Archive · 9 Jan 2026
Oil and Gas Sector Q3FY26 Results: Strong OMCs, Mixed Outlook
The oil and gas sector in India is expected to perform well in the third quarter of the financial year 2025-26.
Companies like Reliance Industries and oil marketing companies (OMCs) are likely to see a big increase in their earnings.
This is because the prices of oil products have gone up, and there are some benefits from the government.
However, companies that produce oil, like ONGC, might see a decrease in their earnings because the price of crude oil has gone down.
Gas companies are expected to have a mixed performance, with some doing better and others facing challenges.
Oil and gas sector expected to report strong operational performance in Q3FY26.
OMCs forecasted to lead with a 31-141% YoY EBITDA growth due to strong refining margins.
Reliance Industries expected to see a 9% YoY rise in consolidated EBITDA.
Upstream companies like ONGC and Oil India likely to face earnings pressure due to declining crude oil prices.
Gas companies expected to have a mixed performance, with some showing improvement and others facing challenges.
- Who
- Oil and gas companies including OMCs, Reliance Industries, ONGC, and gas utilities
- What
- Expected strong operational performance in Q3FY26
- When
- Third quarter of the financial year 2025-26
- Where
- India
- Why
- Due to elevated product cracks, strong refining margins, and other factors
- Sector
- Oil and Gas
- Forecast Period
- Q3FY26
- Expected EBITDA Growth
- 13-17% YoY
- OMCs EBITDA Growth
- 31-141% YoY
- RIL EBITDA Growth
- 9% YoY
- ONGC EBITDA Decline
- 10% YoY
- Singapore GRM
- $4.9/bbl
- LPG Compensation
- ₹50 billion