Positron Energy Limited (POSITRON)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Positron Energy's revenue was ₹285 Cr (+6.7% year on year, +81.5% on the previous half-year), and net profit ₹15.0 Cr (+15.4% year on year); the operating margin was 6.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹285 | +6.7% | +81.5% |
| Operating profit | ₹19.0 | +35.7% | +533.3% |
| Net profit | ₹15.0 | +15.4% | +200.0% |
| EPS (₹) | 19.79 | +15.3% | +200.8% |
| Operating margin | 6.7% | — | — |
POSITRON delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 80.0% of the POSITRON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.6%. That is close to its usual level. Turnover was only ₹7 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 5 sessions in about the last 20.
Delivery in the last 5 sessions: 57.6% · 37.5% · 76.5% · 68.8% · 80.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Positron Energy Limited has received a Letter of Award (LoA) for supplying 32,000 MMBTU of Re-gasified Liquefied Natural Gas (RLNG) / Natural Gas. The order is valued at approximately ₹7.5 Crores at current market prices. The award originates from a tender issued by a refinery to meet its fortnightly requirements, with supply scheduled from October 16, 2026, to October 31, 2026. The contract represents ~0.96% of the company's TTM revenue of ₹779 Crores.
- Received Letter of Award for supply of 32,000 MMBTU of RLNG / Natural Gas
- Total order value estimated at approximately ₹7.5 Crores at current prices
- Supply duration is for a fortnightly window from October 16, 2026, to October 31, 2026
- Customer is a refinery securing gas through a competitive tender process
Positron Energy Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. The document confirms that securities received for dematerialisation during the quarter were processed, verified, and cancelled within prescribed timelines. This is a standard quarterly administrative filing with zero impact on operations or financials.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited dated October 3, 2026
- Formal submission made to the National Stock Exchange of India on October 7, 2026
- Confirms mutilation and cancellation of dematerialised share certificates within statutory timelines
Positron Energy has executed a Regasified Liquefied Natural Gas (RLNG) purchase agreement with a leading LNG importer. The agreement covers a contracted quantity of 3,92,060 MMBTU (approx. 10 MMSCM) with an estimated current value of approximately ₹108.21 crore. The agreement is effective for three months starting 1st October 2026. The contract represents ~13.9% of the company's TTM revenue of ₹779 crore, securing gas sourcing for downstream resale.
- Entered into RLNG purchase agreement valued at approximately ₹108.21 crore
- Contracted quantity is 3,92,060 MMBTU, equivalent to ~10 MMSCM based on 9,880 Kcal GCV
- Agreement term is 3 months, effective from 1st October 2026
- Agreement was executed on 23rd September 2026 and received by company on 6th October 2026
At its 18th Annual General Meeting held on September 29, 2026, Positron Energy approved the re-appointment of its core executive leadership team for a fresh 5-year term. Managing Director Rajiv Shankarankutty Menon, along with Whole-Time Directors Sujit K Sugathan and Manav Bahri, were re-appointed effective from January 19, 2027. All three directors have over 18 years of industry experience and have been associated with the company since its incorporation. The continuity supports execution for a business generating Rs 779 Cr in TTM revenue with a targeted 33% growth rate.
- Re-appointment of Managing Director Rajiv Shankarankutty Menon for a 5-year term starting January 19, 2027
- Re-appointment of Whole-Time Director Sujit K Sugathan for a 5-year term starting January 19, 2027
- Re-appointment of Whole-Time Director Manav Bahri for a 5-year term starting January 19, 2027
- All three executive directors hold over 18 years of experience in the Oil & Gas sector and have served since incorporation
Positron Energy Limited has received a work order valued at ₹73.25 Lakhs from Gujarat Energy Limited on September 17, 2026. The contract covers the Operation and Maintenance (O&M) of CNG Decompression Stations (DCS) across Ujjain, Dewas, and Indore in Madhya Pradesh. The agreement is valid for one year, ending on September 17, 2027. Relative to Positron's TTM revenue of ₹779 Cr, the order is immaterial at less than 0.1%, but it supports its specialized service offerings.
