Petronet LNG (PLNG IN) – Management Meet Update – Expanding service offerings to drive Kochi utilization – Accumulate
Published on 26 Sep 2026
PLNG hosted a management meet and plant visit at its Kochi LNG terminal. The 3rd jetty at Dahej, designed to handle LNG, ethane and propane, was ~71% complete vs. 81% targeted as of Aug’26. The delay is due to prolonged monsoon conditions and certain technical challenges, with commissioning targeted in FY28. The upcoming 750ktpa PDH/500ktpa PP project is targeted for commissioning in mid-FY29. At Kochi, PLNG is expanding its service offerings beyond regasification through GUCD and LNG bunkering services to drive utilization. PLNG completed 3 GUCD operations in June’26, each within ~1.5 days in line with global standards, with demand remaining market-driven and without a fixed frequency. PLNG is also upgrading its LNG bunkering facility at Kochi, with completion targeted by Mar’27. PLNG has entered into a 50:50 JV with Gruner Renewable Energy to develop 180tpd of CBG production capacity (10 plants of 18tpd each), at an estimated capital outlay of Rs12bn. The final funding structure and partner contributions remain undisclosed. Maintain ‘Accumulate’ with a TP of INR302 (Previous: INR297), based on 10x FY28E EPS
