of Sep 19, 2026: price ₹660.70, calculated fair value ₹101.36 (−85%), Quality Score 46/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ATGL calculated?
We run Adani Total Gas Limited through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹101.36, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Adani Total Gas Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Adani Total Gas Limited (ATGL)?
The closing price on Sep 18, 2026 was ₹660.70. Our model-based fair value is ₹101.36, about −85% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Adani Total Gas Limited right now?
The price sits above even our optimistic bull case (₹126.70). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Adani Total Gas Limited (ATGL) come from?
Earnings per share at Adani Total Gas Limited grew +5.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share +0.1 %, EBIT margin −0.7 %, tax rate +1.5 %, residual (interest, one-offs) +4.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Adani Total Gas Limited
How large is the market capitalisation of Adani Total Gas Limited (ATGL)?
The market capitalisation of Adani Total Gas Limited is ₹796B (≈ $8.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Adani Total Gas Limited (ATGL)?
The price-to-sales ratio of Adani Total Gas Limited is 12.4 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Adani Total Gas Limited (ATGL)?
Earnings per share at Adani Total Gas Limited are ₹5.95 (price ÷ EPS = P/E 111.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Adani Total Gas Limited (ATGL)?
The dividend yield of Adani Total Gas Limited is 0.0% (payout 4.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Adani Total Gas Limited (ATGL)?
The net margin of Adani Total Gas Limited is 11.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Adani Total Gas Limited (ATGL)?
The return on equity (ROE) of Adani Total Gas Limited is 14.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Adani Total Gas Limited (ATGL)?
On an EBIT basis the return on assets of Adani Total Gas Limited is 19.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Adani Total Gas Limited (ATGL)?
The operating margin of Adani Total Gas Limited is 15.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Adani Total Gas Limited (ATGL)?
Revenue at Adani Total Gas Limited is growing +16.1% versus a year earlier (3y avg +10.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Adani Total Gas Limited (ATGL)?
Earnings per share at Adani Total Gas Limited are growing +8.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Adani Total Gas Limited (ATGL) generate?
The free cash flow of Adani Total Gas Limited is −₹19.6M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Adani Total Gas Limited (ATGL) carry?
The net debt of Adani Total Gas Limited is ₹17.5B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Adani Total Gas Limited in the live analysis
One click puts Adani Total Gas Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
