Ladies and gentlemen, good day and welcome to the Adani Total Gas Limited Q2 FY26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. From Adani Total Gas, we are joined on the call by Mr. Suresh P. Manglani, Executive Director and CEO, Mr. Prayash Jhaveri, Head of Finance, and Mr. Ravindra Desai, Head of Gas Sourcing and Business Development. I now hand the conference over to Mr. Suresh P. Manglani, Executive Director and Chief Executive Officer from Adani Total Gas Limited. Thank you, and over to you, Mr. Manglani. Thank you. Thank you. Good morning, everyone. Greetings and wishing you a Happy New Year filled with joy and prosperity. It's a pleasure to welcome our investors, analysts, and fund houses to this call. Thank you for taking the time to join us today for the Quarter 2, which is from July to September, and first half, April to September, 2025-2026 results call of Adani Total Gas. I'm pleased to share the operational and financial results of Adani Total Gas for the quarter and half-year ending September 30, 2025. Let me now begin by sharing details on our volume growth and network expansion during the half-year. It has achieved robust overall volume growth of 16% year-on-year basis, with CNG volume rising 18% year-on-year in Quarter 2, 2026, and 19% year-on-year for first half, 2026, while PNG volume grew 11% in the quarter and 9% for the half-year. This was driven by network expansion out of deeper market penetration. During the quarter, we added 12 new CNG stations, taking our network to 662 stations. Out of these 662 stations, 129 CNG stations are either company-owned, dealer-operated, or dealer-owned, dealer-operated. We are looking to add more CODO and DODO outlets as part of our expansion strategy. In line with our focus of expanding infrastructure network across our geographical areas, our steel pipeline infrastructure now has increased to 14,524 inch kilometers. This is the backbone for our CGD infrastructure and helps us to reach large masses across all our 34 geographical areas. With the addition of 27,000 new home PNG connections during the quarter and around 54,000 new PNG home connections in the first half of fiscal year, I'm very happy to inform you all that we have surpassed a major milestone of 1 million consumers during this quarter. Our industrial and commercial consumers, which are generally relatively bulk users, have reached 9,603 consumers. We have added 147 new consumers during this quarter and 304 new industrial and commercial consumers during the first half, covering diversified industries and commercial establishments. You are aware that we have a SPV, which is operating e-mobility business, setting up EV charging stations across the country. The SPV name is Adani Total Gas e-mobility limited. The footprint of our e-mobility team has now increased to 4,209 installed charging points across 26 states, Union Territories, and 226 cities, which is equivalent to 42 megawatt installed capacity. We are rapidly progressing towards achieving a network of 10,000 EV charging points. Along with our 50:50 JV, you are aware that we also have a 50:50 JV with Indian Oil Corporation. The JV name is Indian Oil Adani Gas Private Limited, IOAGPL. If we add ATGL plus IOAGPL, our consolidated nationwide CGD network now stands at 1,095 CNG stations, almost touching 1,100 CNG stations. Twelve plus PNG home connections, 10,884, roughly 11,000 CNI consumers, and 26,411 inch kilometer of a steel pipeline network. Collectively, ATGL and IOAGPL is serving 53 geographical areas, which translates to 125 districts. Out of this, 34 geographical areas, translating to 95 districts, are being serviced by ATGL, and the remaining 19 geographical areas, translating to 30 districts, are being serviced by our JV company, IOAGPL. With the continued support to CGD industry, the supply chain for APM and new well gas, which we get in lieu of reduction in APM, has been realigned now. The supply chain has been realigned, which has resulted in a levy of 2% CST instead of earlier, which was being levied 15% VAT. This has been made effective from 1st October 2025, and this is applicable only to the gas which is supplied outside Gujarat. Because Gujarat VAT was 15%, now the realignment of the supply chain has resulted in a levy of 2% for the gas which is being supplied outside Gujarat. This development shall certainly be helping us to now work out and provide enough supportability to our CNG and PNG home consumers. On the financial performance front, the revenue from operations for Quarter 2 and first half 2026 has risen by 19% in Quarter 2 to INR 1,569 crore, 1,569 crore, and in first half by 20% to INR 3,060 crore, respectively on account of the overall volume growth. Our EBITDA for Quarter 2, FY2026, was INR 302 crore, 302 crore, and for first half, INR 3,603 crore. Profit before tax for Quarter 2 was INR 217 crore, and for first half, INR 436 crore. Profit after tax for Quarter 2, July to September, FY 2025-2026, was INR 162 crore, and for first half, April to September period, was INR 324 crore. Sorry, INR 324 crore for first half. During the quarter, another good development which took place, and I am delighted to share with you all, that the external credit rating agencies have now assigned Adani Total Gas upgraded to AA+ which is a stable rating by ICRA. CRISIL, another credit rating agency, they have given us fresh ratings of AA+ stable for 18 years. Now we have three credit ratings, three different credit rating agencies, and all three are AA+ stable. This reflects the growing scale of our operations, underpinned by healthy volume growth, a favorite demand outlook, and continued network expansion. It also acknowledges our strong promoter backing, robust gas sourcing arrangements, and a sound financial profile. During the quarter, you will be very happy to know that Adani Total Gas won three PNGRB, which is our regulator, three different awards for the CGD development in the areas of HSE, sustainability, and customer delight segment. In closing, I would like to reiterate that Adani Total Gas remains committed to supporting India's energy transition by delivering affordable, reliable, and cleaner energy solutions across households, transportations, and industrial segments. The revenue and volume growth, along with the upgrade in credit rating from these three leading rating agencies, underscores the strength of our sustainable business model. Taking this opportunity to thank all our shareholders, analysts, fund houses, our consumers, dealers, suppliers, business partners, and employees for their continued trust and support. I'm very happy the team at ATGL has delivered their impressive Quarter 2 and first half results. Your confidence in our journey inspires us to keep pushing boundaries and delivering sustainable growth. Thank you all. