Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Petronet LNG Limited (NSE: PETRONET) Q4 2026 Earnings Call dated May. 05, 2026
Corporate Participants:
Saurav Mitra — Chief Financial Officer
Vivek Mittal — Vice President Marketing
Gyanendra Kumar Sharma — Group General Management and President Marketing
Analysts:
Krishna Doshi — Analyst
Probal Sen — Analyst
Pranita Shetty — Analyst
Hardik Solanki — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Petronet LNG Limited’s Q4FY26 earnings conference call hosted by Ashika Institutional Equity. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star10Zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms.
Krishna Doshi from Ashika Institutional Equities. Thank you. And over to you, Ms. Doshi.
Krishna Doshi — Analyst
Thank you, ma’. Am. Good morning and very warm welcome to everyone. On behalf of Ashika Institutional Equities, I welcome you all to PECO Net LNG Limited Q4FY26 earnings conference call. Today we have with us the management be presented by Mr. Sourav Mitra, Director Finance and CFO Mr. Rakesh Chawla, Executive Director FNA Mr. Gyanendra Kumar Sharma, GGM and President Marketing Mr. Vivek Mittan, GGM and President Marketing Mr.— Debrata Satpati, General Manager FNA Mr. Vikas Maheshwari, Deputy General Manager FNA.
We thank Petronet LNG Limited for giving us the opportunity to host the call. And we will now like to hand over the floor to the management for their opening remarks post which we will open the floor for Q and A. Thanks. And over to you sir.
Saurav Mitra — Chief Financial Officer
Good morning everybody. I’m Saurav Mitra, Director Financial cfo. Thank you all for joining us for the earnings call for the quarter and financial year ended 31st March 2026. I’m pleased to share that the company has delivered a strong financial and operational performance during the current quarter despite the challenging external environment arising from the ongoing crisis in the gas region. The performance reflects the resilience of our operations, the commitment of our teams and the continued trust of our customers and stakeholders.
Coming to the operational performance during the current quarter, the overall LNG volume processed by the company stood at 219 CBQ as against 233 TBQ in the previous quarter and 205 KBQ in the corresponding quarter at the DHARH terminal. LNG throughput during the quarter stood at 201 TBQ compared to 214 TB2 in the previous quarter and 189 TB2 in the corresponding quarter. With regard to the operational performance of the Behring Terminal, I must mention that despite the uncertainties in the region, the Daheb Terminal continues to operate at strong inflation levels with capacity inflation at 90.1% during the current quarter as against 93.8 in the previous quarter and 85.2 in the corresponding quarter.
I’m also happy to share that the POSI terminal achieved its highest ever annual volume throughput of 68 CBQ during FY 2526 which is an encouraging milestone for the company. On the financial front, the company reported the highest ever quarterly profit before tax and profit after tax in its history. During the current quarter, EBT for the quarter stood at rupees 1795 crore as against rupees 11. 44 crore in the previous quarter and rupees 1446 crore in the corresponding quarter. PAT for the quarter stood at 13.
38 crore compared to Rupees 848 crore in the previous quarter and Rupees 1070 crore in the corresponding quarter. For the financial year ended 31st March 2026, the company reported CVT of Rupees 5158 crore and PAT of Rupees 3843 crore adds against PBT of Rupees 5275 crore and PAT of Rupees 3926 crore in the previous financial year. At the consolidated level, PAC for the current financial year stood at Rs. 3913 crore compared to Rupees 3973 crore in the previous financial year. During the current quarter, the customers also made payment of outstanding use of a dues amounting to Rs.
630 crore pertaining to calendar year. Overall, the performance during the year was supported by operational efficiency, disciplined execution and the continued focus of the company on ensuring reliable as well as efficient operations across both terminals. Considering the robust performance, the Board of Directors has recommended a final dividend of Rupees 3 per share for the financial year 2025 26. With this, we now open the floor for the Q and A session. Thank you.
Questions and Answers:
Operator
Thank you very much sir. Ladies and gentlemen, we will now begin with a question and answer session. Anyone who wishes to ask questions may please press Star and one on the Touchstone form. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use only handsets while asking a question. Ladies and Gentlemen, we will wait for a moment while the question queue assembles. You may please press star and one to ask questions at this time. The first question is from the line of prabil sen from icici securities.
Please go ahead. I’m sorry, you were not audible.
Probal Sen
Is this better?
Operator
Yes, please go ahead.
