Petronet LNG Limited (PETRONET) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 28, 2026 5 min read

Petronet LNG imports and regasifies LNG at its Dahej and Kochi terminals, and its Q2 FY 2026-2027 print lands against a quarter when spot LNG prices climbed from $16.80/MMBtu in mid-July to over $30 by late October while Qatar's force majeure kept term cargoes at zero. The two things to watch are whether the trading and inventory gains that drove Q1 FY27's INR 494 crores of combined gains persisted through the quarter, and whether the petrochemical plant hit its guided mechanical completion by end of Q2 FY27.

Quick Details

Results date	November 02, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 5,554.14 Cr
Previous quarter PAT	Rs. 1,132.72 Cr
Market cap	Rs. 44,400 Cr
CMP	Rs. 296.0

Petronet LNG Limited Q2 Results Date and Time

Per the board meeting intimation dated 23 October 2026, the Board will meet on 2 November 2026 to approve the unaudited financial results for the quarter and half-year ended 30 September 2026 and consider an interim dividend for FY 2026-27 ("if declared"). The trading window remained closed from 1 October to 4 November 2026 (48 hours post-disclosure) under the insider trading code.

The Q2 FY27 results conference call is scheduled for 3 November 2026 at 12:00 noon IST, organised by ICICI Securities. Speakers include Saurav Mitra, Director–Finance & CFO.

Key Things To Watch

Petrochemical mechanical completion and FY27 capex run-rate: The guided milestone falls inside this reporting quarter.

Mechanical completion of the PDH-PP petrochemical plant guided by end of Q2 FY27; plant was about 40% physically complete at the Q1 call — confirm status or slippage
H1 FY27 capex vs the INR 9,064 crores FY27 budget (Q1 FY27 cumulative spend was INR 679 crores, of which petchem was ~INR 470-472 crores)
Any first drawdown on the Rs. 12,000 Cr SBI–Bank of Baroda consortium term loan against the debt-free 31 March 2026 balance sheet

Qatar force majeure and Dahej utilization

Whether force majeure was declared for October and November; Qatar typically declares at least a week before month-end
Any notice on resumption of FOB term volumes once the Strait of Hormuz opens; September-October ship-tracking showed the first rebound in Qatar tanker traffic
Dahej utilization vs 65.6% on the expanded 22.5 MMTPA base, and the tolling/third-party share of volumes

Trading and inventory gains sustainability

Whether Q1 FY27's combined INR 494 crores of trading (INR 301 Cr) and inventory (INR 193 Cr) gains persisted as spot rose from ~$17 to ~$26+ through the quarter
Management's response to normalization questions; the trend "could be there" if spot–long-term price disparities persist

Kochi pipeline and regas contract renewals

Kochi-Bangalore pipeline status — GAIL's September 2026 timeline vs the December 2026 commissioning per the 28 September broker note; Kochi utilization vs 23.27%
Executed status of the 7.5 MMTPA regas renewals with GAIL, IOCL and BPCL — the 6-8 month window from the February 2026 call closes around Q3 FY27
ExxonMobil Kochi contract implementation

Interim dividend, CBG JV and balance-sheet overhangs

Interim dividend decision on 2 November 2026 vs Q2 FY26's Rs. 7 per share interim, testing the "same absolute level" commitment
Incorporation and capex phasing of the Rs. 1,200 crore 50:50 Gruner Renewable Energy CBG JV (binding term sheet signed 22 October 2026)
Vessel-owner arbitration claims of Rs. 348.13 Cr (no provision recognised) and 'Use or Pay' receivables of Rs. 661.03 Cr gross (Rs. 312.17 Cr net of Rs. 348.86 Cr provision)

Frequently Asked Questions

Why did Petronet LNG's profit rise even though revenue fell sharply in Q1 FY27?

Standalone PAT rose 33.18% YoY to Rs. 1,132.72 Cr even as revenue fell 53.25% YoY to Rs. 5,554.14 Cr, because total expenses dropped to Rs. 4,274.19 Cr from Rs. 10,986.08 Cr as lower pass-through LNG costs followed the volume decline. Margin was also carried by INR 301 crores of trading gains and INR 193 crores of inventory gains, which management called "the business model of the company" when spot prices exceed long-term prices.

When does Petronet LNG expect its petrochemical plant to be complete?

Management has guided mechanical completion of the petrochemical (PDH-PP) plant by end of Q2 FY27, with the plant about 40% physically complete as of the Q1 FY27 call. FY27 capex is budgeted at INR 9,064 crores, of which about INR 7,500 crore is for petchem.

How has the Qatar force majeure affected Petronet LNG's volumes?

Qatar term cargoes have been at zero since April 2026, with the force majeure extended month-on-month and cargo cancellations notified through November. Customers replaced more than two-thirds of the missing volumes under tolling and service contracts, and Dahej utilization stood at 65.6% on the expanded 22.5 MMTPA base in Q1 FY27.

Is Petronet LNG recovering its 'Use or Pay' dues?

Customers paid INR 630 crore of CY2022 'Use or Pay' dues during Q4 FY26, and the Q4 FY26 call also covered a net UOP P&L impact of INR 496 crores from reversals and provisions. As of the Q1 FY27 filing, gross UOP receivables stood at Rs. 661.03 Cr, or Rs. 312.17 Cr net of a Rs. 348.86 Cr provision.

What tariffs does Petronet LNG charge at Dahej and Kochi?

As of the Q1 FY27 call, the Dahej tariff was around INR69 and the Kochi tariff around INR98. A 5% tariff hike at the Kochi terminal was confirmed in the Q4 FY26 call, and management stated there was no discussion on tariff revision with offtakers.