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UoP receivables collection delay
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Petronet LNG Limited — Q3 FY26
Petronet LNG reported a mixed Q3 FY26 with PAT of ₹848 cr (down 2.2% YoY) despite record capacity utilization at Kochi terminal at 29% and Dahej at 94%.
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Petronet LNG reported a mixed Q3 FY26 with PAT of ₹848 cr (down 2.2% YoY) despite record capacity utilization at Kochi terminal at 29% and Dahej at 94%. Overall LNG volumes processed grew 2% YoY to 233 TBQ, supported by softer LNG prices boosting offtake from existing customers. Management highlighted strong competitive advantages at Dahej (lowest regas charges, 35 MTPA evacuation capacity) and expects Kochi-Bangalore pipeline connectivity by June 2026, which could unlock significant CGD demand. The petrochemical project at Dahej remains on track with ₹7,500 cr capex planned for FY27. Key risk: execution and timely tie-up of long-term contracts for the 5 MTPA Dahej expansion and Gopalpur terminal.
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Dahej capacity utilization
94%
+1pp YoY
Improved from 93% in Q3 FY25, driven by operational efficiencies.
Kochi capacity utilization
29%
+6pp YoY
Highest ever, aided by softer LNG prices and increased offtake from refineries.
Total LNG volume processed
233 TBQ
+2% YoY
Growth supported by improved demand and terminal utilization.
Petchem project capex outflow FY27
₹7,500 cr
N/A
Major capex year for the 20,685 cr petrochemical project at Dahej.
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Guidance and risk preview
The 5 MTPA capacity expansion at Dahej (to 22.5 MTPA) will be mechanically completed by end of FY26.
₹49 cr UoP charge for CY22 due by Dec 2025 but not yet received; bank guarantees valid till March 2026.
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