ICICI Direct has given Hold recommendation for Indian Oil Corporations with a target price of Rs. 130 in its research report issued on May 19, 2022

ICICI Direct’s research report on Indian Oil Corporation

Indian Oil Corporation (IOC) is India’s largest refining & marketing company with an installed refining capacity of ~70 MMT. IOC operates 32062 retail outlets as of end of FY21 • Petrol and diesel together historically constitute ~52% of marketing sales.


We change our rating on the stock from BUY to HOLD. We value IOC at Rs 130 i.e. average of P/E multiple: Rs 124 /share and P/BV multiple: Rs 135/share.

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