Adani Total Gas Ltd (BSE: 542066, NSE: ATGL) — Business Report / Investor Feed

Business & Distribution Evaluation — Adani Total Gas Limited (ATGL)

1. Business Identity

Adani Total Gas Limited (ATGL) is India's largest private-sector City Gas Distribution (CGD) company, distributing natural gas (CNG and PNG) to domestic, commercial, industrial, and transport consumers across 53 Geographical Areas (GAs) covering 125 districts in India (including JV IOAGPL), serving nearly 10% of India's population [6] [16] [107]. The company has diversified into compressed biogas (CBG), EV charging infrastructure, LNG for transport and mining, and organic fertiliser [4] [37] [107].

• Sector: City Gas Distribution (CGD) — regulated utility / energy distribution. Core activity: "Distribution of gaseous fuels through mains" — Sale of PNG, CNG, CBG & EV Charging [55] [87]. PNG/CNG combined constitute 99.23% of total turnover [87].
• Year of incorporation: August 05, 2005 [22] [55]. Inception traced to 2003 [108].
• CIN: L40100GJ2005PLC046553 [5] [91]
• Registered office: Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382421 [62] [97]
• Promoter group: Adani Group and TotalEnergies SE (37.4% each) [18] [61]. TotalEnergies is a global integrated energy company active in ~120 countries with 100,000+ employees across 170 nationalities, present across the entire value chain from production to distribution [103].
• BSE Code: 542066; listed on BSE and NSE [62]
• Single operating segment: Sale and distribution of natural gas [1] [96]. Entirely domestic operations — no exports [11] [87].
• Paid-up capital: ₹109.98 crore [FY25] [62] [101]
• Credit rating: AA by ICRA (upgraded May 2024) with stable outlook [42] [104]

Corporate Structure [FY25]

Source: [97] confirms subsidiary/JV entity names.

Consolidated location footprint [FY25]: 1,300 locations nationally — 29 City Gate Stations, 647 CNG stations, 6 L-CNG stations, 27 stores (ATGL), 546 EV charging stations (ATEL), 2 biogas plants (ATBL), and 43 offices [64] [87]. Presence across 25 states (ATEL in 25 states, ATGL in 14 states, ATBL in 1 state) [87].

GA expansion trajectory: ATGL expanded from 6 GAs to 52 GAs (27% CAGR) between 2015 and 2024, outperforming the industry's growth from 62 to 307 GAs (19% CAGR) [33] [98]. In nearly a decade, the company grew from 4 GAs to 53 GAs and 125 districts including IOAGPL [107]. During FY25, Jalandhar (Punjab) GA was transferred to ATGL by PNGRB, expanding the standalone count from 33 to 34 GAs [40] [94] [106]. Litigation pending for Noida GA and Faridabad GA bifurcation at APTEL; Sanand/Bavla/Dholka (Outer Ahmedabad) authorisation pending PNGRB compliance of Supreme Court order [96].

2. Revenue Architecture

Revenue model type: Product sales (gas sold by volume to end-consumers) + connection income (one-time service charges for new PNG connections) + ancillary services (EV charging, CBG, organic fertiliser) [8] [39]. Revenue is recognised upon transfer of control at delivery point [39].

Consolidated Revenue from Operations

Source: [8] [80] [97]. Consolidated figures.

Revenue Mix by Product [FY25]

Derived from [8] [80].

CNG dominates at 64.7% of revenue, with new verticals (CBG, EV, LNG) collectively contributing just 1.3% — but their explosive growth rates (CBG +374%, EV +172%) signal early-stage diversification that could meaningfully shift the mix over the next 3–5 years as CBG blending mandates and EV adoption scale.

Standalone Revenue from Operations

Source: [58] [103]. Standalone CBG sales (₹13.62 Cr) differ from consolidated (₹19.21 Cr), with the balance from subsidiary ATBL [58] [80].

Note: The Annual Report's MD&A states revenue of ₹5,432 crore [94], while the audited financial statements show ₹5,397.90 crore (standalone) and ₹5,411.68 crore (consolidated) [58] [97]. The ₹5,432 crore figure likely includes other income or uses a rounding convention.

Quarterly Revenue Progression (Standalone)

Source: [103] [101].

