Jefferies has reiterated its ‘Buy’ rating on Bharat Petroleum Corporation Limited (BPCL), with a revised target price of ₹370, down from ₹410, indicating a 33% upside from the current market price of ₹278.30.
The brokerage acknowledged a Q3 earnings miss but highlighted that the outlook remains better, supported by favorable valuations. Refining performance fell short; however, future capacity closures are expected to improve the scenario. The marketing segment performed slightly better, although LPG losses have widened. Jefferies also pointed out that LPG subsidy relief could drive an earnings upgrade for the company.
That said, Jefferies flagged BPCL’s large capital commitments with uncertain payback as a concern that investors need to monitor.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