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. The first question comes from the line of Sabri Hazarika from MK Global Financial Services. Please go ahead. Yeah, good morning, and thank you for the opportunity. I have a few questions. The first one relates to this Gujarat VAT realignment. Can you quantify, in your case, what is the benefit which has accrued to the company in terms of EBITDA per SCM, and also whether you have any requirement to pass it on to customers, or can you use it to expand your margins? Okay. You can ask second question as well. Second question is on this PNGRB zonal reapportionment where they've put CGD under zone one. When is it expected to get implemented? Because it was supposed to happen in one month. Now it's been like two-three months. Third one is, of course, another question is on your allocation, APM allocation and new wells gas allocation in Q2, and also the run rate currently. These are my three questions. Thank you. Very good. First of all, actually, I'm very happy, Mr. Hazarika, that you are so updated with the developments which this sector is witnessing. All three questions are very relevant, and I'm very happy that you are asking, and I'm sure these questions must be in the minds of many other analysts who are there on the call, or many may not be on the call. Let me respond each one by one. Gujarat VAT versus CST, as I explained, this is because of the realignment of a supply chain. This is applicable on APM because remaining gas was anyway being purchased on CST, whether we buy from HPHT or RLNG, all is being purchased on CST, which is the legitimate transactions which we buy from outside Gujarat or from any destination to another destination, which is interstate. In this case, the impact on EBITDA per SCM keeps varying depending upon how much we get APM and new well gas. It's by anybody's guess, a 13% difference from 2% versus 13%. That is what is the difference. 15% was non-weightable. 2% is, again, a cost to us. 13% is the net benefit which is coming. Your question is, are we passing through? Of course, we have to pass through. We will be calibrating, and you will see very soon. We were actually waiting for all the information to get compiled, bills to come. We would be passing through. You will be hearing that news very soon. Ultimately, Adani Group has always taken this view that our vision is to make PNG and CNG as much as we could do from our side, more and more affordable, and that's what we have been doing, ensuring prudent pricing. We will be calibrating our pricing pass-through shortly. The second question was yours, what is happening to zone one tariff, which the notification has come, but actual implementation is yet to take place. The notification was a first step. First of all, I think it is a big compliment to PNGRB as well as to pipeline industry, transmission industry, which has supported this initiative that CGD being a primary sector, and consumers should get full benefit of this tariff part. We are now waiting. The industry consultations are taking place by regulator. Hopefully, we expect sooner than the later this implementation will take place. Of course, there are various nuances which have to be taken care of that finally what is the zone one tariff is coming, which is applicable for us, and implication if there are current zone one tariff is much lesser. It has to be going somewhere in the middle part. Zone two tariff will have some implication. Overall, I think there has to be a consensus among the industry player, including those CGDs who may have more implication of a zone one tariff itself, which was earlier lower, and now it may go a little higher on that side. I think there are nuances on this. This is while the regulator has taken a strong step of moving forward and notifying it. We are expecting sooner that this implementation also will take place. A lot of work, we understand, is going on in terms of ensuring there is a consensus among all the industry players and CGD entities. We are quite supportive of this, and we are awaiting implementation as well. Third, you had asked again a very important question on APM and new well gas allocation. We have stated that there has been a further moderation down of APM allocation in the first half. Earlier, if you compare the previous year, the combined allocation was 70%. This time, it is 59% in the first half. If I ask you in the Quarter 2, which is the relevant quarter for this, it was 35, 36% around. Combined of the APM and new allocation, 35.8%. And WGP? Both, 35-36%. That is the allocation. The only thing which is benefiting us is our gas sourcing strategy, as we have been always making you aware that we have this continuous efforts. Ravindra, who is our gas sourcing head, and along with his team, they are continuously working, watching market, what's going on, and they are securing gas at different indices, different tenures, and that's what we are working on. I think that our strategy on gas sourcing portfolio building is helping us to mitigate the adversity which is coming from reduction in the APM and the new well gas as a combined. Thank you. Just a small follow-up. Thirty-five, thirty-six% is APM plus new wells gas combined in Q2. Versus, and you mentioned H1 was fifty-nine%. Versus Q1 versus Q2, the combined allocation itself has fallen significantly. Is that right? Let me give it to Ravindra. Why don't you just take this question? What was the Q1 allocation? Why don't you just take it? APM plus new well gas. Also breakup between APM and new wells gas. Yeah, yeah. APM was around 51.48%, around 52%, which has come down to around 36%. However, if you look at the HPHT allocation, which has increased significantly, and the new well intervention gas has come along in addition to the APM. The substitution is happening. The cheaper gas APM is being replaced probably by a bit higher value NWG gas. His question was that APM plus new well gas in Q1 is how much combined? Because the Q1, you told me 36%. Q2 is 36%. Q2 36% combined. Combined N1 is Q1 is how much? 51%. Combined. 