New Delhi, Jan. 9 -- The oil and gas (O&G) sector, which houses some of the biggest companies of Dalal Street, is expected to report a strong operational performance in the third quarter of the financial year 2025-26 (Q3 FY26), led by oil market companies and Reliance Industries.

Nuvama Institutional Equities, in a note, said that it forecasts O&G's Q3FY26E aggregate EBITDA to jump 17% YoY, led by OMCs/RIL/CGDs, partially offset by ONGC and gas utilities. At the same time, Prabhudas Lilladher (PL) Capital sees O&G's Q3 EBITDA growing by over 13% YoY.

Oil refining and marketing companies are expected to post a strong show in Q3, as average oil prices declined by 10% YoY, while retail sales were unchanged.

"Due to elevated product cracks...