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Informist, Friday, Aug. 28, 2026

 

By Devanshu Singla

 

NEW DELHI – Indian energy companies significantly underperformed the broader Nifty 200 index in terms of net profit growth, dragged by losses at oil marketing companies. The 18 energy sector companies in the Nifty 200 index reported an aggregate net profit of INR 549.04 billion for Apr-Jun, down 22% on year, while revenue rose over 27% to INR 11.24 trillion. However, analysts had expected aggregate net profit to fall 71% on year to INR 201.40 billion, while revenue was expected to rise 22% to INR 10.78 trillion.

 

On an aggregate level, these energy companies underperformed the Nifty 200 index, which reported a 9% on-year net profit growth, but outperformed the broader index's 21% revenue growth. Among the 18 companies reviewed, 17 reported on-year revenue growth, while 10 companies reported net profit growth. 

 

Oil India Ltd. reported the highest net profit growth, at nearly 253% year-on-year, followed by GAIL (India) Ltd. at 128% and Adani Energy Solutions Ltd. at 113%. On the net sales front, Oil India led with a 59% increase, followed by Oil and Natural Gas Corp. Ltd. with a 45% growth, and Adani Energy Solutions Ltd. with 42%.

 

OIL AND GAS

The country's three state-owned oil marketing companies--Indian Oil Corp. Ltd., Bharat Petroleum Corp. Ltd. and Hindustan Petroleum Corporation Ltd.--reported net losses for the quarter. The losses resulted from lower marketing margins on sales of petroleum products, higher crude oil prices, and higher purchases of stock-in-trade. The losses came amid higher crude oil prices due to the war in West Asia, which increased the companies' crude procurement cost. 

 

However, the losses were sharply lower than Street expectations. Government compensation for under-recoveries on sales of petroleum products helped partially offset the losses. 

 

The combined net loss of Indian Oil, Bharat Petroleum, and Hindustan Petroleum was INR 181.5 billion, well below the analysts' expectation of INR 430.6 billion. Combined revenue was INR 5.53 trillion, above the Street estimate of INR 5.07 trillion. 

 

Reliance Industries reported a net profit of INR 209.46 billion on revenue of INR 3.09 trillion for the June quarter. While net profit was above the Street's expectation, revenue was below the estimate. 

 

However, the rise in crude oil prices was positive for companies engaged in the exploration and production of crude oil and natural gas, resulting in higher realisation. In the June quarter, crude oil prices averaged around $97 per barrel, compared with $67 per barrel in the year-ago quarter. The upstream oil companies Oil India Ltd. and Oil and Natural Gas Corp. Ltd. reported a combined net profit of INR 199 billion, sharply above analysts' estimate of INR 166 billion. The combined revenue was at INR 544 billion, beating Street expectations of INR 529 billion. 

 

GAIL (India) Ltd. surpassed analysts' expectations, helped by strong gas trading, gains from liquefied petroleum gas and hydrocarbons, and higher transmission volumes. A fall in losses from the petrochemicals business also supported profit growth. The company's net profit more than doubled on year to INR 42.92 billion. Revenue increased 12% on year to INR 389.53 billion. Both net profit and revenue were above Street estimates.  

 

POWER UTILITY

Of the 11 power companies in the Nifty 200 index, seven reported a net profit growth and 10 reported revenue growth, amid strong electricity demand in Apr-Jun due to an extended summer. The intense summer pushed peak power demand to 270 gigawatts in May. Only four of the 11 power companies reported net profit growth above that of the Nifty 200. 

 

Power generations companies including NTPC Ltd., Tata Power Co. Ltd., Adani Power Ltd., JSW Energy Ltd., and NHPC Ltd. reported a combined net profit of INR 129 billion, above the Street estimate of INR 108.7 billion. Net profit increased 17% on year, outpacing the overall energy sector. Combined revenue was INR 905 billion, slightly below the Street estimate of INR 910 billion. Revenue increased 9% on year from INR 828 billion.

 

Power transmission and energy players reported a mixed performance. Adani Energy Solutions was the biggest outperformer, with net profit doubling to INR 11.49 billion as revenues grew 45% to INR 97.11 billion. On the other hand, India's largest power transmission utility, Power Grid Corp. of India Ltd., reported net profit and revenue well below consensus estimates. The company's net profit was INR 34.11 billion, down 7% on year, while revenue slipped marginally to INR 97.95 billion. 

