Our journey has been defined by resilience – ensuring supply continuity amid disruptions, identifying opportunities in challenges, and advancing with agility and foresight.
The past year witnessed a significant reduction in APM gas allocation to the CNG segment impacting the selling price of CNG to consumers. The situation was further aggravated by geopolitical events (which made gas prices volatile) and a weakening Rupee which eroded margins across the industry. Despite these headwinds, your Company remained resilient, successfully navigating the challenges through strategic gas sourcing and industry leading operational efficiency and outperforming market expectations, particularly in the last two quarters.
Natural gas volume sold in FY 2024-25
14.8% Y-o-Y
External Commercial Borrowing (ECB) programme
We continued to adapt, optimise, and grow in FY 2024-25. Our overall volume grew by 15% to 993 MMSCM, supported by network expansions and a strategic albeit calibrated pricing approach, amid increasing competition from alternative fuels. Revenue stood at ₹5,432 crore, while EBITDA rose 1% to ₹1,167 crore, reflecting prudent gas portfolio management and cost efficiencies. Our Profit After Tax (PAT) reached to ₹648 crore.
A significant milestone this year was entering into a USD 375 million programme in long-term External Commercial Borrowing (ECB) with an initial commitment of USD 315 million , making us the first entity in the city gas sector to do so. This demonstrates the faith reposed in us by global lenders and has strengthened our financial position enabling us to accelerate network expansion, ensuring faster access to PNG and CNG while advancing our promise to a cleaner, more connected energy future.
With a Net Debt to EBITDA ratio of 1.06, we continue to maintain a strong financial foundation. As of March 31, 2025, our Return on Capital Employed (ROCE) and Return on Equity (ROE) stood at 16.03% and 16.73%, underlining the strength of our diversified business model, infrastructure investments, and digitalisation efforts.
While challenges remain, the CGD sector is on the cusp of transformation and we are well-positioned to drive long-term value for all stakeholders, with a sharp focus on operational excellence and sustainable growth.
Our commitment to expand access to clean energy continues to drive our growth. This year, we extended our CGD footprint to Jalandhar, increasing coverage from 33 to 34 Geographical Areas (GAs), focussing on scale and service excellence. With introduction of carbon market standards, the MSME and transportation segments present a demand growth many times over the current natural gas consumption in the CGD sector. Our vision is to build a gas infrastructure ready to cater to this growth in demand.
PNG households across the country
CNG stations across the country
Despite continued challenges in getting on-time permissions, we continue to lay over 2.5 km of pipeline per day (MDPE + Steel). As of March 31, 2025, we have laid 13,772 inch-km of steel pipeline, adding 1,750 inch-km in FY 2024-25. Our CNG station network has grown to 647 stations, with 100 new additions, of which 123 operate under the CODO or DODO model. We now serve over 9,299 industrial and commercial consumers and a 9.63 lakh+ households with piped natural gas connections.
Including our JV with Fortune 500 company Indian Oil Corporation Limited, namely Indian Oil-Adani Gas Private Limited (IOAGPL), we now serve 125 districts nationwide, where we are responsible to provide access to PNG and CNG to large masses of customers in these districts. This partnership strengthens our ability to optimise resources, share best practices, and enhance operational efficiencies.
While the CGD business remains our core strength, we are also gainfully diversifying into emerging energy solutions. These are no longer just opportunities, but integral components of our long-term business strategy. We are strengthening our presence in Electric Vehicle Charging Infrastructure (EVCI), Compressed Biogas (CBG), and taking initial steps for LNG for Transport & Mining (LTM) segments to support sustainable mobility and industrial energy needs. Our biomass and new fertiliser brand, ‘Harit Amrit’, is advancing circular economy principles, transforming agri-waste into clean energy, while our hydrogen blending initiatives align with National Green Hydrogen mission, positioning us at the forefront of India’s clean energy revolution.
Our efforts towards emission reduction, green building, and waste-to-energy projects continue to gain industry recognition, reflecting our long-term commitment to responsible growth. As we move forward, we remain focussed on balancing economic progress with environmental responsibility, ensuring a cleaner and more sustainable energy future
Our customers remain at the core of everything we do. We are constantly refining our service model to enhance accessibility, affordability, and responsiveness. Our digital transformation is driving real impact at the scale, ensuring seamless service to our customers as we grow further. Our digital platforms enable our customers to interact with us from the comfort of their homes and provide real-time visibility of consumption, digital payments, and other service requests. Real-time digital monitoring of our PNG and CNG operations ensures that our customers receive uninterrupted supply of natural gas for their homes, commercial establishments, industries, and vehicles.
Our people drive our success and their continuous learning and upskilling remain our priority, ensuring that our workforce is equipped to navigate an evolving industry landscape. Initiatives like Young Leadership Program (YLP) and other continuous learning programs with IIMs and IITs, have enriched our people with latest insights in management, leadership and technology, which will generate huge dividends for our Company.
Our growth goes hand in hand with our ESG performance and is recognised well by the industry. We were awarded CAP 2.0 (Oriented) by the CII last year. Our Dow Jones Sustainability Index (DJSI) score saw a sharp increase to 62 (from 54 last year), putting us within the top 20% of the industry. We were also awarded Humanity Hero award by Yuva Unstoppable, recognising our CSR initiatives.
Safety is a necessity for us. We work towards maintaining zero-fatality rates across all our operations, and stringent Quality, Health, Safety, and Environment (QHSE) protocols ensure a safe and secure environment for our workforce and stakeholders.
India’s ambition to increase natural gas usage from 6% to 15% of the primary energy mix by 2030 presents significant opportunities.
Dow Jones Sustainability Index (DJSI) Score among leaders in natural gas segment in India
+ 8 points from FY 2023-24
With planned investments of ₹10,000 crore to ₹15,000 crore over the next 5 to 8 years, we are committed to accelerating India's energy transition. We remain steadfast in our mission to provide affordable, reliable, low-carbon energy for homes, transportation, commercial and industrial users – delivering enduring value for our stakeholders.
I, on behalf of Team ATGL, take this opportunity to extend our deepest gratitude to our promoters, Adani Group, TotalEnergies, shareholders, customers, Central and State Governments, authorities, and business partners for their continued trust and support. Your dedication fuels our progress as we strive to build a stronger, more sustainable future, together.
Lastly, I would like to dedicate the ever expanding success story of your Company to the each and every member of Team ATGL, our wholly-owned subsidiaries (ATBL & ATEL), our Joint Ventures (IOAGPL & SMPTL), without their hard work, perseverance, extraordinary efforts and their focus on consumer, this growth journey wouldn’t have been possible and look forward to their continued support, team spirit and desire to excel for aiming to move to higher trajectory of growth and customer delight.
Executive Director & CEO
