Indian Oil Corporation Ltd.
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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 GENERATEDOil Gas & Consumable Fuels
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.
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
| 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Indian Oil Corporation Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
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 - Indian Oil Corporation Limited has informed the Exchange regarding 'Change in Senior Management Personnel'.
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 - Indian Oil Corporation Limited has informed the Exchange regarding 'impostion of fine by BSE Ltd. & National Stock Exchange of India Ltd.'.
2026-08-15 - Indian Oil Corporation Limited has informed the Exchange regarding Change in Director(s) of the company.
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 - Indian Oil Corporation Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 31, 2026
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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