Petronet LNG: Volume Badha, Par Profit Kaun Kha Gaya? Competition Ki Maar!

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AuthorAarav Shah|Published at:
Petronet LNG: Volume Badha, Par Profit Kaun Kha Gaya? Competition Ki Maar!
Overview

Arre yaar, Petronet LNG ka result aa gaya hai. Volume toh **2.2%** badh gaya hai, yeh toh achhi baat hai. Lekin, company ka EBITDA **3.9%** aur Profit after Tax **2.2%** saal-dar-saal gir gaya hai. Iske peeche employee costs aur competition ko blame kiya jaa raha hai.

Toh hua kya hai ki volume toh 2.2% badha hai pichhle quarter se aur year-on-year bhi. Lekin asli game bottom line mein hai. Standalone EBITDA ₹12.0 billion raha, jo market ke hisaab se theek hai par quarter pehle se 7.3% zyada aur pichhle saal se 3.9% kam hai. Iska reason hai badhti employee expenses aur ₹0.3 billion ka past service cost impact jo naye labor codes ki wajah se hua. Isiliye Profit after Tax bhi ₹8.5 billion pe aa gaya, jo pichhle quarter se 5.3% zyada hai par pichhle saal se 2.2% kam hai. Aur poore 9 mahine FY26 ke liye dekhein toh EBITDA 13.3% aur PAT 12.3% kam ho gaye hain.

Abhi sabse bada tension hai competition. India mein LNG import sector mein kaafi players aa gaye hain, aur sab apni capacity badha rahe hain. Isse future mein Petronet LNG ko kitna volume milega aur woh kitna price charge kar payenge, yeh sab sawaal mein hai. Company ka P/E ratio lagbhag 21x chal raha hai, aur market cap $5.5 billion ke aas paas hai. Yeh GAIL jaise competitors se thoda zyada hai jo 18x P/E pe hai. Investors thoda soch rahe hain ki kya yeh valuation sahi hai jab competition itna badh raha hai aur future growth par doubt hai.

Company future ke liye plans bana rahi hai. Agle saal FY27 mein ₹90.0 billion ka capex karne ka plan hai naye PDH aur PP projects ke liye. Aur Dahej terminal ka expansion bhi March 2026 tak complete ho jayega. Lekin analysts yahan bhi thoda cautious hain. Prabhudas Lilladher ne 'HOLD' rating maintain kiya hai aur target price thoda badha kar ₹288 kar diya hai. Unka kehna hai ki competition ki wajah se future volume growth slow ho sakta hai, isliye abhi 'HOLD' karna behtar hai. Dekhte hain company is challenge ko kaise handle karti hai.

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