HPCL Shares: Buy, Hold, or Sell? Analysts Weigh In After Q3 Miss

• HPCL's Q3 results missed expectations due to underperforming refining segment and lower GRMs ($8.9/barrel vs. $10 estimated).
• Despite weak results, two-thirds of 34 analysts maintain a 'buy' rating, with Citi setting a target of ₹595.
• CLSA recommends 'hold' with a target of ₹420, citing strong refining margins offset by weak marketing margins.
• Jefferies suggests 'sell' with a target of ₹385, due to earnings miss and high valuations, despite some positives.
• Government compensation for LPG losses and low crude prices are potential positives, but the Rajasthan refinery could impact future profitability.

Why It Matters: Analysts are divided on HPCL shares after Q3 earnings miss, with 'buy' ratings dominating despite concerns.