Indian Oil Corporation Ltd.

•

iocl.comBSE: 530965NSE: IOC

Market Cap₹ 1,90,990 Cr.

Current Price

High / Low₹ 189 / 130

Stock P/E5.7

Book Value₹ 154

Price to Book0.85

Dividend Yield5.18 %

ROCE19.7 %

ROE21.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Petroleum Products: 91.4% • Gas: 4.9% • Petro-chemicals: 3.1%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Operating margins have improved to 8.6% from 3.2%
Company has delivered good sales growth of 16.2% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.81x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsCrude OilRefineries

Part ofNIFTY NEXT 50 NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT NIFTY TOTAL MKT

S.No.	Name
1.	RELIANCE	1258.00	22.78	1702393.37	0.48	23196.00	-24.65	311850.00	25.41	12.17	15.30
2.	IOC	135.25	5.68	190989.75	5.18	-1141.09	-116.76	281933.07	27.08	19.69	1.69
3.	BPCL	304.50	7.71	132107.49	5.75	-1872.70	-127.38	159527.05	23.08	27.09	-2.29
4.	HINDPETRO	351.00	44.69	74686.57	6.91	-12264.67	-398.34	145225.11	21.39	23.10	-11.08
5.	MRPL	175.90	9.81	30828.21	2.27	945.68	449.40	41608.96	98.25	18.12	3.24
6.	CHENNPETRO	1573.70	5.61	23434.19	3.94	1031.35	2671.95	29358.75	57.14	35.15	5.35

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2,25,410	2,05,283	2,26,892	2,23,650	2,19,864	1,98,616	2,19,522	2,21,360	2,21,849	2,06,447	2,36,257	2,36,899	2,81,933
	2,01,711	1,82,112	2,10,159	2,11,675	2,09,943	1,95,149	2,11,950	2,06,212	2,08,582	1,90,202	2,13,512	2,11,437	2,84,009
Operating Profit	23,700	23,171	16,733	11,975	9,921	3,467	7,573	15,148	13,267	16,245	22,745	25,463	-2,076
OPM %	10.51%	11.29%	7.37%	5.35%	4.51%	1.75%	3.45%	6.84%	5.98%	7.87%	9.63%	10.75%	-0.74%
	631	506	1,268	1,449	531	1,881	1,701	1,239	583	644	1,160	1,775	446
Interest	1,743	1,977	1,958	2,147	2,080	2,546	2,458	2,175	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	4,448	4,179	4,227	4,457	6,216	4,408
Profit before Tax	19,111	18,090	11,358	7,183	4,270	-1,264	2,532	9,765	7,602	10,392	17,360	19,142	-933
Tax %	24.67%	25.98%	24.48%	26.89%	26.19%	11.07%	24.45%	17.17%	25.55%	28.03%	24.91%	24.11%	-22.36%
Net Profit	0	0	0	0	3,723	-4,488	2,147	8,368	6,808	8,191	13,502	15,176	-1,141
	10.48	9.53	6.56	3.74	2.56	-0.12	1.54	5.90	4.95	5.68	9.44	10.50	-1.18

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,55,379	4,21,492	5,29,404	4,87,561	3,70,806	5,89,321	8,41,756	7,76,352	7,58,106	7,84,415	9,61,537
	3,21,315	3,79,834	4,94,144	4,70,670	3,30,189	5,41,563	8,11,073	7,00,702	7,22,066	7,07,308	8,99,160
Operating Profit	34,064	41,658	35,260	16,891	40,618	47,758	30,683	75,650	36,040	77,108	62,377
OPM %	9.59%	9.88%	6.66%	3.46%	10.95%	8.10%	3.65%	9.74%	4.75%	9.83%	6.49%
	3,862	3,420	2,714	-8,531	4,303	3,097	4,262	3,839	5,352	4,163	4,026
Interest	3,743	3,875	4,925	6,630	4,425	5,454	7,588	7,881	9,311	8,354	7,967
Depreciation	6,868	7,664	8,506	10,273	10,941	12,348	13,181	15,866	16,777	18,420	19,308
Profit before Tax	27,956	34,450	25,927	-7,177	30,751	34,289	15,038	57,288	17,063	57,472	45,962
Tax %	27.08%	34.32%	33.37%	73.86%	29.23%	24.97%	22.17%	24.66%	19.19%	24.00%	26.24%
Net Profit	20,385	22,626	17,274	-1,876	21,762	25,727	11,704	43,161	13,789	43,677	33,901
EPS	20.94	23.41	18.93	-0.97	23.57	27.34	7.11	30.30	9.87	30.57	—
Dividend Payout %	45.37%	89.71%	48.87%	-436.88%	50.92%	46.08%	42.19%	39.60%	30.38%	22.90%	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 16%
3 Years:: -2%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 14%
3 Years:: 63%

