In Q4FY26, IOCL and HPCL clocked 53-55% year-on-year Ebitda growth to ₹20,700 crore and ₹8,980 crore, respectively. BPCL’s Ebitda grew by 34% to ₹10,000 crore. Earnings got a boost from inventory gains on cheaper crude purchased before the war being valued at current market price, and 3-6% higher sales volumes. Last quarter, HPCL commissioned its residue upgradation facility at its Vizag refinery, which should improve its margin by $2 per barrel from Q2FY27. IOCL is expected to complete its three refining expansion projects by FY27-END, raising its capacity by about 17 million tonnes per annum (mtpa) to 98 mtpa.
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