This article first appeared on GuruFocus .
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LNG Volume Processed:233 TBTU for the quarter, a 2% increase from 228 TBTU in the previous and corresponding quarters.
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Dahej Terminal Volume Throughput:214 TBTU, up from 211 TBTU in the previous quarter and 213 TBTU in the corresponding quarter.
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Dahej Terminal Capacity Utilization:Improved to 94% from 92% in the previous quarter and 93% in the corresponding quarter.
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Kochi Terminal Capacity Utilization:Achieved highest ever at 29% during the current quarter.
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Profit Before Tax (PBT):INR 1,144 crores, a 5% increase from INR 1,083 crores in the previous quarter.
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Profit After Tax (PAT):INR 848 crores, a 5% increase from INR 806 crores in the previous quarter.
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Nine Months Dahej Processed Volume:632 TBTU compared to 686 TBTU in the corresponding nine months.
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Nine Months Overall LNG Volume Processed:682 TBTU compared to 729 TBTU in the corresponding period.
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Nine Months PBT:INR 3,363 crores compared to INR 3,829 crores in the corresponding nine months.
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Nine Months PAT:INR 2,505 crores compared to INR 2,856 crores in the corresponding period.
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Release Date: February 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Petronet LNG Ltd ( BOM:532522 ) reported a strong operational and financial performance for Q3 FY26, with improved capacity utilization and operational efficiencies.
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The company processed 233 TBTU of LNG during the quarter, reflecting a 2% growth over the previous quarter.
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Capacity utilization at the Dahej terminal improved to 94%, up from 92% in the previous quarter.
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Kochi Terminal achieved its highest ever capacity utilization of 29% during the current quarter.
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Profit before tax (PBT) for the quarter was INR1,144 crores, a 5% increase over the previous quarter.
Negative Points
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The overall LNG volume processed during the nine months ended December 31, 2025, was 682 TBTU, down from 729 TBTU in the corresponding period.
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Profit after tax (PAT) for the nine months stood at INR2,505 crores, a decrease from INR2,856 crores in the corresponding period.
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The company is facing challenges in finalizing commercial contracts for its petrochemical investments.
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There are pending dues of INR49 crores related to use-or-pay charges, with efforts ongoing to settle these by March 31.
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The Gopalpur terminal project is awaiting environmental clearance, which could delay its progress.
Q & A Highlights
Q: Can you provide details about the contracts signed with ONGC for ethane? A: Saurav Mitra, Director of Finance & CFO, stated that commercial terms are sensitive and cannot be disclosed. Vivek Mittal, GGM & President, Marketing, explained that a master regasification agreement was signed, covering terms like storage period and regas charges, with the aim to convert it into a long-term capacity agreement with ONGC.
Q: What is the status of the UOP charges and the liquidation of balance dues? A: Saurav Mitra confirmed that INR49 crores were due for CY25. The CY21 dues have been paid, and efforts are being made to settle CY22 dues by March 31. Most customers have provided bank guarantees for CY23.
Q: Why does PLL Dahej have an advantage over rival terminals in terms of volume ramp-up? A: Saurav Mitra highlighted that Dahej terminal benefits from superior evacuation capacity, low operational costs, and significant storage facilities, which provide flexibility to offtakers. The terminal's capacity is being increased to 22.5 MMTPA by the end of the financial year.
Q: What are the expectations for the utilization of the additional 5 MMT capacity at Dahej? A: Saurav Mitra mentioned that the mechanical completion is targeted for March 31. The company is in advanced discussions with customers to align ramp-up capacity with customer demand, expecting increased gas demand due to favorable pricing.
Q: Can you provide insights into the CapEx plans for FY26, '27, and '28? A: Gyanendra Sharma stated that the CapEx for FY26 is around INR3,000 crores, with INR9,000 crores planned for FY27, mainly for petchem and jetty projects. The Gopalpur project will see major CapEx in FY28.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
