Reliance Industries Ltd.
NSE: RELIANCE
Energy · Oil & Gas Refining & Marketing
₹1,190.00 last close on 23 Oct 2026 +0.46%
Research updated
Petronet LNG Ltd.
NSE: PETRONETEnergyOil & Gas Refining & Marketing
- Last close
- ₹286.30
- Day change
- −₹4.10 (−1.41%)vs
- Market cap
- ₹43,560 crIndian rupees
- Research updated
- 2 reports
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About Petronet LNG
Petronet LNG Ltd. is a significant player in India's energy sector, specializing in the import and processing of liquefied natural gas (LNG). It primarily functions as an LNG regasification company, providing a vital link in India's energy supply chain by converting imported LNG into gaseous form for distribution. Petronet LNG operates key terminals in Dahej, Gujarat, and Kochi, Kerala, which are pivotal for meeting the growing energy demands of India's burgeoning economy. The company plays a crucial role in diversifying India's energy sources away from traditional fossil fuels, thereby contributing to energy security and sustainability efforts. As one of the largest players in the country's LNG sector, Petronet LNG collaborates with global energy corporations to secure LNG supplies, supporting both industrial growth and residential energy needs across various regions. The strategic importance of Petronet LNG is underscored by its ability to adapt to fluctuating energy markets and its commitment to enhancing India's energy infrastructure.
- Sector
- Energy
- Industry
- Oil & Gas Refining & Marketing
- Listing
- NSE: PETRONET
- Next results
- Chief executive
- Mr. Akshay Kumar Singh
- Employees
- 604
- Headquarters
- New Delhi, India
- ISIN
- INE347G01014
- Website
- petronetlng.in
Public research · Report of
Business model & financial foundation
Petronet LNG (NSE: PETRONET), LNG import and regasification terminals: revenue of ₹43,495 crore in FY26 (-14.7% on FY25), an EBITDA margin of 12.3%, net profit of ₹3,913 crore and net cash of ₹8,991 crore.
- Revenue, FY26 (₹ crore)
- 43,495
- consolidated
- Revenue growth, FY26
- -14.7%
- on FY25
- EBITDA margin, FY26
- 12.3%
- EBITDA excl. other income / revenue
- Net profit, FY26 (₹ crore)
- 3,913
- to owners
- Return on equity, FY26
- 18.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -8,991
- Net debt: leases less cash, deposits, liquid funds
- Market capitalisation (₹ crore)
- 43,943
- at the close of 22 Oct 2026
Company profile
Petronet LNG imports, stores and regasifies LNG at its Dahej (22.5 MMTPA since 31 Mar 2026) and Kochi (5 MMTPA) terminals, earning regasification tariffs under long-term capacity contracts with 5% annual escalation, and sells RLNG under its long-term Qatar (RasGas) and other contracts largely on pass-through pricing. Its four promoter oil and gas PSUs buy about 97% of revenue. It is building a INR 20,685 crore petrochemicals complex at Dahej due by end FY28 and plans a terminal at Gopalpur.
| Item | Value |
|---|---|
| Legal name | Petronet LNG Limited |
| Exchange and ticker | NSE: PETRONET; BSE: 532522 |
| ISIN | INE347G01014 |
| CIN | L74899DL1998PLC093073 |
| Sector | Energy |
| Industry | LNG import and regasification terminals |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | V. Sankar Aiyar & Co. (FRN 109208W) (since 2022) |
| Market capitalisation | ₹43,943 crore (22 Oct 2026) |
| Shares outstanding | 150.00 crore shares (FY26) |
| Price | ₹295.0 (close, 22 Oct 2026) |
| 52-week range | ₹235.4 - ₹326.4 (to 22 Oct 2026) |
| Website | https://www.petronetlng.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Petronet Energy Ltd | 100% | LNG bunkering and related services |
| Petronet LNG Singapore Pte Ltd | 100% | LNG trading; not yet operational |
| Petronet LNG Foundation | 100% | CSR company; consolidated first in FY26 |
| MC2 Foundation | 100% | Energy start-up incubator, incorporated 3 Apr 2026 |
| Adani Petronet (Dahej) Port Ltd | 26% | Joint venture: Dahej solid cargo port |
