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>Motilal Oswal's research report onIndian Oil Corporation IOCL’s 4QFY24 EBITDA of INR 104b (down 27% YoY) was 26% below our estimate of INR 141b due to weaker-than-estimated reported GRM (USD8.4/ bbl in 4QFY24 vs. our estimate of USD15.0/bbl).</li><li>The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b).</li><li>Core GRM in 4QFY24 came in at USD10.6/bbl; for FY25-26, we are building in GRMs of USD9/bbl.</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.

Motilal Oswal's research report onIndian Oil Corporation IOCL’s 4QFY24 EBITDA of INR 104b (down 27% YoY) was 26% below our estimate of INR 141b due to weaker-than-estimated reported GRM (USD8.4/ bbl in 4QFY24 vs. our estimate of USD15.0/bbl).The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b).Core GRM in 4QFY24 came in at USD10.6/bbl; for FY25-26, we are building in GRMs of USD9/bbl.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.

Iocl - Inventory Loss and Weak Petchem Lead to Earnings Miss

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>Indian Oil Corporation (IOCL) stock rallied ~64% and outperformed the Sensex by ~52% over the last 3M, driven by improving auto fuel marketing margins as Brent crude price declined by ~14% to USD ~82/bbl over the same period and strong refining margins as diesel and jet fuel crack spreads averaged ~USD 23/bbl</li><li>We downgrade IOCL to a REDUCE from an ADD, with a target price of INR 140/sh, owing to the risk of (1) margin pressure due to increasing petchem supplies/capacity, (2) lower auto-fuel marketing margins, and (3) moderation in refining margins.</li><li>At CMP, IOCL’s valuation remains demanding, trading at 6.1x EV/EBITDA – a 35% premium to its 5-year average EV/EBITDA multiple of 4.5x.  </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.

Indian Oil Corporation (IOCL) stock rallied ~64% and outperformed the Sensex by ~52% over the last 3M, driven by improving auto fuel marketing margins as Brent crude price declined by ~14% to USD ~82/bbl over the same period and strong refining margins as diesel and jet fuel crack spreads averaged ~USD 23/bblWe downgrade IOCL to a REDUCE from an ADD, with a target price of INR 140/sh, owing to the risk of (1) margin pressure due to increasing petchem supplies/capacity, (2) lower auto-fuel marketing margins, and (3) moderation in refining margins.At CMP, IOCL’s valuation remains demanding, trading at 6.1x EV/EBITDA – a 35% premium to its 5-year average EV/EBITDA multiple of 4.5x.  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.

Indian Oil Corporation: Margins to Moderate, Downgrade to Reduce

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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Read Business Not Stock Prices

<ul>
<li>Currently, the share of natural gas in energy basket is just 6.7%, Which India is aiming for 15% by 2030.</li>
<li>Capex in Place- expanding the Dahej Plant, Petchem facility(20000Cr) will be operational in 4-5 years, Kochi utilization will improve</li>
<li>20% Volume Growth expected by Management, with a rising LNG portion in overall Gas Consumption in India.</li>
</ul>


Currently, the share of natural gas in energy basket is just 6.7%, Which India is aiming for 15% by 2030.
Capex in Place- expanding the Dahej Plant, Petchem facility(20000Cr) will be operational in 4-5 years, Kochi utilization will improve
20% Volume Growth expected by Management, with a rising LNG portion in overall Gas Consumption in India.


The Beat Ideas- Petronet LNG: Driving Growth in India's Natural Gas Sector

Thematic (Sector/Industry)

<ul>
<li>JLR to produce cars in India but for the first time</li>
<li>Reliance - Airtel may tussle on the African Markets after Indian Market</li>
<li>FII may show interest to Indian Markets to reap benefits of demographic dividends</li>
</ul>


JLR to produce cars in India but for the first time
Reliance - Airtel may tussle on the African Markets after Indian Market
FII may show interest to Indian Markets to reap benefits of demographic dividends


#1 India Insights : Tata Motors-JLR Strengthens Tie Ups, Reliance-Airtel Tussle and Macro Insights

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expenses</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimatesEarnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expensesContent 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.

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

India

Indian Oil Corporation Limited explores for and refines crude oil, in addition to manufacturing petroleum & petroleum products. The Company's products include lubricating oils, liquid petroleum gas, aviation turbine fuels, greases, wax, bitumen and asphalt. Indian Oil Corporation has retail outlets throughout India. The greatest majority shareholding in the Company is held by Indian Government.

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Indian Oil Corp (IOCL IN)

Iocl - Inventory Loss and Weak Petchem Lead to Earnings Miss

The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b). Core GRM in 4QFY24 came in...

Motilal Oswal

Indian Oil Corporation: Margins to Moderate, Downgrade to Reduce

At CMP, IOCL’s valuation remains demanding, trading at 6.1x EV/EBITDA – a 35% premium to its 5-year average EV/EBITDA multiple of 4.5x.

HDFC Securities

The Beat Ideas- Petronet LNG: Driving Growth in India's Natural Gas Sector

Petronet LNG: The Pure Play Natural Gas Player in India. Rising Energy Demand, Capex and upcoming Petchem project will drive the growth.

Sudarshan Bhandari

#1 India Insights : Tata Motors-JLR Strengthens Tie Ups, Reliance-Airtel Tussle and Macro Insights

Big Insights on India : JLR to begin car production in India, Reliance and Airtel may compete in African markets, and FIIs eye Indian markets for...

Sudarshan Bhandari

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem...

HDFC Securities

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Iocl - Inventory Loss and Weak Petchem Lead to Earnings Miss

The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b). Core GRM in 4QFY24 came in...

Motilal Oswal

Indian Oil Corporation: Margins to Moderate, Downgrade to Reduce

At CMP, IOCL’s valuation remains demanding, trading at 6.1x EV/EBITDA – a 35% premium to its 5-year average EV/EBITDA multiple of 4.5x.

HDFC Securities

The Beat Ideas- Petronet LNG: Driving Growth in India's Natural Gas Sector

Petronet LNG: The Pure Play Natural Gas Player in India. Rising Energy Demand, Capex and upcoming Petchem project will drive the growth.

Sudarshan Bhandari

#1 India Insights : Tata Motors-JLR Strengthens Tie Ups, Reliance-Airtel Tussle and Macro Insights

​Big Insights on India : JLR to begin car production in India, Reliance and Airtel may compete in African markets, and FIIs eye Indian markets for...

Sudarshan Bhandari

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem...

HDFC Securities

Big Insights on India : JLR to begin car production in India, Reliance and Airtel may compete in African markets, and FIIs eye Indian markets for...