Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available for companies in Industry - Exploration & Production.
Broker Research reports: latest Downgrades
for Industry - Exploration & Production
New Well Gas (NWG) expected at 2.6bcm in FY26 with sharply lower oil price realization of USD66.1/bbl in Q1 vs USD73.7/bbl in Rs322bn). EBITDA of Rs186.6bn (-2% QoQ) was in-line with our estimate of 187.6bn & consensus of Rs182bn. Lower DDA/write-offs of Rs80bn vs Rs111bn in the previous quarter was partially countered by lower other income of...
Bangladesh. Total other expenditure stood at Rs16.9bn against Rs16bn in Q4FY25 and Rs14.5bn in Q1FY25. Due to the higher other expenditure, EBITDA declined 19% QoQ to Rs16.1bn (Ple Rs24.4bn, BBGe Rs22.8bn) despite only 9%...
Oil India’s (OINL) 4QFY25 revenue came in 7% above our estimate at INR55.2b (flat YoY), as both oil and gas sales stood above our est. Oil realization was USD74.9/bbl (vs our estimate of USD75.9/bbl).
realization and flat gas realization combined with growth in oil sales, sales grew by 2.8% QoQ. However, higher other expenditure led to EBITDA of Rs19.8bn, -7% QoQ (PLe Rs20.9bn, consensus Rs22.7bn). Lower than expected...
Oil production in KG-Basin to ramp up from 35kbopd to 45kbopd Mixed production profile of standalone oil (+0.4% QoQ) and gas (-1.9% QoQ) combined with marginally higher oil price realization of USD73.7/bbl in Q4 vs USD72.6/bbl in Q3FY25 resulted in revenues of Rs349.8bn, +3.8% QoQ. EBITDA of Rs190bn (+0.2% QoQ) was 3.8% higher than our est of 183.2bn & consensus of Rs179.7bn. Much higher DDA led by write-offs resulted in PBT declining by 20% QoQ to Rs88bn (PLe Rs107bn) despite growth in rev. PAT stood at...
Oil India clocked Q3FY25 SA EBITDA of Rs21.3bn – a 5% miss, mainly on the 3% revenue miss due to lower realizations, crude sales. SA PAT of Rs12.2bn missed our estimates by 19% on lower Other Income.
ONGC’s Q3FY25 SA EBITDA came in at Rs170.4bn, a 4% beat to our estimate, mainly led by higher-than-expected revenues. RPAT at Rs82.4bn was a 4% miss on higher DD&A; and lower other income.
ONGC’s 3QFY25 EBITDA was in line with our estimate at INR189.7b, as crude oil/gas sales came in line. Both crude oil and natural gas production trends were flat QoQ.
ONGC’s reported EBITDA stood at INR182b (flat YoY) in 2QFY25, in line with our estimate. PAT was 30% above our estimate, mainly aided by higherother income.
Oil India’s (OIL) adjusted EBITDA of INR 23.3bn was down 13% and PAT of INR 16.1bn was up 4%, ahead of I-sec estimates of INR 22.9bn EBITDA and INR 15bn PAT. Consolidated EBITDA of INR 22.7bn and PAT of INR 14bn declined sharply by 54% and 50% YoY respectively, due to fire at Numaligarh Refinery (NRL) leading to shutdown of the plant for 75 days and a loss of INR 776mn for the quarter (vs Q4FY23 PAT of INR 7.7bn).
ONGC has reported a strong 22% YoY improvement in standalone EBITDA and 26% YoY rise in PAT of Rs191.8bn (I-Sec estimate of EBITDA: Rs213bn and PAT of Rs122.4bn) in Q3FY23. Consolidated EBITDA and PAT of Rs222.5bn and Rs115bn were flat and grew 5% YoY, respectively.
Oil India (OIL) has reported another quarter of robust earnings. Q3FY23 EBITDA and PAT were Rs28.7bn and Rs17.5bn, up 2.2x and 40% YoY, respectively, with QoQ performance also up 45% (EBITDA) and 1% (PAT). The result was well above I-Sec’s estimated EBITDA of Rs22.7bn and PAT of Rs15bn.
Oil India (OIL) reported another quarter of robust earnings. Q2FY23 EBITDA and PAT at Rs20bn and Rs17.2bn, were up 90% and 3.4x YoY respectively, even as QoQ performance was hampered due to levy of US$24/bbl windfall tax on Q2 oil realisations.
