Petronet LNG Limited (PETRONET)
Large CapEnergy stocks · Large cap · NSE
Petronet LNG Limited operates two LNG regasification terminals in India, Dahej (Gujarat) and Kochi (Kerala), facilitating the import, storage, and regasification of liquefied natural gas for distribution to various consuming sectors across the country.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend supports entry, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 30/100Rev -53% YoY · PAT +35% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,558 Cr | -53.2% | -41.1% |
| EBITDA | ₹1,535 Cr | +32.4% | -17.5% |
| Operating margin | 28.0% | +1800 bps | +800 bps |
| PAT | ₹1,137 Cr | +35.0% | -17.1% |
| PAT margin | 20.5% | +1337 bps | +594 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 saw highest-ever quarterly PBT (INR 1,795 cr) and PAT (INR 1,338 cr), boosted by INR 630 cr Use of Pay dues. Dahej utilization was 90.1% (Q4), but March dropped to 53% due to Gulf crisis. FY26 PAT was INR 3,843 cr, slightly down YoY.
While Q4 FY26 financials were strong, aided by one-time UOP payments, operational performance is under stress due to the ongoing Gulf crisis impacting Qatar LNG supplies. Dahej utilization dropped significantly in March and remains low in April/May. Management is optimistic about a quick resolution and new contracts, but the near-term outlook is uncertain. The large capex for the petchem project and new terminals adds execution risk.
Increasing Indian Gas Demand
Indian gas demand continues to grow, with the power sector coming back, supporting increased terminal utilization.
New LNG Supply Contracts
New contract with ExxonMobil Asia Pacific Pte Ltd (0.5 MTPA) started in April. Equinor contract (part of Deepak Fertilizers group) first cargo scheduled for May 12. Total new volumes ~1 MTPA this year.
Kochi-Bangalore Pipeline Completion
GAIL has pushed the timeline to September 2026 (first half of FY27), expected to open new markets and connect to the national gas grid, increasing Kochi utilization.
Dahej Terminal Expansion
Capacity expanded from 17.5 to 22.5 MTPA. Entire expansion capacity, except one facility, commissioned and capitalized (INR 390 crore capitalized in Q4, balance INR 100 crore in Q1 FY27).
Petrochemical Plant Project
Project is on track, with major capital equipment imports from Japan, Korea, China, Europe, and US. FY27 capex target is ~INR 7,500 crore. FY26 capex was ~INR 1,650 crore.
Third Jetty Construction
Around INR 600 crore planned for the third jetty.
Gopalpur Terminal Development
Planning to start construction activities in current year, with ~INR 300-400 crore spend. Will construct two tanks.
Lowering Spot LNG Prices
Spot prices moving to $15-$17 from $25 immediately after the crisis, supporting increased utilization.
Diversification of Global LNG Supply
New supplies from US, Oman, Mozambique, Nigeria, Congo, Mauritania, and Senegal are adding up, supporting the market.
India's Long-Term LNG Deals
India has closed 10-12 million tons of long-term deals from various sources over the last 2-3 years, including portfolio players and US/Australia-based companies.
Gulf Region Crisis Impact
Ongoing crisis in the Gulf region led to a significant drop in Dahej utilization to 53% in March, and similar levels in April/May.
Uncertainty of Qatar LNG Supplies
Qatar Energy supplies were not coming in March, and resumption depends on the conflict ending, with a 3-4 week restart time.
Land Availability for Dahej Expansion
Land is an issue for putting up additional storage tanks at Dahej, though actively scouting for parcels.
Prolonged Gulf Conflict
If the conflict continues, it poses challenges to volumes, despite increasing third-party cargoes and new contracts.
Supply Chain Disruptions
Time charter vessels are specifically for Qatar cargo; their utilization is impacted by supply disruptions.
Project Execution Risk
Large capex for petchem and new terminals (Gopalpur, Kochi tank) introduces execution and commissioning risks.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison shows overall growth and annual performance, while QoQ is crucial to assess the immediate impact of the Gulf crisis on volumes and utilization, and sequential recovery momentum.
Q4 FY26 Overall LNG Volume Processed
219 TBTU (vs 233 TBTU QoQ, 205 TBTU YoY)
Q4 FY26 Dahej LNG Throughput
201 TBTU (vs 214 TBTU QoQ, 189 TBTU YoY)
Q4 FY26 Dahej Capacity Utilization
90.1% (vs 93.8% QoQ, 85.2% YoY)
March 2026 Dahej Capacity Utilization
Around 53%
Optimistic on Qatar Supply Resumption
Management is hopeful that the Gulf conflict will end soon, and Qatar Energy can resume supplies within 3-4 weeks, potentially from early June.
Aim to Recover Lost Volumes
Talking to Qatar to make good whatever volumes were lost during the current year.
Strategic Storage Expansion
Thinking about developing more tanks for strategic storage across India and at Petronet terminals to mitigate crisis impacts.
Maintain Dividend Levels
Endeavor is to maintain the same level of dividend in absolute terms, despite expansion plans.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Dahej Terminal Utilization | 53% in March, similar in April/May | Recovery towards pre-crisis levels (90%+) and sustained improvement from third-party cargoes. |
| Qatar LNG Supply Resumption | Disrupted due to Gulf crisis | Official announcement of conflict resolution and restart of supplies from Qatar Energy. |
| Petrochemical Project Progress & Capex | On track, FY27 capex target ~INR 7,500 crore | Adherence to capex targets and commissioning timelines, avoiding cost overruns. |
| Kochi-Bangalore Pipeline Commissioning | GAIL timeline pushed to September 2026 | Timely completion and subsequent ramp-up in Kochi terminal utilization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Total capex for FY '26 will be around INR5,000 crores, with petrochemicals being the major share.
"total capex will be around INR5,000 crores"
Petronet LNG will add 5 MMTPA capacity to the Dahej terminal.
"we'll be adding 5 MMTPA capacity by March 2026"
The final leg of the Kochi-Bangalore pipeline is hoped to be connected to the natural gas grid.
"we are hoping that within this financial year that the pipeline should get connected"
The ExxonMobil contract for Kochi terminal will start implementation from the next financial year.
"contract with ExxonMobil, which we are going to start implementing from next financial year"
Trend score and candlestick chart
67Bullishfull bull SMA stack · SMA20 +3.7% / mo · MACD −
Technical chart
PETRONETdaily · 1Y · AUTO-1.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 51. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~3.6% over last month) — short-term momentum positive.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- 10.9% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.1% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 60 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 60 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.6%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 27.1%.
Main drags
- Growth is weaker at 8/25; verify the latest quarterly trend.
- Valuation is weaker at 17/30; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 58th percentile within Energy. Main check: results consistency is weak at 33/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 0/4 latest quarters had positive YoY revenue growth.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Energy: 58th pctile, median 74 · Large: 56th pctile, median 73
37 documents have extracted text, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.6%.
- ▸10 years of positive FCF.
- ▸ROCE is 22.7%.
Trust risks
- ▸0/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 19%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 10.30
- P/B
- 1.93
- EV/EBITDA
- 6.96
- Market Cap
- 43215.00Cr
Profitability
- ROE
- 18.60%
- ROCE
- 22.70%
- ROA
- 15.34%
- Dividend Y
- 3.47%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 6.00%
- Revenue 3Y
- -10.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 24.94×
- Altman Z
- 8.42
- Book Value
- 149.00
Cash Flow
- FCF Yield
- 3.61%
- FCF Positive Y
- 10/5
- OCF
- 4750.00 Cr
- EPS TTM
- 28.06
Shareholding
- Promoter Hold
- 50.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 58%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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