Oil companies' profits reflect normal refining margins, not crisis windfall, amid Hormuz disruption

Oil companies made a lot of money, but it's not a "crisis windfall." They earned ₹77,821 crore in FY 2025-26, which is just normal profits. This looks like a big jump because last year they had to cover extra costs for cooking gas. Officials say, "earnings must be viewed against the size of operations."