Probal Sen
Yeah. Thank you. Sorry for that. Sir, I just wanted to ask, sir, with respect to firstly the quarter volumes, how has March actually looked in terms of volumes? He talked about utilization of 90% of course in the quarter. But if I can just understand in terms of what it was in Jan and Feb, and what was the volume shortfall, if any, in March? Hello.
Saurav Mitra
Are we audible?
Probal Sen
Yes, sir. You’re audible. Yes, sir. Right.
Saurav Mitra
So the Dahit capacity utilization during March was around 53%.
Probal Sen
Okay. And
Saurav Mitra
Kochi was slightly more than 20%.
Probal Sen
Okay. So sir, just as a follow up, how do we look at basically now FY27, of course you will have the April data with you. But just in terms of this dispute, if it continues to persist, how much of our volumes can be potentially at risk at this point of time?
Saurav Mitra
Okay, so Vivek, if you can, while DFS just mentioned that March utilization was 50%. But things have been improving since early April or early March and our utilization is steadily going up. This is primarily through third party cargoes which are in Yale, IoT, BTC and GSTP torrent bring in additional governments and the prices are now at reasonable level because immediately after that prices, the prices spike to $25 or so. Currently they are losing the 15 to $17. So with the lowering of prices, we are seeing an increased utilization result in March.
That’s all I can say at this point of time. And yes, if the conflict continues, slightly challenging. But Indian gas demand continues to grow. So which is and power sector is again coming back. So all this is supporting utilization, increased utilization of our terminal. As you know, we have expanded our capacity from 22 point from 17.5 to 22.5. So in the percentage term it may look on a lower side. But absolute utilization, because it’s last year, it should be comparable.
Probal Sen
Right. So sir, just additional supplies are the additional supplies that have been spoken about quite a bit, particularly in the us Are they actually basically playing the balancing factor in the Asian markets right now?
Saurav Mitra
Not just us, US is one of them, of course, but then Oman, which is very close to India. Those suppliers continue to come in Mozambique. There are new countries like Nigeria and Congo. We got a cargo from Congo, we got a cargo from Mauritana in Senegal. So all these New supplies are ending up. And this is supporting. And interestingly you will be aware that a new contract with Exxon which we signed in 2017, supplies under that contract also started. So in April we got the first cargo under that contract.
So in the first year though it’s 0.5, but that will also support to display some part of the volume which has been lost due to the slices.
Probal Sen
Got it. So from on a year on year perspective, therefore, I mean we should look at March as just a low base. And from here it could actually at least improve at the margin from the March lows. That’s how one should look at it at least the next two quarters. So the second, second question was with respect to the just a housekeeping on balance sheet, the big adjustments that have happened in the receivables and the payables, they are all the adjustment made due to the UOP dues and settlement. Almost a 2000 crore reduction that we see in both numbers for FY26 versus FY25,
Saurav Mitra
The receivables and payables. Actually because you see mass, the our own volumes from Qatar Gas were not coming in March. That’s why both sides, the receivable and table are showing lower.
Probal Sen
Okay, okay. Because
Saurav Mitra
Majorly that is the LNG payable and the receivable correspondingly.
Probal Sen
Last question if I may. Any inventory gains that we have recorded this quarter and the third party regas revenue for this quarter. If you can kindly let us know.
Saurav Mitra
So the regas revenue is 879crores for this quarter and the inventory gain is 95crores.
Probal Sen
95crores is the inventory. All right sir, I’ll come back in the queue. Thank you so much and all the best.
Operator
Thank you. The next question is from the line of Puneet Gulati from hsbc. Please go ahead.
Saurav Mitra
Yeah, thank you so much and congrats on, you know, good performance in this tough quarter. My first question is have you had any communication with Qatar so far as to what is the status
Probal Sen
Of the trains from which you buy and when the war ends, how soon can they start supplying?
Saurav Mitra
Okay, so we are in constant touch with Qatar Energy and we are hopeful that the moment this conflict comes to an end, within three to four weeks, supply should resume.
Probal Sen
Okay, so no impact on your drains at all. That’s very clear now.
Saurav Mitra
That’s what we believe.
Probal Sen
Okay. And secondly, on your project on the petrochemical side, are you getting your supplies properly? Is that on track or is that slightly slower?
Saurav Mitra
So far as the project activity for petrochemical Plants plants is concerned, the project is absolutely on track because the capital equipment generally don’t come from the Gulf region. So whatever imports are there they come from Japan, Korea, China and from Europe and us. So that way so far as supply of equipment, plant and machinery are concerned, there’s no issue.
