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'Buy' HPCL Shares Maintains Motilal Oswal, Sees Upto 31% Upside — Check Target Price
HPCL’s current valuation appears reasonable, and the brokerage believes the stock should continue to perform well.
03 Dec 2025, 12:26 PM IST 
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HPCL’s stock has gained nearly 20% over the past three months, outperforming peers, though it has corrected about 8% from its recent highs amid pressure on marketing margins.
(Photo: Shubhayan Bhattacharya/NDTV Profit)
Motilal Oswal has reiterated its Buy rating on HPCL, setting a target price of Rs 590, implying a 31% upside from the current market price of Rs 450. Despite recent volatility, analysts believe HPCL’s strong marketing leverage and upcoming projects will drive earnings growth over the medium term.
