Buy Oil India; target of Rs 351: Prabhudas Lilladher

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Oil India

We maintain our FY22-24E estimates, as OINL reported strong operational results in Q2 with consolidated EBIDTA/PAT of Rs23.1bn (+7%Q/Q) and Rs14.5bn (+20%Q/Q). Standalone performance was hit by dry well write off provisions (Rs5.9bn vs Rs273m in Q1) and EBIDTA/PAT was at Rs9.1bn (- 26%Q/Q PLe Rs12.4bn) and Rs5.1bn (flat Q/Q; PLe Rs5.6bn). We believe OINL’s earnings will ride on improving crude oil and gas realization, along with expansion of Numaligarh refinery (NRL) by 6MTPA (3MTPA capacity), which will increase consolidated FY25E EBIDTA by ~2.7x to Rs157bn.

Outlook

Maintain ‘BUY’ with TP of Rs351, based on 5x/EV/E FY23E and add value of investment in IOCL.

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