Petronet LNG (PLNG IN) – Visit Update – Several expansions ahead – HOLD
Published on 19 Nov 2025
PLNG hosted an analyst meet and a plant visit at its Dahej LNG terminal. Company has outlined a long-term vision of targeting Rs1000bn in revenue, Rs100bn in PAT with a planned capex of Rs400bn over the next 5 years (1-5-10-40). As per the mgmt, the incremental regasification capacity of 5mmtpa at the existing Dahej terminal is being executed at 1/10th the cost of a comparable greenfield project worth Rs65bn. 3rd jetty will have the provision to handle Ethane, Propane and LNG. Integration of existing LNG infrastructure with the upcoming petchem plant will help achieve cost savings. Although, management interaction was encouraging; execution remains a key monitorable. Maintain “Hold” with a target price of Rs290 based on 9x FY27/FY28E EPS.
