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IDBI Capital Report
On a positive note, marketing margin for petrol and diesel improved Rs 1.3/litre month on month in September and averaged to Rs 5.8-5.9/litre.
We have already seen significant correction in oil marketing companies valuation over the past couple of months on the back of delay in divestment process of Bharat Petroleum Corporation Ltd. and contracting diesel crack spreads.
We expect higher marketing margin, improvement in volume and gross refining margin would be key triggers for OMCs in near to medium term.
Further, OMCs are likely to report stronger Q2 as well led by robust marketing profit and inventory gains.
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