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IOC

IOC NSE

Key Fundamentals

LargecapRefineries & MarketingPetroleum Products
Market Cap
1.9L Cr
Volatility
Moderate
P/E Ratio
5.51
EBITDA
₹81,225 Cr
Return on Equity
19.37%
Debt to Equity
0.6
Book Value
₹155.7
EPS
₹21.83
52W High
₹188.96
52W Low
₹130.22

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Stock is trading at 0.84 times its book value
  • Stock is providing a good dividend yield of 6.28%.
  • Company has been maintaining a healthy dividend payout of 32.3%

Growth Rate

Revenue Growth
3.54% higher than 3Y
Net Income Growth
217% higher than 3Y
Cash Flow Change
121% higher than 3Y
ROE
168% higher than 3Y
ROCE
117% higher than 3Y
EBITDA Margin (Avg.)
98.46% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Indian Oil Corporation has a market capitalisation of about ₹1,92,049 Cr and trades at a P/E of 5.4 and a P/B of 0.87. It pays a 6.05% dividend yield with a 32.3% payout ratio. Profit has grown sharply, up 111% TTM and at a 62% 3-year CAGR, and last year's ROE was 20%. Over the same periods, sales fell at a 2% annual rate over 3 years, and the stock has compounded at only 3% a year over 10 years, which shows how cyclical the business has been.

Bull Case 8
  • The stock trades at 0.87 times book value, below its stated net worth. This leaves a valuation cushion if the business keeps earning returns near its 16% 10-year average ROE.
  • A P/E of 5.4 means earnings yield is roughly 18.5%, a low multiple for a large-cap company in India.
  • The dividend yield of 6.05% provides meaningful cash return, and it is backed by a 32.3% payout ratio. That payout leaves most earnings retained for capex and balance-sheet needs.
  • Profitability has been steady over the long run: ROE was 16% over both 10 and 5 years, 17% over 3 years, and 20% last year.
  • Profit has grown quickly, at 111% TTM and a 62% 3-year CAGR. This points to a strong recovery in refining and marketing margins.
  • Top-line momentum has returned with 13% TTM sales growth, reversing the -2% 3-year sales CAGR.
  • The stock has compounded at 15% a year over 3 years and 11% over 5 years. These returns come before counting the dividend yield.
  • With a market capitalisation of about ₹1,92,049 Cr, IOC is among India's largest petroleum companies, which gives it scale in refining, pipelines and fuel retail.
Bear Case 7
  • Profit growth has swung sharply: 111% TTM and 62% over 3 years, against only 14% over 5 and 10 years. That points to cyclical, margin-driven earnings that may not be sustainable.
  • Long-term shareholder returns have been weak. The stock has compounded at only 3% a year over 10 years, even though profit grew 14% a year over that period, which suggests the market consistently applies a low multiple.
  • Sales shrank at a -2% CAGR over 3 years, far below the 17% 5-year CAGR. Revenue is highly sensitive to crude prices and pump-price policy.
  • The low P/E of 5.4 is based on earnings near a cyclical high, with last year's ROE at 20% against a 16% 10-year average. If margins return to normal, the effective multiple on normalised earnings would be higher.
  • The 6.05% dividend yield depends on current profit levels. With a 32.3% payout ratio, a fall in earnings would directly reduce dividends in absolute terms.
  • Recent price performance is negative, with the stock down 6% over 1 year even as TTM profit grew 111%. This suggests investors doubt the profit surge will last.
  • Debt-to-equity, ROCE and EPS are not available in the data provided (null). That makes it harder to assess leverage and capital efficiency for a capital-intensive business with a ₹1,92,049 Cr market cap.

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

AI News Digest

1d ago
Headwinds 2
  • US tariffs threaten Russian crude imports Sep 21

    The 'Lindsey O. Graham Sanctioning Russia and Iran Act 2026' is now law. It lets President Trump impose tariffs of up to 100% within 30 days on goods from major buyers of Russian energy, after the bill cleared the House 262-159 and the Senate 86-11. Refiners are now looking for non-Russian cargoes for November delivery, even though Russia supplied more than half of India's imports in recent months.

  • Tight, costly alternative crude supply Sep 21

    Russian Urals delivered to India cost about $133/bbl, and West Asian grades such as Oman and Murban were several dollars higher. Disrupted flows through the Strait of Hormuz make it hard to replace Russian volumes, which were about 1.9 mb/d in September (over 35% of imports). That could squeeze refining margins.

Positives 3
  • ₹2,448.70 crore gas pipeline approved Sep 21

    On September 21, 2026, the board approved ₹2,448.70 crore for the Kochi-Kanyakumari-Thoothukudi Natural Gas Pipeline project. This widens IOC's gas infrastructure footprint in southern India.

  • Panipat crude units back online Sep 10

    IOC restarted its 7.5 MTPA crude units at the Panipat Refinery after a 35-day planned maintenance shutdown, bringing that throughput capacity back.

  • Packaged water at 43,000 outlets Oct 1

    IOC plans to sell packaged drinking water at its 43,000 fuel stations to grow non-fuel income and has invited interested partners.

Neutral 4
  • Independent director Alka Mundra resigns Sep 18

    Independent Director Dr. Alka Mundra resigned effective September 18, 2026. She cited a pecuniary relationship involving her son's dealership.

  • Two Executive Directors superannuate Oct 1

    Executive Directors Sunit Joshi and Gagan Deep Singh Kohli superannuated on September 30, 2026, according to SEBI disclosures.

  • FY27 statutory auditors appointed Sep 21

    At its September 21, 2026 meeting, the board noted the C&AG's appointment of four firms as statutory auditors for FY2026-27.

