Positron EnergyShare price, financial results, shareholding and management
- Market cap
- ₹185 cr
- Stock P/E
- 9.2peers 8.8
- Book value
- ₹130
- Price to book
- 1.87
- EV / operating profit
- 4.9
- Market cap to sales
- 0.42
- ROCE · FY26
- 29.8%
- ROE · FY26
- 22.6%
- ROE, 3-year average
- 49.7%
- Operating margin · FY26
- 5.0%peers 6.1%
- Sales growth, 3 years
- 105.4%
- Profit growth, 3 years
- 115.6%
- Debt to equity
- 0.05peers 0.77
- Borrowings
- ₹5.3 cr
- Interest cover
- 24.4×
- Cash from business / op. profit
- 91%
- Debtor days
- 22
- Pledged
- 0.00%
- Promoter holding
- 72.20%
- Change in promoter holding
- +0.16 pts
- Shareholders
- 1,854
- 52-week high / low
- ₹384 / ₹106
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Positron Energy share price chart
Close on 6 Nov 2026 · +9.26% on the day · Vol 41,100
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +4.4%
- 3 months
- +41.9%
- 6 months
- +14.9%
- 1 year
- -32.3%
- Since IPO
- -2.7%
- Traded a day, 20 days
- ₹0.16 cr
- Taken for delivery
- 75%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +31% | +13% |
| 3 years, a year | +105% | +116% |
| Latest half, H2 FY26 | +7% | +15% |
About Positron Energy: business, products and customers
Positron Energy sources natural gas from many suppliers and delivers it through the national pipelines to city gas companies and factories. It also gives gas companies advice, project supervision and plant upkeep. Its shares trade on NSE Emerge.
Positron Energy, based in Gandhinagar, is a gas aggregator: it contracts gas from oil companies, LNG importers, domestic allocations and the Indian Gas Exchange, books pipeline space and schedules daily deliveries to the customer's gate. Most of its gas is imported LNG, and city gas distribution companies take the largest share, with power, glass, ceramics, fertiliser, steel and aluminium plants making up the rest. Gas sales gave almost all of FY26 revenue; consultancy, project management, construction supervision and plant upkeep gave the remainder.
Because revenue is the full value of the gas that passes through, the top line is large against the profit kept on each unit, and it rises and falls with gas prices: the finance head said gas went from about ₹1,000 to about ₹1,700 per MMBTU in 2026. Contracts are mostly back to back, so the company passes price changes on, but margins thin when it has to purchase spot gas before long term supply is signed, as happened in the first half of FY26. Interest on its cash, which it uses to back bank guarantees for new contracts, also adds to profit.
Read more about the business
Management said on the May 2026 call that the large oil marketing companies do the same gas aggregation work and that Positron's share of the market is very small. When supply from West Asia was halted under force majeure in March 2026, its suppliers gave it other LNG at higher prices, which it passed to customers.
From the offer document, the FY26 annual report, the November 2025 and May 2026 earnings calls and the November 2025 investor presentation.
Read the deeper study ↓In its favour
- Sales have grown very fast: 105% a year over three years.
- It earns a high return on the money it uses: ROCE 30% in FY26.
- It brings in more cash than it shows as profit: ₹20.3 cr against ₹20 cr in FY26.
- It has little debt for its size: debt to equity 0.05.
- The promoters own a large part of the company: 72.20%.
To watch
- An average of about 15,000 MMBTU a day in FY27, the finance head's aim (Earnings call, May 2026, p.6 and p.17).
- Delivery of the calendar 2026 supply agreement with its strategic customer (Presentation, November 2025, p.14).
- The return of LNG supply from West Asia that was under force majeure in 2026 (Earnings call, May 2026, p.5 and p.16).
