Ladies and gentlemen, good day, and welcome to Adani Total Gas Limited Q4 FY 2026 earnings conference call. From Adani Total Gas, we are joined on the call by Mr. Suresh P. Manglani, Executive Director and CEO, Mr. Preyash Jhaveri, Interim Chief Financial Officer, and Mr. Ravindra Desai, Head of Gas Sourcing and Business Development. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Suresh P. Manglani, Executive Director and Chief Executive Officer of Adani Total Gas Limited. Thank you and over to Mr. Manglani. Thank you. Good morning, everyone. Let me extend a hearty welcome to all our investors, analysts, and funds for taking out their time and participating in today's call on quarter four and financial year 2025-2026 results of Adani Total Gas Limited. I would like to begin with sharing the update on our business given the ongoing geopolitical situation. Since late February, geopolitical tensions in West Asia have disrupted global energy markets, resulting in higher natural gas prices, supply chain challenges, and compounded currency volatility. Recognizing this, the government took several proactive steps, like prioritizing supply of piped natural gas to homes, CNG for transport sector, and other key sectors. Government of India also took several policy initiatives to bring uniformity in grants of the permissions within time, which we're very happy to state that have been reciprocated very well by several state governments. Navigating this phase amid this uncertainty, Adani Total Gas responded with strong on-ground execution, prudent decision-making, and continuous consumer engagement to ensure uninterrupted supply and system stability while safeguarding PNG and CNG consumers from undue risk. Guided by financial prudence and long-term sustainability, our teams worked relentlessly with clear and transparent communications, enabling us to retain the confidence of all stakeholders. Resilient execution, supported by operational excellence and digital-first approach, enabled ATGL to deliver strong performance in quarter four, January to March 2026, and financial year 2025-2026. During this period, ATGL continued to see strong momentum across our core businesses. CNG volumes grew by 17% year-on-year during the fourth quarter, starting from January 2026 to March 2026 and 18% for the financial year 2025-2026. While PNG volumes increased by 5% during the fourth quarter from January to March 2026 and 6% for the financial year 2025-2026, reflecting the strength of our expanding footprint and deeper market penetration. Customer addition remained strong with nearly 50,000 new domestic PNG connections added in this quarter, which is our highest addition ever. For the entire financial year 2025-2026, we added about 137,000 new customers, taking our total household tally to 1.1 million. Our steel pipeline infrastructure has now increased to 15,572 inch-km, complemented by over 8,300 km of MDPE pipelines laid across all geographical areas, enabling wider and more reliable access to large masses to avail piped natural gas. Natural expansion remained a key focus with the addition of 25 new CNG stations during the quarter, taking the total network to 705 stations. Out of these 705 stations, we are very happy to state 140 stations are under the category of CODO, company owned dealer operated or dealer owned dealer operated. These are our full branded CNG stations across the country. In the industrial and commercial segment, we added 214 customers during the fourth quarter, starting from January 2026 to March 2026, bringing the total to 9,965 customers across a diverse range of industries and commercial establishments. In our e-mobility business, our network continues to scale rapidly. ATEL, our subsidiary company, now operates 5,100 EV charge points across 26 states and union territories, covering 226 cities, supported by around 54 MW of installed capacity. With strong adoption and continued network expansion, we remain on track to achieve our ambition of installing 10,000 EV charging points in the near term, while sharpening our focus on improving utilization across the network. Along with our 50/50 JV company, Indian Oil Adani Gas Private Limited, IOAGPL, our consolidated nationwide CGD network today stands at 1,169 CNG stations, 13.1 lakh PNG homes, 11,529 commercial and industrial consumers, 28,000 inch kilometer of steel pipeline, and 10,500 kilometers of a Medium Density Polyethylene pipeline, MDPE pipe. Collectively, as you're all aware, ATGL is serving 53 geographical area, of which 34 are being directly serviced by us and 19 through our JV company, IOAGPL. On the financial front, ATGL delivered a robust performance in quarter four as well as fiscal year 2025-2026, supported by consistent volume growth and disciplined execution. Total revenue for the fourth quarter, starting January to March 2026, rose by 16% to INR 1,696 crore, while revenue for fiscal year 2025-2026 increased by 18% to INR 6,415 crore, driven by overall volume growth. Earnings before interest, tax, depreciation, and amortization, which is we call it EBITDA, for the fourth quarter starting January to March 2026 increased by 13% to INR 310 crore, while EBITDA for the fiscal year 2025-26 rose by 5% to INR 1,225 crore. Profit before tax, PAT, the fourth quarter starting from January 2026 to March 2026 increased by 8% to INR 214 crore. This is PBT, profit before tax. While PBT for the financial year 2025-2026 was marginally lower by 1% to INR 863 crore. Profit after tax, earlier was PBT and now it's a PAT, for the fourth quarter increased by 4% to INR 156 crore, while PAT for financial year 2025-2026 was 637 crore. I'm pleased to share that ATGL's ESG performance continues to strengthen along with its operational, physical, and financial performance. With a CareEdge ESG rating