Petronet LNG on Friday reported a decline of 25% in its consolidated net profit for the first quarter of FY26 at Rs 824.44 crore compared with Rs 1,100.76 crore in the year-ago period. On a sequential basis, the company’s net profit declined by 23% from Rs 1,067.58 crore in Q4FY25.
The company’s revenue from operations fell by 11% in Q1FY26 to Rs 11,879.86 crore, against Rs 13,415.13 crore in Q1FY25. Total income on a consolidated basis stood at Rs 12,096.46 crore, down 11% from Rs 13,592.84 crore in Q1FY25.
Greenfield terminal
The company’s board has given an in-principle approval for additional investment for setting up a 5 metric million tonne per annum land-based LNG terminal at Gopalpur in place of earlier approval of 4 MMTPA floating storage and regasification unit-based LNG terminal.
The incremental project cost is Rs 4,048.80 crore (including taxes and duties) and the overall approved value of the project is Rs 6,354.80 crore, the company said in an exchange filing.
The project is the company’s first greenfield liquified natural gas (LNG) terminal on the east coast of India at Gopalpur, Odisha.
The company expects the proposed capacity to be added in approximately three years and will finance the project through a mix of debt and equity, it said.
Petronet remains market leader despite dip
Petronet LNG is the country’s largest LNG importer. It was formed as a joint venture company by the Government of India to import LNG and set up LNG terminals in the country, promoted by other public oil and natural gas companies — Bharat Petroleum Corporation (BPCL), GAIL, Indian Oil Corporation (IOCL), and Oil and Natural Gas Corporation (ONGC).
Apart from the new greenfield project, the existing regasification capacity of the company includes 17.5 MMTPA at the Dahej terminal currently expanding to 22.5 MMTPA and the Kochi terminal having a capacity of 5 MMTPA. Petronet LNG accounts for around 34% of gas supplies in the country and handles around 74% of LNG imports in India.