APM gas allocation uncertainty
Lower APM allocation (now ~36% for CNG) replaced by costlier gas, pressuring margins if not passed through.
ATGL / Q1-FY26 / risks
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Adani Total Gas · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
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.
Zonal tariff revision uncertainty
Management deflected quantification of savings from proposed two-zone tariff, pending PNGRB notification.