51.4%. 51% versus 36%. 36%. Yeah. Yeah. That's the, Mr. Hazarika, that's the data. Of this new wells gas, pure new wells gas is how much? You have details? No, we'll get back to you on that. Okay, you got a combined detail. Currently, we have a combined detail. Mr. Hazarika, we can always give you the detail breakup. Generally, we look at a combined because this is being new well gas is being given in lieu of the reduction in APM. We always keep it a combined data. If you are interested to see the data. No, that's fine. Just a small thing, this Gujarat VAT, when you mention APM, you mention APM along with new wells gas, right? There also, it will be applicable, right? Yes. Because it's the same source, right? Yeah, same domestic source, yeah. Okay. Thank you so much and all the best, yeah. Thank you, Mr. Hazarika. Thank you for asking questions. Thank you. Ladies and gentlemen, to ask a question, you may please press star and one on your touch-tone telephones. Our next question comes from the line of Achal Shah from Ambit Capital. Please go ahead. Yeah, hi. Sorry, this is Vivekanand from Ambit. I'm Achal's colleague. Following up on Mr. Hazarika's question on the zonal tariffs, I want to understand, previously, there were terms and the zonal criterion was 0-300 kilometers, and there was no distinction made on the kind of customer. Now, DPNG and CNG customers across India will move to zone one. Do you have any color on the new zonal definition that is currently being deliberated? Will it remain based on the distance for the other consumers? Secondly, what are the other perspectives here? I think you said one point that some CGD entities who are already in zone one will see a tariff hike. Perhaps they are deliberating and they are perhaps pushing back on the new zonal tariffs. What are the other counter views by industry participants that are holding back the new zonal tariff? You see, Vivekanand ji, first of all, thank you that you came on the call. Zonal, earlier we had three zones. This is the evolution that happens whenever you move towards one new concept. The three zones came in, 0-300, 300-1,200, and above 1,200. Now, this started stabilizing, and there was a need for rethinking that whether this is working efficiently as it was envisaged. There was a view within industry that there is a need now to trim down to two zones. Regulator took a consultation as always they do. Finally, it came down that industry is more consensus is building that we should have a two zone, zone one and zone two. 0-300, up to 300 kilometers is zone one, and rest is all zone two. Now, that will bring a lot of nuances of that how do we now ensure the in general, you are aware what happens is that the entity gets the tariff as per the PNGRB determined regulations. Whereas that gets subsumed all in that one go, what is the India weighted average tariff? That's where then they decide how much in zone one and how much in zone two. Eventually, it's a zero-sum game. It gets distributed to entity, let's say, GAIL gets what GAIL tariff has been determined. Now the whole work is going on to when they are merging three zone to two zone, and then they are determining CGD as an entire country zone one, not in zone two. This, as I was telling earlier when Mr. Hazarika was asking me the question, there are nuances. Industry is sitting together. They are working it out. How much is our APM and new well gas, which is going to be given? We are going to get only for home and CNG. Industrial and commercial is going to be outside zone one tariff. We will be getting the same tariff as zone one and zone two. There are nuances on gas purchases. There are nuances on transportation. I would urge you all that have a bit of patience for some more time, as you all have maintained. We will come to know, and then you will see counter views. Because what will happen once the tariffs are known, what is going to be zone one tariff for us, for home PNG and CNG, and then remaining zone two tariff for us for industrial and commercial? Some CGDs will have a significant amount of volume for industrial and commercial. Some will have significant on CNG side. All these views will emerge once we will see the further detailing of the implementation part. Today, we are waiting for that details to be finally emerged with the consensus of industry. We would, of course, be also part of it as an industrial consultation. My request would be that we have to wait for finality what comes out, how it is going to be working out. That interest of all stakeholders is taken. Of course, in such a huge exercise, there would be some people impacting more on the favorable side. Some will be on the other side. How do we make sure that the impact adverse is as less as possible and the supporting side also is balanced? I'm sure regulator, as is known, they will do this work along with the industry. We would all come out with good implementation methodology. Please, if you could wait for some more time. Thank you very much, Suresh sir. That was very clarifying. My second question is on the government policy that was announced in April with respect to advance quarterly allocation of domestic gas. This was a policy that was meant to give you clarity on your APM and new well gas allocation for the next two quarters. Would you be able to guide us on the combined APM and new well gas allocation for 3QFI26 and 4QFI26 based on this guideline? I will ask Ravindra, who is more hands-on on the allocations part. I think, Ravindra, if you could brief Vivekanand? Yeah. Agreed. There was a guideline where CGD entities requested that it would have more clarity on the allocation percentage happening so that we can plan our demand and all. Yes, there is some positive development there. We have been receiving very positive feedback from the different producers, GAIL handling the entire APM allocation regularly. Whenever these volumes are available, we are being informed regularly before the actual volume is available. If you look at the priority allocation for both APM and NWG, for Quarter 1, FY2026, it was 52%. For Quarter 2, FY2026, considering both APM and NWG, it has come to around 48%. The last question that was asked, that was also probably percentage volume, what we got for both APM and NWG. Sorry, sir, I'm a bit confused. Previously, you said that the allocation has moderated from 51.4% to 36%. Yeah, I think there is an error there on our end. If we take both APM and NWG, it is not 36%. It is 48%. Okay. So 36 is the APM, is it? The APM. Okay. For CNG segment. 