Petronet LNG Limited Q2 FY26 Concall Decoded: When Gas Giants Play It Cool

1. Opening Hook

After years of being India’s “silent” gas gatekeeper, Petronet LNG decided to remind everyone who really keeps the country’s turbines humming. Q2FY26 saw profit dip a little, but hey—when your margins still touch double digits and Kochi terminal finally wakes up from its long nap, who’s complaining? The management spoke with the calm confidence of a monopoly that knows no one can truly ghost it. But beneath that polite composure lurked a few intriguing delays, capex bombs, and tariff teases. Stick around — this one turns volatile like LNG at -162°C.

2. At a Glance

• Revenue ₹11,009 Cr (↓15% YoY) – Demand cooled faster than liquid gas itself.
• EBITDA ₹1,117 Cr (~10% margin) – Margins held, proving scale beats steam.
• Net Profit ₹805.7 Cr (↓5% YoY) – A soft landing, not a crash.
• Dahej Processed 211 TBTU – Still the undisputed energy gateway.
• Kochi Utilization 27% (record high) – Finally, the sleepy terminal inhaled.
• Capex FY26: ₹5,000 Cr – Because one petrochemical dream deserves another.
• Interim Dividend ₹7/share – Small gas leak to shareholders, nothing explosive.

3. Management’s Key Commentary

“Net profit stands at ₹805 crore, down 5% YoY due to lower LNG volumes.”
(Translation: Our profits took a nap, but not a coma.)

“Kochi terminal achieved its highest-ever utilization at 27%.”
(They said it proudly—as if 27% suddenly made Kochi a rockstar. 😏)

“Dahej expansion of 5 MMTPA to be completed by March 2026.”
(March seems to be a favorite month for targets—and delays.)

“Petchem project work is going on in full steam.”
(Irony check: Steam and LNG rarely mix, but okay.)

“Capex for FY26 will be ₹5,000 crore.”
(That’s a lot of zeroes for something still under ‘full steam.’)

“India’s gas share can rise from 7% to 10–11% soon.”
(A modest ambition wrapped in government optimism.)

“We are future ready for LNG glut expected by 2028.”
(Read: We’ll have capacity, now someone please bring the demand.)

4. Numbers Decoded