HPCL Q3 Results Review: Yes Securities Maintains 'Buy' On The Stock, Sees 42% Upside  — Here's Why

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.

Yes Securities Report

Hindustan Petroleum Corporation Ltd.’s Q3 FY25 reported performance showcases in line core refining performance while marketing marginally lower. With an Ebitda of Rs 59.7 billion and PAT at Rs 20.2 billion, a subsidy burden of Rs 31 billion on LPG weakened the reported performance.

Reported Ebitda and PAT is lower than our expectations. The reported gross refining margin is of $6/barrel of oil and Rs 6/litre of blended gross marketing margins, while the core integrated margins stood at $5.9/bbl.

We maintain Buy rating with a revised target price of Rs 500 (earlier 475) valuing it on SOTP (core business at seven times EV/Ebitda and investments at Rs 113) including Rs 47/share from Lubes business.

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.