Oil, Gas Q2 Results Preview - Sector Hit By Weak GRM, Gas Margin Woes: Nirmal Bang

Nirmal Bang Report

GAIL India Ltd. leads with 23.3% YoY surge in Q2 FY25 PAT on the back of:

1. improved operations,

2. growth in Gas Transmission volume,

3. surge in Ebitda from Gas Transmission/Gas trading/LPG and HC segments and

4. reversal in Petchem segment from loss to profit.

Oil marketing companies are likely to see 29%-42% YoY plunge in earnings due to weak gross refining margins and LPG buffer deficit (govt compensation may temper this with a lag).

HPCL will be the worst hit with Q2 FY25 PAT crashing 42% YoY. BPCL/HPCL will likely report 29.3%/29.9% YoY decline in PAT.

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