Table of Contents
Coverage summary ............................................................................................ 3
Investment summary ............................................................................................ 4
Once shining, now struggling jewels ..................................................................... 8
Valuations ...................................................................................................... 12
Marketing — under-recoveries are here to stay ...................................................... 15
Refining segment has remained robust for OMCs................................................... 23
The refining cycle — not too cold; not too hot ....................................................... 28
India — despite robust demand growth, refining capacity excess will remain .............. 37
Initiating coverage of Indian public sector refining and marketing companies .............. 40
Indian Oil Corporation Ltd (IOC)......................................................................... 43
Bharat Petroleum Corporation Ltd (BPCL)............................................................... 50
Hindustan Petroleum Corporation Ltd (HPCL).......................................................... 57