Indian Oil Corporation Ltd logo

Indian Oil Corporation Ltd

IOC NSE

Key Fundamentals

LargecapRefineries & MarketingPetroleum Products
Market Cap
2.0L Cr
Volatility
Moderate
P/E Ratio
5.78
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

Insights

Beta

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

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35 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

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

Technical Indicators

Key Insights

Strengths

3
  • Stock is trading at 0.89 times its book value
  • Stock is providing a good dividend yield of 5.99%.
  • Company has been maintaining a healthy dividend payout of 32.3%

Growth Rate

Revenue Growth
3.54% ↘
Net Income Growth
216.76% ↗
Cash Flow Change
121.01% ↗
ROE
168.28% ↗
ROCE
117.21% ↗
EBITDA Margin (Avg.)
98.46% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Indian Oil Corporation is India's largest refiner with 80.75 MMTPA capacity, trading at a P/E of 5.6x and P/B of 0.90x with a dividend yield of 5.87%. The company reported FY26 revenue of ₹8,86,224 crore and record net profit of ₹36,802 crore (up 184% YoY), but faces significant regulatory risk from government-controlled fuel pricing and volatile refining margins that fell from $12.05/bbl in FY24 to $4.80/bbl in FY25.

Bull Case 8
  • Trades at just 0.90x book value — well below replacement cost for India's largest refiner with 80.75 MMTPA installed capacity
  • Attractive dividend yield of 5.87% with a consistent payout ratio of 32.3%, providing steady income in a low-PE stock
  • Deeply discounted valuation at P/E of 5.6x despite delivering 20% ROE in the last year and 16-17% average ROE over 5-10 years
  • Record FY26 net profit of ₹36,802 crore — a 184% increase over prior year — driven by improved refining margins and throughput
  • Operating at 107.4% capacity utilization with highest-ever crude throughput of 75.45 MMT in FY26, demonstrating operational efficiency
  • Massive capacity expansion underway — refining capacity set to increase from 80.75 MMTPA to 98.05 MMTPA, with ₹75,000 crore investment across three units
  • Petrochemical diversification in progress with plans to expand capacity from 4.5 MMTPA to 13.2 MMTPA by 2030, reducing pure refining cyclicality
  • Compounded profit growth of 111% TTM and 62% over 3 years reflects strong earnings recovery from pandemic-era lows
Bear Case 8
  • Government fuel price controls create unpredictable under-recoveries — OMCs collectively bled ₹30,000 crore in under-recoveries in just weeks during 2026 energy disruption
  • GRM highly volatile — collapsed from $12.05/bbl in FY24 to $4.80/bbl in FY25 before recovering, making earnings extremely cyclical and unpredictable
  • Daily under-recoveries reached ₹700-1,000 crore per day during fuel price freeze periods, with blended losses of ₹25/litre even after partial price hikes
  • Revenue CAGR of negative 2% over 3 years despite 13% TTM growth indicates structural top-line volatility tied to commodity prices
  • Stock CAGR of just 5% over 10 years and negative 1% over 1 year, significantly underperforming broader market indices
  • Estimated debt-to-equity ratio of approximately 0.60x with heavy ongoing capex of ~₹32,700 crore annually could strain balance sheet if margins compress again
  • Capex plans trimmed 6% for FY27 to ₹32,700 crore suggesting limited financial flexibility versus peers like BPCL which raised capex 35%
  • Energy transition risk — India's push toward EVs, natural gas, and renewables poses long-term structural demand threat to petroleum refining and marketing

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

AI News Digest

Anthropic anthropic claude-opus-4.6 8h ago
Headwinds 3
  • Q1FY27 standalone net loss Aug 7

    Indian Oil posted a standalone net loss of ₹2,661.37 crore in Q1FY27, driven by declining EBITDA and higher debt levels.

  • Governance concerns flagged Aug 7

    The Q1FY27 earnings call transcript highlights governance issues regarding independent directors alongside the quarterly loss.

  • Reliance on special forex facility Jul 31

    IOC raised $500 million via the central bank's special forex credit facility and plans to seek further funds through the same mechanism, indicating continued dependence on external financing.