Probal Sen
Great. That’s all from us. Thank you so much and all the best.
Operator
Thank you. The next question is from the line of Pranita from Morgan Stanley. Please go ahead.
Pranita Shetty
Good morning sir. Thank you for the opportunity. Am I audible? I was just wondering with all the conflicts and the force measures I wanted to understand how are you thinking about gas sourcing in terms of diversification and the storage infrastructure for LNG on a medium term perspective.
Saurav Mitra
So I’m not sure if you better look at the used to think today morning or the head. Yes, diversification from an India perspective is definitely on angle and we have been over last two or three years India has signed close to 10 to 12 million tons of routine deals from their right sources. So that diversification has always been part of India’s strategy. In fact some of our capacity holders have been the major buyer of this LNG which includes Gale, Indian Oil, bpc, lgspp, all of them have gone out in the market in the last two years and sold LNG from portfolio players, US companies, Australia based companies.
So that diversification is already on the anvil and it’s taking place as far as our capacity for storage is concerned. Yes. On the strategic side now we are definitely thinking India as a whole as well as Petra to develop more tanks so that in times of cycle those volumes are available for the market so that immediately there is no impact and on a longer basis we’ll be working on it and definitely come back to it once we have investment.
Pranita Shetty
Right sir, thank you. And I just wanted a clarification on the earlier comment you made on the Exxon contract. This is the Corcon contract which we’ll be expecting in Kochi sometime this year, right? It’s the same contract.
Saurav Mitra
Yeah, it’s the new contract with ExxonMobil Asia Pacific. It’s not a Gorgon contract, it’s a. Exxon has a contract, right? To supply from their portfolio where Gorgon is also one of the primary source. So it’s that contract which is started in April this year. This is in addition to the existing 1.42 million ton contract with Exxon which is already in place.
Operator
Okay, thank you. Thank you. The next question is from the line of Nitin Tiwari from Philip Capital. Please go Ahead.
Probal Sen
Hi sir. Good morning. Thanks for the opportunity. So my first question is actually a clarification on the UOP accounting treatment. So we received about 630 crores. The reversal in PNL for provision is about 495. So we try to understand that this is the rest of about 130 is booked in revenue.
Saurav Mitra
Actually for CY22. Whatever provision we had done that reversal, that reversal we did and some provision was returned in the current quarter itself for CY23 and CY24.
Probal Sen
So. Right sir.
Saurav Mitra
I mean the reversal adjusted by the current provision this Number as from 493.
Probal Sen
If you can help me with that breakdown sir. I mean like how much was reversed and how much incremental provision is made in this quarter. That would be very helpful.
Saurav Mitra
In the meantime if you have any other question you may think. Yes sir.
Probal Sen
Sure sir. So secondly on basically CAPEX projects. So if you can help us understand that what was our total capital expenditure in FY26 and what is the plan for 27? How much and the capacity expansion that we have commissioned, have we capitalized that or we are going to capitalize that in the first quarter. So those things and you can get some color on that.
Saurav Mitra
Okay. So far as the capitalization is concerned, yes we have commissioned the project apart from a particular facility. So excluding that particular facility which will be commissioned in this current the entire expansion capacity has been commissioned and capitalized.
Probal Sen
Any amount that you can help us understand which has been capitalized in this quarter.
Saurav Mitra
We have capitalized 390crores and balance around 100 odd crores will be capitalized in the next quarter. The reversal is 550 crores for CY22. And for CY23 the provision is 35 crores and. 86
Probal Sen
For C24 you mentioned
Saurav Mitra
About 6 cr.
Probal Sen
Okay sir.
Saurav Mitra
And and there is a. There is a. Also a waiver because of higher volume brought wa of about 13 crores in the current. So if you adjust the these 35 crores 6 crores and the 13 crores from the 550 crores you will get the number of 496 groups.
Probal Sen
Understood sir. And lastly if I may like you know just ask a clarificatory question on the question as earlier on utilization levels. So you mentioned that the March utilization level was at 53% and some offset has been like you know brought in from some other location. So what is a VOLPA utilization number that we should consider for the year ahead if this problem continues? Suppose the volume from Qatar doesn’t come back for 1/4 or 2/4. What is a broad ballpark number we can look at.