- Order value of ₹73.25 Lakhs received from domestic entity Gujarat Energy Limited
- Scope entails Operation and Maintenance of CNG Decompression Stations (DCS)
- Execution locations include Ujjain, Dewas, and Indore in Madhya Pradesh
- Contract validity is for one year, up to September 17, 2027
Positron Energy Limited has been awarded a tender through competitive bidding for the spot supply of Liquefied Natural Gas (LNG) in September 2026. The contract covers approximately 100,000 MMBTU of spot LNG, valued at an estimated ₹25 crores based on current prices. This order represents approximately 3.2% of the company's TTM revenue of ₹779 crores. The entire supply is scheduled for delivery during the current month.
- Awarded spot LNG supply tender with estimated value of approximately ₹25 crores
- Supply volume stands at approximately 100,000 MMBTU
- Execution timeline set for the ongoing month of September 2026
- Won via a competitive bidding process
Positron Energy Limited has executed a Gas Sale & Purchase Agreement (GSPA) with a customer following allocation under a competitive bidding process. The contract involves supplying 1,44,000 MMBTU of Natural Gas with an estimated order value of approximately Rs. 33 Crores. Supplies are scheduled to commence on September 5, 2026, and conclude on October 1, 2026. This order represents approximately 4.2% of the company's TTM revenue of Rs 779 Cr across a compressed delivery window.
- Executed GSPA for supplying 1,44,000 MMBTU of Natural Gas
- Estimated order value is approximately Rs. 33 Crores based on current prices
- Supply period runs from 5th September 2026 to 1st October 2026
- Order won via a competitive bidding process
Positron Energy Limited has issued notice for its 18th Annual General Meeting scheduled for September 29, 2026. Key special resolutions include seeking shareholder approval to increase borrowing limits under Section 180(1)(c) up to Rs 500.00 crore and corresponding authority to create security/charges on assets up to Rs 500.00 crore. This compares to the company's current debt of Rs 5 crore and net worth of Rs 99 crore, providing headroom for future expansion. The cut-off date to determine voting and attendance eligibility is September 23, 2026.
- 18th AGM scheduled for September 29, 2026 via video conferencing
- Shareholder voting eligibility cut-off date set as September 23, 2026
- Enabling resolution proposed to expand borrowing limits up to Rs 500.00 crore
- Asset charge and mortgage creation authority sought up to Rs 500.00 crore
- Director re-appointment and remuneration of Rs 4,00,000 per month placed for approval
Positron Energy Limited's Board approved raising its borrowing power limit to ₹500.00 Crores under Section 180(1)(c), subject to shareholder approval at the upcoming AGM. The Board also approved the re-appointment of Managing Director Mr. Rajiv Shankarankutty Menon and Whole-Time Directors Mr. Sujit K Sugathan and Mr. Manav Bahri for a 5-year tenure starting January 19, 2027. The company's 18th Annual General Meeting is scheduled for September 29, 2026.
- Proposed overall borrowing limit increase up to ₹500.00 Crores under Section 180(1)(c)
- Approved creation of charges on company properties to secure indebtedness up to ₹500.00 Crores
- Re-appointed MD Rajiv Shankarankutty Menon for a 5-year term starting 19th January, 2027
- Re-appointed Whole-Time Directors Sujit K Sugathan and Manav Bahri for 5 years starting 19th January, 2027
- 18th AGM scheduled for 29th September, 2026 with e-voting cut-off on 23rd September, 2026
Financial Performance
Revenue Growth by Segment
Total revenue grew 150% YoY to INR 336.82 Cr in FY25. The order book as of October 31, 2025, is dominated by Natural Gas Sales at INR 486.82 Cr (98.2%), followed by Project Management Consultancy (PMC) at INR 4.46 Cr (0.9%), Construction at INR 3.59 Cr (0.7%), and O&M at INR 0.92 Cr (0.2%).
Geographic Revenue Split
The company operates a natural gas reselling business Pan India, though specific percentage splits by region are not disclosed in available documents.
Profitability Margins
Net Profit Margin (PAT) was 5.28% in FY25 (INR 17.78 Cr), which moderated to 3.19% in H1 FY26. Management targets a long-term net margin of 5% despite external environmental and geopolitical impacts.
EBITDA Margin
EBITDA margin was 6.98% in FY25 (INR 23.50 Cr), up 84.6% YoY in absolute terms. For H1 FY26, the EBITDA margin stood at 4.74% on revenue of INR 156.88 Cr.
