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Indian Oil, BPCL, Gujarat Gas Among ICICI Securities' Bets In Oil And Gas Sector Ahead Of Q1 Results
IGL and MGL may see strong YoY volume growth of 6%/10% while Gujarat Gas may see volume decline of 16%, adds ICICI Securities
07 Jul 2025, 09:52 AM IST 
![<div class="paragraphs"><p>OMCs’ Q1 FY26 performance could be stronger driven by higher GRM/marketing margins and lower LPG under recovery.</p><p>(Image: PilMo Kang/Unsplash]</p></div>](https://media.assettype.com/bloombergquint%2F2022-07%2Fe2392191-398e-4fa2-ad4e-ed1cd785a85e%2Fpilmo_kang_H72SCCTZPE8_unsplash.jpg?rect=0%2C329%2C4000%2C2250&auto=format%2Ccompress&fmt=avif)
OMCs’ Q1 FY26 performance could be stronger driven by higher GRM/marketing margins and lower LPG under recovery.
(Image: PilMo Kang/Unsplash]
City gas distribution Ebitda margins (Rs/scm) may improve QoQ due to fall in input (long term) gas cost linked to crude prices; Indraprastha Gas and Mahanagar Gas are likely to continue to show strong YoY volume growth. For utilities, volumes could show marginal improvement QoQ.
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