Q1 FY26 Revenue Mix [63]

Within PNG [Q1 FY26]: Industrial ~70%, Domestic ~24%, Commercial ~6% [63].

Volume Mix & Growth Trend

Sources: [49] [50] [21] [94].

CNG volume has grown at a ~20% CAGR over FY21–FY25 [19]. Management targets maintaining double-digit CNG growth going forward: "Our optimism is that we will maintain a double-digit growth in CNG side... it is 20% or more" [93]. Q1 FY26: 267 MMSCM (+16% YoY), CNG 185 MMSCM (+21% YoY), PNG 82 MMSCM (+6% YoY) [72].

Revenue Trend (Standalone)

Sources: [49] [50] [58].

Profitability Trend (Standalone)

Sources: [31] [38] [69] [103].

EBITDA growth collapsed from 27% (FY24) to just 1% (FY25) while revenue grew 12% — the margin squeeze is directly attributable to progressive APM gas allocation cuts that raised blended input costs. With APM allocation reduced to 37% (Apr 2025) from ~63% a year earlier, margin recovery hinges on ATGL's ability to pass through costs without killing volume growth.

EBITDA growth moderated from 27% (FY24) to 1% (FY25) due to APM allocation cuts raising blended gas costs; PAT declined marginally [31] [107]. Over a longer horizon: EBITDA 13% CAGR and PAT 8% CAGR (5-year) [61]; Total assets 25% 5-year CAGR [73].

Financial Ratios (Standalone) [FY25]

Sources: [38] [26] [18] [56].

Cost Structure [FY25] (Consolidated)

Source: [97].

Raw material (natural gas) as % of revenue: 60.5% [FY25] vs 59.1% [FY24] — margin compression from APM allocation cuts [23] [8].

Pricing Mechanism

• APM gas allocation: CGD receives priority allocation of APM gas from GAIL (India) Ltd, priced at ~10% of monthly average Indian Crude Basket with floor of USD 4/mmBtu and ceiling of USD 6.50/mmBtu; ceiling revised to USD 6.75/mmBtu [7] [28].
• Progressive APM reduction timeline: APM allocation for CNG(T) reduced from ~63% → 51% (16 Oct 2024) → 37% (16 Nov 2024) → restored to 51% (16 Jan 2025) → reduced to 37% (16 Apr 2025) [5] [17] [111]. Combined APM + NWG allocation stands at ~65% post-Apr 2025 [41] [53].
• Current gas portfolio composition [FY25 exit]: APM 35–38%, HPHT 23–25%, RLNG 22–25% (multiple linkages), NWG 8–10%, Spot/IGX 4–8% [53].
• Diversified procurement model: Mix of long-term, mid-term, and spot contracts linked to multiple indices — 5-year Henry Hub contract, 3-year Henry Hub contract, 1-year Brent contract, plus HPHT contracts with RIL, domestic allocations, and IGX platform procurement [20] [109]. Short and medium-term RLNG contracts with GAIL and GSPC having Henry Hub and JCC linkages [95].
• Pass-through ability: Company calibrates retail prices with a balanced approach — accepting slight margin compression to sustain volume growth [5] [85]. "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 and a weakening Rupee which eroded margins" [107].
• Market outlook: LNG spot prices expected to soften; from late FY 2026-27 into FY 2027-28, significant expansion in global liquefaction capacity is likely to stabilise prices [104] [109].

JV & Subsidiary Revenue [FY25]

Source: [52] [75] [77].

Geographic Revenue Contribution [Q1 FY26]

• Existing geographies contribute ~65% of revenue; newer geographies ~35% [63].
• ~60% of volume lands in Zone 2 (of the zonal tariff structure) [63].
• Key newer geography contributors: Kheda, Udaipur, Surendranagar, Diwan [93].
• CNG growth: existing geographies ~12% YoY; newer geographies 30%+ YoY [63].

