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 / Q3-FY26 / risks
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Oil and Natural · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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.