Refineries & Marketing industry

14 companies · ₹20.4 L cr · 7 with AI deep dives · Q1FY27 report

Hormuz shock meets frozen retail prices: PSU OMCs post net losses while private refiner hits 4-year O2C high

Margin pressurerevenue is growing but margin has fallen for 3 quarters to 3.5%

Revenue YoY: +27.6%
EBITDA margin: 3.5%; -620bps YoY
Price, 1 year: -14.6%; 33% of names up
P/E vs own 5y: +19.1%; 6.8x now

Exhibit 1The quarter in numbers

constant panel of 6 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	9.70 L cr	8.43 L cr	+15.0%	7.60 L cr	+27.6%	9.70 L cr	0.0%
EBITDA margin	3.5%	10.9%	-740bps	9.7%	-620bps	11.2%	-770bps

Revenue

Jun 26: 9.70 L cr
Mar 26: 8.43 L cr
QoQ: +15.0%
Jun 25: 7.60 L cr
YoY: +27.6%
Peak: 9.70 L cr
vs peak: 0.0%

EBITDA margin

Jun 26: 3.5%
Mar 26: 10.9%
QoQ: -740bps
Jun 25: 9.7%

Sept 26: 4 of 6 reported so far, so it is not in the trend above.

Breadth: 100% of 6 companies grew revenue year on year (was 83% a quarter earlier) and 33% expanded margin (was 83%).

Exhibit 2What it costs

5.67x - 17.94x across the panel today

The median name trades at 6.8x, +19.1% against this industry's own 5-year median of 5.7x, and -63.7% against its own peak of 18.7x.

Exhibit 3Structure

₹20.4 L cr

Reliance Industries Ltd is 79% of this industry by market cap. The top 5 are 98.9% and the top 10 are 100%.

large 4mid 2micro 86 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 6.79x, 5y ROCE above its median of 15.31%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (14 of 14)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Reliance Industries Ltd	₹16.3 L cr	21.6x	9.6x	9.7%	16.6%	+25.4%	Unlock
Indian Oil Corporation Ltd	₹1.8 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindAdministered retail pricing against $100+ crude wipes out PSU OMC marketing margins3 managements

All three listed PSU OMCs (IOC, HPCL, BPCL) reported net losses in Q1 FY27. HPCL quantified total under-recovery at >₹26,000 cr - ₹20,000 cr on MS+HSD and the remainder on LPG…

HINDPETRO (Q1 FY27): “The marketing under recovery for the whole quarter was upwards of INR26,000 crores…”

headwind4 managements tailwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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