ONGC holds 54.90% stake in HPCL for FY26

Oil and Natural Gas Corporation Limited held 1,16,82,68,062 equity shares in Hindustan Petroleum Corporation Ltd as on 31.03.2026. This holding represents 54.90% of the total paid-up share capital of HPCL. The disclosure was made under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The filing confirms that there was no encumbrance directly or indirectly on these shares during the financial year ended 31.03.2026. Shashi Bhushan Singh, Company Secretary & Compliance Officer of Oil and Natural Gas Corporation Limited, submitted the disclosure to the National Stock Exchange of India Ltd and BSE Limited.

Shareholding Details

Metric	Details
Shares Held	1,16,82,68,062 equity shares
Percentage Holding	54.90% of total paid-up share capital
Date of Holding	31.03.2026
Encumbrance Status	No encumbrance during FY26

The disclosure was addressed to the Listing Department of the National Stock Exchange of India Ltd and the Corporate Relationship Department of BSE Limited. A copy was also sent to the Company Secretary of Hindustan Petroleum Corporation Ltd for placing before the Audit Committee.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.19%	-5.36%	-0.31%	-17.23%	-7.04%	+85.70%

Morgan Stanley has adopted a bullish stance on Indian oil marketing companies, identifying hindustan petroleum as its top pick within the sector. The brokerage's positive outlook is anchored in the evolving energy security landscape, which it believes is increasingly tilting in favour of fuel retailers.

Energy Security Policies Drive Sector Optimism

According to Morgan Stanley, energy security policies are playing a pivotal role in supporting dependable energy supplies across India. The brokerage notes that fuel availability has improved meaningfully in the post-oil shock environment, a development it views as structurally beneficial for the sector. Fuel retailers, in particular, are highlighted as the biggest beneficiaries of these policy-driven improvements.

Hindustan Petroleum as the Preferred Bet

Morgan Stanley's preference for Hindustan Petroleum as its top pick reflects the brokerage's conviction in the company's positioning within the broader oil marketing space. The following table summarises the key investment thesis parameters outlined by Morgan Stanley:

Parameter:	Details
Sector View:	Bullish on Indian fuel retailers
Top Pick:	Hindustan Petroleum Corporation
Key Policy Driver:	Energy security policies supporting dependable energy supplies
Demand Outlook:	Improved fuel availability post-oil shock
Biggest Beneficiaries:	Fuel retailers
Valuation Signal:	Staggered fuel price hikes historically mark valuation bottoms

Valuation Bottoms and Historical Precedent

A notable element of Morgan Stanley's thesis is its reference to historical patterns surrounding fuel price adjustments. The brokerage points out that staggered fuel price hikes have historically marked valuation bottoms for oil marketing companies, suggesting that such episodes may represent attractive entry points for investors tracking the sector.

Key Takeaways

Morgan Stanley is bullish on Indian oil marketing companies as a sector.
Hindustan Petroleum Corporation is identified as the top pick.
Energy security policies are seen as increasingly supportive of dependable energy supplies.
Fuel availability has improved in the post-oil shock context.
Fuel retailers are positioned as the biggest beneficiaries of current policy trends.
Staggered fuel price hikes have historically coincided with valuation bottoms in the sector.