Indian Oil Corporation Ltd logo

Indian Oil Corporation Ltd

IOC NSE

Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI[1] that has business interests straddling the entire hydrocarbon value chain - from Refining, Pipeline transportation and marketing of Petroleum products to R&D, Exploration & production, marketing of natural gas and petrochemicals. It has the leadership position in the Oil refining & petroleum marketing sector of India.[2]

AI Verdict: HOLD Confidence: 5%

IOC trades at a compelling PE of 4.6x and 0.92x book value with a 4.88% dividend yield, offering deep value characteristics. However, the government-owned oil marketing company faces structural headwinds from volatile crude prices, regulated margins, and flat revenue growth at 3% TTM, making aggressive upside limited despite cheap valuations.

Key Fundamentals

Volatility
Moderate
P/E Ratio
4.83
EBITDA
₹77,061 Cr
Return on Equity
22.94%
Debt to Equity
0.77
EPS
₹21.83
52W High
₹188.96
52W Low
₹130.22

Technical Indicators

Key Insights

Strengths

2
  • Stock is trading at 0.94 times its book value
  • Company has been maintaining a healthy dividend payout of 24.7%

Growth Rate

Revenue Growth
2.99% ↗
Net Income Growth
219.56% ↗
Cash Flow Change
-51.23% ↘
ROE
-68.53% ↘
ROCE
-61.07% ↘
EBITDA Margin (Avg.)
87.67% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
HOLD
Risk medium

IOC trades at a compelling PE of 4.6x and 0.92x book value with a 4.88% dividend yield, offering deep value characteristics. However, the government-owned oil marketing company faces structural headwinds from volatile crude prices, regulated margins, and flat revenue growth at 3% TTM, making aggressive upside limited despite cheap valuations.

Bull Case 8
  • Extremely cheap valuation at PE of 4.6x, well below the sector and market average, offering significant margin of safety
  • Trading below book value at 0.92x PB, indicating the stock is priced below its net asset value
  • Attractive dividend yield of 4.88% provides strong income support and downside protection
  • Robust compounded profit growth of 63% CAGR over 3 years demonstrates earnings recovery momentum
  • TTM profit growth of 249% shows a massive earnings turnaround in the most recent period
  • Healthy ROE of 21% in the last year indicates efficient capital utilization for a PSU energy company
  • Majority analyst consensus is positive with 51.61% recommending Buy (16 out of 31 analysts)
  • 10-year compounded profit CAGR of 14% shows long-term earnings consistency despite cyclicality
Bear Case 8
  • Revenue has declined at -2% CAGR over 3 years, signaling stagnant topline growth in the core business
  • Government ownership subjects IOC to political pricing decisions, subsidy burdens, and margin compression during elections
  • 25.81% of analysts (8 out of 31) recommend Sell, indicating meaningful skepticism about the stock
  • Stock CAGR of only 7% over 10 years reflects chronic underperformance versus broader market indices like Nifty
  • TTM sales growth of only 3% despite high oil prices suggests volume and pricing constraints
  • Dividend payout of only 24.7% is relatively low for a deep-value PSU, limiting shareholder returns
  • 5-year stock CAGR of 14% lags the 5-year compounded sales growth of 17%, suggesting market de-rating
  • Energy transition risk as India pushes EV adoption and renewables threatens long-term demand for petroleum products

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 3
  • Commercial LPG price hike passed Jun 01

    IOC raised 19-kg commercial LPG cylinder prices by ₹42-53.50 effective June 1, 2026, with Delhi price at ₹3,113.50. This modest pass-through follows steeper ₹900+ hikes in May, signaling ability to recover global product costs.

  • VLGC tender for LPG imports Jun 18

    IOC floated a tender to charter a Very Large Gas Carrier for LPG transport from Qatar, Kuwait, and UAE, securing dedicated shipping capacity for import requirements.

  • Domestic LPG rates held stable Jun 01

    Despite commercial hikes, 14.2-kg domestic LPG cylinder prices remain unchanged across cities, reducing subsidy burden risk and signaling government support for household energy affordability.

Neutral 5
  • No encumbrance on subsidiary shares Jun 20

    IOC confirmed no encumbrance on CPCL and Petronet LNG shares for FY ended March 31, 2026, a routine annual disclosure.

  • Govt nominee director appointed Jun 05

    Shri A. Amarnath, IFS officer and OSD in Ministry of Petroleum, appointed as Government Nominee Director effective June 5, 2026.

  • Senior management superannuations Jun 01

    Four senior officials in LPG business and regional operations superannuated on May 31, 2026, leading to leadership changes in key roles.

  • Unclaimed shares transfer to IEPF May 29

    IOC will transfer shares with unclaimed dividends for 7 consecutive years to IEPF Authority; shareholders must claim by July 31, 2026.

