Shares of Adani Total Gas were trading nearly 2% lower on Friday, January 23, after the company reported its financial results for the third quarter of FY26 a day earlier.
On Thursday, January 22, Adani Total Gas posted a sequential decline in net profit, which appears to have weighed on investor sentiment. The company reported a net profit of Rs 158.6 crore for Q3 FY26, down 3.3% quarter-on-quarter from Rs 164 crore in the previous quarter.
Despite the decline in profit, the company delivered steady operational performance during the quarter. Revenue rose 4% QoQ to Rs 1,639 crore, compared with Rs 1,576 crore in Q2 FY26. EBITDA increased 3.6% to Rs 305 crore from Rs 294.7 crore, while EBITDA margins remained largely stable at 20.3%, indicating consistent operating efficiency.
The quarterly performance also reflected the impact of India’s newly enacted labour codes, which came into effect on November 21, 2025. These labour reforms consolidated 29 existing labour laws into four unified codes. While the supporting rules are yet to be notified, Adani Total Gas estimated the financial impact and recognised exceptional costs of around Rs 7.2 crore during the quarter.
In its exchange filing, the company stated that it continues to monitor developments related to the labour codes and will reassess the impact on employee benefit liabilities as additional regulatory clarity emerges.
As of Friday’s session, the stock was trading at around Rs 538.30, down 1.77% on the NSE.
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