Refineries
Refineries
from 373 today
We reiterate BUY on OMCs as they offer the strongest earnings recovery within our coverage once Hormuz reopens, with very attractive valuations at 3.6x-3.8x 1HFY29E EV/EBITDA.
We upgrade the stock to “Accumulate” from “Reduce” led by core GRM of USD19.1/bbl in Q1FY27 despite peak SAED impact and narrowing LPG under-recovery coupled with expected government support. We value the stock at 0.8x FY28E P/BV and revise our TP to INR147.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