3. Product & Service Portfolio

Core Offerings [FY25]

Key Differentiators

• Regulatory moat: PNGRB-authorised CGD licenses with marketing exclusivity in 34 GAs (53 including JV) [3] [74].
• Promoter synergy: Joint promotership of Adani Group and TotalEnergies (global integrated energy company, active in ~120 countries, present across entire value chain from production to distribution) at 37.4% each [18] [103].
• Digital platform — SOUL: Proprietary unified digital platform covering CGD asset management, customer delight, and business workflows with analytics overlay. Monitors 14 GAs covering >90% of operations through SCADA, including 350+ assets and ~15,000 connected assets generating ~10 million data points daily [2] [90] [107].
• Cost leadership: Claims one of the lowest operating costs in the CGD sector [46] [104].
• Diversified gas sourcing: 24x7 dedicated sourcing team with contracts across multiple tenors and benchmarks — "robust and adaptable gas sourcing strategy to ensure supply security, cost efficiency, and market competitiveness" [109].
• AI integration: Computer vision for pipe inventory; GenAI integration with SAP-based email automation commencing March 2025 [82] [108].

Pipeline / Recent Launches

• CBG blending mandate: Becomes mandatory from FY26 — 1% (FY26), 3% (FY27), 4% (FY28), 5% (FY29 onwards) [34].
• Barsana CBG plant: Phase 1 commissioned (225 TPD feedstock of 600 TPD planned); peak 6.93 TPD CBG production; "Harit Amrit" organic fertiliser launched with first commercial offtake on March 20, 2025 [90] [60].
• MSW-to-CBG projects: 500 TPD (Ahmedabad) and 250 TPD (Rajkot), expected COD FY26 [34] [78].
• LNG retail: 1st outlet commissioned in Tiruppur; 2 under construction (Dahej, Mundra) [38] [89].
• Hydrogen blending: Pilot in Ahmedabad — PEM electrolyser producing ~16 kg/day H₂; currently 2% blending into MDPE network, supplying ~4,000 PNG consumers [31] [90].
• Jio-bp partnership (Jun 2025): Access to Jio-bp's ~2,000 retail outlet network for CNG dispensing within ATGL GAs; will accelerate DODO/CODO CNG station additions [35] [72].
• MG Motor MoU: ATEL to install CC2 60 kW DC chargers at MG dealerships [48].
• Roadmap 2030: Target to double PNG customers (~1 million to ~2 million) and CNG stations (647 to 1,200+) [47] [86]. EV target: 75,000 charging points by 2030 [84].
• Capex guidance [FY26–FY28]: ₹900–1,000 crore in FY26; ₹3,500–3,700 crore over the next 3 years, primarily aimed at 11th round GA network creation and CNG stations [93].

4. Value Chain Position

Position: ATGL sits as a distributor/retailer in the natural gas value chain — between upstream producers/importers and end-consumers.

Upstream Producers (ONGC/OIL/Imports) → Nodal Agency (GAIL) → ATGL (CGD Network) → End Consumers

Direction of Integration

Key Inputs [FY25]

Supplier Concentration & Sourcing

• APM gas: Single nodal agency — GAIL (India) Ltd for allocation and delivery [5] [95] [111]. Concentration risk from government allocation decisions demonstrated by progressive APM cuts in FY25 [32].
• Named domestic suppliers: GAIL, Indraprastha Gas Limited (APM), Bharat Petroleum Exploration (Alpha) Limited, Reliance Industries Ltd (HPHT), Gujarat State Petroleum Corporation Ltd [95].
• Diversified non-APM sourcing: Multiple domestic and global suppliers with flexible contracts linked to diverse benchmarks (Brent, JKM, Henry Hub); "leveraging a diversified portfolio of RLNG and domestic gas to effectively hedge against global price volatility, supply chain disruptions, and geopolitical risks" [109]. Brent-linked contracts noted as favourable for Indian buyers [109].
• Purchases from trading houses: 18.10% of total purchases [FY25] vs 16.68% [FY24] from 12 trading houses; top 10 account for 99.99% of trading house purchases [54] [99].
• RPT in purchases: 0% [FY25] vs 1% [FY24] [99].
• 100% domestic procurement for overall operations [26].
• IGX platform: Used for optimising procurement costs and demand flexibility [109].
• Supplier management: SAP Ariba-based vendor screening portal; annual "Sampark" partner meet [14] [42].
• Accounts payable days: 30.69 [FY25] vs 35.76 [FY24] — payment cycle tightened [99].

Key Outputs

CNG dispensed at stations; PNG delivered via pipeline to households, commercial and industrial establishments; CBG dispatched to GAIL Gas Ltd; EV charging; LNG for transport/mining; organic fertiliser (Harit Amrit — FOM/PROM) [8] [90].

