MAHGL’s stock has corrected 21% in the last six months primarily due to the increased cost of Henry Hub (HH)-linked gas (Oct’25-Jan’26 average: USD4.6/mmbtu vs 1HFY26 average: USD3.1/mmbtu), rupee depreciation (6% YoY in 3QFY26), and the increase in Zone-1 tariff (est. impact of INR0.3/scm), which compressed margins.