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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.
Harshvardhan Dole says: “One must align the allocation more towards generation and distribution. From a pecking order perspective, we like NTPC the most, followed by distribution entities like Torrent Power and CESC. And then the usual suspects will follow, which is Power Grid etc. But NTPC continues to be a preferred stock.”