New Delhi, July 9 -- India's oil marketing companies (OMCs) are likely to report losses in the first quarter of FY2026-27 as elevated crude oil prices, a weaker rupee and inventory losses outweighed the benefit of record refining margins, according to a report by Equirus Securities.

The report said the June quarter is the period when the supply shock that began in March is expected to fully reflect in the financial performance of energy companies.

"1QFY27 is a quarter where March's supply shock finally lands on P&L," the report said.

According to Equirus, while the disruption during the previous quarter affected only the closing weeks, the first quarter of FY2026-27 absorbed a full three months of higher crude oil prices, rupee depreci...