- Execution of the ₹557.65 cr order book of 31 March 2026 (Annual report FY26, p.10).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Positron Energy revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Positron Energy half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 50 | 85 | 70 | 267.03 | 156.88 | 285.27 |
| Expenses | 47 | 76 | 63 | 252.73 | 153.60 | 266.24 |
| Operating profit | 3 | 9 | 7 | 14.30 | 3.28 | 19.03 |
| OPM | 6.0% | 11.0% | 9.0% | 5.4% | 2.1% | 6.7% |
| Interest | 0 | 0 | 0 | 0.92 | 0.35 | 0.81 |
| Depreciation | 0 | 0 | 0 | 0.15 | 0.14 | 0.15 |
| Profit before tax | 3 | 9 | 6 | 15.62 | 6.94 | 20.15 |
| Net profit | 2 | 7 | 5 | 13.04 | 5 | 15.04 |
Positron Energy profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 3 | 9 | 51 | 134 | 336.82 | 442.15 |
| Expenses | 3 | 8 | 48 | 122 | 315.91 | 419.84 |
| Operating profit | 0 | 1 | 3 | 12 | 20.91 | 22.31 |
| OPM | 7.0% | 10.0% | 6.0% | 9.0% | 6.2% | 5.0% |
| Other income | 0 | 0 | 1 | 1 | 2.59 | 6.24 |
| Interest | 0 | 0 | 0 | 1 | 1.25 | 1.16 |
| Depreciation | 0 | 0 | 0 | 0 | 0.27 | 0.29 |
| Exceptional and other items | · | · | -1 | · | · | · |
| Profit before tax | 0 | 1 | 3 | 12 | 21.98 | 27.10 |
| Tax rate | 18.0% | 0.0% | 33.3% | 25.0% | 19.1% | 26.1% |
| Net profit | 0 | 1 | 2 | 9 | 17.78 | 20.04 |
| EPS ₹ | 6.63 | 16.71 | 61.38 | 15.83 | 26.12 | 26.37 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Positron Energy profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 7.0% | 10.0% | 6.0% | 9.0% | 6.2% | 5.0% |
| Tax rate | 18.0% | 0.0% | 33.3% | 25.0% | 19.1% | 26.1% |
| ROCE | · | 17.1% | 30.5% | 69.6% | 41.9% | 29.8% |
| ROE | · | 29.9% | 46.0% | 88.5% | 38.0% | 22.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Positron Energy debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Positron Energy balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.35 | 0.35 | 0.35 | 6 | 7.60 | 7.60 |
| Reserves | 3 | 3 | 5 | 9 | 71.03 | 91.07 |
| Net worth | 3.35 | 3.35 | 5.35 | 15 | 78.63 | 98.67 |
| Borrowings | 1 | 4 | 7 | 10 | 7.28 | 5.34 |
| Other liabilities | 1.65 | 1.65 | 12.65 | 13 | 29.34 | 23.98 |
| Total liabilities | 6 | 9 | 25 | 38 | 115.25 | 127.99 |
| Fixed assets | 2 | 2 | 2 | 2 | 1.86 | 1.63 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 4 | 7 | 23 | 36 | 113.39 | 126.36 |
| Receivables | · | · | · | · | 32.08 | 26.13 |
| Inventory | · | · | · | · | 5.38 | 5.30 |
| Cash | · | · | · | · | 65.66 | 81 |
| Trade payables | · | · | · | · | 24.26 | 7.36 |
Positron Energy cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -2 | -1 | 1 | 6 | 7.15 | 20.30 |
| Cash from investing | -1 | -1 | -1 | 1 | -0.63 | -1.86 |
| Cash from financing | 1 | 2 | 3 | 2 | 41.69 | -3.10 |
| Net cash flow | -2 | 0 | 3 | 9 | 48.21 | 15.34 |
| Capital spending | · | · | · | · | 0.21 | 0.06 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 134 | 70 | 68 | 40 | 35 | 22 |
| Inventory days | 0 | 91 | 33 | 9 | 6 | 5 |
| Days payable | · | 28 | 64 | 16 | 29 | 7 |
| Cash conversion cycle | 134 | 133 | 37 | 32 | 12 | 20 |
| Working capital days | -16 | 32 | 14 | 6 | 9 | 6 |
Positron Energy peers and competitors
Listed SME companies in the same industryBy sales, Positron Energy is number 11 of the 86 listed SME companies in commercial services & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Phoenix Overseas | 31 | 9.0 | 610 | 3.4 | 0.9% | 0.62 |
| Vision Infra Equipment Solutions | 862 | 13.1 | 607 | 66 | 25.8% | 1.64 |
| Coreintegra Consulting Services | 122 | 24.3 | 515 | 5 | 1.2% | 0.00 |
| Supreme Facility Management | 49 | 6.3 | 494 | 7.8 | 8.0% | 1.51 |
| Rbm Infracon | 252 | 5.6 | 492 | 45.3 | 14.9% | 0.76 |
| Dynamic Services & Security | 280 | 6.5 | 491 | 43.2 | 15.9% | 0.78 |
| Positron Energy | 185 | 9.2 | 442 | 20 | 5.0% | 0.05 |
| Safa Systems & Technologies | 50 | 10.0 | 433 | 5 | 1.1% | 1.37 |
