All the three OMCs IOCL, BPCL and HPCL reported Q4FY19 earnings well above estimates due to a surge in marketing segment earnings (80-130% YoY) to recoup the massive inventory losses incurred in Q3. However, these margins have normalised from Q1FY20. GRMs across OMCs were muted, with BPCL trailing the pack due to steep underperformance at its Kochi refinery. We maintain BUY on IOCL but retain SELL on BPCL/HPCL due to...