Adani Total Gas Limited (ATGL) Fair Value & Analysis
Utilities · IN · Market cap ₹796B
Fair value as of: Jul 11, 2026
From 16 valuation models · updated 23 days ago
Share price −11.2% over the past month.
Below-average quality, and screening another 84% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (₹126.70). The favourable scenario is already priced in.
- Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.
How to read this chart
60‑month range ₹467.74 – ₹3,914 · fair‑value band ₹76.02 – ₹126.70 · the ₹651.45 price screens above the ₹101.36 fair value. Dashed = 300-day average. As of Jul 11, 2026.
Analysis
Adani Total Gas Limited (ATGL) currently trades at ₹651.45, while our model-based Fair Value estimate is ₹101.36, implying the stock looks roughly 84.4% overvalued today. We read business quality at 49/100 (below-average quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Adani Total Gas Limited generated revenue of ₹58.9B at a net margin of 11.1%. Revenue grew 16.1% year over year. It earns a return on equity of 14.5%. Net debt stands at ₹17.5B. Fundamentals as of Jul 11, 2026
Our scenario range runs from ₹76.02 (bear case) to ₹126.70 (bull case); at ₹651.45, the current price sits above that range. The share trades about 24% below its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -19% fair-value upside, at -84%, ATGL screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 16 models by family
Widest divergence: Growth Earnings (₹143.64) versus Dividend Discount (₹4.30). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 47 · Market factors (momentum, volatility) 54
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
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.
ATGL screens 84% overvalued. Compare with Naturgy Energy Group →
Peer Group
Utilities - Regulated Gas · 103 stocks
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.
Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Naturgy Energy Group NTGY | €28.84 | €35.80 | +24% |
| Atmos Energy Corporation ATO | $177.68 | $85.67 | -52% |
| NiSource Inc NI | $47.07 | $28.59 | -39% |
| Uniper SE UN0 | €42.80 | €49.13 | +15% |
| The Hong Kong and China Gas Company 0003 | HK$7.03 | HK$5.08 | -28% |
| Italgas S.p.A IG | €9.98 | €8.11 | -19% |
| GAIL (India) Limited GAIL | ₹171.71 | ₹147.74 | -14% |
| ENN Natural Gas Co 600803 | ¥16.69 | ¥25.71 | +54% |
| UGI Corporation UGI | $35.84 | $27.13 | -24% |
| Southwest Gas Holdings SWX | $92.06 | $70.67 | -23% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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