1/5/2025, 5:29:02 pm

IOCL share price: key reasons why Jefferies expects 16% upside for it

Jefferies maintains a Buy rating on Indian Oil Corporation with a target price of ₹160, implying a 16% upside. Strong Q4 performance, with EBITDA 81% above estimates, driven by better refining and marketing margins. Despite LPG losses, marketing margins exceeded expectations. Jefferies raised FY26 and FY27 EBITDA estimates by 15% and 17%, respectively, on strong margins and benign crude prices.