Indian Oil Corporation: First Take: 1QFY27 - A beat against all odds

研报英文原文证据摘录

Indian Oil Corporation: First Take: 1QFY27 - A beat against all odds

J P M O R G A N Asia Pacific Equity Research

02 August 2026

Indian Oil Corporation Overweight

IOC.NS, IOCL IN

First Take: 1QFY27 - A beat against all odds Price (31 Jul 26):Rs140.17

Price Target (Mar-27):Rs170.00

Our First Take: IOCL’s 1QFY27 net loss of Rs.26.6bn was narrower than our own

and the Street’s expectations. Surprisingly, even the EBITDA was slightly positive

at Rs19.5bn vs. our own and consensus estimates of a loss. IOCL’s lower operating

leverage appears to have helped its numbers - the losses on the marketing side were

offset by the strong GRM of $36/bbl ($15.6/bbl, net of SAED) on the refining side.

IOCL mentioned that despite the inventory losses on the refining side, they were

more than compensated by inventory gains of c.Rs150bn on the marketing side as Head of India Research

ACthey marked their quarter-end inventories at $83/bbl crude price (vs Bloomberg Sanjay Mookim

quotes at c.$70/bbl). LPG underrecoveries increased during the quarter as the (91-22) 6157-3600

company added Rs66.2bn to the cumulative net negative buffer. Petchem EBIT sanjay.mookim@jpmorgan.com

was softer QoQ at an EBIT of Rs2.2bn (vs. Rs12.1bn in 4Q). Refining throughput Atishy Rathi, CFA

and product sales were largely stable - petrol and diesel sales were up 8% YoY (9122) 6157-3589

while other products declined 10% YoY. atishy.rathi@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Overall, the results seem to be more in line with BPCL’s results which also reported Registration: INH000001873, (91-22) 6157-3000.

a strong set of numbers (link). Near-term headwinds still persist for Indian Oil as

the situation in the Middle East remains volatile.