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ICICI Securities Report
ICICI Securities remains selectively positive on the oil and gas sector following the Q4 FY26 earnings season, highlighting that strong performance by oil marketing companies and city gas distributors drove overall growth.
Q4 FY26 Ebitda/PAT improved 22%/31% YoY (+2%/-4% QoQ) for the brokerage's oil and gas coverage universe, excluding Reliance Industries Ltd. and Gujarat State Petronet Ltd.
The rise in Ebitda was driven by strong YoY growth in oil marketing companies, city gas distribution and Gulf Oil Lubricants, with upstream and utility reporting relatively weaker operating profit.
The ongoing US-Iran conflict blocking the Strait of Hormuz has impacted LNG shipments from Qatar and 15–20mb/d of global oil flow in Mar'26, dragging March performance.
Absent this event, ICICI Securities believes Q4 FY26 would have been even stronger for the sector. Having said that, the persistently high oil and gas prices/tight supplies could impact Q1 FY27E performance materially for the sector.
The brokerage remains selective, with ONGC, Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. top picks as of now.
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