Adani Total GasNSE:ATGL +0.06%92 Altman Z-Score is 11.67 as of Jun. 28, 2026, which is 12% below its 10-year median of 13.21. GuruFocus rates NSE:ATGL with a GF Score™ of 92/100 and a GF Value™ of ₹843.69 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 499 Utilities - Regulated companies, Adani Total Gas ranks better than 97.6% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Good Sign:
Altman Z-score of 11.67 is strong.
Adani Total Gas has a Altman Z-Score of 11.67, indicating it is in Safe Zones. This implies the Altman Z-Score is strong.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Adani Total Gas's Altman Z-Score or its related term are showing as below:
NSE:ATGL'
s Altman Z-Score Range Over the Past 10 Years
Min: 0.94 Med: 13.21 Max: 72.54
Current: 11.67
During the past 12 years, Adani Total Gas's highest Altman Z-Score was 72.54. The lowest was 0.94. And the median was 13.21.
Adani Total Gas (NSE:ATGL) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Altman Z-Score does not apply to financial companies.
Adani Total Gas Altman Z-Score Related Terms
Adani Total Gas Altman Z-Score Historical Data
* Premium members only.
The historical data trend for Adani Total Gas's Altman Z-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:ATGL vs ATO, NI, UGI: Altman Z-Score Comparison
For the Utilities - Regulated Gas subindustry, Adani Total Gas's Altman Z-Score, along with its competitors' market caps and Altman Z-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Adani Total Gas Altman Z-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Adani Total Gas's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Adani Total Gas's Altman Z-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
Adani Total Gas's Altman Z-Score for today is calculated with this formula:
Z
=
1.2
*
X1
+
1.4
*
X2
+
3.3
*
X3
+
0.6
*
X4
+
1.0
*
X5
=
1.2
*
-0.0846
+
1.4
*
0.479
+
3.3
*
0.1059
+
0.6
*
16.8911
+
1.0
*
0.6173
=
11.67
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Adani Total Gas (NSE:ATGL) has a Altman Z-Score of 11.67 as of Jun. 28, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Adani Total Gas and its competitors. This is 12% below median its historical median of 13.21. Over the past decade, Adani Total Gas' Altman Z-Score has ranged from 0.94 to 72.54. According to the industry distribution chart, Adani Total Gas ranks #12 out of 499 companies in the Utilities - Regulated industry, placing it in the top 2.4%.
Is Adani Total Gas' Altman Z-Score too high?
Adani Total Gas' current Altman Z-Score of 11.67 is 12% below median its 10-year median of 13.21. Over the past 10 years, this metric has ranged from a low of 0.94 to a high of 72.54. The Utilities - Regulated industry median Altman Z-Score is 1.27. Adani Total Gas' value of 11.67 is 818.9% above this industry median. Based on the distribution chart, Adani Total Gas ranks #12 out of 499 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Adani Total Gas has a GF Score™ of 92/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Adani Total Gas' Altman Z-Score compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Adani Total Gas ranks #12 out of 499 companies for Altman Z-Score. This places Adani Total Gas in the top 2% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 1.27. Adani Total Gas' value of 11.67 is 818.9% above this benchmark. Historically, Adani Total Gas' own Altman Z-Score has ranged from 0.94 to 72.54 over the past decade. While the company's 10-year median is 13.21 vs. the industry median of 1.27, Adani Total Gas has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z-Score for an Utilities - Regulated company?
The median Altman Z-Score among Utilities - Regulated companies is 1.27, based on 499 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Adani Total Gas's current Altman Z-Score of 11.67 is 818.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Adani Total Gas and its competitors. For the Utilities - Regulated industry, the median Altman Z-Score is 1.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Adani Total Gas's current Altman Z-Score is 11.67, which is 12% below median its own 10-year median of 13.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Adani Total Gas stock overvalued right now?
Based on GuruFocus' analysis, Adani Total Gas (NSE:ATGL) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹843.69, compared to a current price of ₹719.80 — trading 14.7% below its estimated fair value. The current Altman Z-Score is 11.67, which is 12% below median its 10-year median of 13.21 and 818.9% above the Utilities - Regulated industry median of 1.27. Adani Total Gas' overall GF Score™ is 92/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Adani Total Gas (NSE:ATGL), the current Altman Z-Score is 11.67 as of Jun. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Adani Total Gas (NSE:ATGL) Overvalued in 2026?
Based on GuruFocus' analysis, Adani Total Gas stock appears to be undervalued.
The current stock price of ₹719.80 is trading 14.7% below its estimated GF Value™ of ₹843.69.
GuruFocus considers Adani Total Gas to be Modestly Undervalued.
Key valuation signals for NSE:ATGL:
Altman Z-Score: 11.67 (12% below median its 10-year median of 13.21)
GF Value™: ₹843.69 vs. price of ₹719.80 (14.7% below fair value)
Industry Position: 818.9% above the Utilities - Regulated median (#12 of 499)
No single metric tells the full story. See the NSE:ATGL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Adani Total Gas Ltd is engaged in the City Gas Distribution (CGD) business and supplies natural gas to domestic, commercial, industrial, and vehicle users. The company is exploring doing business in bio gas, bio fuel, bio mass, LCNG, HCNG, EV, Hydrogen, manufacturing of various equipment, and provision of value-added services relating to CGD business. It is developing City Gas Distribution (CGD) Networks to supply the Piped Natural Gas (PNG) to the Industrial, Commercial, Domestic (residential), and Compressed Natural Gas (CNG) to the transport sector. Natural Gas is a convenient, reliable, and environmentally friendly fuel that allows consumers to enjoy a high level of safety, convenience, and economic efficiency. The Group has a single operating segment that is the sale of Natural Gas.
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