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Petronet LNG Limited — Q4 FY26
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.
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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.
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Prolonged Gulf conflict disrupting Qatar supplies
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Dahej terminal utilization (Q4 FY26)
90.1%
+490bps YoY
Quarterly average utilization improved from 85.2% in Q4 FY25, but March dropped to 53% due to Gulf crisis.
LNG volume processed (Q4 FY26)
219 TBtu
+6.8% YoY
Total LNG volume increased from 205 TBtu in Q4 FY25, driven by strong Jan-Feb performance.
Kochi terminal annual volume (FY26)
68 TBtu
highest ever
Kochi achieved its highest ever annual volume in FY26, an encouraging milestone.
New contracts volume (FY27)
~1 MTPA
new addition
ExxonMobil and Equinor contracts start in FY27, adding ~1 million tonnes per annum of LNG supply.
What Changed vs Last Quarter
NEW
Qatar supply resumption by June 2026
Management expects Qatar Energy to resume supplies within 3-4 weeks after the Gulf conflict ends, potentially from first week of June.
NEW
Dividend maintained at ₹3 per share for FY26
Board recommended final dividend of ₹3 per share; management aims to maintain absolute dividend level despite capex.
UPDATED
Capex of ₹9,000 crore for FY27
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.
DROPPED
Dahej expansion mechanical completion by March 2026
The 5 MTPA capacity expansion at Dahej (to 22.5 MTPA) will be mechanically completed by end of FY26.
DROPPED
Kochi-Bangalore pipeline connectivity by June 2026
Pipeline connecting Kochi terminal to national grid expected by June 2026, enabling access to CGD markets.
DROPPED
Dividend payout maintained at 40-50%
Despite large capex, management expects to maintain healthy dividend payout ratio.
NEW RISK
Prolonged Gulf conflict disrupting Qatar supplies
Dahej utilization dropped to 53% in March; if the crisis continues, volumes and earnings could be materially impacted.
NEW RISK
Dependence on spot LNG at elevated prices
Spot cargoes purchased at ~$20/MMBtu in March; sustained high spot prices could compress margins for third-party volumes.
NEW RISK
Capex execution risk on petrochemical project
₹7,500 crore petrochemical capex is a large outlay; any delays or cost overruns could strain balance sheet.
RISK GONE
UoP receivables collection delay
₹49 cr UoP charge for CY22 due by Dec 2025 but not yet received; bank guarantees valid till March 2026.
RISK GONE
Gopalpur terminal environmental clearance pending
Ministry of Environment sought clarifications; positive outcome expected but timeline uncertain.
RISK GONE
Long-term contract renewal negotiations
Renewal of 7.5 MTPA capacity agreements with GSPC, IOC, BPCL under discussion; commercial terms undisclosed.
RISK GONE
LNG price sensitivity for power sector
Power sector demand materializes only at LNG prices around $7-8/mmBtu; current prices may not sustain.
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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...
Dahej utilization dropped to 53% in March; if the crisis continues, volumes and earnings could be materially impacted.
View Risks →