Saurav Mitra
So we should not be unnecessarily pessimistic about the entire year. We have the numbers of April as well as May. So we would like to restrict ourselves in these two
Probal Sen
Months only.
Saurav Mitra
And we hope that this ongoing situation in the Gulf will end very soon. And as I told you earlier that the moment it stops Qatar Energy would be able to start start the operations in the three to four weeks time. And so we are confident that maybe from the first week of June the entire supply will come as per the annual delivery plan. And we are also talking to Qatar so that whatever volumes we have lost if they can make good during the current year extensions that would be great for the company as well as for the country also.
Probal Sen
Got it sir. That’s very helpful. Thanks so much. So I’ll get back in sir.
Operator
Thank you.
Saurav Mitra
And I think you had also asked about the proposed CAPEX budget for the current financial year. So it’s around 9,000 crore.
Operator
Thank you sir for answering all those questions. We’ll take the next question from the line of Yogesh Patel from Dollar Cap. Please go ahead.
Probal Sen
Thanks for taking my question sir. Again continuing with the same question on the capex. If you could provide the breakup of 9,000 crore capex for this FY27 that would be helpful. This is one second is related to the tariff hike at Kochi terminal from April. What was the tariff high quantum on that side? Was it of 5% or lower?
Saurav Mitra
5%. That’s constant. And so far as the proposed CAPEX budget for the current financial year is concerned the major amount will be spent on the Petron project only. So that’s about 7,500 crore odd plus minus. You know you can assume 10%. So we are targeting to achieve around 7,500 crore. So let’s see that we are more or less confident that we’ll be able to achieve that target. And the rest are all, you know like the third Yeti that we are constructing. So around 600 out cores on the third Yeti and Kopalpur terminal also we are planning to start our activities construction activities in this current year.
So there also we plan to spend around 300 to 400 odd crores. So this is a broad breakup. Rest are all small additional facilities. The routine capex. We also have a plan to put up our 5th small scale LNG plant at Kochi for which land has already been acquired. And we are planning to spend around 70 odd crores in that particular budget. So I think these are the broad numbers.
Probal Sen
Okay sir, small observation on the cash flow statement side as you guided around 3000 crore kind of capex for FY26 in earlier call but the customer statement is indicating 2500 crore for the FY26. And secondly a small question on the capex side again can we assume the same kind of capex or confirm for the FY28 and 9000 crore.
Saurav Mitra
Sorni, can you please come on once again with your questions?
Probal Sen
Yes. So duration of on the cash flow statement side in earlier call Q3FY26 you had guided that a kind of a 3000 crore kind of a capex for FY26. While if we look down into the cash flow statement it is indicating 2,500 crore. Is there any delay in the capex for particular project? If it should clarify on that side that’s one thing. Secondly just wanted to take a guidance on the FY28 capex. Can we assume on a tentative side a 9,000 crore kind of a capex for FY28?
Saurav Mitra
Yes. Yeah. See what happens is the cash flow statement depicts the actual cash flow that is done. It doesn’t take into account the provisioning. So there the provisioning are different and the gas what has been 10th is 2511 crore. That so we can say that I mean the whatever has been projected it is going according to the plan. And for again for the same principle will also apply for FY27 as well. There would be out of this 9,000 crore there would be at the end of the year. Some would be done in cash and some would be in the provisioning level.
Probal Sen
Okay, thanks. Thanks.
Operator
Thank you. The next question is from the line of Vineet Banka from Nomura. Please go ahead.
Probal Sen
Hi sir, thanks for the opportunity in terms of potential offtaker for the spot LNG that we are bringing in. So who could be the potential uptaker at this price? $15 to $17 per NBT.
Saurav Mitra
We are not, we are not bringing fraughter other than the customers like for whom we are making endeavors. It’s being brought by our capacity holders for onboard supply to various convenience sectors which include pvd, fertilizers, refinery testing.
Probal Sen
Okay. And sir, so Gujarat Gas has guided around 5 to 6 additional gas demand from May onwards. So assuming that all of this demand flows through petrol energy. So I think incremental volume could be around 1.5 million tonnes per annum which is close to 6.7percent of your current volume. So is it the right Understanding
Saurav Mitra
If that happens, you yourself have calculated numbers and the numbers seem to be correct. But it all depends whether it is on a professional basis or a month. On month basis primarily I think they are targeting more the market which is incremental of 5 to 600. So which is what I think is mentioning.
