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Yes Securities Report
After witnessing a highly volatile FY23 in both crude and gas, FY24 has brought cheer for Indian oil and gas companies, given that most of them reported record profits.
We expect brighter prospects in FY25/FY26, but only after a potential downhill journey over FY24. Among the conducive factors are modest crude and LNG prices, higher sourcing of discounted crude, and greater domestic gas supplies.
Indian refiners' gross refining margins could come stronger to hold premiums to the benchmark, while possible lower crude prices and unchanged petrol and diesel retail prices could spell better marketing margins for oil marketing companies.
In a consumption-thirsty nation that India is, we expect significant volume growth across segments.
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