Key highlights from our meeting with the Indian Oil Corp (IOCL) management: (a) cyclical business margins look challenging, as IOCL gears up for IMO regulations, (b) marketing margin volatility to continue as management aims to maintain/gain market share, and (c) capex intensity to remain high on refining expansion/upgrades. Among OMCs, we find IOCL's refining segment best placed to take advantage of IMO regulations,...