of 83 out of 100, placing us among the top performers in our peer group, alongside an improvement in our NSE sustainability score to 73 from 67. Our HSE excellence was recognized through multiple honors, including felicitations from OHSSAI India, and from the International Business Conference for Innovation in EHS and Fire Safety. Additionally, we were honored at the National Process Safety Honors 2026 with the Award for Excellence in City Gas Distribution, reaffirming our leadership in process safety and industrial integrity. In closing, I would like to say that we remain committed to accelerating our network expansion, enhancing customer experience, deepening digital integration, and strengthening our sourcing portfolio. With a clear strategic roadmap, a strong balance sheet, and dedicated team, ATGL is well positioned to support the country's transition to a gas-based economy through expanded CGD network aligned with India's vision to raise share of a natural gas in the energy basket to 15% of the energy mix by 2030. I would like to acknowledge and be thankful to all our shareholders, analysts, fund houses, consumers, dealers, suppliers, business partners, and above all, our employees for providing trust and continued support. Thank you. Thank you very much. We'll now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from the line of Yogesh Patil from Dolat Capital. Please go ahead. Yeah. Hi, sir. Thanks for an opportunity and the congratulations for the good set of numbers. Sir, ninth March, government released a circular regarding to the gas supplies to the priority sector and the gas pool price. My question is related to this topic. We basically want to understand for gas pool price, if you could share with us any formula or method of calculating the gas pool price. Or we wanted to understand a further on the side, constituents of this gas price, which type of gas is the part of this gas pool. Okay. That's the only question you have, Yogesh? Anything else? Good morning to you. Anything else you have in mind? Yeah. I have two more, but I would like to get the answer of this question first. Thank you. Thank you, Yogesh. Let me ask Ravindra, who is our gas sourcing head, to give you a brief on that. Ravindra? Yeah. Thank you, Yogesh. The government decided to help the CGD industry during this crisis, and we have seen that the priority segments like CNG and the domestic has been 100% supplied by the government to the domestic allocation. In addition to that, they appointed GAIL as the nodal agency, and they worked very well in tandem with the CGD industry to provide support during this crisis. The pricing formula, what they have derived for the gas pool mechanism, is like there were various gases available in the market. So some of them were withdrawn from like O2C, some volume was withdrawn from the ONGC consumption. That, in addition to that, the Vedanta gas plus the HPHT gas, they were made part of this pool mechanism. Whatever would be the average, weighted average of this, volumes available, that was the pool gas price for the CGD sector. For the- I'm able to answer your query. For the March month, could you please give us any idea what was the gas pool price for the March month, March 2026? For the month of March, the gas pool price was $12.42 per MMBtu. Okay. Sir, is it only the domestic gases are included into the gas pool? Yogesh, sorry to interrupt you. Your audio is not clear. Okay. Sir, am I audible now? Clear? Yes. Yeah. Please go ahead. Yeah, sorry. My question was again, is the only domestically produced gas, like the APM, non-APM, HPHT, all these gases are the only part or some contracted LNG is also included into the gas pool? Contracted LNG was also included during the later part. The $12.42 per MMBtu was the March month price. Probably in the month of March, the imported LNG was not available that easily, so that did not include the imported LNG. In the later part of April, that has come. Okay. Sir, my second question is, as per the ninth March government circular, gas supply to the D-PNG and the CNG will be available 100% of the past six months average. Now the question comes in the mind, are you getting the gas supply enough to cater the incremental demand of the D-PNG and the CNG segment? Are you fulfilling this demand with the help of a spot LNG or the government is providing you incremental molecule to cater the demand of the CNG and the D-PNG? See, one other thing is that I was expecting this question only from you, because this is a bit of a penetrating question that you can understand when you follow the sector, that when they give last six month average, there will be incremental growth. Certainly, I think government supplied full six month average gas supply. You know, we have the additional portfolio available to us. Ravindra, you would like to add something? Yeah. Uh. After that, six months average, definitely there was some shortfall to cater to this priority sector. Government made an arrangement to supply these additional volumes which were higher than the six months average. That was available and allocated later. Okay. Sir, my next question is that if any entity is procuring a spot LNG for the captive consumption, then we believe the ninth March circular, government circular will not be applicable for them. Correct me if I'm wrong. This question is from the angle of some industries or industrial builds which are planning to consume the spot and wanted to resume their operations. Any update on that side? Yeah. There is freedom to purchase the imported LNG. There's no restriction on the purchase of imported LNG. Probably gas is available, but the imported gas is available at a higher price. There is no restriction on purchase of such industries. Okay. The last one from my side. If you could provide