Inventories [FY25]

Source: [67]. Minimal inventory reflects the pipeline-based, flow-through nature of the business.

Network Infrastructure for Loss Mitigation

Sub-meters installed in the MDPE network as a strategic initiative aimed at identifying and mitigating gas leakages and unaccounted gas (LUAG): "By placing sub-meters at critical points within the network, precise data on gas flow can be collected and analyzed to detect anomalies" [90].

5. Distribution Architecture

Channel Structure

ATGL operates an infrastructure-based direct distribution model — gas is delivered through owned pipeline networks and CNG stations directly to end-consumers. However, a significant and growing proportion of sales (72% [FY25] vs 60% [FY24]) flows through dealers/distributors [54] [99].

Sales Channel Concentration [FY25]

Source: [54] [99].

The 12 percentage-point surge in dealer channel share (60% → 72%) alongside a 37% increase in dealer count signals a deliberate pivot towards asset-light distribution. This accelerates station rollouts but introduces margin risk — the company itself flags that "high reliance on OMC/Dealer networks may result in demands for higher margins" [74].

The rapid growth in dealer channel share (+12 pp YoY) with 37% increase in dealer count indicates a strategic shift towards asset-light distribution. The company acknowledges "high reliance on OMC/Dealer networks may result in demands for higher margins" and is focusing on a "balanced mix of channel/business partner network" [74] [83].

Network Scale [FY25]

Network Growth Trajectory

Sources: [24] [49] [50] [60] [91] [84].

Intra-year progression (Q2 FY25): CNG stations 577, PNG homes 8.93 lakh, I&C connections 8,746, Steel pipeline 12,516 inch-km, 1,486 EV CPs across 21 states, first LNG retail outlet commissioned [89].

IOAGPL Network [FY25]: Gas sales volume of 540 MMSCM; 1.77 lakh PNG connections (crossed 1 million mark, touching 4 million lives daily); 425 CNG stations (up from 265 in FY24, +60%); 678 commercial customers [31] [77] [89].

Industry context [FY25 exit]: India-wide CGD infrastructure comprises 7,720 CNG stations and 1.47 crore residential PNG connections [70]. ATGL standalone represents ~8.4% of national CNG stations and ~6.5% of national PNG connections.

Geographic Coverage

ATGL's 34 GAs span 14 states across India [45] [88]:

Source: [88].

Metropolitan areas constitute 90.19% of geographic coverage [99].

JV IOAGPL operates 19 GAs across 10 states and 1 UT: Haryana, Chandigarh, Uttarakhand, UP, Bihar, West Bengal, Karnataka, Goa, Daman & Diu, Kerala [30] [102].

9th and 10th round GAs are beginning to contribute meaningfully; 11th round GAs are still under capex phase [63]. FY26–FY28 capex of ₹3,500–3,700 crore primarily aimed at 11th round GA network creation [93].

Logistics Model

• Pipeline-based: Primary distribution via steel (13,772 inch-km) and MDPE (7,807 km) pipeline network — backbone infrastructure [9] [60].
• Cascade movement: For areas not connected by pipeline, CNG transported via road in cascades [3].
• L-CNG stations: Where national gas grid hasn't reached, LNG transported and converted to CNG on-site; enhanced virtual network capacity to 3 operational units by adding L-CNG/L-PNG unit in Lunavada, Kheda to improve last-mile connectivity [43] [89].
• Fleet: 586 LCVs running on CNG used for logistics/last-mile operations (100% fleet decarbonisation) [18] [61].
• Supply-driven strategy: "This is a supply-driven market. We will, to some extent, do a supply-driven and once supply-driven is put in place, we will expect demand comes up" [93].