Capital Expenditure
Not disclosed in absolute INR Cr for future periods; however, shareholders' funds increased significantly in FY25, leading to a 50.42% variance in ROCE.
Credit Rating & Borrowing
Finance costs were INR 1.25 Cr in FY25. The company maintains a low Debt-Equity ratio of 0.09 as of March 31, 2025, down from 0.69 in the previous year. Interest coverage ratio was 20.65 in H1 FY26.
Operational Drivers
Raw Materials
Natural Gas (RLNG) is the primary raw material, accounting for the vast majority of the INR 153.60 Cr total expenditure in H1 FY26.
Import Sources
Not disclosed in available documents; sourced via long-term tie-ups and market-based procurement.
Key Suppliers
Sourced from upstream gas availability providers; specific company names are not disclosed.
Capacity Expansion
The company delivered 75 MMSCM of aggregated gas in 2025. Strategic roadmap targets a volume trajectory growth from 15,000 to 20,000 units (MMBTU/MMSCM) over the medium to long term.
Raw Material Costs
Raw material costs are subject to geopolitical and market volatility. Total expenditure for H1 FY26 was INR 153.60 Cr, representing approximately 97.9% of revenue.
Manufacturing Efficiency
The company delivered 14.99 lakh MMBTU of gas in H1 FY26. Efficiency is driven by cost optimization across sourcing, logistics, and operations.
Logistics & Distribution
Distribution and logistics costs are managed through cost optimization strategies to enhance profitability and strengthen lead management systems.
Strategic Growth
Expected Growth Rate
33%
Growth Strategy
Growth will be achieved by expanding presence into new industrial clusters and geographies to diversify the customer base. The company is pursuing strategic partnerships and long-term supply agreements to ensure reliable volumes at competitive prices while implementing cost optimization across the supply chain.
Products & Services
Natural Gas (RLNG), Project Management Consultancy (PMC), Technical Consultancy, and Operation & Maintenance (O&M) services.
Brand Portfolio
Positron Energy.
Market Expansion
Continual activity to expand into new industrial clusters and geographies to diversify the customer base.
Strategic Alliances
Maintains standard short-term contracts and MOUs for immediate execution; pursuing long-term supply agreements and strategic partnerships.
External Factors
Industry Trends
The industry is shifting towards a higher share of natural gas in the national energy mix (targeting 15% by 2030 from the current 6%). This evolution benefits Positron as a responsive aggregator capable of scaling delivery to industrial clusters.
Competitive Landscape
Operates as an aggregator and reseller in a market aligned with national growth; competes with other gas suppliers and aggregators in downstream tenders.
Competitive Moat
Moat is built on strategic sourcing portfolios and the ability to bridge the gap between upstream availability and downstream demand through data-driven pricing and flexible gas contracts.
Macro Economic Sensitivity
Highly sensitive to India's national energy mix goals, specifically the vision to increase natural gas from 6% to 15% by 2030.
Consumer Behavior
Industrial shift towards natural gas as a cleaner energy source in sectors like ceramics, glass, and power is driving demand.
Geopolitical Risks
Geopolitical situations are cited as a primary external impact factor that conditions market supply and pricing for natural gas.
Regulatory & Governance
Industry Regulations
Complies with the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Environmental Compliance
Not disclosed in absolute INR; company operations are aligned with national environmental goals to increase natural gas usage.
Taxation Policy Impact
Effective tax rate was approximately 19.2% in FY25, with a current tax expense of INR 4.22 Cr on PBT of INR 21.98 Cr.
Legal Contingencies
No significant internal control weaknesses or major pending court cases were reported in the provided audit documents for the period ended March 31, 2025.
Risk Analysis
Key Uncertainties
Primary uncertainties include global geopolitical instability affecting gas supply chains and market price fluctuations that could compress the company's 5% net margin target.
Geographic Concentration Risk
Not disclosed; company is actively diversifying into new geographies to mitigate concentration risk.
Third Party Dependencies
High dependency on upstream gas suppliers for procurement and market-based availability.
Technology Obsolescence Risk
The company is strengthening its lead management system and data-driven pricing models to remain competitive.
Credit & Counterparty Risk
Current ratio of 3.06 and high interest coverage ratio suggest strong liquidity and low counterparty credit risk.
