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Petronet LNG

Q2 FY26

Petronet LNG Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹293

Market cap₹44.0K Cr

P/E10.5

Updated16 Oct 2026

Read5 min read

The short version

LNG volumes expected to grow from current 7% share to around 10-11%, backed by infrastructure expansion including Dahej terminal expansion and new Gopalpur terminal. Petronet LNG expects volumes to increase from current levels, aiming for gas consumption share growth from 7% to potentially 10-11% in the near term, supporting earnings growth.

From Petronet LNG's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

LNG volumes expected to grow from current 7% share to around 10-11%, backed by infrastructure expansion including Dahej terminal expansion and new Gopalpur terminal.
Growth sectors driving demand: petchem, refining, power, fertilizer, mining equipment, LNG as transport fuel, and City Gas Distribution (CGD), with CGD likely leading the growth.
Petronet anticipates incremental volumes from tied long-term contracts starting FY '26 onwards, ensuring ratable sustainable demand.
Supply glut expected around end FY 2027 to early 2028 may reduce spot LNG prices, helping increase terminal utilization and affordability in India.
Dahej terminal expansion (5 MMTPA capacity addition) scheduled for completion by March 2026 to support growth.

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Profitability & Margins

Petronet LNG expects volumes to increase from current levels, aiming for gas consumption share growth from 7% to potentially 10-11% in the near term, supporting earnings growth.
Expansion projects such as the 5 MMTPA capacity addition at Dahej (commissioning by March 2026) and the new Gopalpur terminal (subject to EC clearance) are expected to enhance throughput and revenue.
The petrochemical plant project is progressing with major capex (~INR 5,000 crores FY '26) and expected to contribute to future earnings.
Utilization rates are anticipated to improve, notably Kochi terminal utilization which reached a record 27%, with further growth expected after pipeline connectivity enhancements.

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Capital Expenditure Plans

FY '26 total capex guidance is around INR 5,000 crores, with the majority allocated to the petrochemical (petchem) plant.
Petchem plant capex till date is around INR 600+ crores, with major work packages awarded and more in the pipeline.
Significant capex also planned for the Gopalpur terminal, subject to timely Environmental Clearance (EC).
Additional capex for jetty work is ongoing as per schedule.
Capex spending is expected to sharply increase in H2 FY '26 due to award of major project packages.
No expected slippage of capex into FY '27 as of now, though subject to EC clearance progress.
Gopalpur terminal development is awaiting EC clearance due to shift from FSRU to land-based terminal; expected completion around 3 years after clearance.

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Fundraising & Capital Structure

No explicit mention of any ongoing or planned fundraising through debt or equity in the discussion.
The company is heavily focused on capex for projects like the petchem plant, Gopalpur terminal, and jetty, but funding sources are not detailed.
Strong cash position indicated with substantial cash buildup, but management mentions maintaining dividend payments at existing levels, suggesting internal accrual funding.

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Order Book & Pipeline

The transcript from Petronet LNG Limited's conference call on November 10, 2025, does not explicitly mention the current or expected orderbook or pending orders in a detailed, quantified manner. However, some relevant points can be noted: - Discussions are ongoing for signing offtake agreements related to the extended Qatar contract, expected to conclude by March FY '26. - Incremental volumes (~8 million tons) from customers like IOC, GAIL, GSPC expected largely from next year, with advanced discussions underway. - Capacity expansion projects such as 5 MMTPA expansion nearing commissioning by March FY '26, with around INR450 crores spent to date. - New terminal in Gopalpur progressing with EC clearance pending; expected timeline about 3 years post-clearance.

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Petronet LNG — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹9.4K Cr, net profit ₹1.4K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Petronet LNG Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Petronet LNG Q2 FY26 results?

LNG volumes expected to grow from current 7% share to around 10-11%, backed by infrastructure expansion including Dahej terminal expansion and new Gopalpur terminal. Petronet LNG expects volumes to increase from current levels, aiming for gas consumption share growth from 7% to potentially 10-11% in the near term, supporting earnings growth.

What is Petronet LNG share price analysis?

Petronet LNG currently shows a neutral. The stock trades at a P/E of 10.4 with a market cap of ₹43,950 Cr. Investors should review the full earnings analysis for detailed insights.

Is Petronet LNG planning capital expenditure?

FY '26 total capex guidance is around INR 5,000 crores, with the majority allocated to the petrochemical (petchem) plant.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.