Key risks
- Operating margin collapsed to 0.7–1.4% in Jun 2026 from 8–10% range in prior quarters; verify what drove this compression and its sustainability.
- Jun 2026 quarters posted net losses of ₹2,661 Cr and ₹1,141 Cr, sharply reversing ₹8–15 Cr profits in prior quarters; underlying cause requires investigation.
- Refining margins exposed to global oil price and product-spread volatility; verify hedging exposure and leverage to commodity cycles.
- Stock underperformed 12 months (–1.6% return) despite stable ₹2.0–2.8L Cr quarterly revenue, signaling market concern about profitability recovery timelines.
Generated analysis · source review pending