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IOC

IOC NSE

Key Fundamentals

LargecapRefineries & MarketingPetroleum Products
Market Cap
1.9L Cr
Volatility
Moderate
P/E Ratio
5.67
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 0.87 times its book value
  • Stock is providing a good dividend yield of 6.11%.
  • 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

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Indian Oil Corporation Ltd trades at a market cap of ₹1,89,055 Cr with a PE of 5.3x and PB of 0.87x, reflecting a deep value positioning among large-cap PSU oil marketing companies. TTM profit growth of 111% and a dividend yield of 6.11% highlight recent earnings recovery, while a negative 3-year sales CAGR of -2% and the stock's -6% one-year return underscore the cyclical and policy-sensitive nature of the business.

Bull Case 8
  • Stock trades at 0.87x book value, significantly below par, indicating potential deep value for a company of this scale
  • Dividend yield of 6.11% is among the highest in the Indian large-cap universe, supported by a consistent 32.3% payout ratio
  • TTM compounded profit growth of 111% signals a sharp earnings recovery from a depressed base
  • PE ratio of 5.3x is well below the broader market average of ~22x and below most sectoral peers, reflecting undemanding valuations
  • ROE of 20% in the last year is healthy for a capital-intensive refining and marketing business and above its own 10-year average of 16%
  • 10-year compounded sales CAGR of 9% demonstrates steady top-line expansion over a long cycle despite commodity volatility
  • 3-year stock CAGR of 14% and 5-year CAGR of 12% show the stock has delivered reasonable medium-term returns despite recent weakness
  • Market cap of ₹1,89,055 Cr reflects significant scale, ensuring deep liquidity and index inclusion benefits
Bear Case 8
  • 3-year compounded sales CAGR is negative at -2%, indicating revenue contraction over the medium term despite inflation in crude prices
  • Stock has delivered -6% returns over the past 1 year, underperforming broader indices significantly
  • As a government-controlled oil marketing company, IOC is exposed to periodic fuel price freezes and subsidy under-recoveries that compress margins unpredictably
  • 10-year stock CAGR of only 4% shows poor long-term wealth creation relative to the broader market which compounded at roughly 12% over the same period
  • The 111% TTM profit surge is partly base-effect driven and may not be sustainable if crude oil prices spike or government intervenes on retail pricing
  • 5-year compounded profit CAGR of 14% masks significant year-to-year earnings volatility typical of cyclical refining businesses
  • Dividend payout ratio of 32.3%, while consistent, also reflects government's reliance on PSU dividends for fiscal management, which may limit reinvestment flexibility
  • 52-week high and low data are unavailable (reported as 0), but the negative 1-year return suggests the stock is in a downtrend relative to recent peaks

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • Hormuz strait escalation risks supply Aug 26

    Iranian warship confronted Indian-flagged tanker HAANA in the Strait of Hormuz; Iran blacklisted 45 ships including two Indian vessels (LNG tanker Disha, bulk carrier Maha Roos) and projectile attacks struck tankers near Oman on Aug 24-25. India imports ~45% of crude and ~90% of LPG via the strait.

  • BSE/NSE board compliance penalty Aug 26

    IOC received penalty notices of ₹14.2 lakh each from BSE and NSE for Q1 FY27 board composition non-compliance. The company has requested a waiver citing government appointment powers.

Positives 7
  • Record profit and refinery throughput Aug 31

    IOC posted standalone net profit of ₹36,802 crore on ₹8.86 trillion turnover in FY26, processing a record 75.45 MT of crude. Q1 FY27 continued with 19.17 MT crude processed at 109.4% capacity utilisation.

  • Major refining capacity expansion planned Aug 31

    IOC plans to raise group refining capacity from 80.75 MMTPA to ~98 MMTPA via expansions at Panipat (15→25 MMTPA), Gujarat (13.7→18 MMTPA) and Barauni (6→9 MMTPA), contributing over 40% of India's incremental capacity target.

  • LPG output up 30% amid crisis Aug 31

    IOC ramped up LPG production by ~30% and kept refineries above 100% utilisation in response to Strait of Hormuz disruptions. Government mandated higher LPG output and introduced a 25-day inter-booking period to curb hoarding.

  • Algerian LPG supply diversification Aug 20

    IOC finalised a 2027 term deal with Algeria's Sonatrach for one VLGC (45,000-55,000 MT) of LPG monthly, priced below Saudi Aramco CP on FOB basis. India also plans to source up to 25% of LPG imports from the US in 2027.

  • Mauritius landmark fuel supply deal Aug 22

    IOC signed a five-year agreement with Mauritius' STC to supply the island's entire petrol, diesel and ATF import requirement — its first long-term PSU supply deal outside South Asia. A $25 million bunker fuel storage facility at Mer Rouge was also commissioned.

  • Green energy and efficiency push Aug 31

    IOC began construction of a large-scale green hydrogen plant at Panipat, secured India's first ISCC CORSIA SAF certification, and is developing 1 GW renewable capacity via Terra Clean with 4.3 GW under preparation. SPRINT programme saved over ₹2,000 crore in FY26.

  • Balance sheet strengthening Aug 31

    IOC's debt-to-equity ratio improved from 0.75 to 0.54, with capex of ₹32,405 crore in FY26. Retail network expanded by 2,635 outlets to 42,818, and domestic market share rose to 43.1% in Q1 FY27.

Neutral 4
  • Panipat crude units restarted Sep 10

    IOC restarted 7.5 MTP crude units at Panipat Refinery after a 35-day planned maintenance shutdown, confirmed by a company executive.

  • Two executive directors retire Sep 1

    Rajesh Nambiar and Rajeev Mohan superannuated from IOC's senior management on August 31, 2026.

  • ₹1.25 final dividend approved at AGM Aug 31

    IOC's 67th AGM on August 31 approved a final dividend of ₹1.25 per share along with board appointments and related-party transaction ratifications.

  • Independent director Dr. Mundra appointed Aug 15

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

TL;DR: IOC delivered record FY26 financials — ₹36,802 crore net profit, 75.45 MT crude throughput and an improved 0.54x debt-to-equity — while aggressively expanding refining capacity toward 98 MMTPA and diversifying into green hydrogen, SAF and renewables. The Mauritius supply deal and Algerian LPG contract demonstrate proactive supply chain de-risking. The key overhang remains Strait of Hormuz instability, given India's ~45% crude and ~90% LPG import exposure to that corridor, though IOC's diversification moves and 30% LPG output ramp suggest management is actively mitigating this risk. Near-term momentum is strong, but sustained geopolitical disruption in West Asia remains the primary downside scenario.

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 ₹1,89,055 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 5.67, 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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