Oil & Gas Q3FY26: Mixed Performance Expected, Refining Strong, Upstream Weak

• The oil and gas sector anticipates mixed Q3FY26 results, with strong refining gains offsetting upstream weakness.
• Singapore GRMs surged by 97% to $7.5/barrel, while Brent crude prices fell to $63.6/barrel, impacting company earnings.
• Reliance Industries expects strong Q3FY26, driven by its O2C business and higher refining margins, with 5% QoQ EBITDA growth.
• OMCs (HPCL, BPCL, IOCL) project 9-18% QoQ EBITDA growth due to stronger refining margins and LPG compensation.
• Upstream companies (ONGC, Oil India) face weaker results from lower crude prices, while CGD companies show healthy earnings.

Why It Matters: Q3FY26 for oil and gas shows strong refining but weak upstream, with investor focus on management outlook.