Our TP is Rs 227/sh (6x Dec-20E standalone + Rs 82 from investments). Maintain BUY. OILs stock price has underperformed (-35%) the broader market (+4%) since Jan-18 (1) In the anticipation of subsidy sharing in a rising oil price environment and (2) Lower allocation of petroleum subsidy in the FY19 budget. The current stock price factors in the subsidy burden on the domestic Exploration and Production (E&P;) companies.