Analysts note that even factoring in swaps, the dependency hovers at 66%, amplifying supply chain risks. Disruptions here wouldn’t just halt tankers—they’d ripple through terminals, pipelines, and factories, squeezing margins across the board.

Dahej, operated by Petronet LNG, processed 14.8 million tonnes last year, 76% via Hormuz, making it ground zero for risks. Kochi and Chhara terminals rely entirely on Middle East gas, with Mundra at 88%, Dhamra 65%, and Ennore 62% exposure. Hazira and Dabhol offer some buffer with non-Hormuz sources.

Petronet LNG faces the sharpest edge, its 77% Hormuz-linked volumes jeopardizing core earnings. Force majeure declarations to major buyers highlight real-world impacts from Qatar delays. GSPL’s transmission business, 62% exposed, shares the peril.

Gujarat Gas stares down dual threats to margins and volumes. Serving Morbi industries with 73% LNG-sourced gas—48% from Hormuz—spot market spikes could price it out versus alternatives. The firm has invoked force majeure and eyes supply cuts post-March 2026.

GAIL emerges as the outlier, its diversified portfolio from America, Russia, and Australia limiting Hormuz exposure to 16% (or 30% adjusted). This report serves as a clarion call: India’s LNG strategy demands urgent diversification to mitigate brewing storms in West Asia.