Probal Sen
Okay, so lastly that was utilizing, I think you said for the quarter it was around 90% and March it was 53%. So I’m not trying to get what would be the utilization implied for Jan over 100%. Right. So yeah,
Saurav Mitra
It was on an average about 108%.
Probal Sen
So yeah, 108% for Jan and fellow. Okay. Okay. Yeah, that’s all I have. Good. Definitely. Thank you.
Operator
Thank you. The next question is from the line of Adarsh Hinduja, an individual investor. Please go ahead.
Saurav Mitra
Hi.
Probal Sen
Yeah, I think my questions have been answered already. But I wanted to understand one thing from you. There’s a lot of different natural gas markers like the jkm, ttl, there’s the US and we have natural gas. So when you buy spot cargoes on what typically what rates do you negotiate these contracts at
Saurav Mitra
Spot cargoes in India typically are linked to JKM and or there is a specific index called as West India market which is also very closely related to JKM market which is a file of the Asian market.
Probal Sen
And could you comment on what your in the. In the month of March what your spot cargo prices were? The purchase prices.
Saurav Mitra
The spot prices were around $20 in the month of March.
Probal Sen
Okay, got it. Thank you so much.
Operator
Thank you. The next question is from the line of Hardik from ICICI securities. Please go ahead.
Probal Sen
Yeah, thanks for the opportunity. Sir, just want to check on. There is abstention increase in non current and the other financial assets. So can you explain on that part.
Saurav Mitra
See other financial assets when it Is increased from 406 crore to 1319. That is mainly due to classification of fixed deposit which is more than one year old that it has been classified into other financial assets and which are below 1000 crore that are coming under cash and cash. So this may be a grouping issue. And as far as the non current assets are concerned these also include the capital advantages of about 900 fixed crores which pertains to our ongoing capex program.
Probal Sen
Can you share what was the capex that was found on the petcom project
Hardik Solanki
In
Probal Sen
Fy26?
Saurav Mitra
Why 26 was 720. It is around 1,650 crore including advanced sales and CWIP. Total net interest is 1,060.
Hardik Solanki
That’s very helpful, thank you.
Operator
Thank you. The next question is from the line of Prish Chera from Lucky Investments. Please go ahead.
Vivek Mittal
This is just one question. So you know, based on your assumption of post May, we should be seeing largely normalization of cargo so sum total for the year. You know, what kind of utilization do you see at the aggregate level for your assets? And considering that there is Equinor cargo which is additional starting May, so sum total, what kind of a utilization one should assume for your assets?
Saurav Mitra
We firstly never said that May onwards things will be back to normal. Because it all depends on the conflict in the Middle east region, how it pans out and what happens and when supplies. So it is very difficult. Difficult to give a number at this point of time. But yes, you’re right. The contract with Equinor will also start wherein performance chemistry, which is a part of deeper fertilizers group will start bringing their Cargo and their first cargo scheduled for arrival on 12th of May.
Vivek Mittal
Okay, so we have two additional contracts, right? The Equinor and the Exxon.
Saurav Mitra
That’s right, yes.
Vivek Mittal
These, these two volumes which are additional is what number?
Saurav Mitra
Roughly 1 million
Vivek Mittal
Sum total.
Saurav Mitra
Yes.
Vivek Mittal
Okay. And so just for, you know, theoretical purposes, considering you know what you would have some assessment of April and May and theoretically if from June, you know, you know, the Qatar cargoes normalized, then considering that assumption, what is the utilization one should consider for your assets along with these two new contracts that you have?
Saurav Mitra
Very theoretical. See, as we have already spoken, we are optimistic about the future and from June things may start looking normalized. But whatever numbers will happen, it is very difficult to put any number at this point of time and what indications you can calculate. We have already informed you what has been the March utilization level, what has been the January February. So let us
Probal Sen
See what happens this numbers please. Then you can calculate whatever the assumptions you already explained.
Saurav Mitra
So I would request you to wait till the end of this quarter and see how things pan.
Vivek Mittal
Is there substantial improvement in the April and May utilizations?
Saurav Mitra
No, it’s more or less at the same level.
Vivek Mittal
As much.
Saurav Mitra
That much?
Vivek Mittal
Okay. Okay. Thank you, sir. Thank you.
Operator
Thank you. The next question is from the line of Sardak from DSP anc. Please go ahead.
