DTC bus phase-out drag on volumes
DTC CNG consumption declined from 1.55 lakh kg/day in Q3 FY25 to ~5,000 kg/day in Q3 FY26, and is expected to reach zero by March 2026, impacting headline volume growth.
INDRAPRASTHAGAS / Q3-FY26 / risks
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Indraprastha Gas · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Forex volatility impacting gas costs
Rupee depreciation of 7-8% (from ~86 to ~90/USD) increased gas costs by ₹2-2.5/SCM, partially offsetting regulatory benefits. Further depreciation could pressure margins.
Delays in transmission tariff benefit realization
Management deferred price increases to avoid volatility, delaying the full benefit of transmission tariff rationalization. If not passed through quickly, margin improvement may be slower than guided.
M&A consolidation hindered by regulatory penalties
Management noted that high penalties on existing GAs make M&A unattractive, limiting inorganic growth opportunities despite interest from potential acquirers.