Oil India Ltd.

“Oil India is a mature, government-owned upstream E&P business with flat domestic production, no credible reinvestment runway, structurally misaligned management incentives, and meaningful unrecognised impairment risk from Mozambique LNG and other overseas deployments. The stock trades at a fair price for what it is — but fair value on a deteriorating, state-directed asset with energy transition headwinds is not a margin of safety. Returns roughly at cost of capital, dividend income subject to government extraction priorities, and a governance structure that places Ministry of Petroleum objectives above minority shareholder value creation combine to make this an unattractive long-term holding at any reasonable price.”