Gyanendra Kumar Sharma
Hi, good morning. Thank you so much for the opportunity. So I just have one question regarding the storage facility that is available and how much capex do we need to do? Because I. There was a highlight on the press release yesterday also that we need to be very vigilant as a nation that storage facilities are very low. So how much? How? As a company we are looking at our facilities and increasing storage facilities in the various assets that we have and how much extra capex that we need to do.
Just wanted some clarity on that.
Saurav Mitra
So for our Gopalpur project we have already announced that we’ll be constructing two tanks. And we are also planning to set up one more tank in Kochi. So that’s right. Now we can say our current plan is all about increasing the storage. However as mentioned by our CEO yesterday in the press conference that some more tanks are also being planned at the head and we are looking for land because land is an issue. Availability of land is an issue in the Hajj. But we are actively scouting for some additional land parcel wherein we will be able to put up some three to four additional tanks.
But regarding these additional storage tanks at Dahij right now there is no immediate plans. Definitely we wish to put up additional storage facilities out there. But immediately we can say that yes, Gopalpur which is a board approved project there we’ll be putting up two tanks and one more tank we are actively considering for our Kochi terminal.
Gyanendra Kumar Sharma
Great. Just one small follow up. Any capex number in your mind for the one additional tank in Kochi.
Saurav Mitra
It’s about around 1200 crores.
Gyanendra Kumar Sharma
Okay, got it. Yeah. Thank you so much. That’s it from my.
Operator
Thank you. The next question is from the line of Molik Patel from Aquirus. Please go ahead.
Probal Sen
Just one question. Any update on that extension of contract from 2028? Have you made an. Have you entered into agreement within an offtakers on that?
Saurav Mitra
I think I would only say that discussions are ongoing with Opticus and once those contracts are done we’ll definitely inform investor.
Probal Sen
Okay. And just our contract with Qatar is from the train number three, right? Is that correct?
Saurav Mitra
Can you please come out with the question? Can you please repeat the question once again
Probal Sen
Our contract with Qatar for the current existing contract of 8 million turn is the train number three of the the south field, right?
Saurav Mitra
Yeah. Monik, these information we are not sharing.
Probal Sen
Okay, Got it. Thank you.
Operator
Thank you. The next question is from the line of Vivekanand Subaraman from Ambit Capital. Please go ahead.
Probal Sen
Yeah, just extending on Malik’s question on the negotiations with the off takers for the back to back contract. Now I understand that it is. It’s from 2028. But you. You have signed a contract which is now des, right? So it was earlier fob from Qatar. So from a commercial standpoint do you expect any meaningful changes in the nature of the contract based on the discussions that you had so far. That’s my first question. The second one is on the contracts that you had been signing for the. For the expansion in Dahi which is with the Deepak Group and ongc.
Is there any further discussion that you have had with your customers that you. You can update us on in terms of new business models like E storage handling or say monetization of that CapEx? Thank you.
Saurav Mitra
So regarding the future business plans, as and when we sign definitive agreements with the customers we’ll definitely reach out to our different stakeholders including the stock exchanges. And so far as your first question is concerned regarding the change in terms of cargo from FOB to death, we don’t see any need for renegotiating the incoterms.
Probal Sen
Okay, thank you.
Operator
Thank you. The next question is from the line of Nitin Tiwari from Philip Capital. Please go ahead.
Probal Sen
Hi sir, thanks for the opportunity. Again just a book question. What is the India’s impact for the fourth quarter and also for FY26 as a whole?
Saurav Mitra
Yeah, the index impact is for the fourth quarter 119 positive at gross margin levels. Then there is a forex loss of 91 crores and positive 8 crores at opex level and then depreciation 77 crores and interest expense on lease liability 59 crores. This is for the quarter and for the year at gross margin level positive 629 crores. The forex loss is 199 crores. The OPEC level positive is 30 crores. Then depreciation 322 crores and finances 228 crores.
Probal Sen
Thank you.
Operator
Thank you. The next question is from the line of Vartaraj and Siv Sankaran from Antique limited. Please go ahead.
Probal Sen
Thank you for the opportunity. Sir, on the trading gains part, do you have any numbers we can share?
Saurav Mitra
Yes, 118 crores.
Probal Sen
Secondly on this parcels which have been procured from other regions like Nigeria and so on so forth, what is the general spot availability? What we see which has potential to be diverted to India in general, if you look at the volumes flowing currently, what proportion of it would be contract and what proportion would be spot?
