External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>OCL’s Q3FY25 SA EBITDA was Rs91.5bn, at a 25% miss to our estimate due to lower-than expected GRM (at USD2.95 from inventory loss of USD3.7/bbl) and weak marketing performance amid LPG under-recoveries of Rs54.5bn.</li><li>Core GRM was better at USD6.6/bbl vs USD5.5/bbl (Emkay).</li><li>Petchem EBIT-loss expanded to Rs1.5bn vs loss of Rs916mn QoQ, on lower deltas.</li></ul><p><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></p>

OCL’s Q3FY25 SA EBITDA was Rs91.5bn, at a 25% miss to our estimate due to lower-than expected GRM (at USD2.95 from inventory loss of USD3.7/bbl) and weak marketing performance amid LPG under-recoveries of Rs54.5bn.Core GRM was better at USD6.6/bbl vs USD5.5/bbl (Emkay).Petchem EBIT-loss expanded to Rs1.5bn vs loss of Rs916mn QoQ, on lower deltas.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.

Indian Oil - Inventory Loss and Marketing Weakness Drag Earnings

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

Motilal Oswal

Motilal Oswal Financial Services Limited

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

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Motilal Oswal's research report onIndian Oil Corporation IOCL’s 4QFY24 EBITDA of INR 104b (down 27% YoY) was 26% below our estimate of INR 141b due to weaker-than-estimated reported GRM (USD8.4/ bbl in 4QFY24 vs. our estimate of USD15.0/bbl).</li><li>The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b).</li><li>Core GRM in 4QFY24 came in at USD10.6/bbl; for FY25-26, we are building in GRMs of USD9/bbl.</li></ul><p><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></p>

Motilal Oswal's research report onIndian Oil Corporation IOCL’s 4QFY24 EBITDA of INR 104b (down 27% YoY) was 26% below our estimate of INR 141b due to weaker-than-estimated reported GRM (USD8.4/ bbl in 4QFY24 vs. our estimate of USD15.0/bbl).The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b).Core GRM in 4QFY24 came in at USD10.6/bbl; for FY25-26, we are building in GRMs of USD9/bbl.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.

Iocl - Inventory Loss and Weak Petchem Lead to Earnings Miss

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Indian Oil Corporation (IOCL) stock rallied ~64% and outperformed the Sensex by ~52% over the last 3M, driven by improving auto fuel marketing margins as Brent crude price declined by ~14% to USD ~82/bbl over the same period and strong refining margins as diesel and jet fuel crack spreads averaged ~USD 23/bbl</li><li>We downgrade IOCL to a REDUCE from an ADD, with a target price of INR 140/sh, owing to the risk of (1) margin pressure due to increasing petchem supplies/capacity, (2) lower auto-fuel marketing margins, and (3) moderation in refining margins.</li><li>At CMP, IOCL’s valuation remains demanding, trading at 6.1x EV/EBITDA – a 35% premium to its 5-year average EV/EBITDA multiple of 4.5x.  </li></ul><p><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></p>

Indian Oil Corporation (IOCL) stock rallied ~64% and outperformed the Sensex by ~52% over the last 3M, driven by improving auto fuel marketing margins as Brent crude price declined by ~14% to USD ~82/bbl over the same period and strong refining margins as diesel and jet fuel crack spreads averaged ~USD 23/bblWe downgrade IOCL to a REDUCE from an ADD, with a target price of INR 140/sh, owing to the risk of (1) margin pressure due to increasing petchem supplies/capacity, (2) lower auto-fuel marketing margins, and (3) moderation in refining margins.At CMP, IOCL’s valuation remains demanding, trading at 6.1x EV/EBITDA – a 35% premium to its 5-year average EV/EBITDA multiple of 4.5x.  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.

