Fitch Ratings affirmed Indian Oil Corporation’s BBB- rating with a Stable outlook, while warning that FY27 EBITDA could fall 50%-60% as the Iran conflict lifts import costs. It expects FY28 earnings to rebound as crude prices move back toward mid-cycle levels and refining margins recover. The agency said IOC’s policy role and full state backing underpin its credit profile, and that the pressure stems from higher costs rather than a direct supply disruption, according to Fitch.