POSITRON - Positron

📊 NSE: POSITRON 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 11:08

💰 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.