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

Motilal Oswal

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

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>HPCL, the darling of deregulation due to its highest leverage to marketing, is soon going to lose its crown with the addition of 5mmtpa/2mmtpa refining capacity at Visakhapatnam/Mumbai by the end of FY22/CY21. Marketing will account for only 52% of total consolidated EBITDA in FY23E v/s 88% in FY21. Due to Visakhapatnam expansion, Rajasthan greenfield project, and marketing, consolidated debt is expected to rise to INR641b in FY23E from INR427b in FY21, 1.5x its current market capitalization.</p><div class="content-highlight"><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></div>

HPCL, the darling of deregulation due to its highest leverage to marketing, is soon going to lose its crown with the addition of 5mmtpa/2mmtpa refining capacity at Visakhapatnam/Mumbai by the end of FY22/CY21. Marketing will account for only 52% of total consolidated EBITDA in FY23E v/s 88% in FY21. Due to Visakhapatnam expansion, Rajasthan greenfield project, and marketing, consolidated debt is expected to rise to INR641b in FY23E from INR427b in FY21, 1.5x its current market capitalization.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.

Hindustan Petroleum

Battling a three headed-monster