Refineries & Marketing industry
14 companies · ₹22.4 L cr · 5 with AI deep dives · Q1FY27 report
Hormuz shock peaks revenue but collapses PSU marketing margins 740 bps QoQ, exposing administered-pricing trap
- Revenue YoY
- +27.6%
- EBITDA margin
- 3.5%
- -620bps YoY
- Price, 1 year
- -0.4%
- 50% of names up
- P/E vs own 5y
- +63.9%
- 8.9x now
Exhibit 1The quarter in numbers
constant panel of 6 companies above ₹500 cr- 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%
- Jun 26
- 3.5%
- Mar 26
- 10.9%
- QoQ
- -740bps
- Jun 25
- 9.7%
- YoY
- -620bps
- Peak
- 11.2%
- vs peak
- -770bps
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
6.34x - 20.28x across the panel todayThe median name trades at 8.9x, +63.9% against this industry's own 5-year median of 5.5x, and -52.2% against its own peak of 18.7x.
Exhibit 3Structure
₹22.4 L crReliance Industries Ltd is 79.4% of this industry by market cap. The top 5 are 99% and the top 10 are 100%.
Exhibit 4Screen
P/E below the sub-industry median of 8.93x, 5y ROCE above its median of 16.89%, 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.
See plans →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.
- Mcap
- ₹1.3 L cr
- P/E
- 7.7x
- EV/EBITDA
- 4.0x
- ROCE
- 25.3%
- Margin
- 8.4%
- Rev YoY
- +23.1%
- Mcap
- ₹74,687 cr
- P/E
- 45.1x
- EV/EBITDA
- 3.8x
- ROCE
- 1.5%
- Margin
- 6.8%
- Rev YoY
- +20.8%
- Mcap
- ₹30,828 cr
- P/E
- 10.1x
- EV/EBITDA
- 7.0x
- ROCE
- 25.6%
- Margin
- 6.1%
- Rev YoY
- +98.3%
- Mcap
- ₹23,434 cr
- P/E
- 5.8x
- EV/EBITDA
- 5.3x
- ROCE
- 44.2%
- Margin
- 7.0%
- Rev YoY
- +57.1%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Geopolitical conflict blocked Arabian Gulf crude flows. IOC's all-in procurement cost reached approximately $10/bbl over Brent at the peak versus normal Brent-minus-$1-to-$2…
- IOC (Q1 FY27): “Before the war, generally, IOC was buying Brent minus $1 or $2 in the market... we had a…”
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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