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BSE LIVE NSE LIVE 26 Aug, 2025 12:21 Volume Todays L/H More ×

Emkay Global Financial' research report on Indian Oil

IOCL reported Q2FY26 EBITDA/APAT of Rs167.3/76.2bn, beating our estimates by 28%/52% on the back of better refining margins and lower opex. Core GRM of USD8.9/bbl was better than our estimate of USD7/bbl, while blended marketing margin seems largely inline. LPG under-recoveries declined 43% YoY and QoQ to Rs21.2bn and are expected to ease further with the decline in Saudi CP. IOCL’s share of the LPG subsidy is Rs145bn (of the total Rs300bn), and would be disbursed in 12 EMIs of Rs12bn each, starting Nov-25. Major expansion projects—Panipat, Gujarat, Barauni—are on track for commissioning by Q1/Q2FY27, wh

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