Brokerages see margin recovery for HPCL, BPCL and IOCL after Brent drops more than 30%

Brent crude has fallen more than 30% from recent peaks as worries about prolonged Middle East disruptions eased and expectations rose around a potential US-Iran agreement. The pullback has helped gasoline and diesel marketing margins at India’s state-run refiners and fuel retailers—HPCL, BPCL and IOCL—recover to pre-conflict levels, while LPG losses are also expected to narrow. JPMorgan and Kotak Institutional Equities raised target prices and turned more constructive, though they flagged that Q1 FY27 earnings could be weighed by inventory revaluation, with improvement expected from Q2 onward.