us the gas sourcing mix for the CNG, how much is APM, how much is non-APM? This would be really helpful. Yeah. Okay, probably we'll come back to that. It's a mixture of the whole portfolio is a mixture of APM, non-APM, SPHD and the RLNG contracts. Probably we can discuss that in detail later. Let us take the other questions as of now. Hello. I'll get back to you for that. Thank you very much. Participants, you may press star and one to ask a question. Next question is from the line of Kiran Nayak from Mody Fincap. Please go ahead. Hello. Thank you for giving me an opportunity. Hello? Yeah, yeah. Please go ahead, Kiran. Yeah, yeah. Can you give me the guidance for 2027 revenue growth and EBITDA margin for 2027? Yeah, Kiran. Here's the slide. Yeah. We are expecting the same revenue growth which we have achieved in the current financial year. Maybe something more on our newer GA compared to our existing GA in current financial year. EBITDA same, in the same ratio of, for FCM, which we are taking that in the current financial year. Hello? Yeah. Are you able to hear? Yeah. Tell me. I am saying we are expecting the same growth which we are currently having in 2025, 2026 in the next financial year. Okay. EBITDA will be in the range of same or FCM based on that growth. We are expecting around, we can say INR 1,500 crore of EBITDA. INR 1,500 crore of? EBITDA. EBITDA. Okay. Thank you, sir. Thank you. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Sridhar Chandran from Paraseth Capitals. Please go ahead. Thank you for the opportunity, sir. Are you able to hear me? Yes, we hear. Given the aggressive expansion in the PNG stations and the PNG connections, when do you expect the new geographical areas to reach peak utilization and start contributing meaningfully to profitability? I think, if you has seen our media release as well, on the top of the headline, we are in fact given that this year itself we have connected nine city gate station, one LCNG plant, where network was quite far. That gives you indication that we have been working on adding more and more new geographical area to the mainstream gas supply. By and large now, most of the geographic area, 34, barring couple of them, which are also likely to happen anytime soon, we have already connected them with the city gate station or LCNG plant. Then secondly, as you asked, CNG stations are being serviced across all 34 geographical area. Whether we have mainstream supply of our own, the way now we are connecting CGS, or we are bringing compressed gas from neighborhood GA or from our own geographical areas. To answer your question, I think we are already working on expanding our networks. Now we are expanding on the pipe natural gas side, on all the geographical area. Wherever city gas stations are connected, we have done a lot of work already on the pipe natural gas side also. You are aware that CGD infrastructure is a bit of a, you know, CapEx oriented infrastructure building, and you have numbers on the EBITDA side, as our CFO stated. We also have a track record of double-digit growth track record, which we have been maintaining, and a kind of a robust EBITDA. Our philosophy, as I have been stating in several earlier calls, has been always consumer first. We make sure that, like for example, in the new geographical area, you will see several marketing intervention to bring the consumer to the CGD network, because they are used to several other usage like they are using liquid fuels, they are using LPG, they are using different segment. How do we bring them to this piped natural gas or the CNG, and then start working on much larger, you know, profitability goals, et cetera. The initial target is widen the consumer base. Overall, you are seeing the profitability track record also, which is on a continuous rise. This quarter, in fact, or this financial year is the highest ever EBITDA, which we have actually declared. Because of the same thing as you asked, it's not that it is coming from the same geographic area. It is coming from expanded footprint of ATGL. Okay, sir. The next question with the supportive government policies for CGD and the priority gas allocation, how much pricing flexibility does ATGL have to pass on higher gas cost without impacting its demand? I think it's a very good question. I was giving you kind of a flavor of that while, as I stated in my opening remarks, we got really. We appreciated the way Government of India, state governments and the regulator all responded to this crisis situation, supporting the sector. The way the pool gas was provided, continuous supply has been maintained. There were certain increase in the prices, but as I said, our approach has always been consumer first, and you will see from a volume growth, even during this crisis, hardly there is a 1% here and there of industrial consumer. Otherwise, there has been a good track record of volume growth. Price has been calibrated. We have not been able to pass through in the interest of a consumer while we maintained our reasonable profitability, which is in front of you all through our announcement of results. As I always say, for us, consumer is the first, which we do because wider the consumer base profitability will be kept happening better and better, rather than suddenly start passing on everything on the consumer, whether he can afford or not, and we'll see dropping of a consumer base. Our aim is look at our operational excellence, look at our digitalization program, bring various other ways to bring corporate savings rather than everything just pass through to the consumer. We do calibrate all the time, and you have seen us doing that all the time, and that's the reason acceptability is continuously increasing. I hope I have given you the response to your question. Yes, sir. To complete my