New Delhi, August 8, 2025: Magicbricks, India’s leading real estate portal, has launched its inaugural “Pata Badlo, Life Badlo” report, a comprehensive study revealing the significant impact of migration on real estate ecosystem – demand, supply, pricing. The report highlights that moving to Tier-1 cities like Mumbai, Bengaluru, Delhi, Hyderabad, Gurugram, and Noida can be a pivotal financial decision, offering up to 1.95 times (30-60% more) salary growth compared to Tier-2 cities.

According to the report, strategic real estate investments in these cities have delivered remarkable returns—with markets like Noida from ₹6,300/sq.ft in 2020 to ₹13,300/sq.ft in 2025 (+111%), Greater Noida from ₹4,400/sq.ft to ₹9,029/sq.ft (+105%), and Gurugram from ₹8,600/sq.ft to ₹15,996/sq.ft (+86%) showing significant property price surges from 2020 to 2025. The report further underscores the rise of migrants as investors, not just renters. With rental yields and capital appreciation rising in tandem—especially in hotspots like Mumbai (RPGD: 3.6) and Greater Noida (RPGD: 2.3)—many migrants are choosing to invest early in their urban journey, turning mobility into a means of multiplying wealth.

Marriage is a significant driver of female migration in India, accounting for 86.8% of moves, while students frequently relocate for education, with 61% moving to Delhi NCR for undergraduate studies and 18% for exam preparation. Beyond these social factors, environmental and economic push factors like agricultural distress, climate shocks, and rural job scarcity, especially in states like Bihar and Uttar Pradesh, compel families to seek financial stability and better infrastructure in urban centers. While 18.9% of people move from rural to urban areas and 15.9% migrate within urban areas for affordability or job proximity, an emerging trend sees 10.2% of migrants shifting from urban to rural regions. This reverse migration is driven by rising housing costs, urban stress, and increased remote work opportunities, leading professionals to seek affordability, cleaner environments, and stronger community ties in smaller towns, redefining success beyond traditional urban ambition.

“The ‘Pata Badlo. Life Badlo.’ campaign stems from a very real insight: that the right move, to the right city or neighbourhood, can completely alter someone’s growth trajectory,” said Prasun Kumar, Chief Marketing Officer, Magicbricks. “Furthermore, this report illustrates how migration reshapes India’s real estate. This influx drives robust market activity, with property rates in Noida jumping 95.6%, Greater Noida 88.1%, and Gurgaon 77.7% between 2021-2022. Mumbai also led consistent growth, reaching ₹30,796/sq ft by 2025—a 58% increase from 2020. Even after the pandemic, cities like Delhi saw a remarkable 47.2% rebound in demand by 2022, and Bengaluru followed with an 18.8% increase. Migration is a powerful catalyst for value appreciation and dynamic market activity across urban India.”

The report also draws on real-life journeys of well-known personalities who have experienced transformational growth by changing cities. From Pankaj Tripathi’s move from Bihar to Mumbai to Deepinder Goyal’s leap from Punjab to Gurugram, and Kapil Sharma’s shift from Amritsar to Mumbai — these stories echo a shared truth: where you live can define what you become.

Mumbai, August 8, 2025: Hindustan Petroleum Corporation Ltd. (HPCL) announced its financial results for the first quarter of FY26, highlighting a resilient performance in marketing margins despite headwinds in refining operations due to weaker-than-expected Gross Refining Margins (GRMs).

Financial Highlights:

• Refining Throughput: 6.66 million metric tonnes (mmt)
• Reported GRM: USD 3.08/bbl (vs USD 5.0/bbl in Q1FY25 and USD 8.4/bbl in Q4FY25)
• Implied Gross Marketing Margin (GMM): Rs 7.0/litre (vs Rs 3.0/litre in Q1FY25)
• Standalone EBITDA: Rs 76 billion – up 261% YoY
• Total Sales Volume (including exports): 13 mmt
• Debt Reduction: From Rs 633 billion at FY25-end to Rs 510 billion in Q1FY26

Despite a reported GRM miss—largely driven by a USD 3.5/bbl inventory loss—HPCL managed to deliver a strong YoY EBITDA growth, supported by healthy marketing margins. The reported GRM fell short of expectations (PLe: USD 6.2/bbl), though core GRM was higher at USD 6.6/bbl.

The company also incurred an under-recovery of Rs 21.5 billion on LPG sales during the quarter. Cumulative under-recoveries on LPG have reached Rs 130 billion. Industry experts believe that given the robust GMM on petrol and diesel, the LPG under-recovery may remain uncompensated.

Strategic and Operational Updates:

• Pre-commissioning underway at the Vizag bottom-upgradation project
• Barmer Refinery: 95% complete; Petrochemical complex 73% complete
• First crude expected at Barmer by FY26-end
• Targeting Rs 10–15 billion EBITDA improvement through operational efficiencies
• Inventory losses: Rs 14 billion in refining, Rs 6 billion in marketing
• Russian crude accounted for 13.2% of crude basket in Q1FY26
• LPG under-recovery stood at ~Rs 165 per cylinder
• Chhara LNG terminal utilization expected to rise to 35–40% in FY27 post breakwater completion

Outlook and Valuation:

The company expects GRMs to rebound to the long-term average of USD 5–7/bbl in FY26–27, and has built in USD 6/7 for FY26/27E in its forecasts. Similarly, GMM is projected at Rs 4.4/4.5/4.9 per litre for FY25/26/27E.

With improving marketing margins, reduction in debt, and anticipated recovery in refining margins, analysts have upgraded HPCL’s stock rating to ‘Accumulate’ with a revised target price of Rs 422 (earlier Rs 360), valuing the company at 1.3x FY27 PBV.