Oil India — PL Capital's Top Pick To 'Buy' In Oil And Gas Space; Q1 Results Preview

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PL Capital Report

Led by lower oil prices, sales of oil marketing companies is expected to decline by 5% YoY. However, expansion in marketing margins primarily is expected to result in the companies reporting a staggering 122% rise in Ebitda in Q1 FY26. Upstream companies ONGC and Oil India are expected to report 8% YoY decline in combined sales, with flat Ebitda.

Decline in YoY sales of Reliance Industries is arrested due to better contribution from non-oil segments. RIL is expected to report 16% YoY rise in Ebitda driven by all segments.

Overall, the sector is expected to result in 4% YoY decline in revenues. Driven primarily by the better contribution from the OMCs and RIL, the sector however, is expected to show 29.7% YoY rise in Ebitda.

Aggregate PAT is expected to register 54% YoY rise, driven primarily by OMCs and RIL.

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