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.
ATGL / Q2-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
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Propane competition in industrial PNG
Falling propane prices are making it a cheaper alternative to natural gas for industrial users, potentially impacting PNG volumes.
Delay 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.