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According to PL Capital, oil and gas sector's Q4 FY26 performance is expected to remain subdued due to Middle East disruptions.
While aggregate sales are likely to grow ~7.0% QoQ, Ebitda and PAT are expected to decline by ~10.5% and ~17.6% QoQ, respectively.
Upstream companies are the biggest beneficiary of higher crude prices with +19.7% QoQ Ebitda growth. Standalone refiners are expected to benefit from stronger crack spreads and hence MRPL Ebitda is expected to rise by ~13.6% QoQ.
In contrast, oil marketing companies, city gas distributions, and gas utilities are expected to remain under pressure.
OMC Ebitda/PAT are expected to decline ~33.4%/~43.1% QoQ, while CGD and gas utility Ebitda are expected to fall by ~13.0%/~19.0% QoQ.
Reliance Industries Ltd.'s standalone Ebitda is expected to decline ~5.0% QoQ due to higher freight costs, while Reliance Jio and Retail are expected to grow ~3.3% & ~1.5% QoQ, respectively.
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