Petronet LNG (PLNG IN) – Q2FY27 Result Update – EBITDA beat led by operational & commercial gains – ACCUMULATE
Published on 03 Nov 2026
Reported EBITDA stood at INR16.6bn (PLe: INR14.5bn; BBGe: INR15.1bn), up 8.6% QoQ and 48.9% YoY, driven by INR6.6bn in operational and commercial efficiency gains. Consequently, reported PAT stood at INR12.4bn (PLe: INR10.7bn; BBGe: INR11.0bn), up 9.1% QoQ and 53.3% YoY, supported by higher EBITDA and lower D&A and interest expenses. Total volumes increased 11.6% QoQ and 1.3% YoY to 231Tbtu, with the mix remaining skewed towards 3rd-party volumes amid Qatar's force majeure. As per PLNG, overall utilization improved to 64% from 58% QoQ, while Dahej utilization increased to 73% from 66% QoQ. We have raised our FY27E Dahej utilization estimate to 73% (previously: 68%), while retaining Kochi utilization at 24%. Our Dahej utilization estimate is based on the expanded capacity of 22.5mmtpa. We expect utilization to improve further at Dahej/Kochi to 74%/30% in FY28E (previously: 73%/30%) and 75%/30% in FY29E. Maintain 'Accumulate' with a revised TP of INR325 (earlier: INR313), based on 10x (unchanged) Sep'28E EPS.
