Given the pickup in fuel demand post COVID-19 lockdown coupled with IOCL's current capex plans, margins to improve over the long term. Also, the stock is currently available at attractive valuations. We hereby reiterate our BUY rating with a revised TP of Rs. 96 based on SOTP. Topline declines with low fuel demand IOCL recorded revenue of Rs. 88,937cr, a fall of 40.8% YoY, due to nationwide lockdown and lower capacity utilization in April. Petroleum Products sales fell 41.6% YoY to Rs. 85,197cr, due to de-growth of gasoline and gas oil. Petrochemicals fell 27.9%...