| India LNG Transport Co No.4 | 26% | Joint venture: LNG shipping |
No controlling parent: BPCL, GAIL, IOCL and ONGC each hold 12.5% (50% promoter group).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 50.00% | 50.00% | 50.00% | 50.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 28.03% | 26.30% | 27.12% | 26.27% |
| Domestic institutions | 11.65% | 13.45% | 12.93% | 13.68% |
| of which mutual funds | 11.00% | 13.09% | 11.72% | 12.09% |
| Retail | 10.32% | 10.25% | 9.94% | 10.04% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Petronet imports, stores and regasifies LNG. Own-sale RLNG is largely pass-through: LNG price and contract mix move revenue, not necessarily earnings. Tolling replacement cargoes can therefore offset Qatar supply loss commercially even when consolidated revenue falls. Dahej 22.5MMTPA and Kochi 5MMTPA create spare physical capacity; customer willingness to pay and pipeline access determine utilisation. Promoters buy about 97% of revenue, aligning infrastructure use but concentrating renewal negotiations.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Natural Gas Business (single reportable segment) | 43,495 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| GAIL (India) (GAIL) | Gas transmission/marketing comparable, promoter and main customer |
| GSPL Transmission (GSPLTRANS) | Focused gas infrastructure after scheme; new listing30Sep2026 limits ratio history |
| Gujarat Energy (GUJENERGY) | Gas trading/distribution after Gujarat Gas/GSPL scheme; comparability discontinuity |
| Indraprastha Gas (IGL) | City-gas demand and input-cost comparable, not a terminal replica |
| Mahanagar Gas (MGL) | City-gas listed benchmark; gas supply exposure |
| Adani Total Gas (ATGL) | Gas distribution and LNG exposure; different risk and growth profile |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 43,169 | 58,927 | 52,729 | 50,982 | 43,495 |
| Cost of revenue (vendor classification) * | 37,846 | 54,943 | 47,495 | 45,131 | 37,990 |
| Other operating costs (vendor classification) * | 708.0 | 435.6 | 534.0 | 659.6 | 402.1 |
| EBITDA (vendor classification) * | 5,645 | 5,291 | 5,781 | 6,432 | 6,270 |
| EBIT * | 4,877 | 4,605 | 5,027 | 5,481 | 5,352 |
| Finance costs | 317.3 | 322.8 | 289.7 | 258.0 | 237.4 |
| Profit before tax | 4,559 | 4,282 | 4,748 | 5,233 | 5,124 |
| Total tax expense | 1,121 | 1,094 | 1,221 | 1,349 | 1,314 |
| Profit after tax before share of JVs | n.r. | n.r. | 3,527 | 3,884 | 3,809 |
| Diluted EPS (₹) | 22.92 | 22.17 | 24.35 | 26.48 | 26.08 |
| Cost of materials consumed (LNG, incl. inventory change) | 46,464 | 44,298 | 37,120 | ||
| Employee benefits expense | 193.5 | 221.5 | 274.9 | ||
| Other expenses incl. impairment loss/(reversal) | 866.3 | 938.5 | 764.5 | ||
| EBITDA excl. other income | 5,205 | 5,524 | 5,335 | ||
| Other income | 608.5 | 773.0 | 864.1 | ||
| Depreciation and amortisation | 776.6 | 806.2 | 838.2 | ||
| Share of profit of joint ventures (net of tax) | 125.4 | 88.8 | 103.1 | ||
| Profit attributable to owners | 3,438 | 3,326 | 3,652 | 3,973 | 3,913 |
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Non-controlling interest in profit | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 13,668 | 15,265 | 17,410 | 19,878 | 22,285 |
| Debt: lease liabilities (no bank borrowings outstanding) | 3,439 | 3,345 | 3,008 | 2,657 | 2,341 |
| Cash and cash equivalents | 1,054 | 62.7 | 1,723 | 781.1 | 1,859 |
| Trade receivables (net of ECL) | 2,684 | 3,844 | 3,626 | 3,267 | 1,039 |
| Inventories | 576.7 | 1,153 | 1,465 | 1,204 | 907.2 |
| Trade payables (MSE + others) | 1,533 | 1,700 | 2,865 | 2,563 | 735.0 |
| Net property, plant and equipment * | 9,557 | 8,787 | 8,145 | 8,829 | 9,037 |
| Capital work in progress * | 192.6 | 1,126 | 1,552 | 1,871 | 3,403 |
| Total assets * | 21,362 | 22,798 | 25,523 | 27,297 | 27,440 |
| Bank term deposits (<12m and >1yr; excl. earmarked) | 7,305 | 8,635 | 9,473 | ||