36%. Right. APM, CNG segment only, excluding the PNG, domestic. Okay. For PNG, you are assuming 100%, or rather the government anyway has stated that 100% of the. 105%. 105%. Okay, okay. Yes. All right. Thank you so much, sir, for the detailed explanation and all the. Thank you very much. Thank you. Thank you. Our next question comes from the line of Ramesh Sankaranarayanan, an individual investor. Please go ahead. Good morning and thank you very much. If you look at the reduction in the cheaper APM gas and to the extent that has been replaced by new well gas, how have you managed the higher cost of gas in terms of the transmission? How do you see the challenge of managing volume growth and margin trend growth in your bottom line? How do you see that? Because your petroleum alternatives have been stable and to that extent the competitive positioning of CNG as a fuel has possibly become a little bit under pressure, if I may say that. To that extent, how do you see the reduction in the cheaper gas impacting your ability to balance volume growth and margin? Thank you, Ramesh [Foreign language]. I am very happy that as an individual investor, you have also come on the call. Normally, we see institutional investors. It is a good development that individual investors are also taking interest. You asked a very pertinent question. That is another reason I feel delighted that our individual investors are also keeping such tab on the development of a sector. Now, responding to your question, first, I will touch upon the growth. We have generally been consistently delivering double-digit growth. It is largely, one is that our areas are expanding. Our infrastructure development growth, which you are seeing, despite this quarter, or I would say first half, mired by quite heavy rains across the country. We had very significant higher rains in this first half or second quarter as compared to the previous year first half or second quarter. Still, if you see our infrastructure development, our teams have delivered a good result. I am confident that my team would continue to deliver double-digit or an impressive volume growth as we have done this time. Now, the challenge is how do we meet the differential between APM and new well gas, which generally is declining as we have been stating. We are hoping. One part important is that we must keep in mind that government focus on CGD, regulator focus on CGD continues to remain very strong. That is a very strong positive development for us. You see zone one coming out from regulator for CGD, for CNG and home PNG. This is a very significant positive direction that regulator or a government still is looking at supporting CGD development. This is a last mile connectivity. We believe that we will have a stabilization of APM and new well gas. There will be a continued focus on priority home PNG and CNG from government side. Home 105% is continuing, and we hope CNG also will get stabilized. Because CNG, despite even alternate fuel, as you said, being stable or new fuels are getting penetrated, CNG is growing. People are having choice of CNG. Now, how are we managing? As I stated, we have a very good sourcing team. We have a strategy in place that we have a mix of a portfolio building where we purchase indices, not one single indices. We will have Henry Hub, we will have Brent, we will have some spot market, we will have HPHT. We will have different tenures so that we do not put all eggs in one basket. Being a CGD, for a CGD, the most responsible job is to remain relevant in the market. How do we make sure that we are relevant for industrial consumer vis-à-vis alternate fuel? How do we remain relevant for vehicle consumer vis-à-vis petrol and diesel? How do we remain relevant for home consumer for LPG, domestic, and commercial for commercial? We are facing this while people feel that CGD is a monopoly. If you see, there are natural competitions which are there across all the segments. For us, the job is to ensure that our gas sourcing team is always on the toes. Management is working to make sure portfolio is so relevant that we are able to service even in the time when geopolitical situation brings us at a very precarious situation that gas prices are very high. Still, my consumer will be expecting Adani Group, TotalEnergies should have experts available to stabilize the prices. That is what you see in our track record. We have been generally maintaining prudent pricing. I would like you to be rest assured that our gas sourcing team is working. We are bridging the gap. We are keeping a watch on the market. We are also keeping tab on APM and new well gas, how it is moving, what is going to be the likely scenario, how the market is going to be moving in the likely scenario, how the brand is moving. All that we are working out. That is our job. That is the job for us to work to ensure that you get good returns. That is what we are trying to do day in and day out. Ramesh [Foreign language], if you have any other question, you can ask whether my colleagues want to add anything to Ravindra. He can add something to you because he is the person and along with team, they are heading the gas sourcing. So Ravindra, you want to give him any word of assurance? No, I think you have answered for the whole thing. However, if you look at the portfolio, we can see that around APM is 39%. However, we can see that we have a portfolio where the different indices like Henry Hub, Brent, we have got around 17% on the Henry Hub base, around 13% on the Brent base. Various portfolios help us to diversify. While keeping a tab on the domestic prices plus the international prices, we keep on optimizing our portfolio and reduce our prices continuously, which helps us to serve the customer better. Hope we could satisfy you with our answers, Ramesh [Foreign language]. If I may ask a couple of follow-up questions on gas sourcing. I mean, we have seen companies talk about a blend of Brent linked versus Henry Hub. In terms of your portfolio, how much of your imported LNG would be linked to Brent linked contracts and what percentage would be Henry Hub? The second