External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>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.</li><li>We estimate up to a USD1/bbl refining GRM impact should the Russian crude proportion in the crude oil mix decline to zero (not our base case).</li><li>On a sequential basis, LPG prices have remained stable, and under-recoveries should start tapering off from 1QFY26 onwards.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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.We estimate up to a USD1/bbl refining GRM impact should the Russian crude proportion in the crude oil mix decline to zero (not our base case).On a sequential basis, LPG prices have remained stable, and under-recoveries should start tapering off from 1QFY26 onwards.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HPCL - Strong Earning Momentum to Continue

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>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.</li><li>Reported GRM was USD6/bbl (vs USD5/bbl est), while core was even better at USD6.9. Blended marketing margin at Rs7.6/kg was a 5% miss but offset by 3% lower opex.</li><li>Domestic marketing volumes rose 8.5% vs 4.5% of industry, while petrol/diesel grew 9.2%/4.9%, in line with industry but better than PSUs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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.Reported GRM was USD6/bbl (vs USD5/bbl est), while core was even better at USD6.9. Blended marketing margin at Rs7.6/kg was a 5% miss but offset by 3% lower opex.Domestic marketing volumes rose 8.5% vs 4.5% of industry, while petrol/diesel grew 9.2%/4.9%, in line with industry but better than PSUs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HPCL -Better Refining Drives Profitability Beat; Outlook Steady

Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Global base oils prices mostly weaken vs higher feedstock/competing fuel prices.</li><li>Lower prices of light-grade base oils relative to heavy-neutrals leave those supplies more exposed to impact of higher feedstock costs at a time when demand faces seasonal rise.</li><li>FOB Asia base oils prices fall vs Singapore gasoil.</li></ul>

Global base oils prices mostly weaken vs higher feedstock/competing fuel prices.Lower prices of light-grade base oils relative to heavy-neutrals leave those supplies more exposed to impact of higher feedstock costs at a time when demand faces seasonal rise.FOB Asia base oils prices fall vs Singapore gasoil.

Global base oils margins outlook: Week of 24 March

<ul><li>Europe’s Group II base oils prices rise vs prices in US and Asia in March 2025.</li><li>Europe’s Group I brightstock price rises vs prices in US and Asia in March 2025.</li><li>Outperformance of Europe base oils prices vs prices in US and Asia points to firmer supply-demand fundamentals in Europe than in those other markets.</li></ul>

Europe’s Group II base oils prices rise vs prices in US and Asia in March 2025.Europe’s Group I brightstock price rises vs prices in US and Asia in March 2025.Outperformance of Europe base oils prices vs prices in US and Asia points to firmer supply-demand fundamentals in Europe than in those other markets.

Global base oils arb outlook: Week of 24 March

<ul><li>Asia’s heavy-grade base oils prices stay high versus feedstock/competing fuel prices.</li><li>High margins point to tight supply-demand fundamentals, incentivizing refiners to maintain or raise output.</li><li>Light-grade base oils prices stay low vs feedstock/competing fuel prices, cutting incentive for refiners to raise output.</li></ul>

Asia’s heavy-grade base oils prices stay high versus feedstock/competing fuel prices.High margins point to tight supply-demand fundamentals, incentivizing refiners to maintain or raise output.Light-grade base oils prices stay low vs feedstock/competing fuel prices, cutting incentive for refiners to raise output.

Asia base oils supply outlook: Week of 24 March

India

Hindustan Petroleum Corporation Limited refines crude oil and manufactures petroleum and petroleum products. The Company's products, which are sold via outlets throughout India, include lube products, lubricating oil, aviation fuel, hydraulic brake fluid, greases, liquefied petroleum gas and insecticides. The Government of India is the majority shareholder in the company.

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Hindustan Petroleum (HPCL IN)

HPCL - Strong Earning Momentum to Continue

We estimate up to a USD1/bbl refining GRM impact should the Russian crude proportion in the crude oil mix decline to zero (not our base case).

Motilal Oswal

HPCL -Better Refining Drives Profitability Beat; Outlook Steady

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...

Emkay

Global base oils margins outlook: Week of 24 March

Global base oils prices mostly weaken vs higher feedstock/competing fuel prices. Lower prices of light-grade base oils relative to heavy-neutrals...

Base Oil News

Global base oils arb outlook: Week of 24 March

Europe’s Group II base oils prices rise vs prices in US and Asia in March 2025. Europe’s Group I brightstock price rises vs prices in US and Asia...

Base Oil News

Asia base oils supply outlook: Week of 24 March

Asia’s heavy-grade base oils prices stay high versus feedstock/competing fuel prices. High margins point to tight supply-demand fundamentals,...

Base Oil News

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