BPCL, HP, and IOC have the potential for increased PE multiples. OMCs derive over 50% of their EBITDA from retailing petrol and diesel, leading to stable YoY earnings. In the good cycle, that is when the oil prices are benign, all the oil marketing companies tend to trade in double-digit PE multiples. ONGC and Oil India need a clear roadmap for sustainable volume growth to achieve re-rating.