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Operating profit of oil marketers set to jump over 50 pc to in FY26: Crisil Ratings
The Business Guardian
|November 22, 2025
Oil marketing companies (OMCs) are poised for a sharp rebound, with operating profits expected to surge more than 50 per cent to USD 18-20 per barrel this fiscal year, driven by stronger marketing margins amid stable retail fuel prices and supportive crude oil dynamics, Crisil Ratings said on Friday.
OMCs earn from refining (gross refining margins or GRMs) and from marketing of petrol, diesel, and other fuels.
“This fiscal, the improvement in marketing margin will more than offset a moderation in refining margin owing to slow growth in global demand for fossil fuels as the world transitions towards cleaner energy sources,” Crisil Ratings said in a note.
Healthy profitability is set to bolster cash accruals to Rs 75,000-80,000 crore, compared with about Rs 55,000 crore last fiscal year. The stronger cash flow will support the sector’s planned Rs 90,000 crore capex, largely focused on brownfield expansion and domestic demand-driven projects.
Crude oil prices are expected to soften to USD 65-67 per barrel, keeping GRMs modest at USD 4-6 per barrel.
This story is from the November 22, 2025 edition of The Business Guardian.
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