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.
PETRONETLNG
Other
28 Apr 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
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.
Management guidance capexQatar 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.
Management guidance growthDividend maintained at ₹3 per share for FY26
Board recommended final dividend of ₹3 per share; management aims to maintain absolute dividend level despite capex.
Management guidance otherKey Risks
Prolonged Gulf conflict disrupting Qatar supplies
Dahej utilization dropped to 53% in March; if the crisis continues, volumes and earnings could be materially impacted.
high · management_commentaryDependence 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.
medium · analyst_questionCapex execution risk on petrochemical project
₹7,500 crore petrochemical capex is a large outlay; any delays or cost overruns could strain balance sheet.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Petronet LNG's revenue in Q4 FY26?
Petronet LNG reported revenue of ₹9,442 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Petronet LNG management give for FY27?
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. 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. 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.
What are the key risks for Petronet LNG in FY27?
Key risks include Prolonged Gulf conflict disrupting Qatar supplies — Dahej utilization dropped to 53% in March; if the crisis continues, volumes and earnings could be materially impacted.; 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.; Capex execution risk on petrochemical project — ₹7,500 crore petrochemical capex is a large outlay; any delays or cost overruns could strain balance sheet..
Did Petronet LNG meet its previous quarter's guidance?
Of 1 tracked promise, management 0 met, 0 close, 1 missed.
Where can I read the full Petronet LNG Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.