Adani Total Gas Ltd Management Discussions

Global Economy

The global economy entered 2025 navigating a stabilising yet challenging macroeconomic environment. Global growth is estimated at 3.3% in CY 2025, reflecting resilience across major economies amid moderating inflation and tighter financial conditions, as per the IMF World Economic Outlook (January 2026). However, growth remained uneven across regions, influenced by persistent geopolitical tensions, policy uncertainty, and sector-specific investment concentration. In March 2026, the conflict in West Asia resulted in unprecedented energy supply shock causing sharp spike in crude and natural gas prices and leading to volatility in global currencies. The Strait of Hormuz, which carried nearly 35% of seaborne crude and 20% of seaborne refined petroleum products before the beginning of the conflict, became the focal point of the conflict and was shut. The global LNG trade, which was estimated to be 410 MTPA in 2025, and has nearly 21% of volumes originating through the Strait of Hormuz, was also affected due to the conflict. Several LNG suppliers across the world declared force majeure, further tightening supply and exacerbating the demand-supply imbalance in the market. As of March 31, the conflict remained unresolved, and any prolonged and severe disruption in the West Asia crisis may adversely impact commodity prices and undermine global growth prospects.

Region-wise growth (%)

Region	CY 2025 (E)	CY 2026 (P)	CY 2027 (P)
Global	3.3	3.3	3.2
Economy
Advanced	1.7	1.8	1.7
Economies
Emerging	4.4	4.2	4.1
Market and
Developing
Economies
(EMDEs)

E- Estimates; P- Projections

(Source: IMF World Economic Outlook January 2026)

Global inflation has continued to moderate, declining from 6.8% in 2023 to 4.1% in 2025, While goods inflation softened significantly, services inflation remains persistent in several advanced economies, slowing convergence towards target inflation levels. In response, monetary policy across major economies remains cautious, with central banks maintaining a data-dependent stance. Geopolitical developments continue to exert a meaningful influence on global economic conditions. Ongoing conflicts in Eastern Europe and the West

Asia have contributed to global supply chain disruptions, commodity price volatility, and elevated trade uncertainty. Trade policy risks persist through implementation of targeted tariffs, export controls, and . strategic realignments across critical sectors including energy, semiconductors, and capital goods. Global trade growth is anticipated to moderate in 2026 following earlier front-loaded activity, with technology-related trade partially mitigating the weakness observed in traditional manufacturing exports.

Emerging markets and developing economies continue to demonstrate relative resilience, supported by robust domestic demand, ongoing structural reforms, and strengthening macroeconomic fundamentals. Advanced economies are witnessing gradual stabilisation, underpinned by easing inflationary pressures and improving financial conditions, however, fiscal constraints and elevated debt levels pose medium-term risks.

Performance of Major Economies

United States

The U.S. economy is projected to grow by 2.4% in 2026, supported by easing monetary conditions and continued investment in technology and infrastructure. While consumption remains resilient, growth momentum is expected to moderate as labour market conditions gradually soften. Elevated asset valuations and fiscal deficits pose medium-term risks.

China

Chinas economic growth is projected at 4.5% in 2026, reflecting policy support measures and resilient export performance in high-technology sectors. However, structural challenges, including weak domestic demand, demographic pressures, and stress in the real estate sector, are expected to weigh on medium-term growth prospects.

United Kingdom

The U.K. economy is expected to expand by 1.3% in 2026, supported by improving real wages and a gradual easing of inflation. Nonetheless, energy market volatility, fiscal constraints, and post-Brexit trade frictions continue to influence economic performance and investment sentiment.

Japan

Japans growth is projected to moderate to 0.7% in 2026, reflecting subdued private investment and external demand. Fiscal stimulus measures and gradual monetary policy normalisation are expected to support domestic activity, while energy security considerations continue to shape demand for imported fuels, including LNG.

Germany

Germany is expected to record growth of 1.1% in 2026, supported by fiscal spending and a gradual recovery in domestic demand. However, high energy costs and structural challenges in manufacturing continue to constrain growth prospects.