thought is in terms of other sources of business like EV charging and LNG retailing, what progress you have made on the ground, any progress you will see on these two verticals on the EV charging and then the LNG as an auto fuel contributing to your growth in the next one or two years? Yeah. I think let Ravindra complete his response to you on the portfolio building. Ravindra, you want to? Yeah. If we talk about the percentage of the different indices, if you talk of Brent, it would be around 14% Brent linked volumes currently what we have in our portfolio. Similarly, around 15%-16% is on the Henry Hub base. These contracts have different tenures. They keep on varying. As we move ahead, we keep on purchasing volumes on different tenures for different linkages so that we keep our average cost to the lowest possible number. Ramesh [Foreign language], you have to also keep in mind that these contracts have a lot of nuances on take or pays. There are hedging arrangements possibilities. I think the job of the expert sourcing team is to ensure that the portfolio building is strong. They keep ATGL relevant in the market that every time for every consumer segment, Adani Group and TotalEnergies company is able to bring out the resilience in the market. That is what we are doing, actually. Now, coming to your question on EV side, I think you must be, as you are following up, following the sector and ATGL, you must have seen the growth which our SPV team is delivering on quarter-on-quarter basis. This quarter, our charge points have increased to 4,209. Almost around 800 points have been added. This is an impressive growth of around 7-8 charge points every day. Our target would be at least 10-15 charge points every day, is what is our target. There are nuances on infrastructure development, which happens from our side. I think the team has full support to build more and more charge points because we believe that even on the alternate fuel side, EV is growing up quite well on the buses side, on fleet operator side. We are simultaneously building up EV charge points infrastructure across the country, both on B2B and B2C side. We see a good traction on our infra growth as well as the utilization side. We added almost 50% more consumers, or I would say utilization this quarter itself, by bringing several promotional schemes. EV is doing very well from our side. We have 42 megawatt capacity. Target is to reach 100 megawatt very soon. The work is going on across the country. When I'm talking to you, large number of sites are under construction. On the LNG retailing side, we had a very strong business plan to bring out a large number of LNG stations. Currently, looking at the various issues around boil-off, etc., we are actually watching the development on the conversion or a new vehicle or LNG coming up. We have been talking to several OEMs and stakeholders. Currently, we are trading this path cautiously that we have three, four LNG stations. Two are under development, Dahej and Mundra. We have at Tripura, one LNG station. We have multiple sites identified. We will take it off when we see business developing, or we have commitment of either fleet operators, transporters, or OEMs to bring it out. That path, we are looking at the development on the market side, while we are also working. Our teams on LNG side are working with various stakeholders. I will leave that on LNG side that way. EV side, I think there is a lot of traction and momentum is happening. Just one last thought. On your Indian Oil Adani Gas Private Limited JV, the numbers are still not reflecting in the P&L and balance sheet. When do you see the infrastructure addition and volume growth giving you a meaningful growth in terms of the contribution of Indian Oil Adani Gas Private Limited to your consolidated revenue and profits? What is the timeline and what is the kind of peak volume we can expect here in the next three to four years? No, I think, Ramesh [Foreign language], as you see the infrastructure part, I think they are coming up very well. You see the growth of volume and now going up quarter on quarter quite well. I think their growth is almost 19%-20%. 19% growth, they have also achieved in volume. They have achieved 4% growth in this quarter also. EBITDA also is coming up reasonably well. The PAT side, of course, the team is working hard because there are depreciation and interest part, which is taking away the EBITDA to PAT level. We are quite confident that the way infrastructure is developing. Now their job is actually to enhance the utilization of the infrastructure. That is where they are working very hard. They have a very good geographical area. If you see Panipat, Udham Singh Nagar, Dhaman, Ernakulam, all are quite a Chandigarh, good geographical area. Their now mandate from our side to the JV is that to enhance utilization, work out the good pricing mechanism to see that more and more consumer comes on the gas. We feel, I think they have a very good geographical area. They will be able to bring it out better profitability in terms of PAT. EBITDA is growing. In terms of PAT, also they will start giving us the result. We have to wait for a couple of more quarters. Thank you very much and wish you all the best and the best of season's greetings. Thank you very much, sir. Thank you, Ramesh [Foreign language]. Thank you. Thank you. We have our next question from the line of Yogesh Patil from Dolat Capital. Please go ahead. Thanks for taking my question. Sir, am I audible? Yes, sir. Yogesh, [Foreign language]. Yogesh, go ahead. Yogesh, go ahead. Congratulations for the good set of numbers and mostly on the volume growth side, fabulous volume growth. Just wanted some clarity, as you mentioned earlier, in Q1, our total APM plus NWG allocation was 51, which has come down to 48. To our limited understanding, any APM decline will be replaced by the NWG. So the share of the APM plus NWG remains the same. It should not come down from 51 to 48. Is it because that our volume is growing much faster rate and that's why the allocation in absolute terms, like some 1 MMSCMD, 2 MMSCMD remains the same? Our volume is growing and that's why that share of 51% has come down to 48%? Yeah. Yogesh [Foreign language], first of all, thank you for coming. I think there are some disturbances. Maybe you are somewhere in the middle of. I think if you can mute so that I can