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Indian Oil Corporation Ltd (IOC)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 530965 NSE: IOC Refineries | Large Cap | Indian Oil Corpn. Share Price
₹135.25 -0.05 (-0.04%)
As on 11-Sep'26 16:01
Indian Oil Corporation Ltd (IOC)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 530965 NSE: IOC Refineries | Large Cap | Indian Oil Corpn. Share Price
₹135.25 -0.05 (-0.04%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹1,91,060 Cr.
Current Price
₹135.3
52-Week Low / High
₹130 / 189
TTM EPS
₹23.8
TTM Sales
₹9,61,537 Cr.
Book Value per Share
₹154.4
P/E Ratio
5.68
Lower than its 5-year historical median
Industry PE
24.4
Price to Book (P/B)
0.88
Lower than its 5-year historical median
Price to Sales (P/S)
0.20
In line with its 5-year historical median
EV/EBITDA
4.23
Lower than its 5-year historical median
Dividend Yield
5.18%
Profitability Efficiency
Return on Equity (ROE)
21.52%
Outperforms industry median
Return on Capital Employed (ROCE)
19.69%
Outperforms industry median
Return on Assets (ROA)
8.13%
Operating Profit Margin
10.9%
Net Profit Margin
5.57%
Gross Profit Margin
8.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
3.73%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
113.95%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
216.76%
Asset Quality
Promoter Holding
51.50%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,03,908 Cr.
Equity
₹14,121.2 Cr.
Face Value
₹10
All Time Low / High
₹5.67 / 196.80
Check Before You Invest
Quality
Very GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Indian Oil Corporation Ltd a good quality company?
Indian Oil Corporation Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Indian Oil Corporation Ltd performance compare with that of its Peers?
Revenue growth of Indian Oil Corporation Ltd vs industry peers?
Indian Oil Corporation Ltd revenue CAGR is 15.30%, compared to the industry median CAGR of 15.30%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Indian Oil Corporation Ltd?
Promoters hold 51.50% of the Indian Oil Corporation Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Indian Oil Corporation Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 3.7% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indian Oil Corporation Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 20.2% | 22.4% | 16.2% | 1.2% | 16.2% | 16.4% | 6.5% | 21.3% | 8.1% | 18.1% | - |
| Value Creation Index ⓘ | 0.8 | 1.0 | 0.4 | -0.9 | 0.4 | 0.5 | -0.4 | 0.9 | -0.3 | 0.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 3,59,942 | 4,24,039 | 5,28,982 | 4,89,305 | 3,84,763 | 5,98,149 | 8,39,472 | 7,74,349 | 7,55,950 | 7,84,158 | 9,43,589 |
| Sales YoY Gr. | - | 17.8% | 24.8% | -7.5% | -21.4% | 55.5% | 40.3% | -7.8% | -2.4% | 3.7% | - |
| Adj EPS ⓘ | 12.6 | 14.5 | 12.7 | 8.6 | 14.4 | 17.9 | 9.8 | 29.3 | 9.6 | 30.6 | 20.2 |
| YoY Gr. | - | 14.8% | -12.3% | -32.3% | 67.6% | 24.2% | -45.5% | 200.6% | -67.3% | 218.6% | - |
| BVPS (₹) ⓘ | 70.1 | 77.5 | 78.9 | 68.1 | 80.2 | 95.3 | 97.9 | 128.3 | 129.7 | 148.5 | 143.2 |
| Adj Net Profit ⓘ | 18,394 | 21,124 | 17,948 | 12,148 | 20,349 | 25,271 | 13,421 | 40,360 | 13,210 | 42,068 | 28,454 |
| Cash Flow from Ops. ⓘ | 27,799 | 26,457 | 12,422 | 7,190 | 48,784 | 22,791 | 20,985 | 68,097 | 33,286 | 71,399 | - |
| Debt/CF from Ops. ⓘ | 2 | 2.2 | 7 | 16.2 | 1.9 | 4.9 | 6.3 | 1.7 | 4 | 1.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9% | 15.3% | -2.3% | 3.7% | ||||
| Adj EPS ⓘ | 10.3% | 16.2% | 46.3% | 218.6% | ||||