Outlook

The global economic outlook for 2026 remains subject to heightened uncertainty due to the ongoing conflict in West Asia, as elevated energy prices, supply-side disruptions and currency volatility may affect the growth prospects of major economies. The Strait of Hormuz serves as a strategic energy corridor, accounting for nearly one fifth of global LNG Trade and approximately one fourth of global oil trade. As a major export route for crude oil and LNG to Asian markets, supply-demand imbalance led to significant increase in oil and LNG price amid conflict in the West Asia. Further, damages and process disruption to liquefaction and refining facilities in the region may take longer time to return to normalcy. As the conflict persist, its broader implications on global economic growth will take some time to be ascertained.

Source: IMF World Economic Outlook, January 2026

Indian Economy

Indias economic performance in FY 2025 26 demonstrated strong resilience and sustained broad-based momentum amid a challenging global backdrop due to geopolitical tensions, trade policy uncertainty and financial market volatility.As per the Second Advance Estimates, real GDP and Gross Value Added (GVA) are expected to grow by 7.6% and 7.7%, respectively, highlighting the strength of Indias domestic demand-driven growth model. Robust agricultural performance supported rural incomes, while improving urban demand, aided by tax rationalisation and stable employment conditions, contributed to an expansion of the consumption base. Indias medium-term growth potential remains robust at around 7%, supported by strong domestic fundamentals.

Indian Growth Projections

Year	GDP Growth rate (%)
FY 2025-26 (SAE)	7.6
FY 2024-25 (FRE)	7.1
FY 2023-24	7.2

Private consumption remained a key growth driver, supported by easing inflation and rising real income levels. Investment activity gained momentum, led by sustained public capital expenditure of 12.2 lakh crore, strengthened infrastructure development and generated multiplier effects across manufacturing, construction, logistics, and energy sector. Government initiatives under Viksit Bharat 2047 and Kartavya Kaal continue to promote duty-driven development, capacity creation, and self-reliance, helping India navigate external uncertainties.

Sectoral Performance

Agriculture & Allied Activities: Agriculture grew by

3.1% in FY26, aided by a favourable monsoon and improved crop outcomes, with allied sectors such as livestock and fisheries recording 5 6% growth, supporting rural incomes.

Industry & Manufacturing: Industrial growth accelerated to 6.2%, led by manufacturing at 7.7 9.1% in H1 FY26. PLI schemes across 14 sectors attracted 2.0 lakh crore of investment, generating 18.7 lakh crore in incremental production and creating 12.6 lakh jobs. Core sectors such as cement (+13.5%) and steel (+6.9%) reflected strong infrastructure demand.

Services: The services sector grew 9.1%, up from 7.2% in FY25, with its GVA share reaching a historic 56.4%. Services exports continued to expand, supporting growth, foreign exchange earnings, and employment.

Inflation and Macroeconomic Stability

Inflation eased to 1.7% (April December FY26), the lowest since the CPI series began, supporting domestic demand. The RBI revised FY26 inflation to 2.0%, with the IMF projecting 2.8%. Strong fiscal consolidation, robust tax collections, and healthy credit growth underpinned macro stability. Non-performing assets remained low, capital adequacy strong, and forex reserves exceeded USD 700 billion, which provided some resilience against geopolitical shocks towards the end of the financial year.

Union Budget 2026 27

The Union Budget 2026 27 reiterates the Governments commitment to sustaining economic growth while maintaining fiscal prudence. Continued emphasis on capital expenditure, targeted support for manufacturing and MSMEs, and focus on infrastructure, energy transition, digital public infrastructure and innovation are aligned with the long-term objectives of Viksit Bharat and Kartavya Kaal. Measures focused on enhancing ease of doing business, widening access to credit, and supporting consumption are expected to further bolster domestic demand and industrial activity, with favourable implications for energy consumption and investment.

