Mar-26 Review: Beat; Multiple Headwinds Ahead

Research evidence excerpt

Mar-26 Review: Beat; Multiple Headwinds Ahead

ations specific to individual investors. As such, the financial

instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions based upon their specific

investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Past performance of the financial instruments

recommended in this report should not be taken as an indication or guarantee of future results. The price, value of, and income from, any of the financial

instruments mentioned in this report can rise as well as fall and may be affected by changes in economic, financial and political factors. If a financial

instrument is denominated in a currency other than the investor's home currency, a change in exchange rates may adversely affect the price of, value of, or

income derived from the financial instrument described in this report. To the extent prices are shown in non-US currency, please note that our local currency

price targets are based on a currency conversion using an exchange rate as of the prior trading day (unless otherwise noted). Should there be fluctuations

in the exchange rate after this date, that will affect the non-US target prices and should no longer be relied upon. In addition, investors in securities such as

ADRs, whose values are affected by the currency of the underlying security, effectively assume currency risk.

Other Companies Mentioned in This Report

• Bharat Petroleum Corporation Limited (BPCL IN: INR287.80, BUY)

• Hindustan Petroleum Corporation Limited (HPCL IN: INR390.95, UNDERPERFORM)

Rating and Price Target History for: Hindustan Petroleum Corporation Limited (HPCL IN) as of 05-12-2026