Buy

HPCL’s 2QFY26 EBITDA came in at INR76.2b (29% beat), aided by a higher-thanestimated reported GRM of USD8.9/bbl (48% beat). GRM, adj. for inventory gains, stood at USD8/bbl.

*over or under performance to benchmark index Reliance Industries Ltd (RIL) manufactures petrochemicals, synthetic fibres, fibre intermediates, textiles, blended yarns and polyester staple fibres. Its petroleum refinery-cum-petrochemicals complex in Jamnagar, Gujarat, produces gasoline, superior kerosene oil and liquefied petroleum gas, among other products....

PCBL Chemicals has shared its Vision 2030 at the group Analyst Day event held on 8th Sep'25, wherein it intends to 2x the revenues by 2030 vs. 2025, grow EBITDA to 3x and target PAT of 5x. All this will be achieved amidst calibrated capex spends (~ 3,000 crore over a 5-year period) with Net...

RJio has reached the milestone of 500m subscribers (~498m at Jun’25 end) and accelerated the pace of home broadband net adds to 1m+ per month.

BPCL’s Q1FY26 EBITDA/PAT of INR 96.6bn/INR 61.2bn jumped 71%/2x YoY (+24%/91% QoQ). This was despite a USD 3/bbl YoY dip in GRMs, as stronger marketing earnings and higher other income have offset the GRM weakness.

HPCL’s Q1FY26 standalone EBITDA/PAT of INR 76bn/INR 43.7bn rose 3.6/12.3x YoY (+31/+30%QoQ), vs. I-SecE of INR 82/48.4bn, respectively.

HPCL’s 1QFY26 EBITDA was 9% below our est., led by lower-than-estimated GRM (USD3.1/bbl). GRM, adj. for inventory gains, stood at USD6.5/bbl.

flat both on QoQ and YoY basis. In the CB segment, volumes grew 3% stable QoQ, but lower YoY, primarily due to pricing pressure from increased dumping by Russian players in the domestic market. Going forward, realization is expected to remain largely stable. Power segment delivered strong...

HPCL reported better than expected Q4FY25 earnings, with SA EBITDA/PAT of Rs57.3/33.5bn – at a sizable beat, driven by better-than-expected GRMs as well as marketing margins.

BPCL’s Q4FY25 performance was much better than expected. SA EBITDA/APAT was down 15%/18% YoY to Rs78.1/45.5bn, albeit at a significant beat, driven by reported GRM of USD9.2/bbl (Emkay: USD6/bbl).

HPCL reported better than expected Q3FY25 earnings with EBITDA/PAT of Rs64.5/30.2bn, a 10%/19% beat, driven by better-than-expected GRMs and marketing volumes.

HPCL’s reported 3QFY25 financial performance was significantly above our estimates, as weaker-than-expected marketing margin performance was overpowered by robust refining margins and marketing sale volumes.

Company has total installed capacity of 678,000 MTPA of Rubber Black and 92,000 MTPA of Specialty Black which is set to cross total 1,000,000 MTPA by FY27 (increase of ~30%) spread across 5 locations in India.
Blended margins (EBITDA / MT) has been increasing Y-o-Y on account of increase in exports as well as product mix (performance and specialty chemicals).

Q2 results were broadly in line with muted expectations, earnings likely bottomed out but softness may persist for couple of quarters

HPCL’s Rajasthan Refinery (HRRL) is set to start operations in FY26 and will add ~30% to HPCL’s refining capacity. At peak capacity utilization (likely in FY28), HRRL will contribute ~37% to HPCL’s FY26E EBITDA.