Skip to content
IOC logo

IOC

Indian Oil Corporation Ltd

IOC NSE
₹142.03 +3.36 (+2.42%)
P/E
4.24
View as Markdown
MCP
Close 4 Nov 2026 ₹142.03 −26.34 −15.6% 1Y
Start ₹168.37

Key Fundamentals

LargecapPetroleum ProductsEnergy

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
18.70%
Debt to Equity
0.60
EPS (TTM)
₹33.46
Book Value
₹165.43
Market Cap
—
P/E (TTM)
4.24
P/B
0.86
ROE
20.50%
Dividend Yield
5.95%
EBITDA
₹81,225 Cr
52W High
₹188.96
52W Low
₹124.92
Day Range
₹137.61 – ₹142.03
Volume
2,03,54,291

Peer Comparison

Energy › Petroleum Products › Refineries & Marketing

IOC peer comparison
Reliance
₹1,311.0021.61₹17,72,763 Cr1.880.46%8.91%10.30%₹11,99,033 Cr₹95,625 Cr
IOC (this company)
₹142.034.24₹1,98,121 Cr0.865.95%20.50%18.70%₹9,33,821 Cr₹50,040 Cr
BPCL
₹304.708.37₹1,30,025 Cr1.305.89%28.80%25.60%₹5,38,088 Cr₹15,803 Cr
Hindustan Petroleum
₹366.3546.67₹76,389 Cr1.486.88%30.90%22.20%₹4,71,530 Cr₹1,670 Cr
Mangalore Refinery & Petroleum
₹187.1310.44₹32,272 Cr1.921.67%14.50%18.00%₹1,09,564 Cr₹3,141 Cr
Chennai Petroleum Corporation
₹1,566.904.09₹23,305 Cr1.721.62%31.80%34.90%₹80,427 Cr₹5,702 Cr
Rajasthan Securities
₹60.10—₹464 Cr3.950.00%33.90%78.60%₹66 Cr₹67 Cr
Median 7 companies₹304.709.41₹76,389 Cr1.721.67%28.80%22.20%₹4,71,530 Cr₹5,702 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

58 Good

Data confidence 100/100

Category scores

Quality
62
Good
Returns, margins, earnings quality 22% weight
Valuation
89
Strong
Cheap vs sector & own history 24% weight
Growth
68
Strong
Sales & profit trajectory 9% weight
Financial Health
25
Poor
Solvency, leverage, coverage 9% weight
Momentum
39
Weak
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Stock is trading at 0.79 times its book value
  • Stock is providing a good dividend yield of 6.34%.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 32.3%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish6211
OscillatorsStrong Bearish522
Moving AveragesStrong Bullish109

Key readings

RSI (14)
70.37
Bearish
MACD (12,26,9)
0.99
Bullish
SMA (50)
133.60
Bullish
SMA (200)
145.13
Bearish

As of

Analyst Rating

Based on 30 analysts
BUY60%

18 of 30 analysts rate Buy, 5 Hold, 7 Sell.

As of

BUY
18
60%
HOLD
5
17%
SELL
7
23%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+8.53%
5Y+16.60%
3Y−2.32%
1Y+3.47%
TTM+22.83%

Net profit

Net profit growth by window
10Y+13.41%
5Y+14.95%
3Y+55.11%
1Y+216.75%
TTM+96.13%

Operating cash flow

Operating cash flow growth by window
10Y+11.51%
5Y+8.93%
3Y+36.95%
1Y+121.01%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+3.46 pp
5Y−1.14 pp
3Y+6.18 pp
1Y+5.08 pp
TTM+2.30 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,55,379 Cr
Mar 2018₹4,21,492 Cr
Mar 2019₹5,28,158 Cr
Mar 2020₹4,83,763 Cr
Mar 2021₹3,63,950 Cr
Mar 2022₹5,89,336 Cr
Mar 2023₹8,41,756 Cr
Mar 2024₹7,76,352 Cr
Mar 2025₹7,58,106 Cr
Mar 2026₹7,84,415 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹20,385 Cr
Mar 2018₹22,626 Cr
Mar 2019₹17,274 Cr
Mar 2020−₹1,876 Cr
Mar 2021₹21,762 Cr
Mar 2022₹25,727 Cr
Mar 2023₹11,704 Cr
Mar 2024₹43,161 Cr
Mar 2025₹13,789 Cr
Mar 2026₹43,677 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹42,343 Cr −47.9% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Indian Oil Corporation trades at ₹138.67 as of 2026-11-03 with a market cap of ₹1,95,650 crore, a P/E of 4.14x, and a P/B of 0.84x — all well below broader market averages. The stock offers a 6.13% dividend yield and has delivered 94% TTM profit growth, but its share price has declined 22% over the past year and sales have contracted at a 3-year CAGR of –2%.

