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BPCL’s EBITDA/PAT came in 32%/40% above expectationsin 2QFY26, driven by higher-than-anticipated GRM (USD10.8/bbl). Blended marketing margin also stood 35% above our estimate at INR7.2/lit (up 25% YoY).

HPCL’s 2QFY26 EBITDA came in at INR76.2b (29% beat), aided by a higher-thanestimated reported GRM of USD8.9/bbl (48% beat). GRM, adj. for inventory gains, stood at USD8/bbl.

*over or under performance to benchmark index Reliance Industries Ltd (RIL) manufactures petrochemicals, synthetic fibres, fibre intermediates, textiles, blended yarns and polyester staple fibres. Its petroleum refinery-cum-petrochemicals complex in Jamnagar, Gujarat, produces gasoline, superior kerosene oil and liquefied petroleum gas, among other products....

IOCL reported Q2FY26 EBITDA/APAT of Rs167.3/76.2bn, beating our estimates by 28%/52% on the back of better refining margins and lower opex. Core GRM of USD8.9/bbl was better than our estimate of USD7/bbl, while blended marketing margin seems largely inline.

IOCL’s EBITDA came in 51% above our estimate in 2QFY26 due to higher-thananticipated GRM (USD10.7/bbl). Blended marketing margin also came in 19% above our estimate at INR6.2/liter.

We attended a group interaction of investors with IOCL management. Laying out his vision of a comprehensive roadmap for growth, Chairman MR AK Sawhney highlighted with the acronym SPRINT – Strengthening core business, Propel cost optimisation, Reinforce customer centricity, Integrate tech & innovation, Nurture leadership and be Transition ready.

Natural gas revenue improved YoY aided by higher nomination gas price at USD 6.64/MMBTU versus USD 6.50/MMBTU Q1FY25 and strong new well gas contribution at USD 8.26/MMBTU, delivering revenue of Rs. 1,703cr with a 20% premium. EBITDA grew 0.5% YoY to Rs. 17,185cr, while EBITDA margin expanded 520bps YoY to 53.7%, supported by improved operating efficiency. ONGC's outlook is reinforced by its offshore exploration successes, notably the Vajramani' prospectus and Suryamani' pool discovery, highlighting its exploration *over or under performance to benchmark index led growth potential. Production from the PY-3 field along with special dispensation...

Indian Oil Corporation (IOCL) reported refining throughput of 18.7mmt with reported GRM of USD2.15/bbl, led primarily by inventory losses. Domestic marketing sales volume stood at 22.4mmt with implied gross marketing margin (GMM) of Rs8.3/lit. Reported standalone EBITDA came in at Rs126.1bn (Ple Rs172bn, BBGe Rs156bn, +46% YoY, -7% QoQ), YoY rise primarily led by rise in GMM. Standalone PAT came in at Rs56.9bn (Ple Rs92.9bn, BBGe Rs86.3bn). Petrochem EBIT stood at a loss of Rs10.2mn. While GRMs remain subdued at...

BPCL’s EBITDA/PAT came in 12%/11% below expectations in 1QFY26, impacted by lower-than-anticipated GRM (USD 4.9/bbl). However, blended marketing margin stood 25% above estimate at INR8.3/litre (up 75% YoY). Refining throughput and marketing volumes came in line with estimates.

Gulf Oil (GOLI) delivered 8.9%/9.8% YoY growth in EBITDA/PAT to INR 1.27bn/INR 0.97bn (I-Sec: EBITDA/PAT INR 1.28bn/INR 0.99bn).

7.1/bbl) and gross marketing margin of Rs8.4/lit (Ple Rs7.6/lit). Better-thanexpected marketing margin compensated worse-than-expected GRM resulting in marginally lower standalone EBITDA of Rs96.6bn (Ple Rs102.6bn, BBGe Rs103.1bn, +71% YoY, +24.4% QoQ). Lower-than-expected depreciation and interest cost bridged the variance on PBT (reported Rs81.6bn, Ple Rs82.7bn)....

New Well Gas (NWG) expected at 2.6bcm in FY26 with sharply lower oil price realization of USD66.1/bbl in Q1 vs USD73.7/bbl in Rs322bn). EBITDA of Rs186.6bn (-2% QoQ) was in-line with our estimate of 187.6bn & consensus of Rs182bn. Lower DDA/write-offs of Rs80bn vs Rs111bn in the previous quarter was partially countered by lower other income of...

HPCL’s 1QFY26 EBITDA was 9% below our est., led by lower-than-estimated GRM (USD3.1/bbl). GRM, adj. for inventory gains, stood at USD6.5/bbl.

Under-recovery of Rs21.5bn on sale of LPG in Q1FY26 Hindustan Petroleum Corporation (HPCL) reported refining throughput of 6.66mmt during the quarter with a reported GRM of USD3.08/bbl and implied gross marketing margin (GMM) of Rs7/lit (Rs3.0/lit in Q1FY25). Due to better GRM and GMM, standalone EBITDA grew 261% YoY to Rs76bn (Ple Rs89bn, BBGe Rs81bn) but came in lower-than-estimate due to poorer-than-estimated GRM (Ple USD6.2/bbl). We believe GRMs will rebound to the long-term average...

Total volume stood at 220TBtu (Ple 205 TBtu, -16% YoY, +7% QoQ). However, the company took an impairment of Rs1.4bn during the quarter on account of take-or-pay. As a result, despite higher-than-estimated volume, the company...

Mangalore Refinery & Petrochemicals (MRPL) had a partial shutdown in the quarter due to which, throughput declined from 4.6mmt in Q4FY25 to 3.5mmt. Decline in oil prices resulted in inventory loss of USD2/bbl, worsening the reported GRM from USD6.23/bbl in Q4FY25 to USD3.9/bbl. Higher shutdown related costs further worsened EBITDA to Rs1.8bn (Ple Rs11.8bn, BBGe Rs10.9bn, -70% YoY, -84% QoQ). Poor EBITDA resulted in PAT loss of Rs2.7bn...

Rs451bn, BBGe: Rs445bn, +11% YoY, -2.1% QoQ) while adj PAT stood at EBITDA at Rs131.7bn was 8% down QoQ despite improvement in benchmark GRM and petrochem spreads, primarily due to partial shutdown and possible inventory losses. Retail EBITDA grew 11% YoY, -7% QoQ to Rs60.4bn. Jio ARPU...

We upgrade PLNG to Buy with a DCF-based TP of INR410/sh. According to our DCF analysis (WACC: 11.2%), at CMP, PLNG is pricing in an unrealistic scenario of a 20% decline in tariff at both the Dahej and Kochi terminals in FY28.

In FY25, gross refining margin reduced to $5.74/bbl from $9.08/bbl in FY24, owing to significant contraction in margin at Vizag, Mumbai and HPCL-Mittal Energy Ltd (HMEL) facilities to $5.63/bbl, $5.92/bbl and $9.27/bbl from $8.12 bbl, $10.35/bbl...