Adani Total Gas Limited (ATGL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-122.6%

-₹124.78

vs ₹551.60 price

Levered DCF

-₹65.04

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

8.35

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	85.56×	99.52×	159.73×	174.6×	464.32×	228.33×	21.75×	64.18×
P/B	11.53×	15.48×	29.78×	32.45×	97.85×	54.65×	6.46×	13.32×
P/S	9.52×	13.03×	23.83×	21.8×	77.82×	62.32×	5.07×	8.54×
EV / EBITDA	46.6×	58.65×	97.9×	111.3×	306.92×	150.77×	16.54×	32.73×
Gross margin	26.6%	32.8%	34.7%	28.1%	34.9%	52.3%	41.9%	35.1%
Operating margin	16.1%	31.6%	32.9%	26.6%	32.4%	48.8%	38.6%	32.0%
Net margin	11.1%	13.1%	14.9%	12.5%	16.8%	27.3%	23.3%	13.3%
Current ratio	0.64×	0.73×	0.57×	0.39×	0.25×	0.28×	0.94×	3.03×
Debt / equity	0.59×	0.44×	0.43×	0.48×	0.43×	0.27×	0.29×	0.36×
Interest coverage	7.35×	16.94×	13.22×	14.87×	20.98×	23.32×	20.19×	6.18×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.7%	0.0%
Payout ratio	4.2%	4.2%	4.1%	5.0%	5.4%	0.0%	15.2%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.5%	15.6%	18.6%	18.6%	21.1%	23.9%	29.7%	20.8%
Return on invested capital	8.8%	18.6%	20.4%	19.1%	20.4%	23.9%	28.9%	18.8%
Return on assets	6.9%	8.5%	10.1%	9.7%	11.5%	14.4%	17.6%	11.2%
Free cash flow yield	-0.0%	0.0%	0.1%	-0.3%	-0.1%	0.0%	0.1%	0.8%
Earnings yield	1.2%	1.0%	0.6%	0.6%	0.2%	0.4%	4.6%	1.6%
Enterprise value	₹584.5B	₹667.4B	₹1.1T	₹968.5B	₹2.4T	₹1.1T	₹98.4B	₹149.2B
Net debt / EBITDA	1.87×	1.41×	1.29×	1.62×	1.3×	0.74×	0.57×	0.52×
Cash conversion cycle (days)	5	10	-8	-14	29	35	15	11