Motilal Oswal Maintains Neutral Rating on IOCL, Sets Target at Rs 165

• IOCL's 3QFY26 EBITDA exceeded estimates by 36% at INR216b, driven by higher GRM (USD12.3/bbl).
• Blended marketing margin also surpassed estimates by 8% at INR6.3/liter.
• Refining inventory loss was USD1.2/bbl, while throughput and marketing volumes were in line.
• Motilal Oswal reiterates a 'Neutral' rating for IOCL.
• The target price is set at INR165, valuing the stock at 1x FY27E P/B.