Petronet LNG Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Petronet LNG Ltd filed with BSE on 11 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Petronet LNG reported its highest ever quarterly PBT and PAT for Q4 FY26 at Rs 1,795 crore and Rs 1,338 crore respectively, while Dahej terminal utilization fell to around 53% in March due to the Gulf region crisis affecting Qatar supplies. Management said utilization has since remained near the March level into April and May, with new volumes from Exxon and Equinor contracts, third-party cargoes, and lower spot LNG prices partly offsetting the shortfall. The Board recommended a final dividend of Rs 3 per share for FY26, and management outlined a proposed capex of around Rs 9,000 crore for FY27, largely for the petrochemical project.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
PBT: INR 1,795 crore (Q4 FY26)
p. 4
“PBT for the quarter stood at INR 1,795 crore as against INR 1,144 crore in the previous quarter and INR 1,446 crore in the corresponding quarter.”
Saurav Mitra, page 4 of the filed PDF · View the filing
PAT: INR 1,338 crore (Q4 FY26)
p. 4
“PAT for the quarter stood at INR 1,338 crore compared to INR 848 crore in the previous quarter and INR 1,070 crore in the corresponding quarter.”
Saurav Mitra, page 4 of the filed PDF · View the filing
Overall LNG volume processed: 219 TBTU (Q4 FY26)
p. 3
“During the current quarter, the overall LNG volume processed by the company stood at 219 TBTU as against 233 TBTU in the previous quarter and 205 TBTU in the corresponding quarter.”
Saurav Mitra, page 3 of the filed PDF · View the filing
Dahej capacity utilization: 90.1% (Q4 FY26)
p. 4
“capacity utilization at 90.1% during the current quarter as against 93.8% in the previous quarter and 85.2% in the corresponding quarter”
Saurav Mitra, page 4 of the filed PDF · View the filing
Kochi terminal annual throughput: 68 TBTU (FY26)
p. 4
“the Kochi terminal achieved its highest ever annual volume throughput of 68 TBTU during FY '25-'26”
Saurav Mitra, page 4 of the filed PDF · View the filing
FY26 PBT: INR 5,158 crore (FY26)
p. 4
“the company reported PBT of INR 5,158 crore and PAT of INR 3,843 crore as against PBT of INR 5,275 crore and PAT of INR 3,926 crore in the previous financial year”
Saurav Mitra, page 4 of the filed PDF · View the filing
Consolidated PAT: INR 3,913 crore (FY26)
p. 4
“At the consolidated level, PAT for the current financial year stood at INR 3,913 crore compared to INR 3,973 crore in the previous financial year.”
Saurav Mitra, page 4 of the filed PDF · View the filing
UOP dues payment received: INR 630 crore (CY2022)
p. 4
“the customers also made payment of outstanding Use of Pay dues amounting to INR 630 crore pertaining to calendar year 2022”
Saurav Mitra, page 4 of the filed PDF · View the filing
Final dividend: INR 3 per share (FY26)
p. 4
“the Board of Directors has recommended a final dividend of INR 3 per share for the financial year 2025-2026”
Saurav Mitra, page 4 of the filed PDF · View the filing
Dahej capacity utilization in March: 53% (March 2026)
p. 4
“the Dahej capacity utilization during March was around 53% and Kochi was slightly more than 20%”
Saurav Mitra, page 4 of the filed PDF · View the filing
Re-gas revenue: INR 879 crores (Q4 FY26)
p. 6
“the regas revenue is INR 879 crores for this quarter”
Debabrata Satpathy, page 6 of the filed PDF · View the filing
Inventory gain: INR 95 crores (Q4 FY26)
p. 6
“the inventory gain is INR 95 crores”
Debabrata Satpathy, page 6 of the filed PDF · View the filing
Amount capitalized: INR 390 crores (Q4 FY26)
p. 8
“We have capitalized INR 390 crores and balance around INR 100 crores will be capitalized in the next quarter.”
Saurav Mitra, page 8 of the filed PDF · View the filing
UOP provision reversal: INR 550 crores (CY2022)
p. 8
“the reversal is INR 550 crores for CY '22 and for CY '23, the provision is INR 35 crores and CY '24, the provision is about INR 6 crores”
Debabrata Satpathy, page 8 of the filed PDF · View the filing
Petchem project capex: INR 1,650 crores (FY26)
p. 11
“It is around INR 1,650 crores, including advances and CWIP, total net impact is INR 1,650 crores.”
