NSE: PETRONET · BSE: 532522
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. LNG regasification tariffs, Sale of regasified LNG. Asset-heavy LNG regasification operator with take-or-pay supply contracts and tariff-based earnings
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 43,169 | 59,899 | 52,729 | 50,982 | 43,495 |
| EBITDA (ex other income) | 5,249 | 4,992 | 5,205 | 5,524 | 5,335 |
| margin % | 12.2 | 8.3 | 9.9 | 10.8 | 12.3 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 22.92 | 22.17 | 24.35 | 26.48 | 26.08 |
| ROE % · ROCE % | 25.2 · 26.2 | 22.7 · 23.9 | 21.0 · 23.6 | 20.0 · 23.6 | 17.6 · 21.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 3,469 | 2,569 | 4,871 | 4,398 | 4,750 |
| Capex | (72) | (1,055) | (841) | (1,452) | (2,512) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,024 | 12,227 | 12,316 | 11,880 | 11,009 | 11,164 | 9,442 | 5,558 |
| Profit before tax | 1,142 | 1,169 | 1,443 | 1,110 | 1,079 | 1,141 | 1,794 | 1,491 |
| Net profit | 871 | 902 | 1,095 | 842 | 830 | 870 | 1,371 | 1,137 |
| EPS (₹) | 5.80 | 6.01 | 7.30 | 5.61 | 5.53 | 5.80 | 9.14 | 7.58 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI TOTAL GAS LIMITED | 58,709 | 92.9 | 12.07 | 49.2 | 13.5 | 11.8 | 29.1 | 14.8 |
| PETRONET LNG LIMITED ◆ | 42,638 | 10.1 | 1.91 | 6.6 | 17.6 | 20.3 | 10.8 | 31.4 |
| GUJARAT ENERGY LIMITED | 19,880 | 9.5 | 1.05 | 6.4 | 8.9 | 10.4 | 19.5 | 16.1 |
| INDRAPRASTHA GAS LTD | 19,694 | 14.5 | 1.71 | 8.8 | 13.4 | 13.8 | 26.8 | 7.8 |
| MAHANAGAR GAS LTD. | 10,401 | 14.5 | 1.61 | 6.6 | 13.0 | 16.2 | — | 14.4 |
| CONFIDENCE PETRO IND LTD. | 2,277 | 14.7 | 1.48 | 7.2 | 6.3 | 5.9 | 40.4 | 6.1 |
| IRM ENERGY LIMITED | 1,018 | 13.9 | 1.02 | 7.5 | 5.3 | 7.1 | — | 18.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.1 | 14.5 | 2 of 9 | 88% |
| P/B | 1.9 | 1.6 | 7 of 9 | 25% |
| ROCE | 20.3 | 11.8 | 1 of 9 | 100% |
| ROE | 17.6 | 12.6 | 1 of 9 | 100% |
| Debt / Equity | 0.0 | 0.2 | 1 of 9 | 88% |
| EBITDA margin | 31.4 | 16.1 | 2 of 9 | 88% |
| Revenue growth | (53.2) | 24.3 | 9 of 9 | 0% |
| Profit growth | 35.1 | 96.1 | 6 of 9 | 38% |
| Market cap | 42638 | 19880 | 3 of 9 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to consider interim dividend on 2 November 2026 | corporate actions | high | — | — |
| 23 Oct 2026 · Board to consider interim dividend for FY 2026-27 | corporate actions | high | — | — |
| 22 Oct 2026 · Petronet LNG forms 50:50 JV with Gruner Renewable Energy for 10 CBG plants | strategic transactions | medium | — | — |
| 21 Oct 2026 · Petronet LNG Q2FY27 results call on 3 Nov 2026 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Petronet LNG to attend UBS investor roadshow in Hong Kong on 6 November 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · PLL insider trading window closed till Nov 4 ahead of Q2 results | compliance | minimal | — | — |
| 14 Oct 2026 · Board meeting on 2 Nov 2026 to consider Q2 and H1 FY26-27 results | results | low | — | — |
| 13 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Petronet LNG 28th AGM results: All 6 resolutions passed, final dividend approved | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Petronet LNG Limited has informed the Exchange regarding Proceedings of undefined held on September 28, 2026 | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.