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 - Oil Marketing & Distribution.
Broker Research reports: latest Downgrades
for Industry - Oil Marketing & Distribution
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...
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...
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%...
*over or under performance to benchmark index Indian Oil Corporation Ltd (IOCL) manufactures petroleum and petroleum products and is engaged in the exploration and refining of crude oil. Its products include lubricating oils, liquid petroleum gas, aviation turbine fuel, etc. IOC's presence across the...
Petronet LNG (PLNG) reported 16%/13% YoY/QoQ increase in adj. EBITDA to INR 12.8bn and +21%/+19% YoY/QoQ change in adj. PAT to INR 8.9bn. Reported PAT was INR 10.7bn with an INR 2.3bn reversal of UoP provision.
Indian Oil Corporation (IOCL) reported an EBITDA of Rs135.7bn, up 90.7% QoQ (PLe: Rs68.2bn, BBGe:Rs78.7bn). Adj PAT came in at Rs72.6bn (up 231% QoQ, PLe: Rs17.5bn, BBGe:Rs14.7bn). There was an exceptional gain of Rs10.5mn for VAT input tax credit. Reported GRM came in at US$7.85/bbl, up 166% QoQ (PLe: US$6/bbl). GMM stood at Rs6.8/ltr (PLe:Rs3.5/ltr). In Q1-TD, gross margin on petrol/diesel has risen to Rs12.3/9.7/ltr. However, average Singapore GRM continues to remain weak at US$3/bbl and the company is likely to report...
PLNG posted Q3FY25 adj SA EBITDA of Rs12.8bn and APAT of Rs8.9bn, which were in-line. Provision on Use or Pay (UoP) was Rs1.5bn, while UoP income booked for CY24 was Rs1.17bn.
IOCL’s reported 3QFY25 financial performance was below our expectations, mainly led by a weak reported refining margin. Inventory losses stood at USD3.7/bbl (INR52b) in 3Q.
Petronet LNG’s 3QFY25 revenue came in below our estimates, as total volumes stood below our estimates, primarily due to lower third-party cargos. While EBITDA was also marginally below estimates, higher-thanexpected other income led to PAT coming in-line with our estimates.
Petronet LNG (PLNG) has reported 32% YoY (42% QoQ) improvement in EBITDA to INR 15.6bn and 45/55% YoY/QoQ rise in adjusted PAT to INR 11.4bn. Volume of 248tbtu at Dahej reached an 11-quarter high.