| BVPSⓘ | 8.7% | 13.1% | 14.9% | 14.5% | ||||
| Share Price | 3.7% | 12.5% | 12.4% | -6% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 19.6 | 20.1 | 16.4 | 12 | 19.9 | 20.9 | 10.1 | 25.9 | 7.4 | 22 | 13.8 |
| Op. Profit Mgn % ⓘ | 8.9 | 9.4 | 6.7 | 4.7 | 9.9 | 7.5 | 3.5 | 9.1 | 4.7 | 9.8 | 6.4 |
| Net Profit Mgn % ⓘ | 5.1 | 5 | 3.4 | 2.5 | 5.3 | 4.2 | 1.6 | 5.2 | 1.8 | 5.4 | 3 |
| Debt to Equity ⓘ | 0.6 | 0.5 | 0.8 | 1.2 | 0.9 | 0.8 | 1 | 0.7 | 0.8 | 0.5 | - |
| Working Cap Days ⓘ | 77 | 83 | 79 | 84 | 89 | 69 | 59 | 68 | 70 | 68 | 30 |
| Cash Conv. Cycle ⓘ | 19 | 22 | 22 | 27 | 28 | 28 | 28 | 28 | 28 | 24 | -14 |
Valuation of Indian Oil Corpn. - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 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 |
| Operating Expenses ⓘ + | 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 |
| Operating Profit ⓘ | 34,064 | 41,658 | 35,260 | 16,891 | 40,618 | 47,758 | 30,683 | 75,650 | 36,040 | 77,108 |
| Operating Profit Margin (%) | 9.6% | 9.9% | 6.7% | 3.5% | 11.0% | 8.1% | 3.6% | 9.7% | 4.8% | 9.8% |
| Other Income ⓘ + | 3,862 | 3,420 | 2,714 | 2,774 | 4,303 | 3,097 | 4,262 | 3,839 | 3,514 | 4,163 |
| Interest ⓘ | 3,743 | 3,875 | 4,925 | 6,630 | 4,425 | 5,454 | 7,588 | 7,881 | 9,311 | 8,354 |
| Depreciation ⓘ | 6,868 | 7,664 | 8,506 | 10,273 | 10,941 | 12,348 | 13,181 | 15,866 | 16,777 | 18,420 |
| Profit Before Tax ⓘ | 27,956 | 34,450 | 25,927 | -7,177 | 30,751 | 34,289 | 15,038 | 57,288 | 17,063 | 57,472 |
| Tax ⓘ | 7,570 | 11,824 | 8,653 | -5,301 | 8,989 | 8,562 | 3,333 | 14,127 | 3,275 | 13,795 |
| Profit After Tax | 20,385 | 22,626 | 17,274 | -1,876 | 21,762 | 25,727 | 11,704 | 43,161 | 13,789 | 43,677 |
| PAT Margin (%) | 5.7% | 5.4% | 3.3% | -0.4% | 5.9% | 4.4% | 1.4% | 5.6% | 1.8% | 5.6% |
| Adjusted EPS (₹) | 14.0 | 15.6 | 12.6 | -0.7 | 15.7 | 18.2 | 7.1 | 30.3 | 9.9 | 30.6 |
| Dividend Payout Ratio (%) | 45.40% | 89.70% | 48.90% | -436.90% | 50.90% | 46.10% | 42.20% | 39.60% | 30.40% | 22.90% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,02,096 | 1,13,874 | 1,12,469 | 95,398 | 1,11,838 | 1,33,535 | 1,39,720 | 1,83,416 | 1,86,487 | 2,19,518 | |
| Debt + | 58,830 | 62,141 | 92,712 | 1,25,968 | 1,02,265 | 1,09,459 | 1,24,172 | 1,06,187 | 1,25,788 | 1,04,812 | |
| Minority Interest | 1905 | 2151 | 1877 | 876 | 976 | 1591 | 3494 | 4747 | 4537 | 6030 | |
| Trade Payables | 31,197 | 36,582 | 41,194 | 27,576 | 36,964 | 49,062 | 54,734 | 59,454 | 60,535 | 57,369 | |
| Others Liabilities ⓘ | 79,534 | 1,01,660 | 1,07,338 | 99,557 | 1,26,437 | 1,28,767 | 1,33,182 | 1,48,738 | 1,43,564 | 1,66,481 | |
| 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 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1,16,215 | 1,24,342 | 1,32,787 | 1,47,765 | 1,57,932 | 1,61,449 | 1,81,034 | 1,96,993 | 2,02,098 | 2,10,828 | |
| CWIP ⓘ | 16,778 | 19,130 | 28,281 | 32,845 | 36,291 | 47,469 | 51,133 | 61,032 | 77,921 | 86,049 | |
| Investments ⓘ | 43,687 | 44,806 | 44,112 | 35,571 | 44,717 | 52,352 | 52,190 | 65,542 | 67,219 | 73,298 | |
| Inventories | 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 | |
| Trade Receivables | 8,899 | 10,696 | 15,808 | 13,259 | 13,782 | 18,700 | 16,399 | 13,831 | 18,434 | 14,635 | |
| Cash Equivalents | 410 | 496 | 1,061 | 2,296 | 2,475 | 1,820 | 2,097 | 3,157 | 2,645 | 4,415 | |
| Others Assets ⓘ | 21,847 | 46,368 | 56,416 | 50,629 | 39,857 | 28,887 | 31,342 | 40,610 | 38,717 | 47,852 | |