Digital Distribution

• 98% of all consumer payments digitally enabled via payment gateways [FY25] [36] [89].
• 100% digital billing — WhatsApp-based, digitally signed invoices [26] [59].
• 93%+ CNG sales managed through the SOUL digital platform [27] [89].
• My AdaniGas App: Covers entire customer lifecycle — acquisition, E-KYC, connection, billing, complaints, video contact, name transfer, self-billing, online payments, refunds, CSAT survey. Reduced 58,000 cheques per annum [105].
• SOUL Master Control Centre: Located at Inspire, Ahmedabad; monitors 14 GAs covering >90% of ATGL operations, 350+ assets. Features: SCADA, gas measurement/reconciliation, pipeline integrity, outage management, vehicle tracking, GIS, AMR for I&C customers [82].
• IVRS 2.0: India's first cloud-based, SAP-integrated IVRS in CGD sector; resolves ~50% of emergency calls without human intervention; handles avg. 12K calls/month [42] [105].
• Online self-service: Name transfers and refunds saved 90,000+ office visits in FY25 [44] [108].
• Video contact centre: Reduces physical office visits and carbon footprint (~59 MT vehicle emissions saved) [95].
• GIS mapping: Pipeline network continuously mapped; valve isolation function identifies affected customers during outages [105].
• Self-service KIOSKs: Launched at service centres for bill payments, connection enquiries, complaint registration, and gas consumption tracking [108].
• GenAI integration: Starting March 2025, integration with SAP-based email automation to improve customer service [108].
• Digital spend: ₹13.96 crore on digital initiatives [FY25] [51].

Channel Economics

• CODO/DODO model: 123 dealer-operated stations [FY25] (up from 108 in FY24) [60] [91]; Jio-bp partnership will further accelerate DODO/CODO additions [72].
• Prioritising low-capex businesses first ensures faster monetisation and accelerated ecosystem development [104].
• PNG billing: Domestic — bi-monthly (use-first-pay-later); Industrial/Commercial — fortnightly [13] [39].
• Minimum guaranteed obligation: Revenue recognised from shortfall in minimum guaranteed volumes for contractual customers [13].
• Contract advances: ₹20.86 crore advance from customers [FY25] vs ₹14.05 crore [FY24] [80].
• Trade receivables [FY25]: ₹424.01 Cr (net of ECL ₹10.43 Cr); of which ₹77.27 Cr secured, ₹346.74 Cr unsecured [67]. Risk noted: "Unsecured sales to customers leading to risk of bad debts" [68].
• EV B2B tie-ups: 10+ B2B agreements including vehicle OEMs, fleet operators, e-commerce platforms [76].

Distribution Moat

• PNGRB license exclusivity: Authorised GAs enjoy marketing exclusivity for initial years; open access regime not yet implemented. Risk of losing market share upon exclusivity expiration acknowledged [3] [74].
• Time to replicate: 20+ years of project execution expertise; steel pipeline infrastructure is capital-intensive; 2.5 km of pipeline laid per day despite permitting challenges [25] [94].
• Planned capex: ₹900–1,000 crore for FY26; ₹3,500–3,700 crore over the next 3 years; ₹10,000–15,000 crore over 5–8 years [93] [84].
• Global financing: USD 375 million ECB programme — largest in India's CGD sector — with initial commitment of USD 315 million and accordion feature [89] [94] [104].
• Jio-bp partnership: Access to Jio-bp's ~2,000 retail outlet network for CNG dispensing within ATGL GAs [35] [72].
• Airport dominance (EV): ATEL is No. 1 Airport CPO in India with presence across 21 airports [53] [60].
• First-mover in emerging fuels: CBG with mandatory blending policy from FY26; established EV network; LNG retail under construction [76] [107].

6. Customer Profile

Customer Segments [FY25]

PNG sub-segment contribution derived from Q1 FY26 earnings call [63]. Commercial customers include hotels, restaurants, hospitals, schools, malls, temples, crematoriums, canteens, offices, charitable trusts [29].

Customer Concentration [FY25]

Three public sector Oil Marketing Companies (OMCs) individually contributed >10% of parent company revenue:

Source: [79].

Three unnamed public-sector OMCs account for 36.2% of standalone revenue — a structural concentration risk embedded in the CNG distribution model where OMC-operated stations are a primary channel. The Jio-bp partnership and DODO expansion could gradually diversify this, but the OMC dependency is unlikely to diminish materially in the near term.

Related party transactions in sales: 0% [FY25] and 0% [FY24] [99]. CNG & PNG sales to related parties excluded from RPT disclosures as they are in ordinary course of business at arm's length [100].

Customer Base Growth

IOAGPL customer base: 1.77 lakh PNG connections (crossed 1 million mark), touching 4 million lives daily [41] [89].

