APM gas allocation uncertainty
Lower APM allocation (now ~36% for CNG) replaced by costlier gas, pressuring margins if not passed through.
high · management_commentary
Adani Total Gas Limited — Q1 FY26
Adani Total Gas reported a strong Q1 FY26 with revenue of INR 1,491 crore (+21% YoY) and EBITDA of INR 301 crore, driven by 16% volume growth to 267 MMSCM.
bullish
medium
✓ Verified against BSE filing
Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
Propane and solid fuel competition for PNG industrial
Analyst raised concern about PNG industrial volume growth (only 5% YoY) due to cheaper alternatives like propane and coal.
medium · analyst_questionZonal tariff revision uncertainty
Management deflected quantification of savings from proposed two-zone tariff, pending PNGRB notification.
medium · analyst_question