Propane price advantage may persist
Propane is currently ₹4-6/scm cheaper than natural gas, and management expects this gap to widen in winter, further pressuring industrial volumes.
high · management_commentaryGujarat Gas Limited — Q2 FY26
Gujarat Gas reported a subdued Q2 FY26 with revenue of ₹3,979 crore (flat YoY) and EBITDA of ₹520 crore (down 6% YoY), impacted by lower industrial volumes in Morbi due to propa...
neutral
medium
Financial stats pending filing verification
Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
APM gas allocation shortfall continues
Overall priority sector shortfall was 51% in Q2, with CNG segment facing 64% shortfall, requiring costlier spot LNG purchases.
medium · management_commentaryPropane business may dilute margins
Analyst questioned if entering propane could cannibalize natural gas sales; management acknowledged margins in propane are much lower than current gas margins.
medium · analyst_questionGlobal LNG supply may not ease until FY27
Management noted that competitive LNG pricing may not materialize until FY27, limiting ability to win back propane-switched customers.
medium · analyst_question