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Oil And Gas Q2 Review: OMCs Drive Overall YoY Strength; Gas Companies See Lower Margin: ICICI Securities
ICICI Securities remains positive on downstream names and selective on the gas space; but upstream may remain under pressure in the near term.
20 Nov 2025, 12:51 PM IST 
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IGL, MGL delivered strong volume growth of ~3%/14% YoY while Gujarat Gas’ volume were muted due to weaker performance at Morbi.
(Photo Source: PilMo Kang/Unsplash)
Oil marketing companies reported Ebitda/PAT of Rs 312.5 billion/Rs 178.8 billion for Q2 FY26 – up 2.8x/8.9x YoY (+5%/11% QoQ). The three CGDs – Indraprastha Gas, Gujarat Gas and Mahanagar Gas – delivered weaker earnings in Q2 FY26.