Rakesh Chawla, page 11 of the filed PDF · View the filing
Cash capex spent: INR 2,511 crore (FY26)
p. 9
“the cash what has been spent is INR 2,511 crore”
Debabrata Satpathy, page 9 of the filed PDF · View the filing
Trading gains: INR 118 crores (Q4 FY26)
p. 14
“Yes, it's INR 118 crores.”
Debabrata Satpathy, page 14 of the filed PDF · View the filing
Spot LNG prices in March: $20 per mmbtu (March 2026)
p. 11
“The spot prices were around $20 in the month of March.”
Vivek Mittal, page 11 of the filed PDF · View the filing
Other financial assets increase: INR 1,319 crores (FY26)
p. 11
“other financial assets, when it is increased from INR 406 crore to INR 1,319 crores, that is mainly due to classification of fixed deposit, which is more than one year old”
Rakesh Chawla, page 11 of the filed PDF · View the filing
Capital advances in non-current assets: INR 906 crores (FY26)
p. 11
“these also include the capital advances of about INR 906 crores, which pertains to our ongoing CAPEX program”
Debabrata Satpathy, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
CAPEX — around INR 9,000 crores · FY27
stated firmly by Saurav Mitra
p. 9
“you had also asked about the proposed CAPEX budget for the current financial year. So, it is around INR 9,000 crores.”
Saurav Mitra, page 9 of the filed PDF · View the filing
Petchem project capex — INR 7,500 crore plus minus 10% · FY27
stated conditionally by Saurav Mitra
p. 9
“that is about INR 7,500 crore plus minus, you can assume 10%. So, we are targeting to achieve around INR 7,500 crore.”
Saurav Mitra, page 9 of the filed PDF · View the filing
Third jetty capex — around INR 600 crores · FY27
stated firmly by Saurav Mitra
p. 9
“around INR 600 odd crores on the third jetty”
Saurav Mitra, page 9 of the filed PDF · View the filing
Gopalpur terminal capex — INR 300 to 400 crores · FY27
stated firmly by Saurav Mitra
p. 9
“we plan to spend around INR 300 crores to INR 400 odd crores”
Saurav Mitra, page 9 of the filed PDF · View the filing
Fifth small scale LNG plant at Kochi capex — around INR 70 crores
stated firmly by Saurav Mitra
p. 9
“we are planning to spend around INR 70 odd crores in that particular project”
Saurav Mitra, page 9 of the filed PDF · View the filing
CAPEX — around 10% more than FY27 level · FY28
stated as an aspiration by Debabrata Satpathy
p. 15
“the FY '27 we are saying INR 9,000 crores and FY '28 also should be at the same level around 10% more or less”
Debabrata Satpathy, page 15 of the filed PDF · View the filing
Additional storage tank at Kochi capex — about INR 1200 crores
stated firmly by Saurav Mitra
p. 13
“So, it is about around INR 1200 crores.”
Saurav Mitra, page 13 of the filed PDF · View the filing
Qatar supply resumption — 3 to 4 weeks after conflict ends
stated conditionally by Saurav Mitra
p. 6
“we are hopeful that the moment this conflict comes to an end, within three to four weeks, supply should resume”
Saurav Mitra, page 6 of the filed PDF · View the filing
Full supply as per annual delivery plan — first week of June
stated conditionally by Saurav Mitra
p. 8
“we are confident that maybe from the first week of June, the entire supply will come as per the annual delivery plan”
Saurav Mitra, page 8 of the filed PDF · View the filing
Dividend
stated as an aspiration by Saurav Mitra
p. 16
“the endeavour is to maintain the same level of dividend”
Saurav Mitra, page 16 of the filed PDF · View the filing
Kochi terminal utilization — FY28
stated firmly by Saurav Mitra
p. 16
“So, definitely it's going to go up. There's no doubt about it because it will be opening up a different market and get connected to the national gas grid.”