| Current investments (liquid mutual funds) | 0.00 | 1,042 | 0.00 | ||
| Net debt: leases less cash, deposits, liquid funds | -6,020 | -7,801 | -8,991 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 3,485 | 2,500 | 4,871 | 4,398 | 4,750 |
| Free cash flow (vendor definition) * | 3,406 | 1,460 | 4,030 | 2,941 | 2,231 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1,575 | -1,725 | -1,500 | -1,500 | -1,500 |
| Capex: purchase of PPE/CWIP plus intangibles (outflow negative) | -72.3 | -1,055 | -841.4 | -1,457 | -2,519 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 150.01 | 150.00 | 150.00 | 150.00 | 150.00 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 13,024 | 12,227 | 12,316 | 11,880 | 11,009 | 11,164 | 9,442 | 5,558 |
| Cost of revenue (vendor classification) * | 11,633 | 10,772 | 11,064 | 10,594 | 9,660 | 9,753 | 7,952 | 3,901 |
| Other operating costs (vendor classification) * | 332.3 | 353.8 | -386.4 | 131.3 | 225.5 | 175.8 | 273.6 | 155.0 |
| EBITDA (vendor classification) * | 1,208 | 1,234 | 1,639 | 1,307 | 1,297 | 1,355 | 1,360 | 1,642 |
| EBIT * | 1,208 | 1,234 | 1,494 | 1,169 | 1,140 | 1,197 | 1,856 | 1,541 |
| Finance costs | 65.4 | 65.1 | 60.9 | 59.0 | 60.9 | 55.9 | 61.5 | 50.7 |
| Profit before tax | 1,142 | 1,169 | 1,443 | 1,110 | 1,079 | 1,141 | 1,794 | 1,491 |
| Total tax expense | 293.3 | 302.0 | 375.5 | 285.4 | 276.8 | 295.5 | 456.8 | 382.6 |
| Profit after tax before share of JVs | 849.0 | 866.6 | 1,068 | 824.4 | 801.9 | 845.5 | 1,338 | 1,108 |
| Diluted EPS (₹) | 5.80 | 6.01 | 7.30 | 5.61 | 5.53 | 5.80 | 9.14 | 7.58 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of joint ventures (net of tax) | 21.6 | 35.1 | 27.3 | 17.4 | 28.4 | 24.1 | 33.2 | 28.9 |
| Non-controlling interest in profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 870.6 | 901.7 | 1,095 | 841.9 | 830.3 | 869.6 | 1,371 | 1,137 |
| Cost of materials consumed (LNG, incl. inventory change) | 11,437 | 10,563 | 10,832 | 10,387 | 9,449 | 9,538 | 7,746 | 3,699 |
| Employee benefits expense | 52.6 | 63.5 | 47.2 | 64.1 | 60.4 | 93.3 | 57.0 | 67.5 |
| Other expenses incl. impairment loss/(reversal) | 332.3 | 353.8 | -75.4 | 269.7 | 382.6 | 334.4 | -222.2 | 255.8 |
| EBITDA excl. other income | 1,202 | 1,247 | 1,512 | 1,159 | 1,117 | 1,198 | 1,861 | 1,535 |
| Other income | 201.7 | 196.2 | 197.4 | 216.6 | 233.7 | 213.6 | 200.2 | 207.5 |
| Depreciation and amortisation | 196.3 | 209.6 | 205.8 | 207.0 | 210.8 | 215.0 | 205.5 | 201.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 66.2% | 36.5% | -10.5% | -3.3% | -14.7% |
| EBITDA margin | 9.9% | 10.8% | 12.3% | ||
| Net margin | 8.0% | 5.6% | 6.9% | 7.8% | 9.0% |
| Return on equity | 27.0% | 23.0% | 22.4% | 21.3% | 18.6% |
| Return on capital employed | 29.9% | 25.8% | 25.8% | 25.5% | 22.7% |
| Return on assets | 17.0% | 15.1% | 15.1% | 15.0% | 14.3% |
| Net debt (₹ crore) | -6,020 | -7,801 | -8,991 | ||
| Net debt / EBITDA | -1.16x | -1.41x | -1.69x | ||
| Interest cover | 15.4x | 14.3x | 17.4x | 21.2x | 22.5x |
| Asset turnover | 2.13x | 2.67x | 2.18x | 1.93x | 1.59x |
| Receivable days | 23 | 24 | 25 | 23 | 9 |
| Inventory days (on revenue) | 5 | 7 | 10 | 9 | 8 |
| Payable days (on revenue) | 13 | 11 | 20 | 18 | 6 |
| Cash conversion | 1.01x | 0.75x | 1.33x | 1.11x | 1.21x |
| Capex intensity | 0.2% | 1.8% | 1.6% | 2.9% | 5.8% |
| Free cash flow (₹ crore) | 3,412 | 1,446 | 4,030 | 2,941 | 2,231 |
| Dividend payout | 45.8% | 51.9% | 41.1% | 37.8% | 38.3% |
| EPS, diluted (₹) | 22.92 | 22.17 | 24.35 | 26.48 | 26.08 |
| Book value per share (₹) | 91.12 | 101.8 | 116.1 | 132.5 | 148.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excl. other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt: leases less cash, deposits, liquid funds; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excl. other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Petronet LNG
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