Oil India- has its time come?

So, it seems Oil India’s time has indeed come, for real? Now, a brokerage is stating higher targets.>https://images.moneycontrol.com/static-mcnews/2024/06/20240611084049_Oil-India_11062024_Motilal-Oswal.pdf

Despite oil prices being down the counter keeps rising, as per this report.

• Production Growth: Production growth guidance remains robust, with drilling activity and development wells in old areas contributing to this growth. OINL is also applying new technologies to grow production. The capacity expansion for NRL (from 3mmt to 9mmt) will be completed by Dec’25, which would drive further growth.
• Valuation: OIL remains a strong conviction at 1.3x FY26E P/B (standalone) valuation. It’s a unique play to benefit from the strong multi-year uptrend in both upstream and refining. The stock currently trades at a P/E multiple of 8.4x FY26E EPS and 6.4x FY26E EV/EBITDA. We value the stock at 8.5x FY26E standalone adj. EPS and add investments to arrive at our TP of INR 775.

To me, the NRL capex and its gas/renewable gas production investments often get overlooked by those considering Oil India solely as a crude production company. Also, the planned 3.6 lakh tonne polymer plant is a positive, though I’m not sure how it’s valued in the present scenario.

D-Invested