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Prabhudas Lilladher Report
Recent global developments leading to ample supplies amid weaker demand prospects have pushed Brent oil prices to lows of ~71/barrel of oil.
While upstream earnings are currently impacted, with the OPEC+ delaying its planned rise in production, we expect oil prices to rebound to $75-80/bbl in the near term.
Thus, net oil realisation should bounce back to ~$75/bbl. Additionally, APM price is set to rise in FY26E and gas produced from new wells would attract premium pricing. These bode well for upstream players.
We upgrade our rating on Oil and Natural Gas Corporation Ltd. from ‘Hold' to ‘Accumulate' with a target price of Rs 329 based on nine times FY26 adj earnings per share and adding the value of investments.
We maintain ‘Buy' on Oil India Ltd. with a target price of Rs 786 based on 12 times FY26 adj EPS and adding the value of investments.
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