• Overall refinery upliftment rose 29.0% YoY in Feb’26, driven by higher MS, HSD and FO offtake.
• HSD upliftment improved 43.7% YoY to 458k tons, reflecting stronger domestic demand, effective curtailment of Iranian inflows and higher HSD throughput. MS upliftment also improved 16.9% YoY to 223k tons, reflecting stronger domestic demand and higher MS throughput.
• Refinery FO sales increased 14.3% YoY to 162k tons, with a significant portion of production likely exported at a loss, as indicated by weak local demand. Per OMC data, FO sales declined by 16.4% YoY to 44k tons, largely due to reduced FO-based power generation amid lower hydel flows.
• Refinery upliftment in 8MFY26 remained strong at 7.1mn tons, up 12.5% YoY, driven by higher MS and HSD offtake, which increased by 11.8% and 22.7% YoY, respectively.

 Company-wise volumes and market share

• ATRL’s sales stood at 98k tons in Feb’26, down 5.5% YoY. MS and FO sales declined 0.5% and 76.7% YoY, respectively, while HSD sales rose 14.3% YoY, supported by stronger domestic demand and reduced Iranian inflows. This came despite ATRL continuing to face crude supply curtailments from northern fields, as reflected in lower MS offtake. Consequently, ATRL’s market share declined to 11.1%, below its historical average of 13.7%.
• PRL’s sales however improved by 55.4% YoY to 147k tons in Feb’26, as MS, HSD and FO volumes increased 61.1%, 46.9% and 67.6% YoY, respectively.
• NRL’s sales, surged 51.7% YoY to 113k tons in Feb’26, driven by sharp increases in MS (+63.6%), HSD (+77.8%), due to a planned ATA in SPLY.
• CNERGY’s sales also improved by 81.8% YoY to 135k tons in Feb’26, as MS, HSD and FO volumes improved by 79.2%, 96.1% and 62.6% YoY, respectively.

Courtesy – AHL Research