Nomura Global Markets Research estimates that, based on FY26 consumption, MGL, IGL and GEL could have annual surpluses of 92 scm, 83 scm and 69 scm, respectively. Emkay Global Financial Services estimates that MGL and IGL could save ₹110 crore and ₹20 crore, respectively, assuming a market gas price of $12 per mmbtu (million British thermal units) and a price of $7 per mmbtu under the APM. That would amount to about 11% and 1.1% of their FY26 pre-tax profits, respectively. However, savings could come down if the CGDs pass on a part of the incentive to new customers, for quicker onboarding.
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