Petronet LNG (PLNG IN) – Q3FY26 Result Update – Steady volume growth – HOLD
Published on 13 Feb 2026
PLNG reported total volume growth of 2.2% QoQ and YoY. Standalone EBITDA was in line with cons at Rs12.0bn (PLe: Rs13.3bn; BBGe: Rs12.0bn), up 7.3% QoQ, but down 3.9% YoY, due to higher employee expenses, including a Rs0.3bn past service cost impact arising from labor code implementation. PAT stood at Rs8.5bn (PLe: Rs9.3bn; BBGe: Rs8.3bn), increasing 5.3% QoQ but declining 2.2% YoY. For 9MFY26, EBITDA and PAT declined 13.3% and 12.3% YoY to Rs34.8bn and Rs25.0bn, respectively. The management has guided for ~Rs90.0bn capex in FY27, largely toward its upcoming 750ktpa PDH and 500ktpa PP projects. Mechanical completion of the upcoming 5mmtpa Dahej terminal expansion is expected by Mar’26. However, we remain concerned on volume growth due to rise in competition from other LNG terminals. Maintain ‘HOLD’ with revised TP of Rs288 (earlier Rs281), based on 9x Dec’27E EPS.
