Indian Oil Corporation Ltd

₹ 144 3.21%

25 May 4:03 p.m.

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

Business Segments
1) Petroleum Products (94% in Q1 FY25 vs 95% in FY22): ^[1] ^[2] IOC has a 42% market share in Petroleum Oil and Lubricants with over 60,900 touch points. It owns 11 refineries across India with a total capacity of 80.80 MMTPA (including 10.5 MMTPA of subsidiaries), possessing 31% of the total refining capacity of India. ^[3] The company (ex-subsidiaries) achieved a crude throughput of 73 MMT in FY24 compared to 68 MMT in FY22. The segment revenue grew by 19% between FY22 and FY24. The refinery capacity utilization was 105% in FY24 vs 97% in FY22. ^[4]

Website BSE NSE

Market Cap ₹ 2,03,232 Cr.
Current Price ₹ 144
High / Low ₹ 189 / 130
Stock P/E 4.83
Book Value ₹ 155
Dividend Yield 4.86 %
ROCE 18.8 %
ROE 20.7 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.93 times its book value
Company has been maintaining a healthy dividend payout of 24.7%

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

Energy Oil, Gas & Consumable Fuels Petroleum Products Refineries & Marketing

Part of BSE 500 BSE 100 BSE 200 BSE Dollex 200 BSE PSU Nifty Next 50 Nifty 500 BSE Oil & Gas Nifty Energy Nifty 100 BSE Dollex 100 Nifty Infrastructure Nifty PSE Nifty 200 Nifty Commodities Nifty Dividend Opportunities 50 BSE CPSE Nifty 100 Equal Weight BSE Energy BSE SENSEX Next 50 BSE Bharat 22 Index BSE 100 ESG Index (INR) BSE 250 LargeMidCap Index BSE Dividend Stability Index BSE Enhanced Value Index BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Oil & Gas Nifty100 ESG Nifty India Manufacturing Nifty Total Market Nifty500 Value 50 Nifty100 Enhanced ESG BSE 200 Equal Weight BSE Power & Energy Nifty 100 Alpha 30 Index NIFTY Mobility Nifty200 Value 30 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted Nifty500 Multifactor MQVLv50 BSE India 150 BSE India Sector Leaders Nifty500 Low Volatility 50 BSE 1000 BSE 500 Momentum 50 BSE 500 Dividend Leaders 50 Nifty India FPI 150

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	203,872	198,551	179,246	199,906	198,650	193,845	174,976	194,014	195,270	192,341	178,628	205,157	208,289
	186,236	174,851	156,075	183,172	186,675	183,923	171,509	186,442	180,241	179,073	162,383	182,412	183,485
Operating Profit	17,637	23,700	23,171	16,733	11,975	9,921	3,467	7,573	15,029	13,267	16,245	22,745	24,804
OPM %	9%	12%	13%	8%	6%	5%	2%	4%	8%	7%	9%	11%	12%
	1,368	970	829	1,916	1,686	1,102	2,556	1,936	1,519	1,732	1,356	1,627	2,424
Interest	1,957	1,743	1,977	1,958	2,147	2,080	2,546	2,458	2,178	2,070	2,270	2,088	1,880
Depreciation	3,288	3,476	3,610	4,686	4,094	4,103	4,065	4,284	4,325	4,179	4,227	4,457	5,557
Profit before tax	13,759	19,450	18,413	12,005	7,420	4,841	-589	2,766	10,045	8,750	11,104	17,827	19,791
Tax %	21%	24%	26%	23%	26%	23%	-24%	22%	17%	22%	26%	24%	23%
	10,841	14,735	13,713	9,225	5,488	3,723	-449	2,147	8,368	6,808	8,191	13,502	15,176
EPS in Rs	7.29	10.22	9.29	6.39	3.65	2.50	-0.12	1.50	5.75	4.83	5.54	9.21	10.24
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	449,507	346,045	355,379	421,492	528,158	483,763	363,950	589,321	841,756	776,352	758,106	784,415
	438,932	324,007	321,230	379,834	492,896	467,710	324,021	541,563	811,073	700,702	722,063	707,354
Operating Profit	10,575	22,038	34,149	41,658	35,262	16,053	39,929	47,758	30,683	75,650	36,043	77,062
OPM %	2%	6%	10%	10%	7%	3%	11%	8%	4%	10%	5%	10%
	5,860	5,219	4,356	4,331	4,097	-7,165	4,696	4,332	5,124	5,384	7,112	7,139
Interest	4,201	3,487	3,743	3,875	4,925	5,792	2,933	5,454	7,588	7,881	9,315	8,308
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
Profit before tax	7,014	18,072	27,956	34,450	25,927	-7,177	30,751	34,289	15,038	57,288	17,063	57,472
Tax %	31%	31%	27%	34%	33%	-74%	29%	25%	22%	25%	19%	24%
	4,872	12,413	20,385	22,626	17,274	-1,876	21,762	25,727	11,704	43,161	13,789	43,677
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
Dividend Payout %	33%	28%	45%	90%	49%	-437%	51%	46%	42%	40%	30%	4%

