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

Emkay

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>OCL’s Q3FY25 SA EBITDA was Rs91.5bn, at a 25% miss to our estimate due to lower-than expected GRM (at USD2.95 from inventory loss of USD3.7/bbl) and weak marketing performance amid LPG under-recoveries of Rs54.5bn.</li><li>Core GRM was better at USD6.6/bbl vs USD5.5/bbl (Emkay).</li><li>Petchem EBIT-loss expanded to Rs1.5bn vs loss of Rs916mn QoQ, on lower deltas.</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.

OCL’s Q3FY25 SA EBITDA was Rs91.5bn, at a 25% miss to our estimate due to lower-than expected GRM (at USD2.95 from inventory loss of USD3.7/bbl) and weak marketing performance amid LPG under-recoveries of Rs54.5bn.Core GRM was better at USD6.6/bbl vs USD5.5/bbl (Emkay).Petchem EBIT-loss expanded to Rs1.5bn vs loss of Rs916mn QoQ, on lower deltas.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 - Inventory Loss and Marketing Weakness Drag Earnings

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>Asia’s Group I/II base oils price premium to feedstock/gasoil prices stays unusually high.</li><li>High premium points to tight supply-demand fundamentals.</li><li>Prospect of slowing demand could cushion impact of tight Group I base oils supply in Q2 2025.</li></ul>

Asia’s Group I/II base oils price premium to feedstock/gasoil prices stays unusually high.High premium points to tight supply-demand fundamentals.Prospect of slowing demand could cushion impact of tight Group I base oils supply in Q2 2025.

Asia base oils supply outlook: Week of 28 April

<ul><li>Asia’s base oils demand could wane as expectations of improving supply and more muted end-user consumption incentivize blenders to keep low stocks.</li><li>High base oils margins could add to buyers’ preference to hold back amid concern about disconnect between high margins and prospect of weaker supply-demand fundamentals.</li><li>More muted regional demand would speed up recovery in supply as more plant maintenance draws to a close in coming weeks.</li></ul>

Asia’s base oils demand could wane as expectations of improving supply and more muted end-user consumption incentivize blenders to keep low stocks.High base oils margins could add to buyers’ preference to hold back amid concern about disconnect between high margins and prospect of weaker supply-demand fundamentals.More muted regional demand would speed up recovery in supply as more plant maintenance draws to a close in coming weeks.

Asia base oils demand outlook: Week of 28 April

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

Motilal Oswal

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.

<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

<ul><li>Global base oils prices stay firm vs feedstock/competing fuel prices.</li><li>Firm base oils margins point to tight supply and strong demand.</li><li>Firm base oils margins incentivize refiners to raise base oils output.</li></ul>

Global base oils prices stay firm vs feedstock/competing fuel prices.Firm base oils margins point to tight supply and strong demand.Firm base oils margins incentivize refiners to raise base oils output.

Global base oils margins outlook: Week of 21 April

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)

Indian Oil - Inventory Loss and Marketing Weakness Drag Earnings

OCL’s Q3FY25 SA EBITDA was Rs91.5bn, at a 25% miss to our estimate due to lower-than expected GRM (at USD2.95 from inventory loss of USD3.7/bbl)

Emkay

Asia base oils supply outlook: Week of 28 April

Asia’s Group I/II base oils price premium to feedstock/gasoil prices stays unusually high. High premium points to tight supply-demand...

Base Oil News

Asia base oils demand outlook: Week of 28 April

Asia’s base oils demand could wane as expectations of improving supply and more muted end-user consumption incentivize blenders to keep low...

Base Oil News

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

Global base oils margins outlook: Week of 21 April

Global base oils prices stay firm vs feedstock/competing fuel prices. Firm base oils margins point to tight supply and strong demand. Firm base...

Base Oil News

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