PETRONET · Oil Gas & Consumable Fuels · filed 2 Nov 2026
Petronet LNG Ltd. reported revenue of ₹7,200 cr for July to September 2026, −34.6% on the year and +29.6% on the quarter.
Operating profit (EBITDA) was ₹1,663 cr, a margin of 23.1%, +1,295 bps on the year and −448 bps on the quarter. Operating costs grew −44.0% against revenue growth of −34.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,235 cr, +53.3% on the year and +9.1% on the quarter, with earnings per share of ₹8.24. Profit before other income, one-offs and tax grew faster, at +68.8%; other income, one-offs or tax held the headline back.
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 +1,295 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.
The auditor drew attention to a matter in the limited review report. Read it before the numbers.
“We draw attention to Note 3 to the Statement regarding the recoverability of Use or Pay ("UoP") dues as at 30th September 2026, included in trade receivables amounting to Rs.…”
Source: Auditor (p. consolidated auditor report)
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +53.3% on the year; profit before other income, exceptional items and tax +68.8%.
Source: Results filing
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 23.1%, +1,295 bps on the year (−448 bps on the quarter).
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹791 cr | ₹1,176 cr | ▼ 32.7% |
| Inventory | ₹1,253 cr | ₹907 cr | ▲ 38.2% |
| Cash | ₹2,238 cr | ₹1,859 cr | ▲ 20.4% |
| Bank balances | ₹9,344 cr | ₹8,252 cr | ▲ 13.2% |
| Trade payables | ₹1,075 cr | ₹741 cr | ▲ 45.0% |
| Net block | ₹7,480 cr | ₹7,611 cr | ▼ 1.7% |
| Capital work in progress | ₹3,523 cr | ₹2,497 cr | ▲ 41.1% |
| Equity | ₹23,638 cr | ₹21,720 cr | ▲ 8.8% |
| Total assets | ₹29,474 cr | ₹26,882 cr | ▲ 9.6% |
Receivables at 11 days of sales (+1 days against the last year end). Inventory at 18 days of sales (+10 days).
Emphasis of matter: “We draw attention to Note 3 to the Statement regarding the recoverability of Use or Pay ("UoP") dues as at 30th September 2026, included in trade receivables amounting to Rs.…”
Arbitration proceedings initiated by owners of dedicated LNG vessels claiming Rs 625.42 crore plus taxes due to suspension of vessel operations during Middle East…
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
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Long Term LNG SPA Contracted Capacity (MMTPA) | 7.5 | — | — |
| Use or Pay Dues Waived Off (₹ crore) | 252.8 | — | — |
| Impairment Loss on Use or Pay Dues (₹ crore) | 134.66 | 100.86 | 157.17 |
| Gross Use or Pay Receivables (₹ crore) | 408.23 | — | — |
| Net Use or Pay Receivables (₹ crore) | 177.51 | — | — |
| Disputed LNG Vessel Owner Claims (₹ crore) | 625.42 | — | — |
| Interim Dividend Per Share (₹) | 7 | — | — |
Read using the Oil, gas and energy framework (named in the filing read). Primary valuation lens: Sum of the parts.
Read more closely in this sector: Inventory gains inside reported margin · Under-recoveries and government compensation.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Natural Gas Business | ₹7,202 cr | ▼ 34.6% | ₹1,658 cr | ▲ 53.7% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹11,009 cr | ₹5,554 cr | ₹7,200 cr |
| YoY | — | — | −35% |
| EBITDA margin | 10.1% | 27.6% | 23.1% |
| Other income, % of PBT | 22% | 15% | 14% |
| Exceptional items | — | — | — |
| Tax rate | 26% | 25% | 26% |
| Net profit | ₹806 cr | ₹1,133 cr | ₹1,235 cr |
| YoY | — | — | +53% |
| Core profit YoY | — | — | +69% |
| EPS | ₹5.37 | ₹7.55 | ₹8.24 |
| Flags | · | · | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Petronet LNG Ltd. reported revenue of ₹7,200 cr (−34.6% on the year) and net profit of ₹1,235 cr (+53.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +68.8% on the year, against +53.3% for reported profit.
1 check raised a question: The auditor drew attention to a matter in the limited review report. Read it before the numbers.
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