JPMORGAN ON IOCL ; OVERWEIGHT | TP ₹170

• Plans annual capex of ₹30,000–40,000 Cr over the next 4–5 years across refining and new ventures. • Targets 31 GW renewable energy capacity over the next 5 years. • Refinery expansions expected to be completed in FY27. • Raises FY27 EPS estimates by 16.1%. • Higher crude prices could pressure near-term marketing profitability.

INDIAN OIL CORP LTD

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