The oil and gas sector is set for a mixed performance in the July-September quarter of 2025 (Q2FY26), with strong earnings expected from refiners and marketing companies, while gas utilities may face pressure on profitability.

Reliance Industries:

Reliance has already reported its numbers, with the refining segment performing strongly. Despite some moderation in petrochemical margins, the company delivered overall solid numbers.

Marketing Companies (BPCL, HPCL & IOCL):

Marketing companies are expected to post robust year-on-year earnings growth, driven by elevated marketing margins. On a quarter-on-quarter basis, however, margins have softened:

Diesel margins jumped 39% year-on-year

Aviation Turbine Fuel (ATF) margins rose 22% year-on-year

LPG margins increased 4% year-on-year, tho

See Full Page