KG-DWN-98/2 ramp-up delays
Despite installation completion, any further delays in hook-up and commissioning could push first gas beyond Q1 FY27, impacting production targets.
OILANDNATURALGAS / bear-case history
Track the concerns that keep returning.
Oil and Natural · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Crude oil price volatility
Crude oil prices declined 12% YoY to $61.63/bbl in Q3; sustained low prices could pressure revenue and profitability despite cost measures.
GST increase on oil services
The GST on oil services was raised from 12% to 18%, with no input tax credit relief expected, adding to cost pressures.
OPaL debt overhang
OPaL still carries net debt of ₹23,000-24,000 crore; while profitability is improving, any downturn in petrochemical margins could strain cash flows.