Global brokerage firm Goldman Sachs has maintained its ‘Buy’ rating on HPCL and raised the stock’s price target to ₹475, up from ₹425.
It also reiterated a ‘Buy’ recommendation on BPCL, increasing its price target to ₹410 from ₹370.
For IOC, Goldman Sachs holds a ‘Neutral’ rating but has revised its price target upward to ₹125 from ₹110.
According to the brokerage, OMCs are currently in a “sweet spot” despite global uncertainty, and the macroeconomic outlook appears to be improving.
Reflecting this optimism, Goldman Sachs has raised its FY26 and FY27 EBITDA estimates for these companies by an average of 26% and 5%, respectively, primarily due to expectations of stronger refining and marketing margins.
Recently, JPMorgan also upgraded HPCL to ‘Overweight’ from its earlier ‘Neutral’ rating. The brokerage raised its price targets to ₹463 for HPCL, ₹481 for BPCL, and ₹199 for IOC.
If things stay as they are, JPMorgan said that it expects IOCL, BPCL, and HPCL to beat FY26 EBITDA forecasts by 50–80% in the first half alone.
The companies will have to book large inventory losses in the first quarter, but margins are so strong now that EBITDA will likely still be up sequentially for HPCL and BPCL, as per JPMorgan’s note.
IOC shares are trading 1.15% higher at ₹144.95, those of BPCL are trading 1.61% higher at ₹318, while those of HPCL are trading 1.83% higher at ₹408.60.