Indian Oil Corporation: Margins to Moderate, Downgrade to Reduce

<div><ul><li>Strong refining margin to partially offset marketing losses - <span style="font-size: var(--content-font-size);">IOCL’s reported 4QFY22 numbers were below our estimates, with GRM at USD18.5/bbl and marketing margin at INR2.3/liter.</span></li></ul><div><ul><li>GRMs remain strong; refining throughput inline - <span style="font-size: var(--content-font-size);">Standalone EBITDA stood at INR116.3b (-14% YoY, -18% QoQ), with PAT at INR60.2b, translating into an EPS of INR6.6 (est. INR8.9).</span></li></ul><div><ul><li>Valuation and view - <span style="font-size: var(--content-font-size);">In FY22, EBITDA rose 14% YoY to INR432b, with PAT at INR242b (+11%).</span></li></ul></div></div></div><p><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></p>

Strong refining margin to partially offset marketing losses - IOCL’s reported 4QFY22 numbers were below our estimates, with GRM at USD18.5/bbl and marketing margin at INR2.3/liter.GRMs remain strong; refining throughput inline - Standalone EBITDA stood at INR116.3b (-14% YoY, -18% QoQ), with PAT at INR60.2b, translating into an EPS of INR6.6 (est. INR8.9).Valuation and view - In FY22, EBITDA rose 14% YoY to INR432b, with PAT at INR242b (+11%).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.

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Net revenue came in at Rs1,772.9bn vs NBIE estimate of Rs2,071.6bn and a 9% miss vs street; it was up 43.3% YoY.</li></ul><div><div><div><div><ul><li>EBITDA stood at Rs116.3bn vs. NBIE estimate of Rs121.8bn and 2.9% miss vs street; it was down 13.8% YoY.</li></ul><div><div><div><div><ul><li>4QFY22 Petchem segment performance was also under pressure – segment revenue was up from Rs63.82bn in 4QFY21 to Rs80</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Net revenue came in at Rs1,772.9bn vs NBIE estimate of Rs2,071.6bn and a 9% miss vs street; it was up 43.3% YoY.EBITDA stood at Rs116.3bn vs. NBIE estimate of Rs121.8bn and 2.9% miss vs street; it was down 13.8% YoY.4QFY22 Petchem segment performance was also under pressure – segment revenue was up from Rs63.82bn in 4QFY21 to Rs80Content 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.

IOC- Refining Gain Offset by Marketing Pain

India

Indian Oil Corporation Limited explores for and refines crude oil, in addition to manufacturing petroleum & petroleum products. The Company's products include lubricating oils, liquid petroleum gas, aviation turbine fuels, greases, wax, bitumen and asphalt. Indian Oil Corporation has retail outlets throughout India. The greatest majority shareholding in the Company is held by Indian Government.

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Indian Oil Corp (IOCL IN)

Indian Oil - Inventory Loss and Marketing Weakness Drag Earnings

OCL’s Q3FY25 SA EBITDA was Rs91.5bn, at a 25% miss to our estimate due to lower-than expected GRM (at USD2.95 from inventory loss of USD3.7/bbl)

Emkay

Iocl - Inventory Loss and Weak Petchem Lead to Earnings Miss

The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b). Core GRM in 4QFY24 came in...

Motilal Oswal

Indian Oil Corporation: Margins to Moderate, Downgrade to Reduce

At CMP, IOCL’s valuation remains demanding, trading at 6.1x EV/EBITDA – a 35% premium to its 5-year average EV/EBITDA multiple of 4.5x.

HDFC Securities

4QFY22 Results Update - IOCL

IOCL’s reported 4QFY22 numbers were below our estimates, with GRM at USD18.5/bbl and marketing margin at INR2.3/liter. Refinery throughput was in line

Motilal Oswal

IOC- Refining Gain Offset by Marketing Pain

We are maintaining Buy on Indian Oil Corp (IOC) after trimming SOTP based target price (TP) by 2.5% to Rs144. This is based on our revised...

Nirmal Bang

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