STOCK PRICE CAGR

10 Years:: 4%
5 Years:: 12%
3 Years:: 14%
1 Year:: -6%

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 17%
3 Years:: 19%
Last Year:: 22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	4,739	9,479	9,181	9,181	9,181	9,181	13,772	13,772	13,772	13,772
Minority Interest	1,905	2,151	1,877	876	976	1,591	3,494	4,747	4,537	6,030
	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
	60,979	66,763	95,317	1,30,552	1,16,218	1,28,585	1,46,325	1,23,848	1,42,781	1,20,751
Trade Payables	31,196	36,582	41,194	27,576	36,964	49,062	54,734	59,454	60,535	57,369
	77,385	97,038	1,04,732	94,973	1,12,485	1,09,642	1,11,029	1,31,077	1,26,572	1,50,542
Total Liabilities	2,73,561	3,16,408	3,55,590	3,49,375	3,78,480	4,22,415	4,55,303	5,02,542	5,20,912	5,54,209
	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
Capital Work in Progress	12,993	15,085	23,401	29,629	32,953	44,050	47,550	57,317	73,740	82,897
	43,687	44,806	44,112	35,571	44,717	52,352	52,190	65,542	67,218	73,298
	65,724	70,568	77,126	67,011	83,427	1,11,737	1,21,108	1,21,376	1,13,878	1,17,133
	0	0	15,808	13,259	13,782	18,700	16,399	13,831	18,434	14,635
Cash & Bank	410	496	1,061	2,296	2,475	1,820	2,097	3,157	2,645	4,415
	34,790	61,399	61,588	54,587	44,041	33,242	35,912	45,321	43,853	53,263
Total Assets	2,73,561	3,16,408	3,55,590	3,49,375	3,78,480	4,22,415	4,55,303	5,02,542	5,20,912	5,54,209

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	35,250	36,420	12,747	7,146	49,650	25,747	29,644	71,146	34,452	76,142
Cash from Investing	-17,684	-17,119	-22,569	-29,101	-22,935	-21,294	-28,030	-31,512	-31,641	-22,274
Cash from Financing	-10,937	-12,007	10,436	22,456	-27,369	-4,058	-1,794	-39,385	-3,421	-52,672
	-405	-11	614	502	-653	395	-180	250	-610	1,197

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
51.51	51.50	51.51	51.50	51.50	51.50	51.51	51.50	51.50
7.79	7.90	7.43	7.39	7.48	7.69	8.57	9.84	9.08
10.04	10.43	10.08	9.97	10.29	10.42	10.00	9.10	9.52
19.47	19.47	19.47	19.47	19.47	19.47	19.47	19.47	19.47
11.09	10.60	11.41	11.57	11.15	10.80	10.34	9.97	10.32

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Amendment to AOA/MOA

2026-09-01 - Indian Oil Corporation Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.

2026-09-01

Shareholders meeting

2026-09-01 - Indian Oil Corporation Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 31, 2026. Further, the company has informed the Exchange regarding voting results.

2026-09-01

Updates

2026-09-01 - Indian Oil Corporation Limited has informed the Exchange regarding 'Change in Senior Management Personnel'.

2026-08-31

Shareholders meeting

2026-08-31 - Indian Oil Corporation Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 31, 2026

2026-08-26

Updates

2026-08-26 - Indian Oil Corporation Limited has informed the Exchange regarding 'impostion of fine by BSE Ltd. & National Stock Exchange of India Ltd.'.

2026-08-15

Change in Director(s)

2026-08-15 - Indian Oil Corporation Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-11

Copy of Newspaper Publication

2026-08-11 - Indian Oil Corporation Limited has informed the Exchange about Copy of Newspaper Publication regarding Public Notice of AGM 2025-26.

2026-08-07

Shareholders meeting

2026-08-07 - Indian Oil Corporation Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 31, 2026

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Indian Oil Corporation Limited has informed the Exchange about Transcript

News

Recent coverage and analyst commentary for IOC

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Indian Oil Corporation Ltd.

