HPCL is doubling its existing capacity at the Visakh refinery from 8.3mmtpa to 15mmtpa by FY21 (Outlay Rs. 210bn) and increasing it from the current 7.5mmtpa to 9.5mmtpa (Outlay Rs 50bn) at its Mumbai refinery. This will drive the earnings of the refinery business. OMCs could not take any price hike to compensate for the rising product prices till mid-May in an election-packed environment. Now onwards, normative margins will be restored allowing HP to be the largest beneficiary as its earnings are highly sensitive to changes in the marketing margins (EBITDA contribution of ~60% vs 55/44% for BP/IOC). Our SOTP target is Rs 346 (6x Mar 21E EV/e for standalone refining and pipeline, 7x EV/e for marketing and Rs 57/sh from other investments). We prefer HPCL among the OMCs given the (1) Impending 55% refinery capacity addition to 24.5mmt by FY21E, vis-a-vis no visibility on additional capacities for other OMCs (2) Restoration of marketing margins post elections that will benefit HPCL the most as this business contributes ~60% to its EBITDA. Maintain BUY.