We reiterate our BUY rating on the stock given the expected pickup in fuel demand in the upcoming quarters. Also, current capex plans for petrochemical segment should help improve margins. We revise our target price to Rs. 92 based on SOTP. Strong bottom-line performance despite lower revenue IOCL's Q2FY21 revenue came in at Rs. 115,749cr, a fall of 12.6% YoY, due to reduction in demand for petroleum products post pandemic lockdown. Petroleum Products sales reduced 13.1% YoY to Rs. 110,715cr, due to slow growth of gasoline and gas oil in most...