Buy Indian Oil Corporation; target of Rs 209: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Indian Oil Corporation

We lower our FY20E earnings estimates to factor in lower than expected H1 performance. During Q2, core performance for IOCL was weak; however, we expect operational performance to improve going forward. Benign crude price outlook given rising US supplies and weak global macros is likely to keep marketing margins buoyant. Also, implementation of IMO2020 will support diesel margins, which is positive for the OMCs.

Outlook

Maintain BUY with a revised PT of Rs209 (Rs181 earlier) on roll over to FY21E.

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