Macquarie has reaffirmed its Outperform rating on Hindustan Petroleum Corporation Ltd (HPCL) with a target price of ₹410, implying potential upside from the current market price of ₹397.40.
The brokerage highlighted that HPCL’s Q4 earnings came in above consensus estimates, supported by a sequential improvement in Gross Refining Margin (GRM) to $8.40 per barrel.
Macquarie also noted that EBITDA rose 21% year-on-year, driven by stronger-than-expected GRMs and higher other income, underlining the company’s operating resilience in the current environment.
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