PETRONET · Oil Gas & Consumable Fuels
Petronet LNG Ltd. reported revenue of ₹9,442 cr for January to March 2026, −23.3% on the year and −15.4% on the quarter. Over the last four quarters revenue comes to ₹43,495 cr, −14.7% on the four before.
Operating profit (EBITDA) was ₹1,861 cr, a margin of 19.7%, +743 bps on the year and +898 bps on the quarter. It is the widest margin of the last 8 quarters (range 9.2% to 19.7%). Operating costs grew −29.8% against revenue growth of −23.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,371 cr, +25.2% on the year and +57.6% on the quarter, with earnings per share of ₹9.14. Profit before other income, one-offs and tax grew 27.9%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹3,913 cr, −1.5% on the four before.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹26.09 over the last four quarters, the stock at ₹293.05 trades at 11.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 19.7%, +743 bps on the year (+898 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Impairment Loss on Use or Pay Dues (₹ crore) | 157.17 |
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.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹14,747 cr | ₹13,793 cr | ₹13,415 cr | ₹13,024 cr | ₹12,227 cr | ₹12,316 cr | ₹11,880 cr | ₹11,009 cr | ₹11,164 cr | ₹9,442 cr | ₹5,558 cr | ₹7,202 cr |
| YoY | — | — | +15% | +4% | −17% | −11% | −11% | −15% | −9% | −23% | −53% | −35% |
| EBITDA margin | 11.6% | 8.0% | 11.6% | 9.2% | 10.2% | 12.3% | 9.8% | 10.1% | 10.7% | 19.7% | 27.6% | 23.1% |
| Other income, % of PBT | 10% | 16% | 12% | 18% | 17% | 14% | 20% | 22% | 19% | 11% | 14% | 14% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 26% | 26% | 26% | 26% | 26% | 26% | 26% | 25% | 26% | 26% |
| Net profit | ₹1,213 cr | ₹764 cr | ₹1,105 cr | ₹871 cr | ₹902 cr | ₹1,095 cr | ₹842 cr | ₹830 cr | ₹870 cr | ₹1,371 cr | ₹1,137 cr | ₹1,256 cr |
| YoY | — | — | +35% | +2% | −26% | +43% | −24% | −5% | −4% | +25% | +35% | +51% |
| Core profit YoY | — | — | +42% | −1% | −32% | +49% | −31% | −10% | −5% | +28% | +44% | +69% |
| EPS | ₹8.09 | ₹5.10 | ₹7.37 | ₹5.80 | ₹6.01 | ₹7.30 | ₹5.61 | ₹5.54 | ₹5.80 | ₹9.14 | ₹7.58 | ₹8.38 |
| 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 ₹9,442 cr (−23.3% on the year) and net profit of ₹1,371 cr (+25.2% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +27.9% on the year, against +25.2% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.