With OMC stocks trading at 4.5-5.5x core EV/EBITDA, we believe the above concerns are priced in. Maintain BUY on IOCL and BPCL with SOTP based target price of Rs 503/share and Rs 585/share. Upgrade HPCL to BUY from Neutral with SOTP based target price of Rs 458/share, driven mostly by the correction. Concerns on weak marketing and refining margins, rising crude prices, and lower budgetary allocation for petroleum subsidy have hit Oil Marketing Companies (OMCs). Stocks have fallen 10-21% over the trailing six months. However, implied gross marketing margins on Diesel and Petrol have pulled back substantially. Singapore GRM have also recovered, and we are confident on government NOT imposing subsidy burden on OMCs when they are rolling out capex. Hence, OMCs provide an attractive buying opportunity.