  • 30-day LPG reserve directive Jun 01

    Government directed oil marketing companies to maintain minimum 30 days of LPG reserves amid West Asia supply disruption concerns, with no current fuel shortage reported.

TL;DR: IOC is demonstrating pricing power by passing through global LPG cost increases on commercial cylinders while keeping domestic rates stable, reducing margin pressure. No material headwinds emerged in this period, with news dominated by routine corporate governance updates and leadership changes. The government's 30-day LPG reserve directive may require incremental working capital but also signals strategic support for fuel security. The trend is stable with modest positive signals on cost recovery ability.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
2,03,872
1,98,551
1,79,246
1,99,906
1,98,650
1,93,845
1,74,976
1,94,014
1,95,270
1,92,341
1,78,628
2,05,157
2,08,289
Expenses
1,86,236
1,74,851
1,56,075
1,83,172
1,86,675
1,83,923
1,71,509
1,86,442
1,80,241
1,79,073
1,62,383
1,82,412
1,83,485
Operating Profit
17,637
23,700
23,171
16,733
11,975
9,921
3,467
7,573
15,029
13,267
16,245
22,745
24,804
OPM %
9%
12%
13%
8%
6%
5%
2%
4%
8%
7%
9%
11%
12%
Other Income
1,368
970
829
1,916
1,686
1,102
2,556
1,936
1,519
1,732
1,356
1,627
2,424
Interest
1,957
1,743
1,977
1,958
2,147
2,080
2,546
2,458
2,178
2,070
2,270
2,088
1,880
Depreciation
3,288
3,476
3,610
4,686
4,094
4,103
4,065
4,284
4,325
4,179
4,227
4,457
5,557
PBT
13,759
19,450
18,413
12,005
7,420
4,841
-589
2,766
10,045
8,750
11,104
17,827
19,791
Tax %
21%
24%
26%
23%
26%
23%
-24%
22%
17%
22%
26%
24%
23%
Net Profit
10,841
14,735
13,713
9,225
5,488
3,723
-449
2,147
8,368
6,808
8,191
13,502
15,176
EPS in Rs
7.29
10.22
9.29
6.39
3.65
2.5
-0.12
1.5
5.75
4.83
5.54
9.21
10.24
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
4,49,507
3,46,045
3,55,379
4,21,492
5,28,158
4,83,763
3,63,950
5,89,321
8,41,756
7,76,352
7,58,106
7,84,415
Expenses
4,38,932
3,24,007
3,21,230
3,79,834
4,92,896
4,67,710
3,24,021
5,41,563
8,11,073
7,00,702
7,22,063
7,07,354
Operating Profit
10,575
22,038
34,149
41,658
35,262
16,053
39,929
47,758
30,683
75,650
36,043
77,062
OPM %
2%
6%
10%
10%
7%
3%
11%
8%
4%
10%
5%
10%
Other Income
5,860
5,219
4,356
4,331
4,097
-7,165
4,696
4,332
5,124
5,384
7,112
7,139
Interest
4,201
3,487
3,743
3,875
4,925
5,792
2,933
5,454
7,588
7,881
9,315
8,308
Depreciation
5,219
5,698
6,806
7,664
8,506
10,273
10,941
12,348
13,181
15,866
16,777
18,420
PBT
7,014
18,072
27,956
34,450
25,927
-7,177
30,751
34,289
15,038
57,288
17,063
57,472
Tax %
31%
31%
27%
34%
33%
-74%
29%
25%
22%
25%
19%
24%
Net Profit
4,872
12,413
20,385
22,626
17,274
-1,876
21,762
25,727
11,704
43,161
13,789
43,677
EPS in Rs
3.37
8.25
13.63
15.23
12.31
-0.63
15.32
17.78
6.93
29.55
9.63
29.81
Div. Payout %
33%
28%
45%
90%
49%
-437%
51%
46%
42%
40%
30%
4%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
2,428
2,370
4,739
9,479
9,181
9,181
9,181
9,181
13,772
13,772
13,772
13,772
Reserves
66,404
87,610
97,357
1,04,395
1,03,288
86,217
1,02,657
1,24,354
1,25,949
1,69,645
1,72,716
2,05,746
Borrowings
64,893
58,552
63,271
65,650
96,765
1,29,790
1,16,649
1,32,020
1,48,977
1,32,628
1,52,271
1,31,822
Other Liabilities
1,00,158
83,184
1,08,352
1,16,336
1,26,128
1,04,773
1,26,658
1,45,327
1,53,298
1,66,639
1,68,464
1,77,615
Total Liabilities
2,33,883
2,31,715
2,73,719
2,95,860
3,35,363
3,29,962
3,55,145
4,10,882
4,41,995
4,82,683
5,07,222
5,28,955
Fixed Assets
76,781
1,00,033
1,15,958
1,24,053
1,32,494
1,47,022
1,57,085
1,60,514
1,80,048
1,95,998
2,01,142
2,11,722
CWIP
40,378
26,219
16,778
19,130
28,281
32,845
36,291
47,469
51,133
61,032
77,921
82,897
Investments
16,069
31,185
43,687
44,806
44,112
35,571
44,717
52,352
52,190
65,542
67,218
73,298
Other Assets
1,00,655
74,278
97,295
1,07,871
1,30,476
1,14,524
1,17,053
1,50,546
1,58,624
1,60,111
1,60,940
1,61,039
Total Assets
2,33,883
2,31,715
2,73,719
2,95,860
3,35,363
3,29,962
3,55,145
4,10,882
4,41,995
4,82,683
5,07,222
5,28,955
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
46,092
25,624
28,216
29,115
12,747
7,146
49,650
25,747
29,644
71,146
34,699
76,142
Investing
-10,215
-13,610
-17,684
-17,119
-22,569
-29,101
-22,935
-21,294
-28,030
-31,512
-31,848
-22,274
Financing
-38,283
-11,890
-10,937
-12,007
10,436
22,456
-27,369
-4,058
-1,794
-39,385
-3,425
-52,672
Net Cash Flow
-2,406
124
-405
-11
614
502
-653
395
-180
250
-573
1,197
Free Cash Flow
33,680
9,576
14,388
11,086
-12,748
-24,277
27,904
2,290
-2,524
34,453
421
48,881
CFO/OP
458
130
103
87
52
58
135
70
101
110
105
114
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
6
8
9
9
11
10
14
12
7
6
9
7
Inventory Days
46
54
87
77
64
59
111
84
59
70
63
68
Days Payable
29
31
41
40
34
24
49
37
27
34
34
33
Cash Conversion Cycle
23
31
55
46
41
45
76
59
40
42
39
41
Working Capital Days
-12
-20
-45
-37
-28
-46
-58
-34
-26
-33
-42
-28
ROCE %
6%
14%
20%
22%
16%
5%
15%
16%
8%
21%
7%
19%

