Declining APM and NWG gas allocation
Combined APM+NWG allocation fell from 51% in Q1 to 48% in Q2, pressuring margins as cheaper gas is replaced by costlier alternatives.
high · management_commentary
Adani Total Gas Limited — Q2 FY26
Adani Total Gas delivered a solid Q2 FY26 with revenue of INR 1,569 crore (+19% YoY) and EBITDA of INR 302 crore, driven by 16% volume growth (CNG +18%, PNG +11%).
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 competition in industrial PNG
Falling propane prices are making it a cheaper alternative to natural gas for industrial users, potentially impacting PNG volumes.
medium · analyst_questionDelay in zone one tariff implementation
PNGRB's zone one tariff notification is pending implementation due to industry consultations, delaying potential margin benefits for CNG and domestic PNG.
medium · management_commentary