Positron Energy Ltd(POSITRON)

NSE: POSITRON

₹ 209.9-0.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 160 crUpdated: 24 Oct 2026

About

Positron Energy works mainly in natural gas aggregation and also provides management and technical consultancy to the oil and gas sector. It was founded in 2008 and listed on the NSE SME platform in FY2024-25. Revenue was Rs 442.15 Cr in FY26, and the company aggregated about 108 MMSCM of gas in FY26, mostly through R-LNG sales.^[1][2][3]

Business segments

Natural gas sales made up 96% of FY25 revenue (Rs 323 crore); management and technical consultancy services contributed Rs 13.73 crore.^[4]
Gas aggregation: buys gas, mainly R-LNG, from upstream suppliers and sells it to city gas distribution and industrial customers.^[3][5]
Consultancy: end-to-end project management for city gas distribution projects, O&M of CGD systems and CNG/LNG stations, and turnkey project execution (FY25).^[1]

Products and services

Gas-on-Wheels mobile gas supply, plus CNG transport and LNG-on-Wheels delivery, for regions outside pipeline coverage (FY25).^[1]
Offers solutions to monetise stranded gas, which grew out of a Gas-on-Wheels project for stranded coal-bed methane in Jharkhand (FY25).^[1]
LNG offerings include conversion kits, LNG conversion and storage facilities, and retail and captive LNG solutions (FY25).^[1]
Had completed more than 127 projects, with 4 branches and over 220 professionals, as of FY25.^[1]

Key operating numbers

Average daily gas portfolio was ~11,000 MMBTU/day in FY26, up from ~8,000 MMBTU/day in FY25.^[3][5]
Aggregated gas volume was ~108 MMSCM in FY26, compared with 75 MMSCM in FY2024-25.^[3][1]
Gas aggregation volume was 14.99 lakh MMBTU in H1FY26.^[6]
Unexecuted order book was ₹557.65 Cr as of 31 March 2026, of which ₹546.78 Cr was natural gas sales. It was ~Rs 65.14 crore at 31 March 2025.^[3][4]
Signed contracts of about 15,000-20,000 MMBTU/day were in place on both the supply and sales sides in FY26.^[5]
Expected execution time for the order book is 1.5-2 years in gas aggregation and 1-3 years in technical services (FY26).^[5]
The RLNG spot price was ~₹1,700/MMBTU in May 2026, compared with ~₹1,000/MMBTU before.^[5]

Customers and reach

Supplied natural gas to over 70 customers across 10+ industries (FY25).^[1]
FY26 customers span city gas distribution, power, glass, ceramics, fertilizer, steel and aluminium.^[5]
Onboarded Aavantika Gas Limited and Bharat Petroleum Corporation Limited in H2FY26.^[3]
Empanelled with leading PSUs, with the EPMC for the fertilizer segment, and with major refinery and petrochemical companies (FY26).^[3][6]
Gujarat is the core market. Coverage includes Maharashtra, Delhi NCR, Rajasthan, Uttar Pradesh, Uttarakhand and Madhya Pradesh (Apr-Sep 2025).^[6][4]
Holds a master agreement for regasification services at HPCL's Chhara LNG terminal (FY25).^[4]

Contracts and supply

Signed a long-term GSPA for 3.285 TBTU (85.41 MCM) of RLNG for January-December 2026, with estimated revenue of ₹378 crore.^[6]
Secured long-term sourcing contracts with leading NOCs with tenures of 2-10 years, plus about ₹250 crore of supply arrangements for FY2026-27.^[6][3]
West Asian RLNG volumes were placed under force majeure at the end of FY26. The company is sourcing alternate RLNG from the same suppliers at higher prices.^[5]
About ₹80 crore of cash is being kept as collateral for new gas sourcing contracts. No buyback or dividend is planned (FY26).^[5]

Expansion plans

Management is targeting an average daily volume of 15,000 MMBTU/day in FY27, which is 25-30% volume growth over FY26.^[5]
Plans to expand into new industrial clusters and geographies, and to grow domestic gas sourcing to reduce dependence on RLNG.^[3][5]
Cumulative pipeline laid reached 60+ kms in H2FY26.^[3]

Recent developments

On 23 September 2026, signed an RLNG purchase agreement for 3,92,060 MMBTU (10 MMSCM) valued at ₹108.21 crore. It runs for three months from 1 October 2026.^[7]

Market Cap

₹160 Cr

High / Low

₹395 / 106

Stock P/E

8.4

Price / Book

1.7

Book Value

₹130

EPS

₹26.4

No. of Shares

0.76 Cr

ROCE

29.8%

ROE

22.6%

OPM

6.3%

Debt / Equity

0.05

Sales

₹442 Cr

Net Profit

₹20 Cr

Promoter holding

72.2%

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