Motilal Oswal Recommends 'BUY' on Castrol India, Sets Target at Rs 250

• Motilal Oswal maintains a 'BUY' rating for Castrol India with a target price of Rs 250.
• Castrol's 4QCY25 EBITDA and reported PAT missed Motilal Oswal's estimates by 10% and 17% respectively.
• Volume grew 8% YoY to 63.7 million liters, but EBITDA margin contracted by 230 basis points YoY.
• The company recognized incremental obligations of INR225 million due to new labor codes.
• Adjusted PAT was INR2.6 billion, 12% below estimates.