Company Valuation: Adani Total Gas Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 10,57,192 23,64,372 9,54,360 10,19,029 6,62,746 5,60,848
Change - 123.65% -59.64% 6.78% -34.96% -15.38%
Enterprise Value (EV) 1 10,62,381 23,74,411 9,68,059 10,33,188 6,77,865 5,83,931
Change - 123.5% -59.23% 6.73% -34.39% -13.86%
P/E 228x 464x 175x 153x 101x 85.6x
PBR 54.7x 97.9x 32.5x 28.5x 15.8x 11.5x
PEG - 46.3x 23.9x 6.9x -51.5x 520.21x
Capitalization / Revenue 62.3x 77.8x 21.8x 22.8x 13.3x 9.51x
EV / Revenue 62.7x 78.1x 22.1x 23.1x 13.6x 9.91x
EV / EBITDA 153x 311x 112x 95.2x 60.5x 49.7x
EV / EBIT 166x 344x 128x 109x 72.5x 61.2x
EV / FCF 455x -608x -116x -1,545x -12,143x -401x
FCF Yield 0.22% -0.16% -0.86% -0.06% -0.01% -0.25%
Dividend per Share 2 0.25 0.25 0.25 0.25 0.25 0.25
Rate of return 0.03% 0.01% 0.03% 0.03% 0.04% 0.05%
EPS 2 4.208 4.63 4.969 6.069 5.95 5.96
Distribution rate 5.94% 5.4% 5.03% 4.12% 4.2% 4.19%
Net sales 1 16,956 30,384 43,784 44,755 49,999 58,944
EBITDA 1 6,963 7,645 8,609 10,851 11,200 11,754
EBIT 1 6,418 6,909 7,570 9,466 9,344 9,536
Net income 1 4,628 5,094 5,465 6,675 6,544 6,557
Net Debt 1 5,189 10,039 13,699 14,159 15,120 23,083
Reference price 2 961.25 2,149.80 867.75 926.55 602.60 509.95
Nbr of stocks (in thousands) 10,99,810 10,99,810 10,99,810 10,99,810 10,99,810 10,99,810
Announcement Date 19/06/21 04/07/22 26/06/23 30/05/24 30/05/25 29/05/26
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 806.97Cr
13.77x2x7.28x6.32% 3.06TCr
20.98x7.75x14.99x2.27% 2.97TCr
14.37x1.31x9.48x2.42% 1.26TCr
15.99x1.06x7.29x1.97% 1.24TCr
15.01x0.93x10.85x3.27% 1.17TCr
57.33x8.18x12.33x5.64% 951.15Cr
18.68x5.05x9.26x4.18% 842.57Cr
10.86x3.96x6.73x2.67% 769.22Cr
Average 20.87x 3.78x 9.78x 3.59% 1.45TCr
Weighted average by Cap. 19.46x 3.94x 10.21x 3.78%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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