Compounded Sales Growth
10 Years:	9%
5 Years:	17%
3 Years:	-2%
TTM:	3%

Compounded Profit Growth
10 Years:	14%
5 Years:	14%
3 Years:	63%
TTM:	249%

Stock Price CAGR
10 Years:	8%
5 Years:	14%
3 Years:	17%
1 Year:	0%

Return on Equity
10 Years:	16%
5 Years:	16%
3 Years:	17%
Last Year:	21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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	104,395	103,288	86,217	102,657	124,354	125,949	169,645	172,716	205,746
	64,893	58,552	63,271	65,650	96,765	129,790	116,649	132,020	148,977	132,628	152,271	131,822
	100,158	83,184	108,352	116,336	126,128	104,773	126,658	145,327	153,298	166,639	168,464	177,615
Total Liabilities	233,883	231,715	273,719	295,860	335,363	329,962	355,145	410,882	441,995	482,683	507,222	528,955
	76,781	100,033	115,958	124,053	132,494	147,022	157,085	160,514	180,048	195,998	201,142	211,722
CWIP	40,378	26,219	16,778	19,130	28,281	32,845	36,291	47,469	51,133	61,032	77,921	82,897
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
	100,655	74,278	97,295	107,871	130,476	114,524	117,053	150,546	158,624	160,111	160,940	161,039
Total Assets	233,883	231,715	273,719	295,860	335,363	329,962	355,145	410,882	441,995	482,683	507,222	528,955

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	46,092	25,624	28,216	29,115	12,747	7,146	49,650	25,747	29,644	71,146	34,699	76,142
	-10,215	-13,610	-17,684	-17,119	-22,569	-29,101	-22,935	-21,294	-28,030	-31,512	-31,848	-22,274
	-38,283	-11,890	-10,937	-12,007	10,436	22,456	-27,369	-4,058	-1,794	-39,385	-3,425	-52,672
Net Cash Flow	-2,406	124	-405	-11	614	502	-653	395	-180	250	-573	1,197
Free Cash Flow	33,680	9,576	14,388	11,086	-12,748	-24,277	27,904	2,290	-2,524	34,453	421	48,881
CFO/OP	458%	130%	103%	87%	52%	58%	135%	70%	101%	110%	105%	114%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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	-42	-28
ROCE %	6%	14%	20%	22%	16%	5%	15%	16%	8%	21%	7%	19%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Domestic Petroleum Product Sales
MMT ・Standalone data

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			xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx

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Natural Gas Sales
MMT ・Standalone data

Petrochemical Sales
MMT ・Standalone data

Pipeline Throughput
MMT ・Standalone data

Refinery Throughput (IOCL Standalone)
MMT ・Standalone data

GRM
US$/bbl ・Standalone data

Number of Retail Outlets
Count ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%
	7.56%	7.84%	8.84%	8.49%	7.79%	7.90%	7.43%	7.39%	7.48%	7.69%	8.57%	9.84%
	11.55%	10.70%	9.90%	10.23%	10.04%	10.43%	10.08%	9.97%	10.29%	10.42%	10.00%	9.10%
	19.60%	19.60%	19.60%	19.57%	19.57%	19.57%	19.57%	19.57%	19.57%	19.57%	19.57%	19.57%
	9.77%	10.36%	10.13%	10.18%	11.07%	10.59%	11.39%	11.57%	11.15%	10.81%	10.34%	9.96%
No. of Shareholders	17,91,349	19,72,340	20,65,514	24,28,561	27,29,165	27,81,746	30,82,717	31,89,614	30,80,100	29,75,614	28,15,980	27,89,940

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	57.34%	56.98%	52.18%	51.50%	51.50%	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%	7.39%	9.84%
	11.68%	10.33%	13.72%	13.40%	12.98%	11.32%	11.92%	10.23%	9.97%	9.10%
	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	19.60%	19.57%	19.57%	19.57%
	25.51%	26.43%	26.95%	27.80%	29.60%	28.71%	10.06%	10.18%	11.57%	9.96%
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	31,89,614	27,89,940

* 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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