respond and other participants also can listen properly. First, I think, Ramesh [Foreign language], it's 51 versus 48. Is it correct? Yeah. Okay. 51 combined last quarter, 48 combined this quarter. I think you understand better than all of us. We understand this sector and nuances of APM plus new well gas. That's the good news for us. You said rightly. One is volume growth, which also brings this proportionality slightly down because the volumes are growing, field is same. We need to keep in mind that it's a natural gas field. There will be natural depletion also as we keep drawing more gases. There is a possibility of, on one hand, slight depletion as it happens in any natural resources. The second, as the industry's volumes are growing, the proportionality of the allocation will also be taking place little moderately the way it has happened this time. We have to keep these two things in mind: depletion, natural one, which is happening, and the volume growth of industry or the entity by entity. Maybe we have volume growth this one. Somebody may have higher than or lower than us. Accordingly, proportionality takes place. Your understanding is absolutely correct. I just added that natural depletion also would take place in any field which happens, whether any other gas field also. This field also is going to be happening while ONGC is investing to enhance the recovery through new well gas intervention. I hope I have clarified to Yogesh. Maybe he has dropped. Yogesh Patil, if you are speaking right now, you are not audible. I request you to please unmute your line and then speak. Am I audible now? Yes. Yeah, you are audible. Yogesh [Foreign language], you could hear our response, Yogesh [Foreign language]? Yeah. Sir, my next question is related to can you throw some lights on the recent GST reforms, which has bring down the CNG vehicle cost also. Have you seen in the last one month any kind of a jump in the CNG vehicle convergence? If possible, can you provide some details on that side? Ramesh [Foreign language], if you ask, not literally for the one month, I would say some jump since. What is predicted is that around 1 million is projected for CNG vehicle sales, projected 1-1.2 million in this FI 2025-2026 against 780,000 in 2024-2025. We are seeing a jump of around 18% if we talk of FI 2024-2025 and 2025-2026. That is something positive. In addition, if we remove the three-wheelers, we are seeing a very good correction for CNG in all other segments like heavy vehicles and light passenger vehicles. Yogesh [Foreign language], sir, last question. One of my earlier friends tried to ask you regarding the gas sourcing breakup. If you could share the details of the gas sourcing of Adani Total Gas in terms of the MMSCMD, it would be helpful in terms of how much APM, NWG, HPHT, crude link, Henry Hub, approximate figures in terms of MMSCMD, it would be really helpful for us if possible. Yes. See, it is a mixture of portfolio, and we are flexible in the contractual operations. We can take a lower percentage. We can take a bit higher percentage. It will be very difficult to pinpoint what percentage we have got. We have flexibility with all the indices, plus we maximize whatever allocation is happening, which is at a cheaper cost that we maximize, and then we keep on optimizing the other indices, including Brent and Henry Hub, where we have got a lot of flexibilities in the contract. Okay, sir. The last one from my side. Have you seen any impact on the PNG industrial volume growth in Gujarat geography due to the continuous decline in LPG or the propane prices? At least in the last two, three months, six months, we have seen the propane is emerging as a cheap alternate option for the PNG industry. Any thought on this side? Just to, yeah, it's whatever question you have raised, it makes sense. I agree with you that the propane prices are getting very competitive to natural gas. Based on the price movement, what we do, we keep on optimizing our purchases. To remain in the market with comparison to alternate fuels, we keep on optimizing our portfolio and purchase volume on a longer term with some lower cost, and these volumes are able to compete with the alternate fuels like propane. One of your competitors has already come up with the strategy of propane supplying. Are you planning something on that front? No, actually, currently, the kind of industries we are serving across diversified geographies, I think if you see our growth, it's suggesting that still natural gas is being accepted. There are features which natural gas provides to the consumers, cash and carry versus what use and pay and various other flexibility which we provide, plus the qualitative aspects. I think currently we are not seeing that compelling reason of immediately looking at supplying propane. Of course, we had in the past thought through that whether we should at least be a single solution provider of propane plus natural gas or LPG. This is on the table, not the way you suggested about our competitor. Thank you a lot, sir. This was really helpful. Thank you, Yogesh [Foreign language]. Thank you. Our next question is from the line of Somaiah V from Avendus Spark. Please go ahead. Yeah. Thanks for the opportunity, sir. I have a few questions. First, within this PNG volumes, can we have a split between the domestic and industrial volumes? Yes. Yeah. With respect to PNG volume, we have a domestic percentage of around 7%, and other than industrial is 22%. Total put together, 31% is for PNG and 69% share of CNG. Sorry, sir. In MMSCMD term, can we break this? We are roughly around 3 MMSCMD of volumes and close to 2 MMSCMD is CNG. The remaining 1 MMSCMD, can we have a breakup in terms of domestic and industrial commercial? With respect to MMSCMD, we can give you MMSCMD. We need to work out. MMSCMD. No problem. It is MMSCMD, it is around industrial is 61.7, and domestic is 21, and commercial is around 7. Helpful, sir. Sir, also, in terms of the growth, the 69% growth, if you could just help us, new GAs what would have been the kind of contribution? Because in the presentation, we break this as a pie chart which talks about new GAs, which is currently around 38% of the overall volumes. What could have been the growth rate in this part and the other three geographical areas that we are referring? I'm not bad at others. What would have been the growth rates? New GA