We are structurally positive on IOC, owing to its diversified business model and healthy FCF (Rs 285bn) over FY21-22E. Our SOTP based target price of Rs 190 (5x Jun 21E EV/e for standalone refining, pipeline, petchem and 5.5x Jun 21E EV/e marketing and Rs 28/sh from other investments). We maintain BUY on IOC with a TP of Rs 190 as the 1Q performance exceeded our estimates. As International Maritime Organisations (IMO) regulations kick in from Jan-20, we expect middle distillate margins to improve further and in turn GRMs.