Explore Adani Total Gas's global LNG import sources, financials, and gas distribution model. Also, uncover the full story behind US legal scrutiny over alleged Iranian LPG imports.

Inside Adani Total Gas: Global LNG Imports, Business Model, Financials & US Legal Heat Over Iran Deal

Adani Total Gas Limited (ATGL), a joint venture between the Adani Group and France-based TotalEnergies, is a significant player in India's city gas distribution ecosystem. As India accelerates its energy transition, Adani Total Gas has emerged as a key supplier of liquefied natural gas (LNG), importing fuel from multiple international sources. However, its global operations recently came under scrutiny following allegations related to Iranian LPG imports that could potentially violate U.S. sanctions.

This blog explores Adani Total Gas's import partners, operational footprint, financials, and the ongoing legal issue that could have far-reaching implications.

LNG Import Sources: Countries and Volumes

Adani Total Gas relies on global partnerships to import LNG for regasification and domestic distribution in India. Although exact quantities are not publicly disclosed, verified data points to the following countries as regular LNG exporters to Adani:

Qatar: The initial shipment for the Dhamra LNG terminal in Odisha was sourced from TotalEnergies' Qatari portfolio.
United States: With robust energy ties between India and the U.S., TotalEnergies has committed to increasing LNG exports from the U.S. to India.
United Arab Emirates (UAE): Documented LNG shipments have been imported from the UAE.
Nigeria: Recognized as another African supplier in Adani’s LNG portfolio.
Angola: Several shipments have been recorded from this country.
Egypt: Data confirms LNG imports originating from Egyptian suppliers.
France: Through TotalEnergies’ extensive LNG network, France also contributes to Adani’s supply line.

These imports fuel India’s domestic gas needs, supporting Adani Total’s mission to expand clean energy adoption.

Utilization of Imported Gas

Once LNG reaches Indian terminals, it is regasified and delivered through Adani’s infrastructure for two main applications:

➤ Compressed Natural Gas (CNG)

Used in the transportation sector, CNG is a cleaner fuel alternative and helps reduce vehicular emissions.

➤ Piped Natural Gas (PNG)

Delivered directly to households, commercial establishments, and industrial users for cooking, heating, and manufacturing purposes.

As of Q3 FY25:

Over 605 CNG stations are operational
1 million+ PNG customers are connected

This highlights ATGL’s contribution to energy accessibility and sustainability.

Business Model & Strategic Expansion

Adani Total Gas follows a City Gas Distribution (CGD) model, which involves laying pipeline networks across assigned geographical areas to supply gas to multiple consumer categories.

Key Pillars of the Business Model:

Infrastructure Development: Aggressively expanding PNG connections and CNG stations.
Digital Transformation: Tools like the ‘My Adani Gas’ app and SOUL business platform improve customer experience and data-driven operations.
Diversification: Venturing into the electric mobility space with over 1,914 EV charging points across 226 cities, and piloting hydrogen blending with PNG supply to remain ahead in clean energy solutions.

Financial Performance & Technical Indicators

FY24 Financial Highlights:

Revenue: ₹4,475 crore (2.21% YoY growth)
Net Profit: ₹668 crore (up from ₹546 crore in FY23)
Operating Profit Margin: 25%
EPS: ₹6.07 vs ₹4.97 in FY23

Technical Analysis (as of Feb 2025):

Stock Price: ₹587.70
RSI: 33.59 → indicates a potential oversold condition
Trend: Trading below 100- and 200-day moving averages → bearish trend

Despite short-term market pressures, the company maintains strong profitability and a sustainable margin profile.

U.S. Legal Scrutiny: Alleged Iranian LPG Imports

In June 2025, The Wall Street Journal and Reuters reported that U.S. prosecutors are investigating whether Adani Group companies—including Adani Total Gas—illegally imported Iranian liquefied petroleum gas (LPG) in violation of U.S. sanctions. The shipments were allegedly routed through deceptive shipping practices via the Mundra Port, owned by Adani Ports.

Adani's Response:

The company firmly denied any wrongdoing, stating:

"We are not aware of any investigation. The allegations are baseless and mischievous."

If Proven True, Possible Consequences:

Legal Penalties: The U.S. could impose heavy fines or sanctions.
Reputational Damage: Could erode stakeholder trust and investor confidence.
Operational Disruptions: Potential strain on global partnerships and future import agreements.

This development places Adani under global regulatory watch, emphasizing the importance of transparent international trade practices.

Conclusion

Adani Total Gas stands out as a key player in India's transition to clean energy, boasting a solid supply chain, growing infrastructure, and strong financial health. Nonetheless, the recent legal investigation in the U.S. brings a level of uncertainty that may affect its future operations and international reputation.

While Adani has consistently refuted the allegations, the results of the inquiry will be closely monitored by investors, regulators, and the wider energy sector.

Keep an eye out for updates on this unfolding story and the shifting landscape of clean energy in India.

The Financial And Tech Literacy