| Integrated Personnel Services | 204 | 18.6 | 401 | 11 | 4.2% | 0.77 |
| Eleganz Interiors | 191 | 8.6 | 400 | 22.1 | 8.6% | 0.24 |
| ANI Integrated Services | 37 | 6.9 | 254 | 5.4 | 3.4% | 0.20 |
| Median of the 10 others | 157 | 8.8 | 492 | 9.4 | 6.1% | 0.77 |
Positron Energy shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Positron Energy shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Aug 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|
| Promoters | 72.00% | 72.00% | 72.04% | 72.04% | 72.20% |
| Foreign investors (FIIs) | 7.68% | 5.11% | 3.43% | 2.13% | 0.92% |
| Indian institutions (DIIs) | 5.12% | 1.82% | 1.10% | 0.53% | 2.40% |
| HNIs (over ₹2 lakh each) | 1.05% | 1.05% | 2.17% | 2.92% | 1.33% |
| Small holders (up to ₹2 lakh) | 12.45% | 16.95% | 17.84% | 19.33% | 19.57% |
| Companies and others | 1.70% | 3.07% | 3.42% | 3.05% | 3.58% |
| Number of shareholders | 1,698 | 1,433 | 1,765 | 1,875 | 1,854 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Positron Energy study: the business from its own documents
Read from 10 of the company's own documentsPositron Energy so far
From the company's own record
- 20 Aug 2024Listed on NSE Emerge at ₹250
- 31 March 2026Promoters at 72.20%
- 27 Aug 2024Highest close since listing, ₹538.67
Positron Energy key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹442.2 cr
- FY26 revenue, up 31.3% from ₹336.8 cr in FY25; profit after tax was ₹20.0 cr.Annual report FY26, p.7 and p.9
- Gas share of revenue
- 95.5%
- ₹422.2 cr from gas and energy products in FY26; ₹20.0 cr from consultancy, project and upkeep services.Annual report FY26, p.14
- Daily gas handled
- About 11,000 MMBTU
- Average a day in FY26, against about 8,000 in FY25 and about 4,000 at the time of listing.Earnings call, May 2026, p.4 and p.18
- Gas volume
- About 108 MMSCM
- Gas aggregated in FY26, up from 75 MMSCM in FY25.Annual report FY26, p.7; Presentation, November 2025, p.4
- Order book
- ₹557.65 cr
- At 31 March 2026, about 1.3 times FY26 revenue; gas contracts run one and a half to two years, services one to three.Annual report FY26, p.10; Earnings call, May 2026, p.17
Show 4 more facts
- One year gas contract
- About ₹378 cr
- Estimated value of a gas supply agreement with one strategic customer for calendar 2026, at prices then prevailing.Presentation, November 2025, p.14
- Cash
- About ₹81 cr
- Cash and equivalents at the end of FY26, with debt to equity of 0.05; the company uses deposits to secure guarantees for new contracts.Annual report FY26, p.15; Earnings call, May 2026, p.16
- Customers
- 70+
- Clients served, with 129 or more projects completed.Annual report FY26, p.5 and p.15
- Gujarat Gas orders
- ₹6.04 cr
- Three supervision and upkeep orders in Punjab and Gujarat, received on 2 February 2026, running to 2028 and 2030.Exchange announcement, 2 February 2026, p.1 and p.2
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call, the finance head said the company aims for an average of about 15,000 MMBTU a day in FY27 and growth of 25% to 30% on a prudent basis, with margins held about where they were. The company says contracts already signed exceed 15,000 MMBTU a day, though some LNG from West Asia was under force majeure, and that its order book stood at ₹557.65 cr at the end of March 2026.
| What management said | When | What happened |
|---|---|---|
| Revenue growth of 30% to 40% a year | June 2025 call | 31.3% in FY26, to ₹442.2 cr |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Positron Energy earns a thin margin on large volumes of gas it sources and delivers for others, plus fees for technical services, and needs very little plant to do it.
Its weak spots are that the gas itself is the same from any supplier, margins depend on how well purchase and sale contracts line up, and one large customer contract counts for much of its work.
