India Oil & Gas: A well navigated quarter and a strong resilience

研报英文原文证据摘录

India Oil & Gas: A well navigated quarter and a strong resilience

3 August 2026

India Oil & Gas EquitiesOil & Gas

A well navigated quarter and a strong resilience India

◆ 1QFY27 a better-than-expected quarter led by robust refining Saurabh Jain*

margins and finished product inventory gains. IOCL outshines Analyst, India Materials and Energy

HSBC Securities and Capital Markets (India) Private Limited

saurabh2jain@hsbc.co.in

◆ Expect improved earnings from 2Q onwards; OMCs can +91 22 6164 0691

generate a positive cash flow at a Brent of USD90/b Puneet Gulati*, CFA

Senior Analyst, India Energy, Property & Infra

◆ Maintain Hold on BPCL, HPCL and IOC as lower crude benefits HSBC Securities and Capital Markets (India) Private Limited

puneetgulati@hsbc.co.in

in a small way given risks of a rollback in relief measures +91 82 9189 7591

Evan Li*

IOCL/BPCL reported better-than-expected 1QFY27 driven by – 1) strong refining Head, Asia Energy Transition Research

margins as they benefitted from robust product cracks and 2) inventory gains on finished The Hongkong and Shanghai Banking Corporation Limited evan.m.h.li@hsbc.com.hk

products for IOCL (~INR150bn) which more than offset crude inventory losses, and gains +852 2996 6619

of ~NR30bn for BPCL. IOCL reported an EBITDA profit of INR20bn while a PAT loss of

INR27bn while BPCL reported an EBITDA/PAT loss of ~INR40bn. HPCL was the * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

weakest with an EBITDA/PAT loss of INR161bn/INR115bn due to ~INR260bn under- not registered/ qualified pursuant to FINRA regulations

recoveries on the auto fuels/LPG and relatively lower refining margins. We note ~USD20-

25/b of Special Additional Excise Duties (SAED) in the reported GRMs, hence net GRMs

for IOCL/BPCL of ~USD15-17/b.