Petronet LNG Ltd. Q2 FY27 results

The quarter, explainedfrom the filing and the statements

Petronet LNG Ltd. reported revenue of ₹7,202 cr for July to September 2026, −34.6% on the year and +29.6% on the quarter. That is slower than this quarter has grown in recent years (−5.8% on average). Over the last four quarters revenue comes to ₹33,366 cr, −29.7% on the four before.

Operating profit (EBITDA) was ₹1,662 cr, a margin of 23.1%, +1,293 bps on the year and −455 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.8% to 27.6%, averaging 15.4%. Operating costs grew −44.0% against revenue growth of −34.6%, so more of each rupee of sales reached operating profit.

Net profit was ₹1,256 cr, +51.3% on the year and +10.5% on the quarter, with earnings per share of ₹8.38. Profit before other income, one-offs and tax grew faster, at +68.7%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹4,635 cr, +26.3% on the four before.

Of the 11 companies in Oil, gas and energy that have reported Q2 FY27 so far, Petronet LNG Ltd. ranks 11th on revenue growth; the sector median is +28.0%. Its margin moved +1,293 bps on the year against a sector median of −200 bps.

Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply.

On earnings per share of ₹30.90 over the last four quarters, the stock at ₹293.05 trades at 9.5 times trailing earnings.

Questions to askeach one with its numbers and source

Also worth knowing

Could not run on this quarter: Exceptional items that recur, Borrowing while holding cash, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.

Where the profit change came fromSep '25 → Sep '26

Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.

The half year: balance sheet and cashfiled with Q2

Operating cash flow was 1.25× profit. Receivables at 11 days of sales (+1 days against the last year end). Inventory at 18 days of sales (+10 days).

From the filingauditor, IPO money, related parties, promoters

Inside the profitother income, one-offs, tax

Other income, line by line

• Interest Income: 387.45 crore (recurring)standalone cash flow statement
• Profit on sale / fair valuation of current investment (Net): 39.28 crore (recurring)standalone cash flow statement
• Dividend Income: 27.00 crore (recurring)standalone cash flow statement

Tax: Tax expense of ₹423.70 crore (current tax ₹424.00 crore, deferred tax credit ₹0.30 crore) on Profit before tax of ₹1,659.10 crore

Energy vitalsthe numbers this business is run on

What management saidquoted, with source

• The Board of Directors of the Company, in its above said Meeting, has also, inter-alia, declared interim dividend of Rs. 7/- (Rupees seven only) per sharepress release, cover letter p.2
• Trade receivables as at 30th September 2026 include 'Use or Pay' (UoP) dues amounting to Rs. 408.23 crore (gross) (Rs. 177.51 crore (net) after making a provision of Rs. 230.72 crore).press release, note 3
• The Company has a long-term Sale and Purchase Agreement (SPA) with QatarEnergy LNG S (2) (QE) for the supply of 7.50 MMTPA of LNG on FOB basis from Qatar.press release, note 4
• The aggregate claim by the owners of the vessels and other associated cost stand at Rs 625.42 Crore plus applicable taxes as on 30th September 2026.press release, note 4

Segments

Every quartersame rules, every quarter