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Informist, Monday, Jan. 12, 2026

By Prateem Rohanekar

MUMBAI – Petronet LNG Ltd. is expected to post an on-year decline in revenue from operations, largely due to a fall in domestic demand for liquefied natural gas, a fall in regasification volume and non-completion of key projects such as the Bangalore-Kochi pipeline, according to analysts. The public sector company has continuously posted an on-year decline in revenue from operations since the current financial year began. Brokerage estimates also forecast slight on-year fall and a nearly 7% sequential rise in profit after-tax of the company. The company has not announced the date of its earnings yet.

Petronet is expected to report a net profit of INR 8.62 billion for the December quarter, according to the average of estimates from eleven brokerages. This represents a near 1% fall from the year-ago quarter but an increase of nearly 7% sequentially. The company is expected to post net sales of INR 112.27 billion in the December quarter, according to the average of estimates. This is a fall of a little over 7% from a year ago but a 3% sequential rise. All figures for net profit and net sales are standalone figures.

Kotak Securities Ltd. has the highest net profit estimate of INR 9.30 billion while Dolat Capital has the lowest estimate of INR 7.77 billion. Kotak has the highest net sales estimate of INR 125.76 billion and Dolat Capital Markets Pvt. Ltd. has the lowest estimate of INR 90.44 billion.

India's LNG import growth over the past few quarters has been flat, which implies a muted domestic demand for LNG, brokerages said. Brokerages expect regasification volumes at the company's Dahej plant to fall but this is likely to be partly offset by a sharp rise in the regasification volumes at the Kochi plant. Bharat Petroleum Corp. Ltd., which operates the Kochi plant, brings its own cargo for gasification.

"India's LNG import remains subdued despite favourable macro, while PLNG market share is expected to decline to 67% vs. 71% last year," Dolat Capital Markets said.

The company's capital expenditure will likely increase despite the possible completion of the Dahej plant expansion by March as the company is set to commence work on adding a terminal in Odisha by 2028. The company had announced commencement of the expansion project despite the lack of offtake agreements and had estimated a capital expenditure of INR 50 billion by 2026-27 (Apr-Mar). The company had reported a cumulative capital expenditure of INR 5 billion in the June quarter.

The company is expected to post earnings before interest, tax, depreciation, and amortisation of INR 12.06 billion, up 8% on year. Prabhudas Lilladher Pvt. Ltd. has the highest EBITDA estimate of INR 13.30 billion and Dolat Capital has the lowest estimate of INR 10.86 billion.

Out of the 17 brokerage reports available with Informist, 10 have a 'buy' recommendation on the stock with an average target price of INR 369 per share. Four brokerages have a ‘hold' recommendation with an average target price of INR 317 per share, while three have a 'sell' call on the stock at an average target price of INR 291 per share.

At 1317 IST, shares of the company were trading 0.1% lower at INR 287.05. The share is up 3.40% since the earnings result last quarter.

Following are the December quarter earnings estimates for Petronet LNG Ltd. from eleven brokerages in descending order of the estimate of net profit, in INR billion:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Deepshikha Bhardwaj

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