KOTAK ON IOCL ; REDUCE | TP ₹135

• Expects challenging H2 FY27 as elevated crude prices pressure marketing profitability. • Limited scope for retail fuel price hikes could force oil marketing companies to absorb higher costs. • Cuts FY27 EBITDA estimates by 7.6%. • Refinery commissioning delays add to earnings pressure.

INDIAN OIL CORP LTD

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