OMCs Indian Oil

India's three state-run fuel retailers earned a combined standalone net profit of Rs 30,106 crore in the July-September quarter, nearly 39 per cent of their annual earnings, after a refining margin boost and inventory gains helped more than offset losses on fuel sales and a mounting unpaid LPG subsidy bill. The combined profit of Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) is 68.3 per cent more than their earnings in the same period last year and a swing from a combined loss of about Rs 18,150 crore in the previous April-June quarter, according to company filings. The July-September quarter alone equals about 39 per cent of the three companies' combined FY26 (April 2025 to March 2026 financial year) profit of Rs 77,281 crore. The boost in earnings came despite petrol and diesel prices remaining on freeze since May and unchanged domestic LPG rates since March, despite a surge in benchmark prices and input crude

Indian Oil reported a 56.6 per cent Y-o-Y increase in net profit to ₹11,377.51 crore, compared with ₹7,264.85 crore in the corresponding quarter of the previous fiscal

In the past one month, the stock price of BPCL (down 28%), IOC (27%) and HPCL (25%) tanked over 24% owing to rising crude oil prices amid the Iran war.

Analysts have revised their forecasts for oil & gas prices for the remaining part of 2026 as developments in West Asia continue to unfold.

Mitsui O.S.K. Lines is holding talks with Indian OMCs for joint ownership of oil carriers as it plans to expand its India-flagged fleet by 60-70% amid rising focus on domestic shipbuilding

Technically, HPCL, BPCL stock seem to be favourably placed on the charts with key support at ₹ 324 and ₹ 255, respectively. IOC stock chart however flags a caution sign.

Ethanol is produced largely from sugarcane-based molasses or grain-based sources as feedstock in India

Analysts at CLSA believe that HPCL, BPCL and IOC were pricing-in much higher than historical marketing margins, and a notable premium to the global peers

Macro conditions could improve and valuations are already low

A 19 kg LPG cylinder will cost Rs 1,680 in Delhi, Rs 1640.50 in Mumbai, and Rs 1,805.50 in Kolkata

The excess production is a major issue as mills had planned to expand ethanol production

In past three months, IOC, BPCL and HPCL have underperformed the market by falling 10% to 19% against a marginal 0.22% decline in the Sensex

IOC, HPCL and BPCL were up 3% to 5% on BSE in intra-day trade in otherwise weak market

BPCL and HPCL were down in the range of 1%-2% against 0.54% gain in Sensex.