Higher marketing margins to boost Indian fuel retailers' Q2, Jefferies says

GAIL (India)

07/10/2025 08:47

** Jefferies expects elevated marketing margins, inventory gains in refining to boost Q2 EBITDA of fuel retailers BPCL BPCL.NS, HPCL HPCL.NS, IOCL IOC.NS

** Says oil-to-chemicals segment will lead Reliance Industries' RELI.NS Q2 growth; segment benefited from strong European diesel, U.S. gasoline spreads

** Adds GST rates cut will impact retail growth, leading to postponement of sales

** Sees strong shipments to U.S. with better realisation lifting Waaree Energies WAAN.NS

** Says ONGC ONGC.NS will be boosted by higher production, higher gas realisation, lower statutory levies, its unit HPCL's higher Q2 EBITDA

** Sees GAIL's GAIL.NS performance being hurt by drop in transmission volumes, lower gas trading margins

** RELI gains 1.1%, HPCL, ONGC, GAIL rise 0.3%-0.6%; BPCL, IOC, WAAN fall 0.1%-0.8% on the day

 (Reporting by Aleef Jahan)

 ((aleefjahan.cs@thomsonreuters.com))