Production outlook remains robust going forward

Company
11 Mar 2024
5 Min read 
  • Oil India reported lower-than-expected EBITDA in 3QFY24 due to higher expenses.
  •  The company expects to double the number of wells in FY25 and increase oil production to 4mmt in FY26.
  •  Revised production volume assumptions for FY26 are still below company guidance.
  •  The stock is currently trading at a P/E multiple of 7.2x FY25E EPS and 5.5x FY25E EV/EBITDA.
  •  Motilal Oswal maintains a BUY rating on Oil India with a target price of INR650.
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