Outlook

The long-term outlook for the Indian economy remains steady and constructive. While the Real GDP growth for FY27 was projected in the range of 6.8-7.2%, reflecting sustained medium-term growth potential, the impact of crisis in West Asia may soften that projection going forward. However, countrys long term growth is still going to be driven by large scale infrastructure development, continued industrialization, and sustained efforts to improve standard of living, which, supported by policy stability and easing of geopolitical tensions, will be conducive to regaining the growth momentum. on

Industry Overview

Global Energy Sector

The global energy sector entered a phase of relative price stabilization, with Brent crude staying sub USD 70 per barrel and international LNG price softened from mid teens to nearly USD 10 per MMbtu towards the end of 2025. However, the conflict in West Asia tossed the supply-demand out of balance, resulting in sharp spike in crude, natural gas, and coal prices globally. Even if the geopolitical tensions eases down early, the continued imbalance is expected. Brent crude oil prices are forecast to average USD 95 per barrel in 2026 and USD 79 per barrel in 2027, compared with USD 69 per barrel in 2025.

Source: Short-term Energy Outlook, May 2026, US Energy

Information Administration

Source: Statistics, US Energy Information Administration Apr 24 to Mar 26

Similarly, the softening of global natural gas prices, which had started in early 2025 and was expected to continue over next 2-3 years, was arrested due to the supply shortages due to closure of Strait of Hormuz. The average JKM prices crossed USD 20 per MMbtu in March 2026. Even if the West Asia crisis is resolve early, the natural gas supplies from the Strait of Hormuz may take some time to reach to pre-conflict levels, resulting into JKM expected to remain in the range of USD 14-18 per MMBtu during year 2026.

Energy demand growth continues to remains concentrated in non-OECD economies. Indias liquid fuels consumption is expected to rise by around 0.3 million b/d annually in 2026 and 2027, reflecting sustained economic activity and ongoing urbanisation. At the same time, global electricity consumption is projected to grow steadily, supported by continued addition to renewable capacity particularly solar, while natural gas remains critical source for grid balancing and energy security. Overall, while hydrocarbons are likely to face near-term price pressures, natural gas is expected to play an increasingly important role in advancing energy transition objectives, ensuring supply reliability, and cleaner energy systems across key growth markets.

India Energy Sector

Over the past five years, India has recorded the third-largest increase in power generation capacity globally, after China and the United States. At the same time, the country is steadily diversifying its energy mix through accelerated investments in renewable and non-fossil power sources. Clean energy accounted for around 83% of power sector investment in 2024, reflecting strong policy support and increasing participation from investors.

India has also made substantial progress in expanding renewable capacity, with non-fossil sources accounting for over half of the countrys installed electricity capacity in 2025, supported by strong growth in solar and wind energy. Government initiatives such as rooftop solar programmes, solarisation of agricultural pumpsw and the National Green Hydrogen Mission continue to strengthen the clean energy ecosystem. In the Union

Budget FY26, the government also set an ambitious target to deploy 100 GW of Nuclear based Power Generation in the country by 2047 as a long-term solution to transition away from fossil fuel based base-load generation capacity.

Despite the rapid expansion of renewable energy, hydrocarbons remain essential in meeting Indias rising energy needs, with natural gas expected to play an important role in supporting a balanced and lower-carbon energy transition.

However, as a result of crisis in West Asia, Indias LNG imports declined by about 16% year-on-year in March 2026. In parallel, since January 2026, the Indian rupee has depreciated by around 5%, while benchmark LNG prices have risen sharply. Together, the increase in benchmark prices and the strengthening of the US dollar have significantly raised the cost burden on Indian oil and gas importers, who now have to manage the fine act of balancing between higher gas cost and maintaining affordable prices for the end user.

Source: International Energy Agency (IEA); Government of India Ministry of New & Renewable Energy / PIB releases; Economic Survey of India(Pre-budget, and S&P Near-term Forecast)

Domestic Consumption Petroleum Products

	UoM (‘000)	FY 2025-26	FY 2024-25
Petroleum	MMT	243.2	239.2
products (all)
LPG	MMT	33.2	31.3
MS	MMT	42.6	40.0
HSD	MMT	94.7	91.4
FO/LSHS	MMT	6.4	6.4

Consumption of Natural Gas

Natural gas is increasingly positioned as a transition fuel within Indias energy architecture, offering a lower-carbon alternative to coal and liquid fuels while supporting grid stability and industrial growth. The Government of India has articulated a long-term ambition to raise the share of natural gas in the energy mix to 15% by 2030, from the current level of around 6 6.5%.

