Indian oil and gas sector projected to see 41% EBITDA growth

The Indian oil and gas sector is projected to see a 41.2% quarter-on-quarter increase in aggregate EBITDA for Q2FY27, reaching INR 973.9 billion. This growth is expected to be driven by oil marketing companies and a resilient upstream segment, despite higher LNG costs impacting city gas distribution firms.

In the gas trading market, the Indian Gas Exchange Limited (IGX) reported record volumes for the first half of fiscal year 2027, reaching 69.52 million MMBtu. This represents a 70.78% year-on-year increase. September 2026 also marked the exchange’s highest-ever monthly traded volume at 17.76 million MMBtu, a significant rise from previous records.

Crude oil prices experienced volatility, with Brent crude averaging US$91.4 per barrel in Q2FY27. While elevated prices support upstream earnings for entities like ONGC and Oil India, global refining margins remained high due to supply constraints and tight product balances.