28 Sep 2026, 15:23 IST
Petronet LNG Limited
HDFC Securities · REDUCE · target INR 280
The note says it retains REDUCE with a revised TP of INR 280 (from INR 273), citing the shift from secured long-term contracts to volatile tolling business, subdued return ratios from ~INR 300bn of capex (RoIC falling to ~13.4% by FY30E, balance sheet turning to net debt of INR 41.6bn in FY30E from net cash of INR 72.9bn in FY26, negative FCF of INR 56.3bn over FY27-30E), and near-term volume growth challenges at Dahej (global LNG price surge, QatarEnergy force majeure) and Kochi (lack of pipeline connectivity), while noting the 750-KTPA Dahej petrochemical complex is ~42% complete and on track for mid-FY29E commissioning and the QatarEnergy 7.5 MMTPA SPA has been extended to CY2048 on a DES basis.
From Petronet LNG Update Sep26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
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