JEFFERIES ON IOCL ; BUY | TP ₹175 (EARLIER ₹180)

• Expects strong refining margins through winter amid global supply disruptions and low inventories. • Plans around 20 MMT brownfield refinery expansion by December 2026. • Targets 30 GW renewable energy capacity by 2030. • Raises FY27 EPS estimates sharply. • Elevated crude prices and marketing losses could pressure H2 FY27 profitability.

INDIAN OIL CORP LTD

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