Bull Case 8
  • Deep value on a book-value basis: the stock trades at a P/B of 0.84x, meaning the market prices it below its net asset value per share.
  • Exceptionally low earnings multiple at a TTM P/E of 4.14x, implying the market is pricing in very modest forward expectations despite strong recent profits.
  • Attractive income proposition with a dividend yield of 6.13% and a consistent payout ratio of 32.3%, well above typical large-cap yields.
  • TTM profit growth of 94% signals a sharp earnings recovery, with EPS reaching ₹33.46 on a trailing basis.
  • Healthy return ratios with ROE at 19.37% and ROCE at 20.70% as of the latest period, indicating efficient capital deployment for a state-owned refiner.
  • 10-year compounded profit growth of 14% demonstrates the company's ability to grow earnings through multiple commodity and policy cycles.
  • Manageable leverage with a debt-to-equity ratio of 0.60x, reasonable for a capital-intensive downstream oil and gas operation.
  • TTM sales growth of 23% shows a rebound in top-line momentum after a period of contraction, supporting the earnings recovery narrative.
Bear Case 8
  • The stock has fallen 22% over the past one year and trades 26.6% below its 52-week high of ₹188.96, reflecting sustained negative sentiment.
  • 3-year compounded sales CAGR is –2%, indicating the top line has struggled to grow on a medium-term basis despite a recent TTM rebound.
  • As a government-controlled downstream company, IOC's fuel pricing is subject to political intervention, which can compress refining and marketing margins without warning.
  • Long-term stock CAGR of just 2% over 10 years shows the market has historically rewarded shareholders poorly relative to broader indices, despite decent profit growth.
  • Earnings are highly cyclical — the 94% TTM profit surge follows volatile swings, and the very low P/E of 4.14x likely reflects the market's view that peak-cycle earnings are not sustainable.
  • India's long-term energy transition toward EVs, natural gas, and renewables poses a structural headwind for a company whose core business is petroleum refining and fuel retailing.
  • Despite a 32.3% dividend payout ratio, the payout is ultimately contingent on government fiscal needs; dividends from PSU oil companies can fluctuate with policy priorities rather than pure business performance.
  • Global crude oil price volatility directly impacts input costs and inventory gains or losses, making quarterly earnings difficult to predict — a risk underscored by the gap between 3-year sales CAGR of –2% and 3-year profit CAGR of 62%.

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

AI News Digest

9h ago

TL;DR: IOC delivered a blowout Q2 FY27 with ₹22,503 crore profit driven by strong GRMs at $18.52/bbl and ₹7,243 crore in government LPG compensation, but the latter introduces significant earnings lumpiness. A massive ₹1.04 trillion capex pipeline and imminent refinery commissioning support long-term capacity growth, though H1 capex execution at 37% needs acceleration. Key risks include gasoline demand peaking by 2035, Middle East supply disruptions pushing up freight costs, and dependence on government compensation timing. The near-term trend is positive on refining margins, but sustainability beyond the current geopolitical-driven margin cycle remains the central question.

Headwinds 5
  • Gasoline demand peak by 2035 Oct 28

    IOC chairman forecast gasoline demand will peak by 2035 due to EV adoption and ethanol blending, calling motor spirit under pressure from all sides.

  • Middle East supply disruptions Oct 21

    IOC plans to slightly reduce 2027/28 Middle Eastern crude contracts from ~47% of imports as the Iran conflict enters its eighth month, with freight rates doubling to ~$9/barrel from $3-4 in the June quarter.

  • LPG compensation-driven earnings volatility Oct 30

    ₹7,243 crore of Q2 FY27 profit came from government LPG under-recovery compensation rather than operations; without it, profit would have been ~₹17,000 crore vs the headline ₹22,503 crore. Timing uncertainty caused a Q1 loss followed by a Q2 surge.

Positives 5
  • Q2 FY27 profit surges 175% Oct 30

    Consolidated net profit hit ₹22,503 crore in Q2 FY27, up 174.7% YoY from ₹8,191 crore and reversing a ₹1,141 crore Q1 loss. IOC alone accounted for ~72% of combined profit of the three major PSU refiners.

  • GRM jumps to $18.52/bbl Oct 30

    Gross refining margin (net of SAED) rose to $18.52/bbl in Q2 from $15.59 in Q1, a ~19% QoQ improvement, aided by high-sulphur crude utilization rising to 54.6% from 48.9%.

