We remain structurally positive owing to IOC's diversified business model and healthy FCF of Rs 690.7bn over FY21-22E. Our SOTP based target price is Rs 181 (5x Dec 21E EV/e for standalone refining, pipeline, petchem and 5.5x Dec 21E EV/e marketing and Rs 28/sh from other investments). Post an inline performance in Q3, we maintain BUY on IOC with a TP of Rs 181. IOC was able to maintain its market share and margins in the quarter while the performance of the refining business was commendable in the midst of the current scenario.