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Manthan – Oil & Gas – It’s Belle Epoque^ for the OMCs!

Published on 27 Jan 2026

Heightened global geo-political turbulence, depreciating rupee, combined with concerns of excise duty hike and its absorption by the Oil Marketing Companies (OMCs) resulted in their stock prices nosediving by 3-15% over the past month. After all, if history is anything to go by, the OMCs have never made good profits consistently. So, after a handsome FY26E, despite under-recoveries on LPG, would they be allowed to mint in FY27E as well? OMCs seem to be in a Belle Epoque.
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