is around 1 MMSCMD? Oh, when you say growth, which we said around 16%. Growth is for new GA, it is 26% for CNG and 99% for PNG. Oh, wow. wow. Because base is low. Base is low. Correct. Twenty-six percent is more relevant that CNG has a 26% growth in the newer geographical areas. Understood, sir. That's helpful. Sir, also, in terms of the sourcing, when we say 48% is APM plus new well, the base that we are referring to is the CNG plus domestic PNG. Is that the base that we are referring to? Or put it the other way, like 2 MMSCMD are CNG volumes. When we say 48%, this is 48% of 2 MMSCMD, or we are referring to the company level? When we are talking of 48%, this is at the company level. It means he's saying 2 million means 48% comes from APM and new well gas. Yeah. You're right, Somaiah [Foreign language]. You're right. It's basically roughly around 1.5-2 MMSCMD, that's like 1 MMSCMD of APM plus new well gas. That's our source. Correct. Around that part. Yeah. Yeah. Also, in the presentation, we have mentioned 14% is Brent linked. Again, the base is at a company level, or is it only the PNG when we say 14% is Brent linked? When we talk of 14% Brent linked, it is at the company level in totality whatever we consume. How are we about the flexibility in the contract when this percentage can vary based on the prices of the crude oil during that time? We keep on optimizing these volumes. The percentage will always vary. Yeah. Sure, sir. That part is clear. We are basically saying 3 MMSCMD into 14%. We are looking like 0.4 MMSCMD of Brent volumes at a theoretical level. I mean, it will vary. I understand. Okay. Sir, if I were to—sorry. If I were to add all of this, 1 MMSCMD is from APM plus new well, and 0.4 is from Brent, plus we have HPHT plus RLNG. If you could just help us on the HPHT, quantum, and RLNG, that would be helpful. See, probably it will not be feasible because, see, we have these HPHT volumes coming in regularly on a monthly basis, which varies on a month-on-month basis. It will make a difference. This NWG also keeps on varying. The percentage what we take in literal terms will keep on varying. I think on a comparable basis, what you have taken is correct. However, they keep on changing every month. Okay. Just looking at it, it's like a 0.3 or 0.5, very ballpark numbers. Not any—I understand on a monthly basis, it will differ. Is it like HPHT, roughly we take around 0.3, 0.4, 0.5, anywhere around that range? You see, Somaiah [Foreign language], actually what Ramesh [Foreign language] is saying is that while 3 million could be divided that way, if you infer that and draw something from a futures perspective, he's saying that may or may not stand correctly because there are contractual arrangements of take-or-pays, excess nominations, and various contracts being different, tenures getting expired, new contracts coming in. He's saying, I think those things keep varying. This quarter, of course, he has given you 3 million means 1 million is around APM and new well gas. And then remaining details that you asked. Any other detail you require, actually? Somaiah [Foreign language]? Got it, sir. Got it, sir. Got it. Other question from the station addition. What is our expectation in terms of next, let's say, a couple of years in terms of annual station additions that we plan to have? Sorry, I couldn't follow your question. The CNG station additions, sir? CNG station. Yeah. CNG station, you are seeing that how we have grown. If you are tracking us and you have a quarter-on-quarter growth, you are seeing two, three things are there. One is we have already a stated minimum work program for each geographical area. We are also seeing how upstream pipelines are progressing. That will also help us to add rapidly more number of stations. Today, we add more number of stations. That has to be serviced as a daughter booth station, which causes inconvenience to even end consumers because there are dryouts, which takes place because of certain traffic issues or road issues, etc. We are keeping a watch. Our growth trajectory will be commensurate to the market development and ensuring that every nook and corner of the geographical area, we take a lead to provide CNG station so that conversion starts taking place. A confidence building takes place. 662, which today we have, I think we'll be growing it at the pace of similar as you are seeing the past. We are adding last year, I think we added 100 stations last year. This year, around similar station, we need to work out how the currently our all 11th round geographical areas are waiting for most of the geographical area are waiting for national transmission line, which is being built by GAIL, to be connected. That will help us to then start working or setting a more sites are already identified. We are issued several LOIs for new DODO, CODOs, actually. New DODOs in particular. Be rest assured the development of infrastructure will take place commensurate to the market development, and wherever it requires us to take a lead to build the confidence on CNG, which we have been always taking, and we'll continue to take the lead. Got it, sir. One last question, sir, on the JV performance, which you had earlier alluded to. I mean, anything in terms of volumes that we can say in terms of what currently the JV is contributing in MMSCMD? Of course, JV volume, we do not consolidate in our system. You know the accounting system, we only consolidate PAT. We consolidate We consolidate PAT only. In terms of volume, their volume is just, you know, 1.8. They have got 1.8 volume, which is pretty good volume, which is now they have grown. 1.8. Yeah, 1.8 MMSCMD. 