During FY26, Indias natural gas consumption stood at 68,542 MMSCM, a 4% reduction on Y-o-Y basis due to slower demand in the last couple of months due to West

Asia crisis. Consumption remained stable in the first half (~34,772 MMSCM during April September), followed by a stronger second-half momentum, peaking during October January on the back of higher industrial and CGD demand, before a moderation in February. On an annualised basis, Indias gas consumption remains in the range of ~70 72 BCM, with demand expected to grow at 8 9% CAGR through 2030, driven by expansion in city gas distribution (CGD), fertiliser demand, and increasing adoption of gas as a transport fuel.

Domestic Consumption Natural Gas

	UoM	FY 2025-26	FY 2024-25
Natural Gas	MMSCM	68,542	71,314

Source: https://ppac.gov.in/natural-gas/consumption

Sectoral Consumption Trends

Key Sectoral Drivers of Indias Natural Gas

Consumption (%)

Source: https://ppac.gov.in/natural-gas/sectoral-consumption

Domestic Production and Import Dependence

India continued to rely on LNG imports to meet its natural gas demand during FY 2026, reflecting a structural gap between domestic production and consumption.

While domestic production remained relatively stable, LNG imports played a critical role in supporting incremental demand, particularly during periods of higher consumption. PPAC data indicates that imports continue to account for a significant share of Indias gas supply, underscoring the countrys dependence on global LNG markets to ensure energy security and supply stability.

Source: https://ppac.gov.in/import-export

Domestic Gas Availability

As of early 2026, Indias Administered Pricing Mechanism (APM) continued to prioritise allocation to home PNG, CNG for transport, and the fertiliser sector, ensuring supply of lower-cost domestic gas to critical segments. APM pricing remained linked to 10% of the Indian crude basket, with a price ceiling of ~$6.75 6.81/MMBTU during the year, protecting end consumers from global price volatility. Additionally, new well or intervention gas in ONGC/OIL nomination fields was priced at a ~12% of Indian Crude Basket, supporting incremental demand in priority segments. Further, gas from HPHT field was also made available via auction to the CGD segment as per established procedures and subject to applicable price ceiling In response to the supply shortage created due to the conflict in West Asia, the Government implemented the Natural Gas (Supply Regulation) Order, 2026 to strengthen the supply security by diverting natural gas to high priority segments. This allowed supply continuation amid drop in gas imports and high RLNG prices.

These measures collectively aim to stabilise short term supply challenges, while supporting Indias long-term goal of increasing the share of natural gas in the energy mix from ~6.5% to 15% by 2030.

Source: PPAC; PIB; PNGRB notifications.

Natural gas infrastructure and Regulatory developments

Indiacontinuedtostrengthenitsnaturalgasinfrastructure in FY 2026, with a sharp focus on expanding City Gas Distribution (CGD) networks reaching 1.67 Crore home PNG connections and 8,692 CNG stations. As of FY 2026, the PNGRB has authorised over 307 Geographical Areas (GAs), significantly widening access to CNG and PNG across urban and semi-urban regions. This expansion is supported by the ongoing development of the National Gas Grid, spanning 25,900+ km, aimed at improving last-mile connectivity and linking demand centres with supply sources.

Further, policy and regulatory measures like CST applicability on natural gas (APM & NWG) transported outside of Gujarat, and simplification of natural gas pipeline tariff from 3-zone to 2-zone, with home PNG

. and CNG for transport under Zone-1 tariff, resulted in cost simplification and offsetting some impact of rise in natural gas prices and exchange rates. Several states have now adopted CGD policy and have started implementing VAT rationalization on CNG & PNG. These developments will be conducive to higher gas penetration, improving accessibility, and supporting the governments target of increasing the share of natural gas in Indias energy mix.

Source: PNGRB; MoPNG updates.

Governments response to energy supply situation

Government of India has introduced a series of significant regulatory measures aimed at strengthening the governance, allocation, distribution, and consumer protection framework in the natural gas and city gas distribution sector. The Natural Gas (Supply Regulation) Order, 2026, issued under the Essential Commodities Act, 1955, establishes a priority-based allocation mechanism for domestic natural gas supply. Amid LPG shortages, government has also taken steps to accelerate the transition from LPG to PNG in areas where piped natural gas infrastructure is available. Subsequently, Uniform Right of Way (ROW) and Pipeline-Laying Framework has been introduced to streamline infrastructure development across the country through defined approval timelines, caps on applicable fees and provisions for mandatory access. The States have also issued respective order miroring these initiatives to enable on-ground implementation.

