Further APM gas allocation cuts
APM allocation for CNG was cut twice in Q3; further reductions could pressure margins despite restoration to 51% in January.
high · management_commentary
Adani Total Gas Limited — Q3 FY25
Adani Total Gas reported Q3 FY25 revenue of ₹1,397 crore (+12% YoY) and EBITDA of ₹272 crore, with EBITDA margin of 19.5%.
neutral
medium
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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
High spot gas prices
Reliance on costlier spot and HPHT gas (25% of portfolio) could compress margins if APM allocation remains low.
medium · data_observationUncertainty in APM allocation timeline
Analyst raised concern about quarterly review cycle; management could not provide clarity on future allocation changes.
medium · analyst_question