| 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 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 28,216 | 29,115 | 12,747 | 7,146 | 49,650 | 25,747 | 29,644 | 71,146 | 34,452 | 76,142 |
| Cash Flow From Investing Activity ⓘ + | -17,684 | -17,119 | -22,569 | -29,101 | -22,935 | -21,294 | -28,030 | -31,512 | -31,641 | -22,274 |
| Cash Flow From Financing Activity ⓘ + | -10,937 | -12,007 | 10,436 | 22,456 | -27,369 | -4,058 | -1,794 | -39,385 | -3,421 | -52,672 |
| Net Cash Flow ⓘ | -405 | -11 | 614 | 502 | -653 | 395 | -180 | 250 | -610 | 1,197 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 21.23 | 20.95 | 15.26 | -1.81 | 21 | 20.97 | 8.57 | 26.71 | 7.46 | 21.52 |
| ROCE (%) | 20.2 | 22.22 | 15.87 | -0.25 | 15.78 | 16.63 | 8.43 | 22.22 | 8.29 | 19.69 |
| Asset Turnover Ratio | 1.76 | 1.75 | 1.84 | 1.63 | 1.46 | 1.87 | 2.21 | 1.84 | 1.68 | 1.68 |
| PAT to CFO Conversion(x) | 1.38 | 1.29 | 0.74 | N/A | 2.28 | 1 | 2.53 | 1.65 | 2.5 | 1.74 |
| Working Capital Days | ||||||||||
| Receivable Days | 6.70 | 6.90 | 7.80 | 9.20 | 9.30 | 7.90 | 6.60 | 6.30 | 6.90 | 6.70 |
| Inventory Days | 43.40 | 48.30 | 43.70 | 45.70 | 51.70 | 47.50 | 43.80 | 50.20 | 50 | 46.80 |
| Payable Days | 36.80 | 36.70 | 32 | 30 | 41.80 | 32.20 | 25.30 | 32.60 | 33.30 | 34 |
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Indian Oil Corporation Ltd FAQs
The current trading price of Indian Oil Corpn. on 11-Sep-2026 16:01 is ₹135.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Indian Oil Corpn. stood at ₹1,91,060.4 Cr
The latest P/E ratio of Indian Oil Corpn. as of 10-Sep-2026 is 6.72.
The latest P/B ratio of Indian Oil Corpn. as of 10-Sep-2026 is 0.94.
The 52-week high of Indian Oil Corpn. is ₹188.9 and the 52-week low is ₹130.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indian Oil Corpn. is ₹9,43,589 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Indian Oil Corporation Ltd is a good quality company.
The key valuation ratios of Indian Oil Corporation Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Indian Oil Corporation Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Indian Oil Corporation Ltd
Indian Oil Corporation (IOC), India's flagship national oil company and downstream petroleum major, was incorporated on June 30, 1959 as Indian Oil Company. The company was renamed as Indian Oil Corporation on September 1, 1964 following the merger of Indian Refineries (established 1958) with it. IOC is a public limited company incorporated and domiciled in India. Its shares are listed on Bombay Stock Exchange and National Stock Exchange in India. It also has global aspirations, fulfilled to an extent by the formation of overseas subsidiaries. It is pursuing diverse business interests with the setting up of various joint ventures with reputed business partners from India and abroad to explore global opportunities.
Business
Indian Oil is India's flagship Maharatna national oil company with business interests straddling the entire hydrocarbon value chain - from refining, pipeline transportation and marketing, to exploration and production of crude oil and gas, petrochemicals, gas marketing, alternative energy sources and globalisation of downstream operations.
Product and services
- Refining
- Pipelines
- Marketing
- R&D Centre - Technology Licensing
- Petrochemicals
- Natural Gas
- E & P
- Explosives
- Cryogenics
Awards
- IndianOil has been voted as a ‘Great Place to Work’ for the year 2019. Ranked 29th on the list featuring the country’s business, academia and government organizations.
