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% both sequentially and year-over-year.

• Dahej terminal throughput was 214 TBtu, with capacity utilization rising to 94%.

Financial highlights

• 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.

• Q3 FY26 PBT was INR 1,144 crore, up 5% sequentially; PAT was INR 848 crore, also up 5% sequentially.

• Standalone profit after tax for Q3 FY26 was ₹848.29 crore, compared to ₹866.99 crore in Q3 FY25; nine-month profit after tax was ₹2,504.62 crore, down from ₹2,856.19 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.

Outlook and guidance

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

• Incremental capacity utilization expected to ramp up gradually, with ongoing customer discussions.

• Kochi terminal connectivity to the national gas grid expected by June 2026, likely boosting utilization.

• Dividend payout ratio expected to remain in the 40-50% range despite large CapEx plans, supported by healthy cash balances.

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