Indian Oil Corporation Ltd

₹ 159 1.50%

10 May - close price

About

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]

Key Points

Refining Capacity
The Largest Refining Company in India. The company owns 11 refineries across India with a total capacity of 80.60 MMTPA. It possess 32% of total refining capacity of India.^[1]
Two of its refineries in Chennai are owned by its subsidiary Chennai Petroleum Corporation Ltd^[2] of which the company owns 52% stake.^[3]
Market share of more than 32% share in the domestic refining sector as on June 30, 2022^[4]

Website BSE NSE

Market Cap ₹ 2,24,457 Cr.
Current Price ₹ 159
High / Low ₹ 197 / 83.5
Stock P/E 5.67
Book Value ₹ 125
Dividend Yield 3.15 %
ROCE 20.6 %
ROE 25.4 %
Face Value ₹ 10.0

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Pros

Stock is providing a good dividend yield of 3.15%.
Company has delivered good profit growth of 18.6% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 46.9%

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Refineries Industry: Refineries

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	123,841	118,671	135,410	166,785	177,287	224,249	207,485	204,740	202,994	197,527	179,740	199,104	197,978
	110,340	107,544	124,790	156,926	165,660	222,894	205,525	201,147	187,654	175,363	158,427	183,615	187,543
Operating Profit	13,502	11,126	10,621	9,859	11,628	1,356	1,960	3,593	15,340	22,164	21,313	15,489	10,435
OPM %	11%	9%	8%	6%	7%	1%	1%	2%	8%	11%	12%	8%	5%
	1,102	564	1,441	1,379	952	687	2,198	1,715	1,638	688	982	1,453	1,657
Interest	1,073	1,257	986	979	1,607	1,725	1,441	1,953	1,812	1,626	1,846	1,832	2,023
Depreciation	2,579	2,634	2,706	2,779	2,887	2,847	2,962	3,099	2,952	3,152	3,280	4,341	3,736
Profit before tax	10,951	7,798	8,370	7,480	8,085	-2,529	-244	257	12,215	18,074	17,170	10,768	6,332
Tax %	20%	24%	24%	22%	26%	21%	-12%	-75%	18%	24%	24%	25%	24%
	8,781	5,941	6,360	5,861	6,022	-1,993	-272	448	10,059	13,750	12,967	8,063	4,838
EPS in Rs	6.22	4.21	4.50	4.15	4.26	-1.41	-0.19	0.32	7.12	9.74	9.18	5.71	3.43
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	447,096	473,210	437,524	347,176	359,942	424,039	527,701	485,660	378,058	598,149	839,472	774,349
	433,289	457,429	427,348	327,478	328,134	384,311	493,844	466,811	339,964	554,888	817,197	704,948
Operating Profit	13,807	15,781	10,176	19,698	31,809	39,727	33,857	18,850	38,093	43,262	22,275	69,401
OPM %	3%	3%	2%	6%	9%	9%	6%	4%	10%	7%	3%	9%
	3,521	5,025	5,806	5,053	4,201	3,415	3,129	-7,750	4,551	4,334	6,235	4,781
Interest	6,479	5,121	3,458	3,106	3,465	3,511	4,344	6,028	3,124	4,857	6,953	7,328
Depreciation	5,201	5,760	4,529	4,819	6,223	7,067	7,514	8,766	9,804	11,006	11,859	14,510
Profit before tax	5,648	9,926	7,995	16,827	26,321	32,564	25,127	-3,694	29,716	31,733	9,698	52,344
Tax %	11%	29%	34%	33%	27%	34%	33%	136%	27%	24%	15%	24%
	5,005	7,019	5,273	11,242	19,106	21,346	16,894	1,313	21,836	24,184	8,242	39,619
EPS in Rs	3.44	4.82	3.62	7.72	13.12	14.65	11.96	0.93	15.46	17.13	5.84	28.06
Dividend Payout %	30%	30%	30%	30%	47%	93%	52%	297%	50%	48%	50%	43%

