Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades,
as well as share price target upgrades are available for companies in Industry - Exploration & Production.
Broker Research reports: latest Upgrades
for Industry - Exploration & Production
Natural gas revenue improved YoY aided by higher nomination gas price at USD 6.64/MMBTU versus USD 6.50/MMBTU Q1FY25 and strong new well gas contribution at USD 8.26/MMBTU, delivering revenue of Rs. 1,703cr with a 20% premium. EBITDA grew 0.5% YoY to Rs. 17,185cr, while EBITDA margin expanded 520bps YoY to 53.7%, supported by improved operating efficiency. ONGC's outlook is reinforced by its offshore exploration successes, notably the Vajramani' prospectus and Suryamani' pool discovery, highlighting its exploration *over or under performance to benchmark index led growth potential. Production from the PY-3 field along with special dispensation...
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...
At its analyst meet, Oil India (OINL) management reiterated its target of increasing production from 6.5mmtoe in FY24 to 9mmtoe by FY26. Oil production is expected to ramp up from 3.4mmt in FY24 to 3.8mmt and more than 4mmt in FY25/FY26, while gas production is likely to be 5bcm by FY26.
ONGC’s reported EBITDA stood at INR174b (+7% YoY) in 4QFY24, 3% below our estimate, mainly due to higher-than-expected other expenses. The sharp rise in other expenses was due to one-off charges of INR9b for tax-related matters.
ONGC has reported 28% YoY dip in standalone EBITDA and 34% dip in recurring PAT for Q1FY24 (EBITDA / PAT was INR 182.5bn / INR 100.1bn vs I-Sec estimate of INR 154.3bn / INR 66.8bn, respectively), with consolidated recurring EBITDA / PAT up 59% / 12% YoY led by stronger performance from subsidiaries HPCL and MRPL.
