This report does not constitute a rating action. Overview Key strengths Key risks Dominant market position in the pan-India oil refining sector with a wide pipeline network. Earnings are exposed to oil refining and petrochemical business cycles. Vertically integrated and established infrastructure with good complexity and operational track record. Limited diversity in petrochemical business than peers. Strong government support, given critical role in ensuring India’s energy needs. Large capital expenditure (capex) for refinery and petrochemical expansion. The earnings of Indian Oil Corp. Ltd. could weaken in fiscal 2027 (year ending March 31) before recovering thereafter. This is because the company has been retailing petrol and diesel at lower prices than its crude oil procurement cost due to disruptions in the