1.8 MMSCMD volume is what our JV is doing today. They are also given a good growth, I think 19% volume growth, even they have achieved in this quarter. Sure, sir. Quite helpful. Thank you. Thank you, Somaiah [Foreign language]. Thank you. Our next question is from the line of Achal Shah from Ambit Capital. Please go ahead. Hi, sir. Am I audible? You are absolutely audible, Achal [Foreign language]. Sir, just one clarity. My understanding is that we earn the most margin in CNG segment and the least in the domestic PNG. Can you give a broad sense, sir, in percentage or in EBITDA per SCM terms, how much is the segmental margin in CNG versus, let's say, in industrial and commercial and in domestic PNG? Or how much is percentage-wise, how much it's lower in the other segments versus the CNG? See, today, Achal [Foreign language], it has become so dynamic. If you see, one thing you must notice, our volumes have grown significantly, but not at EBITDA. Correct? Now, why has it happened so? A couple of things. One, of course, slight reduction in APM versus new well gas, dollar appreciation by 4%. Our aim is not to continuously keep making same margin as we are doing today. Our aim is to widen the volume base, make sure healthy financial outcomes because in a CGD, Achal [Foreign language], you are tracking the sector. CGD, main aim for us is given the competitive fuels which are coming in, stable prices of MS and HSD, our job is to make sure more and more customers are brought into our net. That is the whole job everybody is doing in our geographical area. Wherever required, we are making it more affordable CNG, more affordable PNG, more affordable to industrial consumers. Aim is to make the people use and have a delightness of a PNG, CNG. So giving you a stable type of% margins may not be correct from a company standpoint of view. I think overall you have around 20% EBITDA margin, which you could see from turnover to the EBITDA INR 300 crore, which used to be slightly higher. That indicates to you while we are bringing healthy results. Our aim is for our company ATGL vision is there very clear that we want to widen this base very strongly through the volume base. That gives us the leverage now to see how do we work on increasing the network expansion. Rest assured, I think around 20% EBITDA margin is there on our overall basis. CNG is a healthy margin, but not in every geographical area. Giving you on company-wide will be difficult. What is the margin in Ahmedabad, which is fully networked, which is fully online? There are hardly any daughter booth stations. Versus what will be making in Amravati, which is fully daughter booth station, will be very different, actually. Will be very different. I think it's a station to station. It is geographical area to geographical area. It varies regular. Let's say, Udaipur we did this time two, three online station around Diwali time. Now we have a large number of online. Suddenly, margin profile will change because the transportation cost, which used to be almost INR 8-10 a kg, has reduced now. I think it varies significantly from configuration to configuration, how we are doing online connectivity, how we are making more mother coming closer to DBS. Overall, EBITDA 20% is what you could currently see. Domestic, again, same thing will happen. Let's say Ahmedabad, I can give you. I know you know more than you are tracking the sector. Ahmedabad, for example, you have intensity of very high intensity of a PNG penetration. You have high rises. You have a lesser per customer infrastructure. Your returns are better because your meter reading happens much faster, your billing happens much faster, your collections happen much smoother. Versus you take another geographical area, which is very spreaded. Now then you will have and customer intensity is much lesser. Again, per consumer, domestic percentage will vary. I think it is very dynamic, very relevant to the configuration of a customer. Yes, domestic also is reasonably healthy percentage if you take Ahmedabad. If you take a new geographical area, it will not be a good percentage of margin. I am not trying to brush away your question, but I am trying to be candid to give you the right perspective from a CGD industry point of view today. It is not stabilized that my all GAs are fully stabilized that I can give you the percentage in that sense. Would you like to share anything you have in more detail? Overall gross margin. Overall gross margin is how much? 29. Overall gross margin is 29%. Got it, sir. Sir, just one more last question is. Sir, in the CNG segment, one of your competitors is giving discounting in the way of credit cards via retrofitment of vehicles, especially the commercial larger vehicles. Do you see your company going for a similar strategy to cater to more market or increase the CNG vehicle count in the relevant geographical areas or any such discounting or marketing strategy to increase the volume growth in the CNG segment? Perhaps I think this is one where we have not come to your expectation that you are not even aware that Adani Total Gas is actually leading in the promotion and discounting, actually. Because as I said, our aim is to widen the base. How the base will widen unless we bring more customers to our net. And more customers come through various promotional schemes. We for a very long time have been giving good discounting, various different schemes. Currently, I think various geographical areas, depends upon geographical areas also. Depending upon customer segment, we are giving up to the discount up to the four years period. We also give fleet cards to the consumers. On EV, we saw independence price on EV, INR 10 price we have launched for independence day celebration, which brought 50% more utilization. Right now, when I'm speaking to you, there is a Happy Diwali scheme going on. You will see Happy New Year scheme coming. I think that's a part and partial of our business development and the sales and marketing team strategy. They keep doing it. It's been a very long time. Adani Total Gas has been giving very good schemes to three-wheelers, to four-wheelers, to bus operators. Many times we work out customized solutions. If you have any transport or school bus operators, you can always ask them to contact us. We'll be ensuring customized solution. Got it, sir. Thanks for the clarity. I was not very aware of that. Yeah, helps. No, that's our failure, not yours. Thank you, sir. Thank you. Thank you. Thank you, Achal. Thank you. Thank you. We have no further questions, ladies and gentlemen. I would now like to hand the conference over to Mr. Adish Vakariya from Investor Relations for closing comments. Over to you, sir. Sure. Thank you once again to all the shareholders, analysts, and investors for taking the time to join today's call. If you have any further questions, please feel free to reach out to us. The contact details are available on the website as well as on the Investor Relations press release. Thank you so much. Thank you. Thank you, everyone. Thank you. On behalf of Adani Total Gas Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.