PETRONET LNG LIMITED

Imports liquefied natural gas under long-term contracts, regasifies it at its Dahej and Kochi terminals, and supplies the gas to downstream offtakers GAIL, IOCL and BPCL. Dahej is the larger of the two facilities and was expanded in FY26 from 17.5 to 22.5 MMTPA of regasification capacity. The bulk of revenue represents pass-through LNG procurement — materials accounted for 85.3% of FY26 revenue — with the company earning its margin through regasification tariffs (Kochi raised its tariff 5% from April 2026) and LNG trading gains. In Q4 FY26, Dahej ran at 90.1% utilisation with quarterly throughput of 201 TBTU before Qatar supply was disrupted by the Gulf crisis, pushing March utilisation to 53%; Jan-Feb had averaged around 108%. Kochi hit its highest ever annual throughput of 68 TBTU in FY26. The business is now in a heavy capex phase, with FY27 budgeted at roughly ₹9,000 crore — most of it for a petchem project (~₹7,500 crore), a third Dahej jetty, a new terminal at Gopalpur and a small-scale LNG plant at Kochi. Long-term supply is being diversified with new contracts from ExxonMobil (first cargo April 2026) and Equinor/Deepak Fertilisers, adding about 1 MMT in FY27.