New Research Reports

PLNG’s 2QFY26 revenue/EBITDA came in line with our estimate at INR110b/11.2b. The company booked additional provisions of INR1.3b against UoP dues during the quarter.

In 2QFY26, Aegis Logistics (AEGIS) reported EBITDA of INR2.9b, beating our estimate by 13%, as the normalized EBITDA of the gas division came in 68% above our estimate, while that of the liquid division stood 15% below estimates.

Gulf Oil (GOLI) delivered 10.6%/3.2% YoY growth in EBITDA/PAT to INR 1.19bn/INR 0.87bn (I-Sec: EBITDA/PAT INR 1.29bn/INR 0.99bn).

Castrol India's performance was broadly in-line with our expectations. Castrol's sales increased by 6% YoY, led by 9% YoY volume growth on the back of strong volume growth in the industrials segment (double digit) and CV segment (+8% YoY), while Personal Mobility grew 6% YoY. EBITDA increased by 13% YoY to Rs3.2bn, with EBITDA margin expanding by 148bps YoY to 23.7%, primarily aided by a fall in base oil prices and forex volatility, showcasing strong cost management. The Management remains focused on expanding the distribution network and deepening penetration in the Industrials segment and high margin...

Castrol (CSTRL)’s 3QCY25 performance was in line. EBITDA margin expanded 150bp YoY/30bp QoQ. Volumes were in line at 59m liters (up 7% YoY).

IOCL reported Q2FY26 EBITDA/APAT of Rs167.3/76.2bn, beating our estimates by 28%/52% on the back of better refining margins and lower opex. Core GRM of USD8.9/bbl was better than our estimate of USD7/bbl, while blended marketing margin seems largely inline.

IOCL’s EBITDA came in 51% above our estimate in 2QFY26 due to higher-thananticipated GRM (USD10.7/bbl). Blended marketing margin also came in 19% above our estimate at INR6.2/liter.

We attended a group interaction of investors with IOCL management. Laying out his vision of a comprehensive roadmap for growth, Chairman MR AK Sawhney highlighted with the acronym SPRINT – Strengthening core business, Propel cost optimisation, Reinforce customer centricity, Integrate tech & innovation, Nurture leadership and be Transition ready.

Market Leadership: Largest private lubricant player with 220 million liters installed capacity and 20% market share in the automotive segment. Multinational parentage with technology leadership: Backed by BP Plc, Castrol leverages global expertise, advanced formulations, and continuous innovation to sustain its market leadership. Well-entrenched distribution and marketing capabilities: 400+...

We recently upgraded PLNG to BUY (Tide is turning, slowly) on inexpensive valuations and strong upcoming capacity growth.

IOCL’s EBITDA/PAT came in 16%/20% below our estimates in 1QFY26, impacted by higher-than-anticipated refining inventory loss (USD4.8/bbl).

Indian Oil Corporation (IOCL) reported refining throughput of 18.7mmt with reported GRM of USD2.15/bbl, led primarily by inventory losses. Domestic marketing sales volume stood at 22.4mmt with implied gross marketing margin (GMM) of Rs8.3/lit. Reported standalone EBITDA came in at Rs126.1bn (Ple Rs172bn, BBGe Rs156bn, +46% YoY, -7% QoQ), YoY rise primarily led by rise in GMM. Standalone PAT came in at Rs56.9bn (Ple Rs92.9bn, BBGe Rs86.3bn). Petrochem EBIT stood at a loss of Rs10.2mn. While GRMs remain subdued at...

Gulf Oil (GOLI) delivered 8.9%/9.8% YoY growth in EBITDA/PAT to INR 1.27bn/INR 0.97bn (I-Sec: EBITDA/PAT INR 1.28bn/INR 0.99bn).

In 1QFY26, AEGIS reported EBITDA of INR2.4b, missing our estimate by 14% as normalized EBITDA of Liquid division came in 33% below our estimate, while that of gas division stood 11% above estimates.

Castrol India's revenue and EBITDA exceeded our expectations. Castrol's sales increased by 7% YoY, led by 8% YoY volume growth on the back of strong volume growth in the industrials segment (+13% YoY) and rural geographies (+12% YoY). Personal Mobility and CVs reported high single digit volume growth. EBITDA increased by 8% YoY to Rs3.5bn, with EBITDA margin expanding by 28bps YoY to 23.4%, primarily due to lower A&P spends and price hikes. Management remain focused on expanding the distribution network and deepening penetration in the Industrials segment. Castrol has gained 40bps...

PLNG’s 1QFY26 revenue came in line, while EBITDA was 5% below our estimate at INR11.6b. Marketing margins missed our estimate as spot volumes were nil for the quarter, owing largely to muted power demand. PAT came in line with our estimate as other income was above estimate.

Total volume stood at 220TBtu (Ple 205 TBtu, -16% YoY, +7% QoQ). However, the company took an impairment of Rs1.4bn during the quarter on account of take-or-pay. As a result, despite higher-than-estimated volume, the company...

We upgrade PLNG to Buy with a DCF-based TP of INR410/sh. According to our DCF analysis (WACC: 11.2%), at CMP, PLNG is pricing in an unrealistic scenario of a 20% decline in tariff at both the Dahej and Kochi terminals in FY28.

In Q4FY25, Petronet's consolidated revenue declined 10.7% YoY to Rs. 12,316cr, primarily due to delayed capacity expansion and lower volume processed. The Dahej terminal processed 189 trillion British thermal units (TBTU) of LNG, a 13.7%...