CGD Infrastructure Growth

	UoM	FY 2025-26 (Exit)	FY 2024-25 (Exit)
CNG Stations	No.s	8,916	7,720
Residential PNG	No.s	1.69 crore	1.47 crore
Connections
Source: Petroleum	Planning	& Analysis Cell,	Ministry of

Source: Petroleum Planning & Analysis Cell, Ministry of Petroleum & Natural Gas, GoI (https://ppac.gov.in/)

CNG Vehicles sales by Segment

(in lakhs)

	FY 2025-26	FY 2024-25	FY 2023-24
CNG-2W	0.33	0.52	-
CNG-3W	3.28	3.41	3.56
CNG-4W+	11.52	8.99	6.90
Total	15.14	12.92	10.46

Source: Vahan Dashboard, Ministry of Road Transport & Highways, GoI

Share of CNG Vehicles in Total Vehicle Sales (%)

	FY 2025-26	FY 2024-25	FY 2023-24
CNG-3W	24	28	31
CNG-4W+	17	15	12

Source: Vahan Dashboard, Ministry of Road Transport & Highways, GoI

in

Evolving Mobility Landscape

The overall vehicle sales remained strong in FY26, with 13% Y-o-Y growth, reaching 2.98 crore vehicles sold (all segments). The 3W and 4W+ sales reached 13.63 lakhs and 69.45 lakhs respectively, registering 12% and 13% growth respectively.

Sale of CNG vehicles continued to grow strongly, registering 17% Y-o-Y growth. While the CNG 3W sales remained stagnated due to greater push on EV adoption, the CNG 4W segment grew by 28% on Y-o-Y basis, reaching 17% penetration in overall 4W sales. On the other hand, Indias EV ecosystem witnessed strong momentum in FY 2026, with total EV sales reaching 24.5 lakhs units during April 2025 March 2026, reflecting steady adoption across segments. Monthly volumes peaked at ~2.8 lakh units (all vehicle types) in March 2026, indicating strong year-end demand.

Electric two-wheelers continued to dominate the market, accounting for the majority of EV sales, supported by cost economics and last-mile mobility demand. Penetration levels also improved across segments, with 2W EV penetration rising to ~9.8% and passenger vehicles to ~5.1% in March 2026, highlighting a gradual but consistent shift towards electrification.

This evolving mobility landscape reflects increasing consumer acceptance, supported by improving economics and favorable ecosystem thru policy push and expanding charging infrastructure in the country.

Source: Vahan Dashboard (via EVreporter); industry news reports Note: 4W+ includes passenger and goods vehicles, including multi-axle.

Sales of Electric Vehicles by Segment

(in lakhs)

	FY 2025-26	FY 2024-25	FY 2023-24
e-2W	14.0	11.5	9.5
e-3W	8.3	7.0	6.3
e-4W	2.2	1.2	1.0
Total EV	24.5	19.7	16.8

Source: Vahan Dashboard, Ministry of Road Transport & Highways, GoI

Alternative Fuels in Indias Energy Transition

Compressed biogas (CBG) and green hydrogen continued to gain traction during the year as key enablers of

Indias energy transition, with policy focus shifting from intent to execution and ecosystem development. CBG is being progressively integrated into the CGD framework, supporting waste-to-energy objectives, while green hydrogen initiatives advanced through pilot projects aimed at industrial decarbonisation.

Compressed Biogas (CBG)

Indias Compressed Biogas (CBG) sector is transitioning into a commercially scalable energy segment, supported by policy mandates and strong investment momentum.

With the introduction of mandatory blending obligations from FY 2026 (1%, scaling up to 5% by FY 2029), CBG has moved from a supply-driven initiative to a demand-backed market, ensuring offtake from CGD players. The ecosystem is expanding rapidly, with 460+ plants operational or under development, alongside increasing participation from both Private and Public sector companies. The current CBG production in the country is estimated at ~ 1,000 TPD, with more capacity expected to be commissioned in coming years. The sector is expected to witness robust growth, driven by rising natural gas import costs and the push for waste-to-energy solutions. Policy support remains strong, with measures such as excise duty exemption on the biogas component in blended CNG and continued focus on scaling the SATAT initiative.

