Nomura on Petronet ; Buy, TP Rs 355

Volumes remain strong despite high gas costs Qatar’s lost volume offset by alternate sources; petchem plant remains on track for FY29F Sharply cut FY27-29F revenue estimates (by 16%-31%%) due to higher share of tolling volumes where gas cost is not recognised in topline Introduce a one-time 10% cut in Dahej’s regas tariff from 2029 onwards

PETRONET LNG LIMITED

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