Positives 3
  • FY26 net profit surges 184% Aug 7

    IOC reported FY26 net profit of ₹36,802 crore, up 184% YoY, with the Board recommending a final dividend of ₹1.25 per share.

  • Paradip refinery record throughput Jul 29

    Paradip Refinery processed a record 16.35 MMT of crude in FY26. Future plans include a ₹13,805 crore PX-PTA project and joint ventures for textile and SAF production.

  • Strong ESG and net worth position Aug 7

    IOC's BRSR filing shows CSR turnover of ₹8,86,224.41 crore and net worth of ₹1,73,883.32 crore for FY 2025-26.

Neutral 6
  • New independent director appointed Aug 15

    Dr. Alka Mundra appointed as independent director effective August 15, 2026, bringing expertise in law, public policy, and governance.

  • AGM scheduled for Aug 31 Aug 1

    67th AGM set for August 31, 2026 with remote voting from August 27-30 and dividend record date of August 14.

  • Three executives superannuate Aug 1

    Three Executive Directors retired on July 31, 2026, including heads of Construction, CP & ES, and H, S&E divisions.

  • Saudi crude via African route Jul 31

    IOC plans to import Saudi crude oil through an African route, signaling a strategic realignment in crude supply chain logistics.

  • 45-day crude supply confirmed Jul 31

    A company executive confirmed adequate crude oil supplies for 45 days, providing near-term operational visibility.

  • Q1FY27 earnings call hosted Jul 29

    IOC hosted a conference call on August 1, 2026 at 12:00 PM IST to discuss Q1 FY2026-27 financial performance.

TL;DR: IOC delivered an exceptional FY26 with 184% profit growth and record refinery throughput at Paradip, but Q1FY27 started weak with a ₹2,661 crore standalone net loss and rising debt. The company is actively managing crude supply logistics and financing through special forex facilities. The trend is mixed — full-year strength contrasts with near-term margin pressure, and investors should watch whether Q2 margins recover alongside crude sourcing strategy shifts.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 51.50%
Government 19.48%
DIIs 9.62%
FIIs 9.08%
Public 7.12%
Others 3.20%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Jul 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
51.50%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.50%
7.79%
7.90%
7.43%
7.38%
7.48%
7.70%
8.58%
9.85%
9.08%
DIIs
12.98%
12.37%
4.58%
4.02%
2.92%
3.10%
3.11%
11.08%
11.68%
12.06%
11.70%
10.52%
9.67%
10.33%
10.15%
10.53%
10.20%
10.07%
10.39%
10.53%
10.11%
9.21%
9.62%
Government
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
19.48%
Public
6.01%
5.75%
5.27%
5.42%
5.53%
6.09%
6.14%
7.11%
6.94%
6.74%
6.49%
6.99%
6.75%
6.87%
7.73%
7.24%
7.94%
8.12%
7.75%
7.48%
7.09%
6.74%
7.12%
Others
29.39%
30.27%
38.54%
38.95%
39.94%
39.19%
39.14%
10.84%
10.40%
10.22%
10.83%
11.52%
12.61%
3.33%
3.36%
3.36%
3.45%
3.45%
3.40%
3.32%
3.25%
3.23%
3.20%
No. of Shareholders
9,43,030
9,40,651
9,55,410
11,45,470
13,35,440
14,84,850
14,92,840
17,99,120
18,17,780
18,27,300
17,91,350
19,72,340
20,65,510
24,28,560
27,29,160
27,81,750
30,82,720
31,89,610
30,80,100
29,75,610
28,15,980
27,89,940
28,59,830

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 Petroleum Products sector within the Refineries & Marketing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Indian Oil Corporation Ltd?
Indian Oil Corporation Ltd has a market capitalisation of approximately ₹196313.46 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Indian Oil Corporation Ltd?
The Price-to-Earnings (PE) ratio of Indian Oil Corporation Ltd is 5.78. 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.
Does Indian Oil Corporation Ltd pay dividends?
Yes, Indian Oil Corporation Ltd has a dividend yield of 5.95%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Indian Oil Corporation Ltd?
Indian Oil Corporation Ltd has a Return on Equity (ROE) of 19.37%. 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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