Delhi EV Policy 2.0 threat
The draft EV policy may ban new CNG two/three-wheelers in Delhi, impacting ~8% of CNG volumes. Management is lobbying for CNG to be treated as a transition fuel.
IGL / Q4-FY25 / risks
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APM gas allocation cuts
APM allocation was cut by 0.8 MMSCMD, partially offset by new well gas. Further cuts could pressure margins if RLNG costs rise.
DTC bus electrification reducing CNG demand
Delhi Transport Department plans to replace all buses with EVs, reducing DTC CNG volumes from 1.1 lakh kg/day to zero over time.
New GA profitability timeline
Kanpur and Ajmer GAs are still EBITDA-negative, though expected to turn positive in Q1 FY26. Delays could impact overall margins.