  • LPG fraud advisory issued Sep 18

    IOC warned LPG customers about unauthorized people asking for money for new connections. It urged customers to pay only through official platforms and listed its toll-free number 1800-2333-555 and the 1906 emergency helpline.

TL;DR: IOC is still investing in growth, with a ₹2,448.70 crore gas pipeline, Panipat's 7.5 MTPA units back after maintenance, and new non-fuel income ideas like packaged water at 43,000 outlets. The main risk is the new US law allowing tariffs of up to 100% on buyers of Russian crude, which could force costlier sourcing while Urals is about $133/bbl and Hormuz supply is disrupted. The trend has worsened on the crude-sourcing side even though operations look steady. Watch November crude procurement and any US tariff action within the 30-day window, since they will shape near-term margins.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
2,66,407
Expenses
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
2,62,345
Operating Profit
23,700
23,171
16,733
11,975
9,921
3,467
7,573
15,029
13,267
16,245
22,745
24,804
4,062
OPM %
12%
13%
8%
6%
5%
2%
3.9%
8%
7%
9%
11%
12%
1.5%
Other Income
970
829
1,916
1,686
1,102
2,556
1,936
1,519
1,732
1,356
1,627
2,424
1,143
Interest
1,743
1,977
1,958
2,147
2,080
2,546
2,458
2,178
2,070
2,270
2,088
1,880
1,730
Depreciation
3,476
3,610
4,686
4,094
4,103
4,065
4,284
4,325
4,179
4,227
4,457
5,557
4,408
PBT
19,450
18,413
12,005
7,420
4,841
-589
2,766
10,045
8,750
11,104
17,827
19,791
-933
Tax %
24%
26%
23%
26%
23%
-24%
22%
17%
22%
26%
24%
23%
22%
Net Profit
14,735
13,713
9,225
5,488
3,723
-449
2,147
8,368
6,808
8,191
13,502
15,176
-1,141
EPS in Rs
10.22
9.29
6.39
3.65
2.5
-0.12
1.5
5.75
4.83
5.54
9.21
10.24
-1.15
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,49,507
3,46,045
3,55,379
4,21,492
5,28,158
4,83,763
3,63,950
5,89,336
8,41,756
7,76,352
7,58,106
7,84,415
8,58,482
Expenses
4,38,932
3,24,007
3,21,230
3,79,834
4,92,896
4,67,710
3,24,021
5,42,717
8,11,073
7,00,702
7,22,066
7,07,308
7,90,626
Operating Profit
10,575
22,038
34,149
41,658
35,262
16,053
39,929
46,619
30,683
75,650
36,040
77,108
67,856
OPM %
2.4%
6%
10%
10%
7%
3.3%
11%
8%
3.6%
10%
4.8%
10%
8%
Other Income
5,860
5,219
4,356
4,331
4,097
-7,165
4,696
4,318
5,124
5,384
7,112
7,139
6,550
Interest
4,201
3,487
3,743
3,875
4,925
5,792
2,933
4,301
7,588
7,881
9,311
8,354
7,967
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
18,650
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
47,789
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
35,728
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
23.84
Div. Payout %
33%
28%
45%
90%
49%
-437%
51%
46%
42%
40%
30%
27%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
1,68,796
1,78,012
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
5,07,554
5,29,352
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
2,08,569
CWIP
40,378
26,219
16,778
19,130
28,281
32,845
36,291
47,469
51,133
61,032
77,921
86,049
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
1,61,272
1,61,436
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
5,07,554
5,29,352
Figures in ₹ Crores

Cash Flow

Particulars 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
24,570
29,644
71,146
34,452
76,142
Investing
-10,215
-13,610
-17,684
-17,119
-22,569
-29,101
-22,935
-21,178
-28,030
-31,512
-31,641
-22,274
Financing
-38,283
-11,890
-10,937
-12,007
10,436
22,456
-27,369
-2,997
-1,794
-39,385
-3,421
-52,672
Net Cash Flow
-2,406
124
-405
-11
614
502
-653
395
-180
250
-610
1,197
Free Cash Flow
33,680
9,576
14,388
11,086
-12,748
-24,277
27,904
1,533
-2,524
34,453
83
48,881
CFO/OP
458
130
103
87
52
58
135
69
101
110
104
114
Figures in ₹ Crores

Ratios

Particulars 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
-41
-30
ROCE %
6%
14%
20%
22%
16%
5%
15%
16%
8%
21%
7%
19%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Public7.12%Others3.20%Promot.51.50%FIIs9.08%DIIs9.62%Govt.19.48%As ofJun 2026

Documents

Frequently Asked Questions about IOC

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 trades as IOC on the NSE and under code 530965 on the BSE.
Which sector does Indian Oil Corporation Ltd belong to?
Indian Oil Corporation Ltd is classified under the Petroleum Products sector, in the Refineries & Marketing industry.
What is the market capitalisation of Indian Oil Corporation Ltd?
Indian Oil Corporation Ltd has a market capitalisation of ₹1,86,598 Cr, which places it in the Large Cap band.
What is the PE ratio of Indian Oil Corporation Ltd?
Indian Oil Corporation Ltd trades at a PE ratio of 5.51, on earnings per share of ₹21.83, against a book value of ₹155.7 per share.
What is the 52-week high and low of Indian Oil Corporation Ltd?
Over the last 52 weeks Indian Oil Corporation Ltd has traded between ₹130.22 and ₹188.96.
Does Indian Oil Corporation Ltd pay dividends?
Indian Oil Corporation Ltd has a dividend yield of 6.11%.
What is the Return on Equity (ROE) of Indian Oil Corporation Ltd?
Indian Oil Corporation Ltd reported a return on equity of 19.37%. Its debt-to-equity ratio is 0.60.

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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