Compounded Sales Growth
10 Years:	5%
5 Years:	8%
3 Years:	27%
TTM:	-8%

Compounded Profit Growth
10 Years:	21%
5 Years:	19%
3 Years:	22%
TTM:	381%

Stock Price CAGR
10 Years:	12%
5 Years:	11%
3 Years:	32%
1 Year:	90%

Return on Equity
10 Years:	17%
5 Years:	17%
3 Years:	18%
Last Year:	25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	2,428	2,428	2,428	2,370	4,739	9,479	9,414	9,181	9,181	9,181	13,772	13,772
Reserves	58,696	63,564	65,542	85,765	94,989	100,692	99,476	84,588	101,319	122,105	120,986	162,943
	80,834	86,218	55,245	52,880	54,820	58,030	86,359	116,545	102,327	119,463	141,550	125,867
	86,195	99,488	96,794	79,623	104,794	112,693	119,334	100,962	121,416	137,804	143,882	154,659
Total Liabilities	228,153	251,697	220,009	220,638	259,343	280,895	314,583	311,276	334,243	388,553	420,190	457,241
	60,633	62,949	66,251	91,347	107,879	113,927	118,708	133,682	143,400	146,889	165,485	182,908
CWIP	26,230	33,879	36,324	21,025	10,738	14,348	23,599	29,738	33,052	44,446	48,991	57,024
Investments	18,671	23,594	23,899	37,181	47,305	47,488	49,940	39,139	48,619	57,787	57,519	71,088
	122,619	131,275	93,534	71,084	93,421	105,131	122,336	108,718	109,172	139,432	148,194	146,220
Total Assets	228,153	251,697	220,009	220,638	259,343	280,895	314,583	311,276	334,243	388,553	420,190	457,241

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	11,611	22,050	44,529	22,944	27,799	26,457	12,422	7,190	48,784	22,791	20,985	68,097
	-8,338	-17,837	-8,648	-12,417	-14,734	-15,779	-20,771	-26,882	-21,058	-20,800	-25,286	-29,702
	-3,076	-2,108	-38,374	-10,367	-13,275	-10,678	8,334	20,189	-27,948	-1,595	3,954	-38,294
Net Cash Flow	196	2,105	-2,493	160	-209	1	-15	497	-222	396	-347	101

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	9	8	6	8	9	9	11	10	13	11	7	6
Inventory Days	54	56	43	49	80	70	59	56	97	75	55	63
Days Payable	27	31	27	28	39	35	31	22	42	31	23	29
Cash Conversion Cycle	36	34	21	29	50	43	39	43	68	55	38	40
Working Capital Days	38	30	6	1	-13	-4	7	6	-4	6	6	6
ROCE %	9%	9%	7%	14%	20%	22%	16%	7%	16%	16%	6%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%
	6.70%	7.21%	7.94%	8.36%	8.19%	7.22%	7.01%	6.91%	7.56%	7.84%	8.84%	8.49%
	12.37%	4.57%	12.51%	11.32%	11.50%	11.24%	11.54%	11.92%	11.55%	10.70%	9.90%	10.23%
	0.11%	0.11%	0.11%	0.11%	0.11%	19.60%	19.60%	19.60%	19.60%	19.60%	19.60%	19.57%
	29.31%	36.60%	27.94%	28.71%	28.69%	10.42%	10.34%	10.06%	9.77%	10.36%	10.13%	10.18%
No. of Shareholders	9,40,651	9,55,410	11,45,473	13,35,443	14,84,847	17,99,117	18,17,775	18,27,303	17,91,349	19,72,340	20,65,514	24,28,561

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	57.34%	56.98%	52.18%	51.50%	51.50%	51.50%	51.50%	51.50%
	5.36%	6.16%	7.04%	7.19%	5.81%	8.36%	6.91%	8.49%
	11.68%	10.33%	13.72%	13.40%	12.98%	11.32%	11.92%	10.23%
	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	19.60%	19.57%
	25.51%	26.43%	26.95%	27.80%	29.60%	28.71%	10.06%	10.18%
No. of Shareholders	2,21,722	3,44,918	4,44,546	5,86,535	9,43,030	13,35,443	18,27,303	24,28,561

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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