Promoters held 46.31 per cent stake in the company as of 31-Mar-2023, while FIIs owned 11.68 per cent, DIIs 27.93 per cent.

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The brokerage values the company at 8.5x FY25E EV/EBITDA (v/s Sep’24E earlier) to arrive at its TP of INR870.

The upcoming Udaipur expansions in FY24E should boost volume growth.

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Brent has softened considerably to ~USD75/bbl in May’23YTD from USD96/bbl in FY23, which bodes well for the stock. BPCL trades at 1.3x FY24E PBV, and we value the stock at 1.2x FY25E P/BV to arrive at our TP of INR 360.

Promoters held 74.96 per cent stake in the company as of 31-Dec-2022, while FIIs owned 7.29 per cent, DIIs 7.47 per cent.

Price rebounding after taking support at 50% retracement of current up move and 20 day EMA, signaling further upsides.

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