Buy Petronet LNG; target of Rs 317: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Petronet LNG

While there is little doubt on the near-term growth in LNG consumption, the medium-long term poses a risk, considering that domestic gas production is expected to rise amidst upcoming LNG terminals. Just as a small snowball keeps adding snow as it rolls down a snow surface, we identify small-scale LNG (ssLNG) opportunities in India, which would be able to absorb what seems like a flurry of upcoming LNG capacities. ssLNG is defined as direct sale of LNG in liquid state to the consumer rather than going through regasification.

Outlook

We believe ssLNG offers immense potential, with a market of 7-10mmt by 2025. This could help absorb possible LNG capacity addition, despite 10.5% growth in domestic gas production during FY18-22. We reiterate Buy, with a target price of INR317.

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