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.

Deep Fundamental Analysis

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Equity Bottom-Up

<ul>
<li>The U.S.–India trade talks point toward crude import diversification, shifting refining economics from discount-driven gains to structurally stronger, benchmark-linked product spreads and operational scale advantages.</li>
<li>Indian OMCs saw sharp GRM expansion in 2025, driven by stronger global crack spreads, lower crude benchmarks, higher utilisation, and inventory gains, marking growth drivers beyond Russian arbitrage.</li>
<li>As India cuts reliance on discounted Russian crude, refining margins are set to start normalising. In this environment, IOCL stands out due to its scale, flexibility, and diversified earnings. </li>
</ul>


The U.S.–India trade talks point toward crude import diversification, shifting refining economics from discount-driven gains to structurally stronger, benchmark-linked product spreads and operational scale advantages.
Indian OMCs saw sharp GRM expansion in 2025, driven by stronger global crack spreads, lower crude benchmarks, higher utilisation, and inventory gains, marking growth drivers beyond Russian arbitrage.
As India cuts reliance on discounted Russian crude, refining margins are set to start normalising. In this environment, IOCL stands out due to its scale, flexibility, and diversified earnings. 


Indian Oil Corp: The Structural Play on India’s Refining Shift