 

Coal India Ltd. reported net profit of INR 88.52 billion on revenue of INR 462.55 billion. While profit remained largely flat as the company's total expenses grew faster than revenue, higher average realisations and sales volumes supported revenue growth. 

 

The pure-play renewable energy company Adani Green Energy Ltd.'s net profit and revenue were significantly below Street estimates. The company's net profit for the June quarter was INR 8.45 billion, below analysts' expectation of INR 9.7 billion. Revenue was INR 44.31 billion, compared with the estimate of INR 47 billion.

 

Renewable energy solutions provider Suzlon Energy Ltd.'s net profit fell 6% to INR 3.05 billion, despite revenue growth of 22% to INR 38.29 billion. Net profit came in sharply below the Street estimate of INR 4.3 billion.

 

The following table shows the performance of the 18 companies from the oil and gas, power, and renewables segment in the Nifty 200 index vis-a-vis the consensus estimate for each company as well as the consensus estimate for the sector and the Nifty 200:

 

 

Company Name		Sales Apr-Jun 2026 Actual	Sales Apr-Jun 2025 Actual	Analysts Sales Estimate Apr-Jun 2026	Sales % Growth YoY	PAT Apr-Jun 2026 Actual	PAT Apr-Jun 2025 Actual	PAT Estimate Apr-Jun 2026	PAT % Growth YoY
	Sales beat analysts' estimate									PAT beat analysts' estimate
		(In INR Billion)				(In INR Billion)
NIFTY 200		31,746.43	25,064.18	29,742.77	21.12	3,512.96	3,147.68	2,958.13	8.6
Energy Sector	YES	11,240.25	8,828.89	10,782.16	27.31%	549.04	702.92	201.4	-21.89%	YES
COAL INDIA LTD.	YES	462.55	429.19	439.24	7.77%	88.52	87.97	86.88	0.63%	YES
NTPC LTD.	NO	438.32	425.72	479.33	2.96%	53.42	47.75	52.54	11.89%	YES
OIL AND NATURAL GAS CORPORATION LTD.	YES	464.61	320.03	452.13	45.18%	170.34	80.24	143.89	112.28%	YES
POWER GRID CORPORATION OF INDIA LTD.	NO	97.95	99.28	122.85	-1.34%	34.11	36.53	38.98	-6.63%	NO
RELIANCE INDUSTRIES LTD.	NO	3,094.68	2,436.32	3,150.23	27.02%	209.46	180.7	190.13	15.92%	YES
ADANI ENERGY SOLUTIONS LTD.	YES	97.11	68.19	80.94	42.41%	11.49	5.13	7.68	124.22%	YES
ADANI GREEN ENERGY LTD.	NO	44.31	38	47.07	16.61%	8.45	7.3	9.7	15.75%	NO
ADANI POWER LTD.	YES	189.02	141.09	160.85	33.97%	48.06	33.85	31.88	41.98%	YES
BHARAT PETROLEUM CORPORATION LTD.	YES	1,512.29	1,125.15	1,353.47	34.41%	-39.62	61.24	-118.86	-164.70%	YES
GAIL (INDIA) LTD.	YES	389.53	347.69	370.46	12.03%	42.92	18.86	16.11	127.55%	YES
INDIAN OIL CORPORATION LTD.	YES	2,624.36	1,929.71	2,406.25	36.00%	-26.61	56.89	-183.3	-146.78%	YES
SIEMENS ENERGY INDIA LTD.	YES	24.86	17.85	22.14	39.28%	4.41	2.63	3.53	67.83%	YES
THE TATA POWER COMPANY LTD.	YES	190.51	180.35	185.24	5.63%	11.76	10.6	11.49	10.95%	YES
HINDUSTAN PETROLEUM CORPORATION LTD.	YES	1,404.85	1,107.67	1,311.98	26.83%	-115.26	43.71	-128.43	-363.71%	YES
JSW ENERGY LTD.	YES	52.07	51.43	47.84	1.24%	4.71	7.43	2.38	-36.62%	YES
NHPC LTD.	NO	35.37	29.77	37.02	18.80%	11.13	10.72	10.37	3.88%	YES
OIL INDIA LTD.	YES	79.58	50.12	76.88	58.77%	28.7	8.14	22.13	252.83%	YES
SUZLON ENERGY LTD.	NO	38.29	31.32	38.23	22.27%	3.05	3.24	4.31	-5.89%	NO

 

 

End

 

Edited by Akul Nishant Akhoury

 

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