Petronet LNG (PETRONET) Q3 25/26 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q3 FY26, driven by improved capacity utilization and operational efficiencies.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were reviewed and approved by the Board on 12 February 2026.

• The company operates primarily in the natural gas business, with no reportable segments other than "Natural Gas Business."

• LNG volume processed reached 233 TBtu, up 2% year-over-year and sequentially; Dahej terminal utilization rose to 94%.

• Kochi terminal achieved its highest ever capacity utilization at 29%.

Financial highlights

• Q3 FY26 PAT stood at INR 848 crore, a 5% increase from the previous quarter but down from INR 867 crore year-over-year.

• Standalone total income for Q3 FY26 was ₹11,379.66 crore, down from ₹12,422.96 crore in Q3 FY25; nine-month income was ₹34,748.10 crore, down from ₹39,279.60 crore year-over-year.

• Consolidated profit after share of joint ventures for Q3 FY26 was ₹869.61 crore, compared to ₹901.70 crore in Q3 FY25; nine-month profit after share of joint ventures was ₹2,541.79 crore, down from ₹2,877.78 crore year-over-year.

• Service income for the quarter was INR 865 crore; third-party regasification charges were INR 779 crore.

• Inventory gain for the quarter was INR 27 crore.

Outlook and guidance

• Dahej terminal expansion to 22.5 MMTPA targeted for mechanical completion by March 31, 2026.

• Bulk of petrochemical CapEx to occur in FY27, with commissioning expected after that; Gopalpur terminal CapEx to begin post-clearances, mainly in FY28.

• Management remains confident in the recoverability of 'Use or Pay' (UoP) dues, supported by contractual obligations and bank guarantees from customers.

• The company continues to monitor regulatory changes, especially the impact of new labour codes, and will adjust accounting treatment as needed.

• No specific volume guidance for FY27-FY28, but efforts ongoing to secure additional capacity bookings.