- IndianOil has been ranked as the third strongest Indian brand in the latest annual report of UK-based Brand Finance. Basis its performance on multiple parameters such as marketing investment, stakeholder equity and business performance, the Company has been assigned a Brand Strength Index (BSI) score of 84.6 out of 100, making it the strongest oil & gas brand in the country.
- IndianOil bagged the prestigious ‘Vigilance Excellence Award’ of the Central Vigilance Commission for its outstanding vigilance awareness initiatives during 2019.
- IndianOil was felicitated with the Super Buyer Award-2019 in December 2019 for excellence in procurement through the Government e-Market Place.
- IndianOil was adjudged first amongst PSUs in the 3rd Innovative Practices Awards-2019 for Sustainable Development Goals (SDGs) by the United Nations Global Compact Network-India at a felicitation ceremony held at Mumbai in May 2019.
- IndianOil won recognition as the Best PSU/Corporate for promotion of sports at the annual Sportstar Aces Awards-2019.
- IndianOil bagged the award for the best company in the Oil (Refining & Marketing) category at Dun & Bradstreet’s Annual Corporate Awards-2019 event held at Mumbai in June 2019.
- IndianOil bagged the AIMA Managing India Award-2019 for Outstanding PSU of the Year.
- IndianOil’s Corporate Social Responsibility (CSR) efforts received national recognition from the Government of India with the Ministry of Corporate Affairs felicitating select corporates for outstanding CSR initiatives for the very first time.
- IndianOil bagged the Federation of Indian Petroleum Industry’s (FIPI) ‘Sustainably Growing Corporate of the Year’ award for excellence in sustainability performance and benefits extended to society and the environment, at a glittering awards ceremony held at New Delhi in December 2019.
- IndianOil was bestowed with the ‘Company of the Year’ award in petrochemicals category by FICCI (Federation of Indian Chambers of Commerce and Industry) in November 2019.
- IndianOil bagged the Swachhta Pakhwada Awards-2019, an MoP&NG initiative to honour companies that have done exemplary work during the Swachhta Pakhwada fortnight (July 1-15, 2019). IndianOil’s Panipat Refinery bagged the 2nd Best Swachh Refinery Award and IndianOil itself bagged the 3rd prize among undertakings which undertook the best initiatives during the fortnight.
- IndianOil’s AmyleMax technology has won recognition as the Best Indigenously Developed Technology at the Refineries & Petrochemicals Technology Meet-2020 hosted by the Centre for High Technology in April 2019.
- IndianOil and its lubricant brand SERVO have been conferred the Reader’s Digest Trusted Brands (2019) recognition for another successive year in June 19.
- IndianOil was felicitated as the Best Performer in Maharatna category for promotion of SC/ST entrepreneurs during 2019 by the Ministry of Micro, Small and Medium Enterprises, Govt. of India.
- IndianOil bagged the Express Supply Chain & Logistics Award for the ‘Most Humanitarian Supply Chain in POL Sector’ in recognition of its efforts in maintaining rescue supplies during Cyclone Fani on the east coast, floods in Kerala, and the rescue supplies provided to Indonesia in the aftermath of the Tsunami through the NDRF (National Disaster Response Force).
- IndianOil was conferred the ‘Supply Chain and Logistics Excellence Award’ (SCALE Award) by CII (Confederation of Indian Industries) for the best supply chain management in the petroleum sector.
- IATA (International Air Transport Association) honoured IndianOil with Award of Recognition at the Aviation Fuel Forum held in New Orleans, USA, in December 2019.
- Best Swachh Iconic Place (SIP) Award 2019: SIP is a unique initiative of the Government of India, under which over 30 places of religious, tourist and archaeological importance are being developed with support from various public/private companies as CSR partners.
- IndianOil was recognised as one of the top 10 digitally empowered PSUs of the country at the 17th Infotech Forum organised by Var India, India’s frontline IT magazine, in June 19.
- Several IndianOil locations, including Bongaigaon and Guwahati refineries, Paradip Terminal, Panipat Marketing Complex, LPG bottling plant at Madurai, and Rajkot depot bagged the National Safety Awards in September 2019.
- IOCian and India opener Rohit Sharma was adjudged the best sportsman of the Year (cricket) at the annual Sportstar Aces Awards-2019 given away at Mumbai in January 2020.
- IndianOil was felicitated with Best Practices in CSR Award-2020 among PSUs at the 6th International Conference on CSR organised by the Institute of Public Enterprises, Hyderabad, in January 2020.
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