Saurav Mitra, page 16 of the filed PDF · View the filing
Additional storage tanks at Dahej — 3 to 4 additional tanks
stated as an aspiration by Saurav Mitra
p. 13
“we are actively scouting for some additional land parcel wherein we will be able to put up some 3 to 4 additional tanks”
Saurav Mitra, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Utilization has been improving since early April due to third-party cargoes and lower prices, though the conflict remains a challenge.
Answered by Vivek Mittal
Asked by Probal Sen: How much of volumes could be at risk in FY27 if the dispute persists?
p. 5
“things have been improving since early April or in March, and our utilization is steadily going up. This is primarily through third-party cargoes, which were in GAIL, IOCL, BPCL GSPC, Torrent bring in additional volumes”
Vivek Mittal, page 5 of the filed PDF · View the filing
Petronet is in constant touch with Qatar Energy and expects resumption within three to four weeks of the conflict ending.
Answered by Saurav Mitra
Asked by Puneet Gulati: What is the status of communication with Qatar regarding resumption of supply?
p. 6
“we are in constant touch with Qatar Energy and we are hopeful that the moment this conflict comes to an end, within three to four weeks, supply should resume”
Saurav Mitra, page 6 of the filed PDF · View the filing
Reversal of INR 550 crore for CY22, offset by provisions of INR 35 crore for CY23 and INR 6 crore for CY24, plus a waiver of INR 13 crore, netting to INR 496 crore.
Answered by Debabrata Satpathy
Asked by Nitin Tiwari: What is the breakdown of the UOP provision reversal and incremental provisioning?
p. 8
“the reversal is INR 550 crores for CY '22 and for CY '23, the provision is INR 35 crores and CY '24, the provision is about INR 6 crores”
Debabrata Satpathy, page 8 of the filed PDF · View the filing
No, utilization remains at roughly the same level as March.
Answered by Saurav Mitra
Asked by Pritesh Chheda: Has there been substantial improvement in April and May utilization compared to March?
p. 12
“It is, more or less at the same level.”
Saurav Mitra, page 12 of the filed PDF · View the filing
January and February utilization averaged around 108%.
Answered by Debabrata Satpathy
Asked by Bineet Banka: What was implied utilization for January and February given the quarter average and March figure?
p. 10
“It was on an average of about 108%.”
Debabrata Satpathy, page 10 of the filed PDF · View the filing
Discussions are ongoing and will be disclosed once contracts are finalized.
Answered by Vivek Mittal
Asked by Maulik Patel: Has an agreement been reached with offtakers on the contract extension from 2028?
p. 13
“discussions are ongoing with the offtakers and once those contracts are done, we will definitely inform investors as well as stock exchanges”
Vivek Mittal, page 13 of the filed PDF · View the filing
The cash flow figure reflects actual cash spent rather than provisioning, and the plan is on track.
Answered by Debabrata Satpathy
Asked by Yogesh Patil: Was there a delay in FY26 capex given the cash flow statement shows a lower figure than earlier guided?
p. 9
“the cash what has been spent is INR 2,511 crore. So, we can say that I mean the whatever has been projected, it is going according to the plan.”
Debabrata Satpathy, page 9 of the filed PDF · View the filing
Risks flagged
Ongoing crisis in the Gulf region affecting Qatar LNG supply
p. 3
“despite the challenging external environment arising from the ongoing crisis in the Gulf region”
Saurav Mitra, page 3 of the filed PDF · View the filing
Sharp decline in Dahej capacity utilization in March due to the conflict
p. 4
“the Dahej capacity utilization during March was around 53% and Kochi was slightly more than 20%”
Saurav Mitra, page 4 of the filed PDF · View the filing
Spike in LNG spot prices following the crisis
p. 5
“immediately after the crisis, the prices spiked to $25 also”
Vivek Mittal, page 5 of the filed PDF · View the filing
Land availability constraints for additional storage tanks at Dahej
p. 13
“land is an issue, availability of land is an issue in Dahej”
Saurav Mitra, page 13 of the filed PDF · View the filing
Uncertainty in predicting utilization due to unresolved Middle East conflict
p. 11
“we firstly, we have never said that May onwards things will be back to normal, because it all depends on the conflict in the Middle East region, how it spans out and what happens and when Qatar resume supplies”
Vivek Mittal, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.