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Free 5nance Account

Name

RELIANCE

1258.00

22.78

1702393.37

0.48

23196.00

-24.65

311850.00

25.41

12.17

15.30

IOC

135.25

5.68

190989.75

5.18

-1141.09

-116.76

281933.07

27.08

19.69

1.69

BPCL

304.50

7.71

132107.49

5.75

-1872.70

-127.38

159527.05

23.08

27.09

-2.29

HINDPETRO

351.00

44.69

74686.57

6.91

-12264.67

-398.34

145225.11

21.39

23.10

-11.08

MRPL

175.90

9.81

30828.21

2.27

945.68

449.40

41608.96

98.25

18.12

3.24

CHENNPETRO

1573.70

5.61

23434.19

3.94

1031.35

2671.95

29358.75

57.14

35.15

5.35

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

2,25,410

2,05,283

2,26,892

2,23,650

2,19,864

1,98,616

2,19,522

2,21,360

2,21,849

2,06,447

2,36,257

2,36,899

2,81,933

2,01,711

1,82,112

2,10,159

2,11,675

2,09,943

1,95,149

2,11,950

2,06,212

2,08,582

1,90,202

2,13,512

2,11,437

2,84,009

Operating Profit

23,700

23,171

16,733

11,975

9,921

3,467

7,573

15,148

13,267

16,245

22,745

25,463

-2,076

OPM %

10.51%

11.29%

7.37%

5.35%

4.51%

1.75%

3.45%

6.84%

5.98%

7.87%

9.63%

10.75%

-0.74%

631

506

1,268

1,449

531

1,881

1,701

1,239

583

644

1,160

1,775

446

Interest

1,743

1,977

1,958

2,147

2,080

2,546

2,458

2,175

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

4,448

4,179

4,227

4,457

6,216

4,408

Profit before Tax

19,111

18,090

11,358

7,183

4,270

-1,264

2,532

9,765

7,602

10,392

17,360

19,142

-933

Tax %

24.67%

25.98%

24.48%

26.89%

26.19%

11.07%

24.45%

17.17%

25.55%

28.03%

24.91%

24.11%

-22.36%

Net Profit

3,723

-4,488

2,147

8,368

6,808

8,191

13,502

15,176

-1,141

10.48

9.53

6.56

3.74

2.56

-0.12

1.54

5.90

4.95

5.68

9.44

10.50

-1.18

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

3,55,379

4,21,492

5,29,404

4,87,561

3,70,806

5,89,321

8,41,756

7,76,352

7,58,106

7,84,415

9,61,537

3,21,315

3,79,834

4,94,144

4,70,670

3,30,189

5,41,563

8,11,073

7,00,702

7,22,066

7,07,308

8,99,160

Operating Profit

34,064

41,658

35,260

16,891

40,618

47,758

30,683

75,650

36,040

77,108

62,377

OPM %

9.59%

9.88%

6.66%

3.46%

10.95%

8.10%

3.65%

9.74%

4.75%

9.83%

6.49%

3,862

3,420

2,714

-8,531

4,303

3,097

4,262

3,839

5,352

4,163

4,026

Interest

3,743

3,875

4,925

6,630

4,425

5,454

7,588

7,881

9,311

8,354

7,967

Depreciation

6,868

7,664

8,506

10,273

10,941

12,348

13,181

15,866

16,777

18,420

19,308

Profit before Tax

27,956

34,450

25,927

-7,177

30,751

34,289

15,038

57,288

17,063

57,472

45,962

Tax %

27.08%

34.32%

33.37%

73.86%

29.23%

24.97%

22.17%

24.66%

19.19%

24.00%

26.24%

Net Profit

20,385

22,626

17,274

-1,876

21,762

25,727

11,704

43,161

13,789

43,677

33,901

EPS

20.94

23.41

18.93

-0.97

23.57

27.34

7.11

30.30

9.87

30.57

—

Dividend Payout %

45.37%

89.71%

48.87%

-436.88%

50.92%

46.08%

42.19%

39.60%

30.38%

22.90%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

4,739

9,479

9,181

13,772

Minority Interest

1,905

2,151

1,877

876

976

1,591

3,494

4,747

4,537

6,030

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

60,979

66,763

95,317

1,30,552

1,16,218

1,28,585

1,46,325

1,23,848

1,42,781

1,20,751

Trade Payables

31,196

36,582

41,194

27,576

36,964

49,062

54,734

59,454

60,535

57,369

77,385

97,038

1,04,732

94,973

1,12,485

1,09,642

1,11,029

1,31,077

1,26,572

1,50,542

Total Liabilities

2,73,561

3,16,408

3,55,590

3,49,375

3,78,480

4,22,415

4,55,303

5,02,542

5,20,912

5,54,209

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

Capital Work in Progress

12,993

15,085

23,401

29,629

32,953

44,050

47,550

57,317

73,740

82,897

43,687

44,806

44,112

35,571

44,717

52,352

52,190

65,542

67,218

73,298

65,724

70,568

77,126

67,011

83,427

1,11,737

1,21,108

1,21,376

1,13,878

1,17,133

15,808

13,259

13,782

18,700

16,399

13,831

18,434

14,635

Cash & Bank

410

496

1,061

2,296

2,475

1,820

2,097

3,157

2,645

4,415

34,790

61,399

61,588

54,587

44,041

33,242

35,912

45,321

43,853

53,263

Total Assets

2,73,561

3,16,408

3,55,590

3,49,375

3,78,480

4,22,415

4,55,303

5,02,542

5,20,912

5,54,209

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

35,250

36,420

12,747

7,146

49,650

25,747

29,644

71,146

34,452

76,142

Cash from Investing

-17,684

-17,119

-22,569

-29,101

-22,935

-21,294

-28,030

-31,512

-31,641

-22,274

Cash from Financing

-10,937

-12,007

10,436

22,456

-27,369

-4,058

-1,794

-39,385

-3,421

-52,672

-405

-11

614

502

-653

395

-180

250

-610

1,197

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

51.51

51.50

51.51

51.50

51.51

51.50

7.79

7.90

7.43

7.39

7.48

7.69

8.57

9.84

9.08

10.04

10.43

10.08

9.97

10.29

10.42

10.00

9.10

9.52

19.47

11.09

10.60

11.41

11.57

11.15

10.80

10.34

9.97

10.32

Indian Oil Corporation Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Indian Oil Corporation Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI