India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>ONGC, Oil India to Price New Gas at 20% Premium over the APM price.</li>
<li>JSW Steel buys a 66.67% stake in M Res NSW for $120 million.</li>
<li>Adani Green Energy aims for a 30% CAGR in renewable capacity.</li>
</ul>


ONGC, Oil India to Price New Gas at 20% Premium over the APM price.
JSW Steel buys a 66.67% stake in M Res NSW for $120 million.
Adani Green Energy aims for a 30% CAGR in renewable capacity.


# 45 India Insight: ONGC, Oil India Price Premium, JSW Steel Acquisition, Adani Green RE Target

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas production</li><li>In Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory levies</li><li>PAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costs</li></ul><p><em>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.</em></p>

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas productionIn Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory leviesPAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costsContent 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: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

<ul>
<li>ONGC plans to increase gas production from 1,527 to 1,675 MMSCM by drilling new wells</li>
<li>Vedanta aims to reduce debt by $3 billion through cash flow, asset sales, and strategic measures</li>
<li>Tata Power will acquire Paradeep Transmission Ltd to build and operate a 765 kV transmission line</li>
</ul>


ONGC plans to increase gas production from 1,527 to 1,675 MMSCM by drilling new wells
Vedanta aims to reduce debt by $3 billion through cash flow, asset sales, and strategic measures
Tata Power will acquire Paradeep Transmission Ltd to build and operate a 765 kV transmission line


# 40 India Insight: ONGC Gas Production, Vedanta Debt Reduction, Tata Power Acquisition

Equity Bottom-Up

<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

<ul>
<li>ONGC plans a Rs 2 lakh crore investment for net-zero carbon emissions by 2038, boosting shares</li>
<li>Jupiter Wagons' shares dropped 3% following the announcement of a Qualified Institutional Placement</li>
<li>India’s defence exports surged 32.5% to Rs.21,083 crore in FY24, reflecting robust growth and global reach</li>
</ul>


ONGC plans a Rs 2 lakh crore investment for net-zero carbon emissions by 2038, boosting shares
Jupiter Wagons' shares dropped 3% following the announcement of a Qualified Institutional Placement
India’s defence exports surged 32.5% to Rs.21,083 crore in FY24, reflecting robust growth and global reach


#28 India Insight: ONGC INR 2 Crore Investment, Jupiter Wagons QIP, Indian Defence Exports Surged

India

Oil and Natural Gas Corporation Limited specializes in the exploration and production of crude oil and gas. The Company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

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Oil & Natural Gas Corp (ONGC IN)

# 45 India Insight: ONGC, Oil India Price Premium, JSW Steel Acquisition, Adani Green RE Target

ONGC and Oil India set new gas prices at 20% premium, JSW Steel acquires majority stake in M Res NSW for $120 million, Adani Green Energy targets...

Sudarshan Bhandari

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in...

HDFC Securities

# 40 India Insight: ONGC Gas Production, Vedanta Debt Reduction, Tata Power Acquisition

ONGC, Vedanta, and Tata Power are all making strategic moves to increase gas production, reduce debt, and expand their transmission capabilities.

Sudarshan Bhandari

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

#28 India Insight: ONGC INR 2 Crore Investment, Jupiter Wagons QIP, Indian Defence Exports Surged

ONGC plans massive investment for net-zero emissions, Jupiter Wagons shares drop after QIP, India's defence exports surge 32.5% in FY24.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

# 45 India Insight: ONGC, Oil India Price Premium, JSW Steel Acquisition, Adani Green RE Target

​ONGC and Oil India set new gas prices at 20% premium, JSW Steel acquires majority stake in M Res NSW for $120 million, Adani Green Energy targets...

Sudarshan Bhandari

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in...

HDFC Securities

# 40 India Insight: ONGC Gas Production, Vedanta Debt Reduction, Tata Power Acquisition

​ONGC, Vedanta, and Tata Power are all making strategic moves to increase gas production, reduce debt, and expand their transmission capabilities.

Sudarshan Bhandari

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

#28 India Insight: ONGC INR 2 Crore Investment, Jupiter Wagons QIP, Indian Defence Exports Surged

​ONGC plans massive investment for net-zero emissions, Jupiter Wagons shares drop after QIP, India's defence exports surge 32.5% in FY24.

Sudarshan Bhandari

ONGC and Oil India set new gas prices at 20% premium, JSW Steel acquires majority stake in M Res NSW for $120 million, Adani Green Energy targets...

ONGC, Vedanta, and Tata Power are all making strategic moves to increase gas production, reduce debt, and expand their transmission capabilities.

ONGC plans massive investment for net-zero emissions, Jupiter Wagons shares drop after QIP, India's defence exports surge 32.5% in FY24.