Further APM allocation cuts
APM allocation for CNG dropped to 37% in Q4; further cuts could increase gas costs and compress margins.
ATGL / Q4-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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Material risks this quarter
high
Margin pressure from higher-cost gas
Reliance on new well gas and HPHT gas at higher prices may erode profitability if APM allocation remains low.
Slow EV utilization ramp-up
B2C EV charging utilization is only 1.5-2%, and overall EV ecosystem development may take longer than expected.
Consolidation risk in CGD sector
Management noted consolidation may be 18-24 months away, but volatility in APM could accelerate it, impacting competitive dynamics.