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Motilal Oswal Report

Indian Oil Corporation Ltd. is set to commission multiple projects over the next two years, driving growth acceleration. Refinery projects that are currently underway, including the Panipat refinery (15 million metric tonnes per annum to 25mmtpa), Gujarat refinery (13.7 mmtpa to 18 mmtpa), and Barauni refinery (6 mmtpa to 9 mmtpa), are expected to be completed in H1 FY27.

The stock trades at 10.3 times consolidated FY27E EPS of Rs 17.1 and 1.1x FY27E price/book.

The brokerage reiterates its Neutral rating on the stock with a target price of Rs 165, valuing it at 1x FY27E P/B.

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