CBG is thus emerging as a critical lever in Indias energy transition, supporting decarbonisation, energy security, and circular economy objectives.

Source: MoPNG; PNGRB; industry reports.

Outlook

India is navigating a complex energy transition, with energy demand projected to grow at a faster pace than other major economy through 2050. Central to this transition is the Governments gas-based economy roadmap, which aims to increase the share of natural gas in the primary energy mix from around 6% to 15% by 2030. Natural gas is positioned as a critical transition fuel, enabling lower emissions while providing operational flexibility required to stabilise a power grid that is increasingly depend on intermittent renewable sources. To enable this transition, India has significantly expanded its National Gas Grid to nearly 27,500 km and extended City Gas Distribution (CGD) coverage across a majority of the country. This expanding infrastructure is supporting rising industrial demand and facilitating fuel substitution in transport sector, including the gradual adoption of LNG and CNG in commercial and long-haul transportation Segments.

In parallel, the growth of electric mobility under initiatives such as EV30@30 is reshaping electricity demand patterns. EV-related power demand is estimated to reach ~640 TWh by 2030, necessitating a substantial scale-up of charging infrastructure from the current

29,000+ charging stations to over 1.3 million over the next decade. Managing peak demand arising from EV charging, particularly during the evening peak load hours, is expected to remains a key challenge. With this evolving energy landscape, gas-based power generation is expected to play a critical balancing role, complementing the targeted addition of 500 GW of non-fossil fuel capacity by 2030. The transition pathway is further supported by initiatives such as the National Green Hydrogen Mission, 100 GW nuclear generation program, and further development of bio-fuels like CBG and ethanol. Together, these measures are expected to progressively reduce the carbon intensity of the Indias energy system as the country advances towards its Net Zero 2070 objective.

About ATGL

Adani Total Gas Limited (ATGL) operates in Indias city gas distribution (CGD) sector, supplying natural gas to residential, commercial, industrial and transportation customers through its wide infrastructure base which is spread across 34 Geographical Areas and 95 Districts.

The Company focuses on expanding access to natural gas through the development and operation of CGD networks across authorised geographical areas. Further, to provide wider range of sustainable energy solutions to consumers, the Company has ventured into compressed biogas, and electric vehicle charging infrastructure, while also progressing the development of an LNG retail network for heavy-duty transport and mining segments. These initiatives support the Companys business diversification while remaining aligned with Indias evolving energy landscape. In FY26 the Company commissioned 9 new City Gas Stations (CGS) and 1 new LCNG facility, in newer geographical areas which have recently been connected with the national gas grid. This bring the total number of operating CGS and LCNG at 26 Nos and 5 Nos respectively.

These facilities play a critical role to accelerate the expansion of natural gas ecosystem in the country.

Diversified Solutions and Performance Review

City Gas Distribution

The Companys city gas distribution operations form the core of its business, supplying piped natural gas (PNG) to residential, commercial and industrial customers, and compressed natural gas (CNG) to the transportation segment. These operations are supported by an expanding steel and MDPE pipeline network and a growing network of CNG stations across authorised geographical areas.

Year in Review

Steel pipeline network expanded to 15,572 inch-km

MDPE pipeline network increased to 8,306 km, strengthening last-mile connectivity Domestic PNG connections reached 10.99 lakhs households, with 1.37 lakhs new connections added

Commercial and industrial PNG connections increased to 9,965 customers

CNG stations increased to 705, with steady commissioning during the year

CODO and DODO models expanded to 140 stations, supporting service delivery and operational efficiency Commissioned 9 Nos of new CGS and 1 Nos of new LCNG facility.

Along with its joint venture IOAGPL, the Companys PNG and CNG footprint extended across 125 districts

Read more Pg. 120

E-Mobility

Through its wholly owned subsidiary, Adani TotalEnergies

E-Mobility Limited (ATEL), the Company is developing electric vehicle charging infrastructure as part of its diversification strategy beyond CGD.