  • Major projects nearing commissioning Nov 1

    The ₹13,805 crore PX-PTA complex at Paradip and ₹3,220 crore Mundra-Panipat pipeline are mechanically complete. Three refinery expansions (Panipat ₹38,231 cr, Gujarat ₹18,936 cr, Barauni ₹18,113 cr) expected to commission by end of next month.

Neutral 3
  • Two executive directors retire Nov 1

    Shri Subrat Kar (ED Planning & Economic Studies) and Dr. Alex C Pulikottil (ED Petrochemical & Catalyst) superannuated on October 31, 2026.

  • Evaluating small modular reactors Oct 28

    IOC chairman noted the company is evaluating technologies including small modular reactors for operations, with final decisions dependent on commercial viability.

  • VLGC tender paused on costs Oct 21

    IOC paused a July tender to buy stakes in at least two very large gas carriers after vessel costs nearly doubled to ~$150 million for a 10-year-old ship.

Quarterly Results

₹ Cr
IOC quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
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
2,53,967
Expenses
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
2,20,169
Operating Profit
23,171
16,733
11,975
9,921
3,467
7,573
15,029
13,267
16,245
22,745
24,804
4,062
33,797
OPM %
13%
8%
6%
5%
2%
3.9%
8%
7%
9%
11%
12%
1.5%
13%
Other Income
829
1,916
1,686
1,102
2,556
1,936
1,519
1,732
1,356
1,627
2,424
1,143
1,322
Interest
1,977
1,958
2,147
2,080
2,546
2,458
2,178
2,070
2,270
2,088
1,880
1,730
2,499
Depreciation
3,610
4,686
4,094
4,103
4,065
4,284
4,325
4,179
4,227
4,457
5,557
4,408
4,430
PBT
18,413
12,005
7,420
4,841
−589
2,766
10,045
8,750
11,104
17,827
19,791
−933
28,191
Tax %
26%
23%
26%
23%
−24%
22%
17%
22%
26%
24%
23%
22%
20%
Net Profit
13,713
9,225
5,488
3,723
−449
2,147
8,368
6,808
8,191
13,502
15,176
−1,141
22,503
EPS (₹)
9.29
6.39
3.65
2.5
−0.12
1.5
5.75
4.83
5.54
9.21
10.24
−1.15
15.16

Profit & Loss

₹ Cr
IOC profit and loss, annual, ₹ crore
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
9,33,821
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
8,48,412
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
85,409
OPM %
2.4%
6%
10%
10%
7%
3.3%
11%
8%
3.6%
10%
4.8%
10%
9%
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
6,516
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
8,197
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
18,852
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
64,876
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
50,040
EPS (₹)
3.37
8.25
13.63
15.23
12.31
−0.63
15.32
17.78
6.93
29.55
9.63
29.81
33.46
Div. Payout %
33%
28%
45%
90%
49%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
51%
46%
42%
40%
30%
27%
—

Balance Sheet

₹ Cr
IOC balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 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
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
2,19,486
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
1,39,960
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
2,03,943
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
5,77,161
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
2,14,886
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
83,436
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
68,729
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
2,10,110
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
5,77,161

Cash Flow

₹ Cr
IOC cash flow, annual, ₹ crore
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/EBITDA
458
130
103
87
52
58
135
69
101
110
104
114

Ratios

IOC financial ratios, annual
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

Log in to view IOC insights

68 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.50%
  • Government 19.48%
  • DIIs 10.05%
  • FIIs 8.61%
  • Public 7.15%
  • Others 3.21%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about IOC

What does Indian Oil Corporation Ltd do?
Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI 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.
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 Energy sector, in the Petroleum Products industry.
What is the PE ratio of Indian Oil Corporation Ltd?
Indian Oil Corporation Ltd trades at a PE ratio of 4.24 as of 4 Nov 2026, on earnings per share of ₹33.46, against a book value of ₹165.43 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 ₹124.92 and ₹188.96 as of 4 Nov 2026.
Does Indian Oil Corporation Ltd pay dividends?
Indian Oil Corporation Ltd has a dividend yield of 5.95%.
What is the Return on Equity (ROE) of Indian Oil Corporation Ltd?
Indian Oil Corporation Ltd reported a return on equity of 20.50%. Its debt-to-equity ratio is 0.60.

Company Information

Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI 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.

Website iocl.com
CEO Mr. Arvinder Singh Sahney
Employees 29,941
Listed 24 Jul 1996
Face Value ₹10

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/IOC.md for Indian Oil Corporation Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Oil Refining & Marketing stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month