Our 9 February 2025 Positron Energy article expected more than ₹10 crore of FY25 profit from a growing gas aggregation business. It also warned that working capital and thin trading spreads would be critical.
By 15 October 2026, the earnings threshold has been passed: FY25 profit was ₹17.78 crore, followed by ₹20.04 crore in FY26. Cash conversion improved in FY26, although the net margin narrowed.
The story has continued since those annual results. A 6 October disclosure describes a substantial RLNG purchase commitment, and yesterday’s filing announces a new refinery supply award. These developments make execution and funding more immediate questions than they were in the original small-company study.
