Energy Sector — Q3 FY26 Earnings Overview
14 companies reported. 12 bullish, 1 neutral, 1 bearish.
Company Results
| Company | Revenue | YoY | Margin | Sentiment |
|---|---|---|---|---|
| Power Grid Corporation | ₹12,436 Cr | +7% | — | bullish high |
| Indraprastha Gas | ₹4,068 Cr | +8% | 12.0% | bullish high |
| Gulf Oil Lubricants | ₹1,018 Cr | +11.8% | 13.0% | bullish high |
| Alpex Solar | ₹648 Cr | +246.5% | 14.0% | bullish high |
| Insolation Energy | ₹575 Cr | +77% | 14.2% | bullish high |
| Shera Energy | ₹397 Cr | +30% | 5.6% | bullish high |
| GE Power India | ₹386 Cr | +21.8% | — | bullish high |
| Indian Energy Exchange | ₹146 Cr | +14% | 84.0% | bullish high |
| Inox Green Energy | ₹78 Cr | +51% | 24.0% | bullish high |
| Hindustan Oil Exploration | ₹75 Cr | — | 36.2% | bearish high |
| Power and Instrumentation | ₹49 Cr | +43.18% | 12.6% | bullish high |
| Orient Green Power | ₹36 Cr | — | 36.0% | bullish medium |
| RIR Power Electronics | ₹20 Cr | — | 4.2% | neutral medium |
| Oil and Natural | — | — | — | bullish high |
Key sector risks this quarter
HPCL has withheld ₹259 crore for crude oil sold in September 2025, citing contamination. Management is seeking amicable resolution but may need to resort to arbitration, delaying cash flows.
Hindustan Oil Exploration · highThe DNPL line hookup, expected by March 2026, may slip further, delaying the ramp-up of Dirok production.
GE Power India · highNo new FGD orders have been placed since the Ministry notification limiting installations; only ~8 GW of category A remains, with slow progress.
Oil and Natural · highDespite installation completion, any further delays in hook-up and commissioning could push first gas beyond Q1 FY27, impacting production targets.
Oil and Natural · highCrude oil prices declined 12% YoY to $61.63/bbl in Q3; sustained low prices could pressure revenue and profitability despite cost measures.