External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 168, based on oil and gas production growth at 5/8% CAGR over FY23-25E, attractive valuations of 3.7x FY24 EPS—an ~31% discount to 5-year average P/E of 5.4x, 0.6x FY24 P/Bv with RoE of ~18% and a dividend yield of ~7%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q4FY23 EBITDA was at INR 163bn, coming in below our estimate, owing to higher-than-expected other expenses however, higher exploratory costs and an exceptional item resulted in a quarterly loss of INR 2.5bn</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.

ONGC: We maintain our ADD rating on ONGC with a target price of INR 168, based on oil and gas production growth at 5/8% CAGR over FY23-25E, attractive valuations of 3.7x FY24 EPS—an ~31% discount to 5-year average P/E of 5.4x, 0.6x FY24 P/Bv with RoE of ~18% and a dividend yield of ~7%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ4FY23 EBITDA was at INR 163bn, coming in below our estimate, owing to higher-than-expected other expenses however, higher exploratory costs and an exceptional item resulted in a quarterly loss of INR 2.5bnContent 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.

HSIE Results Daily: ONGC, Balkrishna Industries, NCC, Sobha, Greenlam Industries

<ul><li>We expect our coverage universe EBITDA to increase by +2% YoY, +10% QoQ, owing to an improvement in profitability from the downstream segment due to higher demand for petroleum products, higher refining throughput and GRMs</li><li>Upstream segment earnings are impacted by ~18/8% YoY/QoQ decline in crude oil prices and lower production, despite a YoY increase in domestic APM gas realisations</li><li>We expect lower gas volumes for City Gas Distribution (CGD) companies, owing to high retail CNG prices and spot LNG prices.</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.

We expect our coverage universe EBITDA to increase by +2% YoY, +10% QoQ, owing to an improvement in profitability from the downstream segment due to higher demand for petroleum products, higher refining throughput and GRMsUpstream segment earnings are impacted by ~18/8% YoY/QoQ decline in crude oil prices and lower production, despite a YoY increase in domestic APM gas realisationsWe expect lower gas volumes for City Gas Distribution (CGD) companies, owing to high retail CNG prices and spot LNG prices.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 and Gas: Improvement for downstream segment

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Dr Agarwal's Health Care Ltd / Equity Capital Markets

Dr Agarwal's Health Care Ltd (8140044Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

<ul><li>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an improvement in domestic gas price realisation</li><li>Q3FY23 revenue/EBITDA at INR 386/204bn, came in marginally above our estimates but APAT, at INR 110bn, came below estimates due to higher-than-expected DD&amp;A and finance costs and lower-than-expected other income</li><li>Crude oil and gas production came broadly in line</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.

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an improvement in domestic gas price realisationQ3FY23 revenue/EBITDA at INR 386/204bn, came in marginally above our estimates but APAT, at INR 110bn, came below estimates due to higher-than-expected DD&amp;A and finance costs and lower-than-expected other incomeCrude oil and gas production came broadly in lineContent 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.

HSIE Results Daily: ONGC, Bata India, Prestige Estates, Radico Khaitan

Fractal Analytics Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fractal-analytics-ltd" target="_blank" data-smartkarma-citation="entities:45676:1" rel="noopener">Fractal Analytics (2453623D IN)</a> raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.</li>
<li>Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Fractal Analytics (2453623D IN) raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.
Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

India

Oil & Natural Gas Corporation (ONGC) is India's largest crude oil and natural gas company, engaged in the exploration, development, and production of oil and gas. It supplies crude oil, natural gas, and value-added products to major Indian oil and gas refining and marketing companies. The company is headquartered in New Delhi, India, and was founded on August 14, 1956.

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Oil & Natural Gas Corporation (ONGC IN)

HSIE Results Daily: ONGC, Balkrishna Industries, NCC, Sobha, Greenlam Industries

We maintain our ADD rating on ONGC with a target price of INR 168, based on oil and gas production growth at 5/8% CAGR over FY23-25E, attractive...

HDFC Securities

Oil and Gas: Improvement for downstream segment

We expect our coverage universe EBITDA to increase by +2% YoY, +10% QoQ, owing to an improvement in profitability from the downstream segment due...

HDFC Securities

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

TPG and Temasek are selling part of their stakes , around 11% of Dr Agarwal Health Care's existing share capital, to raise around US$183m, at a...

Akshat Shah

HSIE Results Daily: ONGC, Bata India, Prestige Estates, Radico Khaitan

We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an...

HDFC Securities

Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Fractal Analytics raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to...

Akshat Shah

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