Sustained propane price advantage
Propane prices remain lower than natural gas, causing Morbi customers to switch. Recovery depends on propane price movements.
high · management_commentaryGujarat Gas Limited — Q3 FY26
Gujarat Gas reported Q3 FY26 revenue of ₹4,865 crore (+12% YoY) and EBITDA of ₹502 crore (+14% YoY), driven by strong CNG growth (11% YoY) and steady non-Morbi industrial volumes.
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
APM shortfall increased to 51%, requiring costlier spot and long-term gas, pressuring margins.
medium · management_commentaryNew transmission tariff impact on margins
Analyst noted that every 1 MMSCMD increase in Morbi volumes could reduce gross profit by ₹1/SCM due to new tariffs.
medium · analyst_questionGeopolitical risks to LNG supply
Ongoing geopolitical tensions could disrupt LNG supply chains and cause price volatility, delaying project timelines.
medium · management_commentary