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Systematix Research Report
The oil and gas index has outperformed nifty by 3%/17% over the past one month/three months over the past one month led by oil marketing companies, Reliance Industries Ltd., GAIL India Ltd., and upstream.
However, Indraprastha Gas Ltd. and Mahanagar Gas Ltd. in city gas distributions underperformed the indices. Improvement in marketing earnings and lower valuation boosted OMCs and upstream companies' valuation.
However, OMCs are trading at a price/book value of 1.1-1.3 times on FY25 consensus estimates, a sharp 30-40% premium over the five-year average.
Risk reward for OMCs and GAIL India seems to be unfavorable and expect some time or value corrections.
Currently, we have a 'Buy' on GAIL India, IGL, Mahanagar Gas, Gujarat State Petronet, and RIL while 'Hold' on Petronet LNG and 'Sell' on Gujarat Gas.
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