Natural gas companies are set to lose steam in Q1

Domestic natural gas companies are bracing for a weak Q1FY27 as lower LNG imports and higher procurement costs triggered by the West Asia conflict weigh on earnings. Domestic gas consumption in the first two months fell over 10% year-on-year to about 170 mmscmd. Nomura expects GAIL's Ebitda to decline 25% year-on-year and PLNG's by 10%, while JM Financial estimates MGL Ebitda will fall 48% and IGL's by 28%.