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Revenue
₹9,442 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
Petronet LNG reported a strong Q4 FY26 with PAT of ₹1,338 crore (up 687% YoY), driven by inventory gains of ₹95 crore, trading gains of ₹118 crore, and a ₹630 crore receipt of outstanding use-or-pay dues from CY22. However, the Dahej terminal utilization fell sharply to 53% in March (from 108% in Jan-Feb) due to the Gulf crisis disrupting Qatar supplies. Management expects normalization by June if the conflict ends, with Qatar able to resume within 3-4 weeks. New contracts with ExxonMobil and Equinor add ~1 MTPA of volume. Capex guidance for FY27 is ₹9,000 crore, mainly for the petrochemical project. Key risk: prolonged Gulf disruption could sustain low utilization and pressure earnings.
Colored figures show movement against the previous available record.
Guidance to track
- Major spend of ~₹7,500 crore on petrochemical project, ₹600 crore on third jetty, ₹300-400 crore on Gopalpur terminal, and ₹70 crore on Kochi small-scale LNG plant.
- Management expects Qatar Energy to resume supplies within 3-4 weeks after the Gulf conflict ends, potentially from first week of June.
- Board recommended final dividend of ₹3 per share; management aims to maintain absolute dividend level despite capex.
Risks flagged
- Dahej utilization dropped to 53% in March; if the crisis continues, volumes and earnings could be materially impacted.
- Spot cargoes purchased at ~$20/MMBtu in March; sustained high spot prices could compress margins for third-party volumes.
- ₹7,500 crore petrochemical capex is a large outlay; any delays or cost overruns could strain balance sheet.
Key quotes
- We are hopeful that the moment this conflict comes to an end, within 3 to 4 weeks supply should resume.
- We should not be unnecessarily pessimistic about the entire year; we have the numbers of April as well as May so we would like to restrict ourselves to these two months only.
- The company reported the highest ever quarterly profit before tax and profit after tax in its history during the current quarter.
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