External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Thematic (Sector/Industry)

<ul><li>Global Risk Deflation: The prospect of geopolitical de-escalation has acted as a powerful macro catalyst.</li><li>The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky assets.</li><li>Stock Picker’s Market: The headline stock market indices are trading sideways without a clear direction. </li></ul>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.

Global Risk Deflation: The prospect of geopolitical de-escalation has acted as a powerful macro catalyst.The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky assets.Stock Picker’s Market: The headline stock market indices are trading sideways without a clear direction. 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.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>The government has issued a fresh schedule under the Oilfields Act revising royalty rates across all upstream regimes, with the sharpest cuts reserved for deep-water and ultra-deep-water blocks.</li>
<li>Lower royalties structurally improve margins for ONGC and Oil India on nomination blocks and send a credible signal to private and foreign capital eyeing India's underexplored frontier basins.</li>
<li>The reform is directionally right, but the near-term earnings uplift for the two PSUs is moderate. The more transformational bet is, whether the deep-water concessions finally unlock India's offshore potential.</li>
</ul>


The government has issued a fresh schedule under the Oilfields Act revising royalty rates across all upstream regimes, with the sharpest cuts reserved for deep-water and ultra-deep-water blocks.
Lower royalties structurally improve margins for ONGC and Oil India on nomination blocks and send a credible signal to private and foreign capital eyeing India's underexplored frontier basins.
The reform is directionally right, but the near-term earnings uplift for the two PSUs is moderate. The more transformational bet is, whether the deep-water concessions finally unlock India's offshore potential.


India Cuts Royalty Rates to Boost Domestic Oil and Gas Output: ONGC & OIL India in Focus

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.

Equity Bottom-Up

<ul><li>Oil India’s material subsidiary, Numaligarh Refinery Ltd (NRL), was supposed to commence operations of the expanded refinery capacity (from 3MMTPA to 9MMTPA) in phases from December 2025 onwards</li><li>However, the commencement of refinery operations has been delayed</li><li>We now expect operations to commence in Q4FY26 and expect the refinery to gradually ramp up in succeeding quarters</li></ul>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.

Oil India’s material subsidiary, Numaligarh Refinery Ltd (NRL), was supposed to commence operations of the expanded refinery capacity (from 3MMTPA to 9MMTPA) in phases from December 2025 onwardsHowever, the commencement of refinery operations has been delayedWe now expect operations to commence in Q4FY26 and expect the refinery to gradually ramp up in succeeding quartersContent 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.

Oil India: Refinery Expansion Delayed, Trim Estimates. Maintain BUY

<ul>
<li>The UAE formally announced its exit from OPEC and OPEC+, effective May 1, 2026, ending a 58-year membership, citing production quota constraints and national interest as the deciding factors.</li>
<li>As India's third-largest crude supplier with ~10% import share, a quota-free UAE could structurally lower India's energy import bill, ease CAD pressure, and directly lift refiner margins.</li>
<li>PSU oil marketing companies (IOC, BPCL, HPCL) stand to be the most direct beneficiaries; but the macro read extends to the rupee, inflation trajectory, and India's terms of trade.</li>
</ul>


The UAE formally announced its exit from OPEC and OPEC+, effective May 1, 2026, ending a 58-year membership, citing production quota constraints and national interest as the deciding factors.
As India's third-largest crude supplier with ~10% import share, a quota-free UAE could structurally lower India's energy import bill, ease CAD pressure, and directly lift refiner margins.
PSU oil marketing companies (IOC, BPCL, HPCL) stand to be the most direct beneficiaries; but the macro read extends to the rupee, inflation trajectory, and India's terms of trade.


How UAE's Exit from OPEC Will Reshapes India's Energy Sector?

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries, Hindalco Industries, HDFC Bank.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries, Hindalco Industries, HDFC Bank.


MS-India Index Earning Revision (May): Vedanta, Hindustan Petroleum, Bharat Petroleum, HDFC Bank

India

Oil India Ltd. explores, develops, and produces crude oil and natural gas in India and internationally. The Company is also involved in the transportation of crude oil, production of liquefied petroleum gas, pipeline services, as well as various exploration and production related services.

Price Gauge
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Oil India Ltd (OINL IN)

Monthly Quant Report June 2026

The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky...

Axis Direct

India Cuts Royalty Rates to Boost Domestic Oil and Gas Output: ONGC & OIL India in Focus

Government cuts royalty rates for deep-water blocks under Oilfields Act, benefiting ONGC and Oil India, while signaling potential for private and...

Nimish Maheshwari

Oil India: Refinery Expansion Delayed, Trim Estimates. Maintain BUY

Oil India’s material subsidiary, Numaligarh Refinery Ltd (NRL), was supposed to commence operations of the expanded refinery capacity (from 3MMTPA...

HDFC Securities

How UAE's Exit from OPEC Will Reshapes India's Energy Sector?

UAE exits OPEC, potentially lowering India's energy import bill and benefiting PSU oil marketing companies, with broader implications for the...

Nimish Maheshwari

MS-India Index Earning Revision (May): Vedanta, Hindustan Petroleum, Bharat Petroleum, HDFC Bank

We analyzed MS-India's consensus for May 2026 and highlighted changes of EPS in Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Quant Report June 2026

The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky...

Axis Direct

India Cuts Royalty Rates to Boost Domestic Oil and Gas Output: ONGC & OIL India in Focus

​Government cuts royalty rates for deep-water blocks under Oilfields Act, benefiting ONGC and Oil India, while signaling potential for private and...

Nimish Maheshwari

Oil India: Refinery Expansion Delayed, Trim Estimates. Maintain BUY

Oil India’s material subsidiary, Numaligarh Refinery Ltd (NRL), was supposed to commence operations of the expanded refinery capacity (from 3MMTPA...

HDFC Securities

How UAE's Exit from OPEC Will Reshapes India's Energy Sector?

​UAE exits OPEC, potentially lowering India's energy import bill and benefiting PSU oil marketing companies, with broader implications for the...

Nimish Maheshwari

MS-India Index Earning Revision (May): Vedanta, Hindustan Petroleum, Bharat Petroleum, HDFC Bank

We analyzed MS-India's consensus for May 2026 and highlighted changes of EPS in Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries,...

Ke Yan, CFA, FRM

Government cuts royalty rates for deep-water blocks under Oilfields Act, benefiting ONGC and Oil India, while signaling potential for private and...

UAE exits OPEC, potentially lowering India's energy import bill and benefiting PSU oil marketing companies, with broader implications for the...