Cheaper alternate fuels pressuring industrial PNG
Industrial PNG growth is constrained by cheaper LPG/propane, which reduces the competitiveness of natural gas for industrial users.
ATGL / Q3-FY26 / risks
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Adani Total Gas · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
medium
CBG blending cost impact unclear
The cost impact of CBG blending into APM gas is uncertain, as the mechanism for sharing the blended price across CGDs is still under discussion with the ministry.
Regulatory risk on APM allocation
Potential reduction in APM gas allocation in April could increase gas costs, though management expects continuity based on current trends.