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Motilal Oswal Report
Indian Oil Corporation Ltd. is set to commission multiple projects over the next two years, driving further growth. Refinery projects, currently underway, expected to be completed in H2 FY26-FY27 are as follows:
Panipat refinery (25 million metric tonnes per annum), Gujarat refinery (18 mmtpa), and Baruni refinery (9 mmtpa).
The stock trades at 18.6 times consolidated FY26E EPS of Rs 7.9 and 1.1 times FY26E price/book.
We reiterate our Buy rating on the stock with a target price of Rs 215, valuing at 1.3 times Dec’26E price/book.
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