The stock has declined 15.09% over the past two sessions after surging 29.78% in the preceding three sessions. The earlier rally was supported by disruptions in global LNG supplies, government policy support and strong demand for CNG and PNG.
Escalating geopolitical tensions in the Middle East disrupted LNG shipments passing through the Strait of Hormuz, a key global energy transit route. The supply concerns raised expectations of tighter gas availability and higher price volatility, which typically benefits city gas distribution companies.
Investor sentiment was also supported after the government issued the Natural Gas (Supply Regulation) Order, 2026. The order prioritises gas supply for essential segments such as CNG used in transportation and PNG supplied to households.
Under the new rules, these sectors will receive 100% of their average gas consumption over the previous six months, subject to availability. The policy move is seen as supportive for city gas distributors as it safeguards demand in key segments.
Adani Total Gas operates in 34 geographical areas in India and is involved in expanding the use of natural gas in the country’s energy mix. The company also has a 50:50 joint venture with Indian Oil Corporation, Indian Oil-Adani Gas, which operates 19 additional geographical areas. In addition, Adani Total Gas has subsidiaries for e-mobility and biomass businesses and a joint venture for gas meter manufacturing.
On a consolidated basis, Adani Total Gas' net profit rose 11.43% to Rs 158.65 crore while net sales rose 16.45% to Rs 1507.35 crore in Q3 December 2025 over Q3 December 2024.