Three state-owned oil marketing companies (OMCs) earned nearly 39% of their entire FY26 profit in the September quarter alone, with combined standalone net profit jumping 68.3% year-on-year to Rs 30,106 crore, as stronger refining earnings drove a sharp recovery despite continued pressure on retail fuel sales. The July-September earnings were equivalent to nearly 39% of the Rs 77,281-crore combined profit reported by Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) for the whole of FY26. The turnaround was particularly significant as these firms had together reported a loss of Rs 18,150 crore in the year-ago period.