Highest Upside

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.

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.

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

The strategic review and potential sale by BP Plc of its lubricant arm, Castrol Ltd, marks a major global corporate development in the otherwise quiet lubricant sector.

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...

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.

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).

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...

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...

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

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%...

ONGC’s Q2FY26 adj. EBITDA/PAT (standalone) came in at INR 175bn/INR 98.5bn (-3%/-18% YoY) vs. I-Sec’s estimate of INR 179.7/INR 96.5bn. Slightly lower-than-estimated realisation and higher opex drove the underperformance.

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.

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%...

Recently acquired speciality chemical company i.e. Aquapharm Chemicals Q2FY26 Result: On the consolidated basis, at PCBL, net sales for Q2'26 came in at 2,164 crore with carbon black sales volumes at 162 kt (up 9% YoY & 5% QoQ) and realisation at 99/kg (vs. 108/kg in Q1FY26). EBITDA for the quarter came in at 266 crore with margins at 12.3% (down 280 bps QoQ). PAT for Q2FY26 stood at 62 crore, down 50% YoY. EBITDA/tonne in carbon black space for Q2'26 stood at ~ 14,250/tonne vs. ~17,800 clocked Q1FY26. Global uncertainty to weigh on near term performance: For Q2'26;...

PCBL's Q2FY26 profitability was below our expectations. Carbon black sales declined 3% YoY, primarily due to an 11% YoY drop in realizations driven by weak demand amid global uncertainty. Domestic volumes increased by 10% YoY, while export volumes grew by 6% YoY. The Consolidated EBITDA margin contracted 450bps YoY to 12.3%, reflecting margin compression in both the carbon black and Aquapharm segments, largely due to pricing pressure on falling crude prices. EBITDA/t for carbon black segment fell 24% QoQ to Rs13,489 amid high input tariffs imposed by US. Consequently, we revise our...

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...

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).