WatchCan it set its own prices?It passes gas prices on to customers, but its own margin is set by the gap between purchase and sale contracts and by the price of competing fuels.
AverageHow strong is it against rivals?Large oil marketing companies do the same work and the company's share is small; what it offers is the handling of pipelines, contracts and daily scheduling for buyers.
WatchWho are its customers?It has many customers across industries, but city gas companies take most of the gas and one contract counts for a large part of the work ahead.
StrongDoes it need a lot of money?It uses public pipelines rather than its own, so it needs little plant; its cash mainly backs guarantees for new contracts.
StrongCan it keep finding new work?Gas handled has grown each year and its order book covers more than a year of sales, with long term supply contracts signed.
WatchDo good and bad years swing a lot?Sales have grown every year, but margins swing from half to half with gas supply and prices, and supply from West Asia was disrupted in 2026.
Who runs Positron Energy?
Promoters, directors and officers; tap a name for the background
RSRajiv Shankarankutty MenonPromoter and Managing Director · holds 22.58%
Holds a B.Com from Sardar Patel University, Gujarat, and has over 18 years in the oil and gas industry. A director since the company was formed in February 2008.
Annual report FY26, p.12; Offer document, p.177SKSujit K SugathanPromoter, Whole Time Director and Chief Financial Officer · holds 23.31%
Holds a B.E. in Electrical Engineering from L.D. College of Engineering, Gujarat University, and an MBA in Oil and Gas Management from the University of Petroleum and Energy Studies, Dehradun, with over 18 years in oil and gas. Manages the company's finances; a director since February 2008.
Annual report FY26, p.12; Offer document, p.177MBManav BahriPromoter, Whole Time Director and Chief Executive Officer · holds 22.54%
Holds a B.Tech in Civil Engineering from NIT Hamirpur and a PGDM from Symbiosis Institute of Management Studies, with over 18 years in oil and gas; oversees overall operations.
Annual report FY26, p.12; Offer document, p.177 and p.178SASuresh AyyappankuttyNon Executive Director
Holds a B.E. in Power Electronics and an MBA from ICFAI University, with 16 years across sales and marketing, supply chain and data science.
Annual report FY26, p.12SSSafalta S. GuptaChairman and Independent Director
Holds an MBBS and a Diploma in Gynaecology and Obstetrics, with over 8 years in gynaecology.
Annual report FY26, p.12SVSheela VarmaIndependent Director
Has over 11 years in banking and industry and holds a master's degree from Gujarat University.
Annual report FY26, p.12Positron Energy latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹285 cr (+7%), net profit ₹15 cr (+15%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 72.04% to 72.20%.
Positron Energy announcements
75 on record, latest first; each opens the filing on the exchange
- Quarterly Compliance Report on Corporate governance - within 21 days from the enPositron Energy Limited has informed regarding Non-applicability of the Quarterly Compliance Report on Corporate Governance for the Q2_FY2027PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018For quarter ended on 30th September 2026PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Change in Director(s)Of the companyPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 29, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 29, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- General UpdatesRegarding tender awarded to PELPDF ↗
- General UpdatesRegarding execution of Gas Sale & Purchase Agreement ( GSPA )PDF ↗
- Copy of Newspaper PublicationFor 18th Annual General Meeting of the CompanyPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on Tuesday, September 29, 2026PDF ↗
Positron Energy annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Positron Energy share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Positron Energy's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (76,00,400 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹61.38) and FY24 (₹15.83) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Positron Energy
What does Positron Energy do?
Positron Energy sources natural gas from many suppliers and delivers it through the national pipelines to city gas companies and factories. It also gives gas companies advice, project supervision and plant upkeep. Its shares trade on NSE Emerge.
What is the share price of Positron Energy?
₹243 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Positron Energy?
₹185 cr at the close on 6 Nov 2026, on 76,00,400 shares.
What is the P/E of Positron Energy?
9.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Positron Energy's revenue and profit?
Revenue ₹442 cr and profit after tax ₹20 cr in FY26.
Who are the promoters of Positron Energy?
Rajiv Shankarankutty Menon, Sujit K Sugathan, Manav Bahri; promoters held 72.20% at 31 March 2026.
What was the IPO price of Positron Energy?
₹250 a share; it listed on 20 Aug 2024.
What is Positron Energy's website?
positron-india.com
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Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 1 offer document, 1 result filing, 75 exchange announcements, 5 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.