Year in Review

Crossed 5,100 EV charging point installation across

26 States and Union Territories

Crossed 54 MW Installed charging capacity as on March 31, 2026 Presence across 22 airports, making ATEL largest airport CPO in the country

Read more Pg. 132

Compressed Biogas

Adani TotalEnergies Biomass Limited (ATBL), a wholly owned subsidiary, operates in the compressed biogas (CBG) segment. During the year, Phase 1 of the agri-waste-to-CBG plant at Barsana, Uttar Pradesh was commissioned, and pre-development work of municipal solid waste-based CBG projects in Ahmedabad and Rajkot was initiated.

ATBL converts agricultural residue, cattle dung and municipal solid waste into CBG and organic fertiliser using anaerobic digestion technology, supporting waste management and fuel substitution objectives.

Year in Review

Commissioned Phase 1 with production capacity of 10 TPD

Sold 1,654 MT of CBG and 4575 MT of organic fertiliser

Read more Pg. 130

Joint Ventures

Indian Oil Adani Gas Private Limited (IOAGPL)

IOAGPL, a joint venture between Indian Oil Corporation Limited and ATGL, is engaged in the development and operation of city gas distribution networks across

19 geographical areas in India, serving residential, commercial and industrial customers.

Year in Review

Gas sales volume of 681 MMSCM

PNG customer base exceeded 2.16 lakhs connections CNG station network expanded to 464 stations

Read more Pg. 134

Smart Meters Technologies Private Limited (SMTPL)

SMTPL, a joint venture between the Company and GSEC Limited, manufactures mechanical and smart gas meters for the CGD sector.

Year in Review

Supplied 1.85 lakh gas meters during the year Smart gas meters featuring BLE and NB-IoT communication capabilities have been rolled out, marking one of its this kind in India.

Read more Pg. 135

Financial Performance

The Company reported steady financial performance, supported by operational scale and disciplined execution. Total Revenue stood at 6,415 crore as on March 31, 2026, compared to 5,432 crore in the previous year. EBITDA was 1,225 crore, while Profit After Tax amounted to 637 crore.

Key financial ratios compared to the previous financial year are provided below:

Particulars	Current FY ended March 31, 2026	Current FY ended March 31, 2025	Change between current FY and previous FY	Notes
Debtors turnover(x)	15.35	13.05	17.62%
Interest coverage ratio (x)	7.69	9.66	-20%	Note 1
Current ratio	0.64	0.73	-12.81%	Note 2
Debt-equity ratio (x)	0.45	0.42	7.72%
Operating profit margin (%)	19.1	21.0	- 190 bps	Note 3
Return of net worth (%)	14.14	16.7	- 256 bps

Notes:

1) Increase in Long term borrowings for Capex

2) Bullet Repayment of RTL maturing during the year

3) Currency Volatility and Commodity price impact

Outlook

Human Resource Practices

Performance is driven by the quality and commitment of the workforce. A structured approach to workforce planning, talent development and retention ensures alignment with business and operational requirements.

During the year, the Company invested in capability-building initiatives to strengthen technical, leadership and functional skills across levels. Programmes such as the Young Leaders Programme and Advanced Learning Programme, delivered in partnership with institutions including IIMs and IITs, supported leadership development and specialist capability building.

As on March 31, 2026, the Company had 528 employees on its rolls.

Risk Management

The Company follows a structured Enterprise Risk Management (ERM) framework for the identification, assessment and management of risks. The framework is overseen by the Risk Management Committee of the Board, which provides governance oversight and integrates risk considerations into strategic and operational decisions. The ERM process facilitates early identification of emerging risks, assessment of their potential impact, and implementation of mitigation measures. This approach supports business continuity and alignment between risk appetite and long-term objectives. The Company reviews its risk management practices in line with changes in the operating and regulatory environment. Further details are provided on page XX of this Integrated Report.

Internal Control System

The Company has an internal control framework commensurate with the size and complexity of its operations. The Board of Directors, supported by its Committees, oversees the adequacy and effectiveness of these controls across the organisation.

The internal control system focuses on operational efficiency, reliability of financial and management information, compliance with applicable laws and regulations, and safeguarding of assets. The Company periodically reviews and strengthens its controls to support orderly operations and governance standards