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 REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil &amp; gas production</li>
<li>Q1FY26 reported EBITDA at INR ~187bn (+0.2% YoY, -1.8% QoQ) and PAT at INR ~80bn (-10.2% YoY, +24.4% QoQ), both above our estimate due to higher-than-expected crude oil realization. Apollo Hospitals Enterprise: EBITDA (+20% YoY) was 6% ahead of consensus estimates, led by a 15% YoY sales growth</li>
<li>The hospital business grew 11% YoY (ARPP +9% YoY), HealthCo grew by 19% YoY (offline/online sales up 18%/26% YoY) and AHLL grew 19% YoY</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>


ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil &amp; gas production
Q1FY26 reported EBITDA at INR ~187bn (+0.2% YoY, -1.8% QoQ) and PAT at INR ~80bn (-10.2% YoY, +24.4% QoQ), both above our estimate due to higher-than-expected crude oil realization. Apollo Hospitals Enterprise: EBITDA (+20% YoY) was 6% ahead of consensus estimates, led by a 15% YoY sales growth
The hospital business grew 11% YoY (ARPP +9% YoY), HealthCo grew by 19% YoY (offline/online sales up 18%/26% YoY) and AHLL grew 19% YoY

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.

HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

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>Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  </li>
<li>While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  </li>
<li>The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.</li>
</ul>


Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  
While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  
The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.


Can India’s Equity Outperformance Last?

<ul>
<li>Crude oil prices have dropped sharply, with WTI and Brent falling 3-4% due to OPEC+'s decision to increase oil output to 960,000 bpd, representing a 44% unwinding .  </li>
<li>This decline in oil prices could benefit India’s Oil Marketing Companies, paint, tyre, and aviation sectors, while negatively impacting upstream oil explorers and refineries.</li>
<li>Despite OPEC+'s move to ramp up production, global demand remains uncertain due to trade tensions, and oil prices are forecasted to stay low, affecting various sectors.</li>
</ul>


Crude oil prices have dropped sharply, with WTI and Brent falling 3-4% due to OPEC+'s decision to increase oil output to 960,000 bpd, representing a 44% unwinding .  
This decline in oil prices could benefit India’s Oil Marketing Companies, paint, tyre, and aviation sectors, while negatively impacting upstream oil explorers and refineries.
Despite OPEC+'s move to ramp up production, global demand remains uncertain due to trade tensions, and oil prices are forecasted to stay low, affecting various sectors.


OPEC+ Pushes for Market Share, How India Can Benefit?

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>U.S. oil producers need prices between USD 61-70 per barrel to maintain profitability. With prices around USD 60 per barrel, drilling activity is likely to decrease.</li>
<li>Rising tariffs and trade uncertainty are increasing oilfield equipment costs and threatening production growth in the United States.</li>
<li>While Saudi Arabia faces fiscal pressures and OPEC supply constraints, Petrobras benefits from low breakeven costs, no OPEC restrictions, and strong investment.</li>
</ul>


U.S. oil producers need prices between USD 61-70 per barrel to maintain profitability. With prices around USD 60 per barrel, drilling activity is likely to decrease.
Rising tariffs and trade uncertainty are increasing oilfield equipment costs and threatening production growth in the United States.
While Saudi Arabia faces fiscal pressures and OPEC supply constraints, Petrobras benefits from low breakeven costs, no OPEC restrictions, and strong investment.


The Diverging Impact of Falling Crude Prices on Various Oil Producing Regions

<ul>
<li>The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.</li>
<li>With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.</li>
<li>India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.</li>
</ul>


The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.
With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.
India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.


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, Apollo Hospitals Enterprise, Jindal Steel..

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q1FY26...

HDFC Securities

Can India’s Equity Outperformance Last?

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

The Diverging Impact of Falling Crude Prices on Various Oil Producing Regions

U.S. oil producers face profitability challenges with prices near USD 60/b, while trade uncertainty raises equipment costs. Saudi Arabia struggles...

Mint Finance

RBI Forward-Looking Survey Analysis

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q1FY26...

HDFC Securities

Can India’s Equity Outperformance Last?

​Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

OPEC+ Pushes for Market Share, How India Can Benefit?

​OPEC+ decision to increase oil output leads to sharp drop in crude oil prices, benefiting some sectors in India but impacting others negatively,...

Nimish Maheshwari

The Diverging Impact of Falling Crude Prices on Various Oil Producing Regions

​U.S. oil producers face profitability challenges with prices near USD 60/b, while trade uncertainty raises equipment costs. Saudi Arabia struggles...

Mint Finance

RBI Forward-Looking Survey Analysis

​RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

OPEC+ decision to increase oil output leads to sharp drop in crude oil prices, benefiting some sectors in India but impacting others negatively,...

U.S. oil producers face profitability challenges with prices near USD 60/b, while trade uncertainty raises equipment costs. Saudi Arabia struggles...

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...