questions, last point is, how do you balance the aggressive infrastructure expansions which you spoke about with return ratios like ROCE, and what's your target return profile for the new investments, sir? As I said, you see, all the numbers. We run the business with robust returns, good, reasonable profitability, as I said. It's a business which you build for generation. You don't build for only tomorrow. Keeping these things in the mind, initially, the returns would be on an elevated graph, that it will keep happening as we see. It's always the game of how you enhance the yield of the same pipe. So while somebody may look at two-year return, somebody may look at three-year return, and we look at a very longer term return. The track record which has been set by the Adani Total Gas for Ahmedabad, Faridabad or other all existing GA, even now the ninth and tenth round GA, which now you all call it a new GA, but it has become the operational GA. Returns are in front of you. We have good returns coming across every investment. Reason is because the two promoters' strong background, which we have on appraisal, CapEx appraisal, OpEx appraisal, financial prudence. It's not directly that you have to make necessarily 20%. Some GA you may be making today 8%-10%, but you know the same pipe will yield you 12% tomorrow and 15% later with some small incremental investment. It's a bit of a dynamic situation. We don't put the figure at the first because it's a chicken and egg. We build infra, then consumer will come, or we ask consumer to come and build infra. This infrastructure, when we took the licenses, we decided to take the first step. We made it supply-driven rather than only the demand-driven. I think you are seeing the result of that strategy, which has worked. Consumer base is continuously widening. You have seen every day we are connecting 400+ home connections. Every day we are connecting two new businesses. Every week we are building one CNG station. Every day we are laying three kilometer pipeline in the country. Despite so many ground constraint, rains, et cetera, average three kilometer of pipeline has been laid. All that has resulted in footprint of volume going up, and same infra has a significant potential to volume to go up, and that will yield further returns to you. I think we look at little bit more and longer term because this business is for generations, utility infrastructure business. Thank you. Thank you, sir. Thank you. Participants, you may press star and one to ask the question. Next question is from the line of Arya Patel from Emkay Global. Please go ahead. Hi, sir. Thank you for the opportunity and congratulations. Good set of numbers. Two questions from my side. First, you mentioned in the comments or, you know, while answering the question that there has been some leakage here and there in industrial and commercial world. Can you help us with the breakup of PNG volumes into domestic, industrial and commercial space? My second question is on the sourcing. If you can help us with the sourcing mix in Q4. Actually, your, Arya, your audio is not very clear. If I understood, you want some breakup of PNG, CNG in all segment, and you want something about sourcing. That I couldn't understand. What do you want about sourcing? If you could repeat. Oh, yeah. Am I audible or is it better now? Yeah. No, no, now it is better. Better. Please go ahead. Yeah. My first question was regarding the breakup of PNG sales in domestic, industrial and consumer. This is because as you mentioned, there has been, you know, some de-growth here and there in industrial or commercial. Second question was regarding the gas sourcing mix for Q4. Yeah, gas of Q4. Ravindra, what's your comment? Ravindra, actually, who is our gas sourcing BD head. I think he'll give you all the details. Yeah. In terms of percentage breakup of the different segments. The PNG constitute around 3% of the volume, and the LNG+ the CNG+ dom Sir, sorry to interrupt. Arya, can you please mute your line from your side? There's a lot of background noise from your line. Sorry, sir. Go ahead. Yeah. Ravinder, please give. Yeah. The breakup of PNG, industrial, commercial, domestic. Yeah. The CNG+ domestic is around 78%. The balance is industrial+ commercial, 22%. And the gas- If you want further breakup, the industrial volume would be around 20% and the rest is commercial around 2.5%. The gas sourcing for fourth quarter. On the gas sourcing portfolio, 85% of our volumes are met from the APM allocation plus HPHT volumes and the different contracts for gas. Balance around 16% we are buying from the market on a spot basis. We have a different portfolio of various indices, including the Brent-linked contracts plus the HH-linked contracts. This is a diversified portfolio which help us to take care during these crisis times. I hope we have responded, Arya, to you, please. Yes, sir. Thank you for the opportunity, and that's it from my side. Thank you, Arya, for coming on the call. Thank you. Ladies and gentlemen, you may press star and one to ask the question. Participants, you may press star and one to ask the question. Reminder to all participants, you may press star and one to ask the question. As there are no further questions, I would now like to hand the conference over to Mr. Adish Vakharia from Investor Relations for closing comments. Sure. Thanks, Nirav. Thank you once again to all investors and analysts for taking time to join our quarter four earnings call. If you have any further questions or queries, please feel free to reach out to us. The contact details are available on the website as well as on the investor relations press release. Thank you so much for joining. Thank you very much. On behalf of Adani Total Gas Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you, everyone.