POSITRON
Positron Energy financials
- Market cap
- ₹143 Cr
- Sector
- Services
- Calls analysed
- 3
Positron Energy Q4 FY26
What went well
- Revenue for FY26 increased by 31.27% year-on-year to ₹442 crores.
- EBITDA grew by 21.5% to ₹28.55 crores in FY26.
- PAT increased by 12% to approximately ₹20 crores in FY26.
What to watch
- Supply disruptions due to the West Asia War impacted gas sourcing.
- Gas prices increased drastically from around ₹1000/MMBTU to ₹1700/MMBTU.
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 3 delivered 1 missed 5 open- EBITDA Margin delivered said Q4 FY25 Promised: 8% to 11% Q4 FY26: H2 FY26 margin was 7.4% and full year was 6.46%, beating the revised guidance of 3-5.5%. Management has now guided a wider range of 4% to 10% for FY27.
- Daily Gas Volume missed said Q4 FY25 Promised: 15,000 to 20,000 MMBTU per day Q4 FY26: The average daily gas volume for FY26 was 11,000 MMBTU/day, missing the target of 15,000 MMBTU/day for the year.
- Daily Gas Volume (Long-term) revised down said Q4 FY25 Promised: 25,000 to 30,000 MMBTU per day in 2-3 years Q4 FY26: Management revised the FY27 volume target down to 15,000 MMBTU/day, a reduction from the 20,000 MMBTU/day target mentioned in Q2 FY26. This slows progress towards the long-term goal.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 235.3%, net profit up 114.3% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 50 | 85 | 70 | 267 | 157 +214% | 285 +235% |
| EBITDA | 3 | 9 | 7 | 14 | 3 +0% | 19 +111% |
| Net profit | 2 | 7 | 5 | 13 | 5 +150% | 15 +114% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −44.2% 1Y
1Y: ₹320 on 10 Sept 2025 → ₹178.5. High ₹394 (29 Oct 2025), low ₹111.8 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −1.1%
- 19 May
- Q2 FY26
- −1.8%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹6 Cr | ₹8 Cr | ₹8 Cr |
| Reserves | ₹3 Cr | ₹4 Cr | ₹6 Cr | ₹9 Cr | ₹76 Cr | ₹91 Cr |
| Borrowings | ₹1 Cr | ₹4 Cr | ₹7 Cr | ₹10 Cr | ₹5 Cr | ₹5 Cr |
| Other liabilities | ₹2 Cr | ₹2 Cr | ₹12 Cr | ₹16 Cr | ₹36 Cr | ₹24 Cr |
| Total liabilities | ₹6 Cr | ₹10 Cr | ₹25 Cr | ₹41 Cr | ₹125 Cr | ₹128 Cr |
| Fixed assets | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹5 Cr | ₹8 Cr | ₹23 Cr | ₹39 Cr | ₹123 Cr | ₹126 Cr |
| Total assets | ₹6 Cr | ₹10 Cr | ₹25 Cr | ₹41 Cr | ₹125 Cr | ₹128 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, FIIs trimmed −2.51 pp while DIIs added +1.30 pp. The shareholder count grew 5% to 1,854.
- Promoters
- 72.2%
- FIIs
- 0.9%
- DIIs
- 2.4%
- Public
- 24.5%
Since Mar 2025
- FIIs −2.51 pp
- DIIs +1.30 pp
- Public +1.05 pp
How it drifted, 4 quarters
Over this window FIIs fell from 5.1% to 0.9% — −4.2 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 72.0%, FIIs 5.1%, DIIs 1.8%, Public 21.1%.Mar '25: Promoters 72.0%, FIIs 3.4%, DIIs 1.1%, Public 23.4%.Sep '25: Promoters 72.0%, FIIs 3.4%, DIIs 1.1%, Public 23.4%.Mar '26: Promoters 72.2%, FIIs 0.9%, DIIs 2.4%, Public 24.5%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Venturex Fund I VC / PE newly disclosed 1.87% held
- Sugathan Kuttappan newly disclosed 0.00% held
- Diji Sugathan newly disclosed 0.00% held
- Dhanishta Sujit newly disclosed 0.00% held
- Thrisha Sujit newly disclosed 0.00% held
- Radhesh krishna Bahri newly disclosed 0.00% held
- Ruchika Arora newly disclosed 0.00% held
- Sreedharan Sajeev newly disclosed 0.00% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Positron Energy above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Sujit K Sugathan | 23.31% | unchanged |
| Rajiv Shankarankutty Menon | 22.58% | unchanged |
| Manav Bahri | 22.54% | unchanged |
| Venturex Fund I VC / PE | 1.87% | newly disclosed |
| Rashmi Manav Bahri | 1.50% | unchanged |
| Rachana Rajiv Menon | 1.49% | unchanged |
| Koikalethu Abraham Liji | 1.05% | unchanged |
| Annapoorna Sujit | 0.78% | unchanged |
| Sugathan Kuttappan | 0.00% | newly disclosed |
| Diji Sugathan | 0.00% | newly disclosed |
| Dhanishta Sujit | 0.00% | newly disclosed |
| Thrisha Sujit | 0.00% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -16.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Positron Energy
Guides on how to read this kind of business and the numbers that matter.