Saurav Mitra
Very difficult to give an answer because as you know capacity is looked by gain and bpcs. So it is their prerogative and their capacity. Other terminals in India also it is their prerogative which cargo they want to bring to the head and which cargo they want to take to the other terminal. Very difficult to give a number that what will be the proportion of spot cargo with the term use
Probal Sen
I’m more concerned about like you know, globally and especially in the regions where you just referred to are there more spot parcels available and has that spot parcel availability increased post war
Saurav Mitra
When moon facilities come up? So those volumes are typically broadly on spot on with portfolio players. So recently you would have heard that Golden Pass started export of their. So all those volumes will be becoming available to the market on spot. Thank you.
Operator
Thank you. The next question is from the line of Somaya V from Evanders Park. Please go ahead.
Probal Sen
Yeah, thanks for the opportunity. Sir, my first question is on the time charter which you have mentioned in the footnotes. So we’d be able to get back to normalcy if the straight up home was issue gets resolved and we’d be getting the Middle east cargoes is the right way to understand. So these may be able to utilize those three time charters.
Saurav Mitra
Yes, those time charter vessels are specifically you know hired for carrying cargo from Qatar to our terminals. So once the supply resumes, these time charter vessels will be again engaged as being done earlier.
Probal Sen
Got it. So and what are the existing contract duration for this time charter? Like six months still. How many in terms of existing contract, how many more months remain?
Saurav Mitra
It is aligned with the FBA terms. So as and when FPA terminates comes to an end the time charter will also.
Probal Sen
Okay, so in. I mean because it’s a force major kind of a situation. So that’s why we believe the 90 crores kind of a demand that’s being placed for March and subsequent periods also something that we’re not liable to pay. So that’s the part the right understanding. Yes. Okay. What would be the run rate for FY28 in terms of capex? So it will be similar to this 9,000 crores of 27.
Saurav Mitra
Yeah, it’s. See as has been discussed in the last call also basically the FY28. FY27 we are saying 9002 and FY28 also should be at the same level, around 10% more or less.
Probal Sen
Okay sir. In terms of payouts. So the historical payouts is expected to continue despite the expansion because of the cash in the balance sheet.
Saurav Mitra
Yes. Short answer is yes. See I will not go by the payout percentage but you know in absolute terms the endeavor is to maintain the same level of dividend.
Probal Sen
Okay, thank you sir.
Operator
Thank you. The next question is from the line of Gagan Dixit from Elara Securities. Please go ahead.
Hardik Solanki
Yeah, thanks for taking my question sir. What is the status of this Bangalore pipeline? What? I know, I think that timeline to I think September 22nd. So is there any update and what is your.
Saurav Mitra
It’s perfectly in order.
Hardik Solanki
Okay. It is the first half of FY20. Yes. So what is the that you expect for I mean for FY28 when the full.
Saurav Mitra
So definitely it’s going to go up. There’s no doubt about it because it will be opening up a different market. I mean get connected to the national gas grid. So definitely the utilization will go up.
Hardik Solanki
Okay. And sir, my final question is about the swap bonding. I think this many of the. I think especially from the game this many swap volume coming from the US with the Middle east route. So I assume that from that got stopped actually. So are you still getting the volume directly from the US or from those customers or is it the shipping custom that we can bring up recovery.
Saurav Mitra
So it is about capacity holders and off who are bringing in these volumes.
Hardik Solanki
Okay,
Operator
Thank you. The next question is from the line of Palguni Datta from Mansarovar Financial. Please go ahead.
Unidentified Participant
Hello. Yeah, good morning sir. I. I just had one clarification question. What was the capacity utilization for garage for March that you mentioned?
Saurav Mitra
Around 53%.
Unidentified Participant
5353.
Saurav Mitra
Yeah.
Unidentified Participant
Okay. Thank you sir. And sir, would it be possible to say that how much is it now as we speak?
Saurav Mitra
I have already shared that it is hovering around the same level.
Unidentified Participant
Okay. Okay. Thank you. That’s welcome.
Operator
Thank you ladies and gentlemen. We’ll take that as the last question for today. I would now like to hand the conference over to the management for closing comments. Thank you. And over to you sir.
Saurav Mitra
So thank you. Thank you for joining us. And we hope that the situation in the Gulf improves very soon which is going to have a very positive impact in our operations and as well as on the financials. And we also expect to come out with brighter picture of the financials of the company when we meet next. Thank you so much.
Operator
Thank you members of the management, on behalf of Ashika Institutional equities. That concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you.