Positron Energy FY26 revenue rises 31.27% to ₹442 crore

Positron Energy Limited reported a 31.27% year-on-year increase in total revenue to ₹442 crore for FY26, driven by strong gas volumes in the second half. The EBITDA grew by 21.5% to ₹28.55 crore, while the Profit After Tax (PAT) increased by 12% to approximately ₹20 crore. The company confirmed that it crossed 100 MMSCM of natural gas sales in FY26, primarily led by RLNG sales, with the average daily gas portfolio rising to around 11,000 MMBTU from 8,000 MMBTU in FY25.

Financial Performance

The second half of the fiscal year acted as a growth accelerator, with H2 revenue increasing by approximately 80% compared to H1. Operational efficiency improved significantly, resulting in an H2 EBITDA margin of around 7.4%, up from roughly 4.74% in H1. The balance sheet remains healthy, supported by strong liquidity and prudent working capital management.

Metric	FY26 Value	YoY Change
Total Revenue	₹442 crore	31.27%
EBITDA	₹28.55 crore	21.5%
PAT	~₹20 crore	12%
Avg Daily Gas Volume	11,000 MMBTU	—

Strategic Outlook and Guidance

For FY27, Positron Energy targets an average daily gas volume of 15,000 MMBTU, representing a prudent growth estimate of 25-30%. The management stated that contracts totaling 15,000-20,000 MMBTU are in place. Despite supply disruptions from West Asia due to force majeure, the company has secured alternate sources of gas, albeit at higher prices, to maintain volumes. The company aims to maintain EBITDA margins in the range of 4% to 10%.

Business Operations

The company continues to diversify its sourcing portfolio, utilizing domestic sources and RLNG. It serves various sectors including city gas distribution, power, glass, ceramics, fertilizer, steel, and aluminum. Management emphasized that the India Gas Exchange (IGX) serves as a platform opportunity rather than a competitive threat. The company holds cash reserves of ₹80 crore, which will be utilized to strengthen the gas aggregation business and secure guarantees for new contracts rather than for buybacks or dividends.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.41%	-6.28%	+2.05%	-16.72%	-43.29%	-61.10%

Positron Energy Limited has announced its audited financial results for the fiscal year ended March 31, 2026, reporting significant growth across key financial metrics. The company’s Profit After Tax (PAT) increased by 12.70% year-on-year to ₹20.04 crore, up from ₹17.78 crore in the previous fiscal year. Revenue from operations surged 31.27% to ₹442.15 crore, compared to ₹336.82 crore in FY25, supported by a robust order book and expanded market presence.

Operational Performance

The company demonstrated strong operational execution during the year, managing an average daily gas portfolio that grew from approximately 8,000 MMBTU/day in FY25 to 11,000 MMBTU/day in FY26. Aggregated gas volume reached 108 MMSCM in FY 25-26. In H2 FY26, the company secured new orders worth ₹6.04 crore from Gujarat Gas Limited and onboarded clients such as Avantika Gas Limited and Bharat Petroleum Corporation Limited.

Financial Highlights

The financial performance for the year reflects improved profitability and operational efficiency. EBITDA for FY26 stood at ₹28.55 crore, a 21.50% increase from the previous year. The EBITDA margin for the year was 6.46%. The second half of the fiscal year saw particularly strong growth, with H2 revenue rising 81.84% half-on-half to ₹285.27 crore and PAT increasing by 200.79% to ₹15.04 crore.

Metric	FY26 (₹ in Lakhs)	FY25 (₹ in Lakhs)	YoY Change
Revenue from Operations	44,215.38	33,681.91	31.27%
EBITDA	2,855.27	2,349.95	21.50%
PAT	2,004.37	1,778.43	12.70%

Balance Sheet and Order Book

Positron Energy strengthened its balance sheet during the year, with cash and cash equivalents increasing to ₹80.99 crore as of March 31, 2026, from ₹65.66 crore in the previous year. Borrowings reduced to ₹41.63 lakh, resulting in a low debt-to-equity ratio of 0.05x. The total unexecuted order book as of March 31, 2026, stood at approximately ₹557.65 crore, which is about 1.3 times the FY26 revenue, providing strong revenue visibility for the coming year.

Strategic Outlook

Looking ahead, the company aims to expand its presence into new industrial clusters and geographies while implementing cost optimization initiatives. Positron Energy plans to diversify its client portfolio and establish strategic sourcing partnerships to secure reliable volumes. The management remains focused on leveraging digital tools and market data analytics to identify demand trends and improve customer acquisition efforts.