Whalesbook
March quarter FY26 ke liye Adani Total Gas (ATGL) ka performance kaafi solid raha. Net profit 9% badha aur ₹168 crore tak pahuncha, jabki revenue bhi 17% zoom karke ₹1,695 crore ho gaya. CEO Suresh P Manglani ne kaha ki unki smart sourcing strategy ne supply ko stable rakha, high procurement costs aur currency fluctuations ke bawajood.
Par jab full fiscal year FY26 ka picture dekho, toh lagta hai kuch gadbad hai. Profit growth sirf 0.2% raha, jo ₹656 crore hua, aur revenue 18% badh kar ₹6,408 crore tak pahuncha. Yeh clearly dikhata hai ki company energy market ki volatility se pressure mein hai.
Asal mein, jab volume badh raha tha, tab margins tight ho gaye. CNG aur PNG volumes 15% upar gaye, network bhi extend hua. Lekin company ka EBITDA margin 17.76% tak aa gaya, jo pehle 18.32% tha. Iska reason hai natural gas expenses mein 18% ka badhotri. Company ko saste APM gas ki jagah costly spot LNG zyada use karna pada, global energy prices aur West Asia ke issues ke karan.
Ab baat karte hain valuation ki. ATGL toh apne competitors jaise Mahanagar Gas (MGL) aur Indraprastha Gas (IGL) se kaafi mehnga mil raha hai. Iska Price-to-Earnings (P/E) ratio 90.5x se 111.75x ke beech hai, jabki MGL 11-13x aur IGL 13-17x par trade kar rahe hain. Iska market cap bhi lagbhag ₹70,000 crore hai, jo competitors se bahut zyada hai.
Hain toh March 2026 mein stock 37% tak bhaga tha, government ki support aur Middle East conflict ke karan. Analyst log filhaal is stock ko 'Hold' karne ki salah de rahe hain aur average target ₹743.28 ke aas paas hai. CGD market mein growth toh hai, par ATGL ko high energy costs aur premium valuation ke saath deal karna padega.