Crude to Profits: What Lies Ahead for India’s Oil & Gas Giants Part 2

Bharat Petroleum Corporation Ltd (BPCL) BPCL stock has been rated “Buy” with a target price of ₹425, reflecting around 60% upside due to better refining throughput and GRMs. Source: Antique Stock Broking BPCL is investing in green hydrogen and ethanol blending, aligning with long-term energy transition strategies. Source: Mint Continued dividend payout and government reforms are seen as stock-supportive factors. Source: Motilal Oswal Hindustan Petroleum Corporation Ltd (HPCL) Target upgrades by Antique and UBS suggest a 40–74% potential upside in FY25, due to refining margin recovery and marketing margin improvement. Source: UBS, Antique Stock Broking HPCL is expanding its city gas distribution (CGD) network, which is expected to be a significant revenue contributor. Source: ICICI Securities Refinery expansion projects such as Barmer are expected to be key growth drivers through 2025–2026. Source: Business Line Sector-Level & Macroeconomic Factors Declining global crude prices are expected to stabilize OMCs’ earnings by lowering raw material costs. Source: EIA Government pricing policy, under-recovery control, and excise duty shifts remain critical in determining profitability. Source: HDFC Securities Focus on renewable energy, biofuels, and CGD by major oil companies shows structural preparation for long-term sustainability. Source: ICRA