Buy Hindustan Petroleum Corp; target of Rs 670: Axis Direct

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26 Aug, 2025 12:21

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Axis Direct's research report on Hindustan Petroleum Corp

HPCL’s Q4FY17 PAT at Rs 18 bn was significantly higher than our/ street estimate of Rs 10 bn led by strong GRM at USD 8/bl (vs. USD 5.5/bl expected). Despite declining by 4.4% QoQ in Q4FY17, marketing volume rose 3% in FY17. Marketing margin at Rs 4,600/tn rose 13% in FY17–higher than IOC’s Rs 4,400/tn (incl inventory gain).

Outlook

Daily revision in fuel prices will stabilize earnings of marketing business, as inventory gain/loss will become zero. Also, government is aiming to address Kerosene under-recoveries through cut in state quotas and monthly price hikes.

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