Shareholding Pattern

As of Mar 2026
Promoters 51.50%
Government 19.57%
Public 9.96%
FIIs 9.84%
DIIs 9.10%
Total 99.97%
  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
FIIs
7.56%
7.84%
8.84%
8.49%
7.79%
7.90%
7.43%
7.39%
7.48%
7.69%
8.57%
9.84%
DIIs
11.55%
10.70%
9.90%
10.23%
10.04%
10.43%
10.08%
9.97%
10.29%
10.42%
10.00%
9.10%
Government
19.60%
19.60%
19.60%
19.57%
19.57%
19.57%
19.57%
19.57%
19.57%
19.57%
19.57%
19.57%
Public
9.77%
10.36%
10.13%
10.18%
11.07%
10.59%
11.39%
11.57%
11.15%
10.81%
10.34%
9.96%
No. of Shareholders
17,91,349
19,72,340
20,65,514
24,28,561
27,29,165
27,81,746
30,82,717
31,89,614
30,80,100
29,75,614
28,15,980
27,89,940

Documents

Frequently Asked Questions about Indian Oil Corporation Ltd

What does Indian Oil Corporation Ltd do?
Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI[1] that has business interests straddling the entire hydrocarbon value chain - from Refining, Pipeline transportation and marketing of Petroleum products to R&D, Exploration & production, marketing of natural gas and petrochemica...
Where is Indian Oil Corporation Ltd (IOC) listed?
Indian Oil Corporation Ltd is listed on the Indian stock exchanges. It is listed on NSE: IOC and BSE: 530965. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Indian Oil Corporation Ltd belong to?
Indian Oil Corporation Ltd operates in the Energy sector within the Petroleum Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the PE ratio of Indian Oil Corporation Ltd?
The Price-to-Earnings (PE) ratio of Indian Oil Corporation Ltd is 4.83. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Indian Oil Corporation Ltd?
Over the past 52 weeks, Indian Oil Corporation Ltd has traded between a low of ₹130.22 and a high of ₹188.96. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Indian Oil Corporation Ltd?
Indian Oil Corporation Ltd has a Return on Equity (ROE) of 22.94%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Indian Oil Corporation Ltd on Tapetide?
On Tapetide, you can view Indian Oil Corporation Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI[1] that has business interests straddling the entire hydrocarbon value chain - from Refining, Pipeline transportation and marketing of Petroleum products to R&D, Exploration & production, marketing of natural gas and petrochemicals. It has the leadership position in the Oil refining & petroleum marketing sector of India.[2]

Website iocl.com
CEO Mr. Arvinder Singh Sahney
Employees 29,941
Listed 1996-07-24
Face Value ₹ 10
Issued Size 14,12,12,38,383

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