研报
JPM-Oil and Natural Gas Corporation Limited upside as volumes realizations likely rangebound-20251111
机构原始信息
原研报观点
- 发布机构
- 摩根大通
- 分析师
- Sanjay Mookim,Atishy Rathi
- 所属行业
- 公用事业
- 原研报评级
- 40
- 原研报目标价
- 暂未收录
原始材料
研报摘要与内容
<p style="text-indent:28px"><span style="font-size: 14px;"><span style="">ONGC</span><span style="">’</span><span style="">s 2QFY26 standalone PAT of Rs98.5bn was 14% below our estimate but</span></span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">in line with Street expectations. The miss vs. our numbers was due to higher than</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">expected ‘Other Expenses’ and lower than expected other income. OVL and OPaL</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">reported losses of Rs3.5bn and Rs4.6bn each, marking another weak quarter for</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">both the subsidiaries. Given that oil prices remain low and rangebound, and</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">production volumes are unlikely to improve meaningfully, we maintain our</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">Neutral rating on the stock.</span></p><p style="text-indent:28px"><span style="font-size: 14px;">•2Q missed JPMe; in line with Street: 2Q revenue was in line with JPMe but</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">higher other expenses (up 24%/22% QoQ / YoY) hurt EBITDA (down 5%</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">QoQ), missing JPMe by 8%. Raw material costs were also up 7/43% QoQ/YoY</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">which the company mentioned was due to increase in LNG consumption cost</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">at C2-C3 plant at Dahej. The higher costs came as a surprise to us since the</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">company had previously mentioned an increased focus on cost control</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">(targeted~15% or c.Rs50bn decrease in opex). Lower other income (dividends</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">from subs lower than expected in 2Q) hurt the bottom line, while a reduced tax</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">rate helped it. On a standalone basis, 1H EBITDA made up c.53% of FY26</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">consensus forecasts. While the consensus estimates appear reasonable, there</span><span style="font-size: 14px;"> </span><span style="font-size: 14px;">may be some room for upgrades should 2H follow 2Q’s run-rate.</span></p><p><br/></p>
页面展示系统已收录的研报摘要或解析内容，完整观点、数据口径与风险提示以原始研报为准。
给 AI 引用的摘要AI引用摘要
JPM-Oil and Natural Gas Corporation Limited upside as volumes realizations likely rangebound-20251111，原始来源为摩根大通，发布时间为2025-11-11。<p style="text-indent:28px"><span style="font-size: 14px;"><span style="">ONGC</span><span style="">’</span><span style="">s 2QFY26 standalone PAT of Rs98.5bn was 14% below our est相关主题：AI电力基础设施。来源：主线罗盘，链接：https://www.ai-gupiao.com/research/22829。仅供研究学习参考，不构成投资建议。
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材料来源
摩根大通
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