Relationship Depth

• Sticky customer base: Pipeline-connected PNG customers have very high switching costs — physical infrastructure locked in. "If the customers are deciding to use more cleaner fuel, ATGL will be the choice for them in our geographical area, because our supply is -- our pipeline infrastructure is now very well laid" [57].
• Contract types: Industrial/commercial — contractual with minimum guaranteed obligations [13]; Domestic — ongoing utility relationship with bi-monthly billing [13]; AMR system for all I&C customers [105].
• Communication protocols: SMS/emails sent to all I&C customers at reasonable advance notice for planned gas supply shutdowns; real-time text messages to domestic consumers for unplanned supply discontinuities [92].
• Competitive dynamics: Alternate fuels (coal, solid fuels) compete on price for industrial segment; CNG vehicle adoption driven by corporate emission commitments and price differential vs. HSD [57] [85]. "With introduction of carbon market standards, the MSME and transportation segments present a demand growth many times over the current natural gas consumption" [94].
• CNG market expansion strategy: Working with Maruti (marketing incentives for CNG vehicle purchases), retrofitters, trucker associations, bus operators, fleet operators, and tourist operators [93].
• Acquisition model: Field sales + MyGate/NoBrokerHood digital campaigns + zero-interest EMI schemes + Customer Coach Programme 2.0 + mobile van doorstep CDC + webinars + "My Customer, My Pride" employee engagement + social media influencers [24] [95] [108].
• Smart meters with prepaid model: Being introduced for domestic PNG to enhance revenue governance; could eliminate 43 lakh potential visits by meter readers/recovery agents [59].

Customer Satisfaction [FY25]

Source: [65].

Source: [110]. Near-100% resolution rate for essential service complaints.

Grievance Channels

24x7 call centre, WhatsApp, emails, My AdaniGas mobile app, website, Adani Mitra chatbot, social media desk, nodal office desk, doorstep CDC services, self-service KIOSKs, IVRS 2.0, video contact centre, MoPNG portal, PNGRB portal, consumer forums [110] [108]. Safety campaigns during festivals (Diwali, Holi) and "Dial Before Dig" campaigns for consumer awareness [92].

Sector-Specific Metrics (CGD / Energy Distribution)

Industry CGD Growth Context

Sources: [70] [81]. Natural gas share in India's energy mix: currently ~6%, government target 15% by 2030 [73] [107].

CNG 4-wheeler penetration has nearly doubled from 9% to 15% in just two years, with vehicle registration growth accelerating from 12% to 17%. This structural demand tailwind — amplified by the government's 15% gas-in-energy-mix target — underpins ATGL's aggressive infrastructure buildout toward 1,200+ CNG stations by FY30.

Competitive Distribution Comparison

Data gap: No competitor-specific distribution data is available in the filing evidence to enable a quantitative side-by-side comparison on distribution reach, geographic coverage, digital share, or channel economics with peers such as Indraprastha Gas Ltd (IGL), Mahanagar Gas Ltd (MGL), or Gujarat Gas Ltd.

Key Data Gaps

1. Segment-wise rupee revenue breakdown for PNG (domestic vs industrial vs commercial) is not separately disclosed in financial statements — Q1 FY26 earnings call provides directional mix only (~70% industrial, ~24% domestic, ~6% commercial) [63].
2. Dealer/channel margin economics — specific margin % for CODO/DODO operators and dealers/distributors not disclosed. Risk acknowledged that "high reliance on OMC/Dealer networks may result in demands for higher margins" [74].
3. Individual OMC customer names contributing >10% revenue are not identified (described only as "three public sector Oil marketing companies") [79].
4. Competitive peer comparison — no competitor-specific distribution or financial data available in filings.
5. Average I&C customer tenure, repeat rate, and multi-year contract duration specifics are not disclosed.
6. Last-mile delivery cost per unit and logistics cost as % of revenue are not available.
7. EV charging utilisation rates and per-unit economics for ATEL not disclosed.
8. Zonal tariff impact: New PNGRB zonal tariff structure still pending finalisation as of Q1 FY26 [85].
9. IOAGPL FY24 revenue: Full-year figure not clearly available; [149] shows a potentially garbled ₹229 Cr figure that appears to be an OCR error given IOAGPL's FY25 revenue of ₹2,870 Cr [77].