State-run oil marketing companies are expected to post a combined EBITDA loss of about Rs 60,000-62,000 crore year-on-year in Q1FY27, as the full impact of the West Asia supply shock, elevated crude prices, weaker rupee and sharp retail fuel under-recoveries hit their profit and loss statements despite strong refining margins, according to brokerage estimates. Dolat Capital said OMCs are likely to post an EBITDA loss of Rs 60,000 crore, a decline of 301% YoY and 251% QoQ. For perspective, this exceeds 50% of HPCL’s market capitalisation.