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.
ATGL / Q3-FY25 / risks
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Adani Total Gas · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
High spot gas prices
Reliance on costlier spot and HPHT gas (25% of portfolio) could compress margins if APM allocation remains low.
Uncertainty in APM allocation timeline
Analyst raised concern about quarterly review cycle; management could not provide clarity on future allocation changes.