OMCs Stocks To Buy: ICICI Securities Bets On BPCL, Indian Oil, HPCL Remains Top Pick On Attractive Valuations

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

ICICI Securities reiterated Buy ratings on Hindutan Petroleum Corporation Ltd., Bharat Petroleum Corporation Ltd., and Indian Oil Corporation Ltd., citing attractive valuations and healthy dividend yields of 3.5–4.9%.

HPCL remains the top pick, with the brokerage noting that refining-to-marketing mix improvements and upcoming petrochemical projects will help hedge volatility over the next 18–24 months.

The report highlights that gross refining margins for Q3 FY26 are estimated at $12–13 per barrel, up $3–4 QoQ, offsetting retail weakness. LPG losses have also narrowed sharply to Rs 44.7 billion in Q2, with full-year losses projected below Rs 160 billion versus Rs 400 billion in FY25.

Additionally, Rs 300 billion in compensation for past losses will partly reflect in FY26, supporting marketing earnings.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.