Petronet LNG Ltd(PETRONET)

NSE: PETRONETBSE: 532522

₹ 290.3+1.52%refreshed 26 Oct, 01:41 pm ISTMarket cap: ₹ 43,545 crNext results: 2 Nov 2026Website: www.petronetlng.inUpdated: 24 Oct 2026

About

Petronet LNG imports and regasifies liquefied natural gas, and it reports a single operating segment, "Natural Gas Business". Revenue was 43494.91 crore in FY26. Dahej was expanded to 22.5 MMTPA in March 2026 and handles most of the company's throughput under long-term use-or-pay contracts with India's major gas utilities. The company also runs the Kochi terminal and is building a petrochemical complex at Dahej.^[1][2]

Terminal capacity and utilisation

Dahej terminal capacity expanded from 17.5 MMTPA to 22.5 MMTPA, commissioned in Q4 FY26; on the expanded base, utilisation was 65.6% in Q1 FY27 vs 92% in Q1 FY26.^[3]
Kochi terminal capacity is 5 MMTPA; utilisation was 23.27% in Q1 FY27, down from a record 29% in Q3 FY26.^[3]
Company-wide utilisation was 58% in Q1 FY27 vs 76% in both Q1 FY26 and Q4 FY26, reflecting the Qatar force majeure volume shortfall on the enlarged Dahej base.^[3]
Kochi terminal achieved its highest ever annual throughput of 68 TBTU in FY26.^[4]
As of FY25, Kochi utilisation depended on completion of the Coimbatore-Salem-Krishnagiri pipeline, which would integrate the terminal with the National Gas Grid.^[1]

LNG volumes processed

Total LNG volumes processed were 207 TBTU in Q1 FY27 vs 220 TBTU in Q1 FY26; Dahej alone processed 192 TBTU in Q1 FY27 vs 207 TBTU in Q1 FY26.^[3]
Overall LNG volume was 219 TBTU in Q4 FY26 vs 205 TBTU in Q4 FY25; Dahej utilisation fell to ~53% in March 2026 after the Qatar supply stoppage.^[4]
Total volumes were 682 TBTU in 9M FY26 vs 729 TBTU in 9M FY25 (-6.5% YoY).^[5]

Contracted capacity and key customers

As of Q3 FY26, 16.25 MMTPA of Dahej's pre-expansion 17.5 MMTPA capacity was committed on firm use-or-pay / take-or-pay contracts (7.5 MMTPA + 8.25 MMTPA + 0.5 MMTPA).^[5]
The 7.5 MMTPA LNG contract with QatarEnergy has been renewed for 20 years, from 2028 to 2048.^[5][1]
Deepak Fertilizers (via Performance Chemiserve / Equinor) and ExxonMobil began new tolling contracts in May 2026; Deepak delivered 2 cargoes at Dahej through Q1 FY27.^[3]
As of FY25, the regas agreement with Performance Chemiserve was worth about Rs 1200 crore.^[1]
An ONGC master regasification agreement was signed in Q3 FY26; management aims to convert it into a long-term capacity agreement.^[5]

Regasification tariffs

The Dahej regas tariff was ~₹69/unit and the Kochi regas tariff ~₹98/unit in Q1 FY27.^[3]
Both terminals have an annual 5% tariff escalation; Kochi's took effect from April 2026 and Dahej's from January 2026.^[4]

Trading and inventory income

Q1 FY27 gross margin included ₹301 crores of trading gains and ₹193 crores of inventory gains, from the wide gap between spot and long-term prices during the Qatar force majeure period.^[3]
Tolling cargoes from other sources made up more than two-thirds of the Qatar volumes lost in Q1 FY27.^[3]
Q4 FY26 trading gains were ₹118 crores and inventory gains were ₹95 crores.^[4]

Petrochemical project at Dahej (PDH/PP)

The board approved total capex of ₹20,685 crores for the PDH/PP plant at Dahej; it was ~40% physically complete as of Q1 FY27, with production targeted for Q4 FY28.^[3]
As of FY25, a 15-year deal had been signed to supply 250 KTA of propylene and 11 KTA of hydrogen from the Dahej complex to Deepak Phenolics.^[1]
About ₹470 crores was spent on the petrochemical project in Q1 FY27; cumulative spend including CWIP and advances reached ₹1,650 crores by end FY26.^[3]
FY27 total capex is budgeted at ₹9,064 crores, of which ~₹7,500 crores is for the petrochemical project; FY28 capex is expected at a similar level.^[3]
The propane feedstock contract is due to be signed in 2027; supply from the Middle East and the USA is under consideration.^[3]

Other expansion projects

Gopalpur, Odisha, 5 MMTPA land-based LNG terminal: land acquired, environmental clearance resubmitted, two storage tanks board-approved; project capex ~₹6,000 crores, with major spend from FY28.^[6]
GAIL's Kochi-Bangalore pipeline was expected to reach mechanical completion by end of Q2 FY27 (September 2026) and to lift Kochi utilisation.^[3]
An additional LNG storage tank at Kochi is planned at ~₹1,200 crores; 3-4 more tanks at Dahej are at the planning and land-scouting stage, with no board approval yet.^[4]
A fifth small-scale LNG plant at Kochi: land already acquired; ~₹70 crores of capex planned in FY27.^[4]
As of FY25, rail transport of ethane at Dahej was under study, with a final investment decision expected the following year.^[1]

Recent developments

Qatar declared force majeure month-to-month through at least end-August 2026 because of the Gulf conflict; operations of all time-charter LNG carriers were suspended under contract clauses, so no charter hire is paid.^[3]
Talks with offtakers to book Dahej's expanded capacity are ongoing, with commercial closure expected within 2-3 quarters; Qatar's new contract from 2028 will be on a DES basis.^[3]
Q4 FY26: customers paid ₹630 crores of outstanding CY22 use-or-pay dues; a ₹550 crores reversal, partly offset by new provisions and a waiver, gave a net ₹496 crores P&L impact.^[4]
The board recommended a final dividend of Rs. 3.00 per share for FY2025-26, subject to approval at the 28th AGM on 28 September 2026.^[7]

Market Cap

₹43,545 Cr

High / Low

₹326 / 235

Stock P/E

10.2

Price / Book

1.9

Book Value

₹149

EPS

₹26.1

No. of Shares

150 Cr

ROCE

23.6%

ROE

18.6%

OPM

12.1%

Debt / Equity

0.00

Sales

₹43,495 Cr

Net Profit

₹3,913 Cr

Promoter holding

50.0%

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