Indian Oil Corporation Ltd

IOC

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Market Cap

₹ 2,38,084 Cr

P/E

9.76

Turned 1 L into 2.64 L in last 5 Years

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Indian Oil Corporation Limited (IOC) is India's leading national oil company engaged in refining, pipeline transportation, and marketing of petroleum products. It also explores and produces crude oil and gas, and is involved in petrochemicals and alternative energy sources.

IOC recorded significant growth in profits for Q2 2025, with a Profit Before Tax (PBT) of INR 10,066 crores and Profit After Tax (PAT) of INR 7,610 crores, showcasing strong financial performance.

The company achieved a high capacity utilization rate of 99.5% in its refinery operations, demonstrating operational efficiency and maximizing throughput.

IOC continued expanding its network in 2025, commissioning numerous retail outlets, CNG stations, and CBG stations across India, enhancing its footprint in the energy sector.

Despite glyph issues in the investor presentation, IOC's financial highlights reveal a robust financial position and strategic focus on energy diversification and technological innovation.

Sector

Refineries

Industry

Refineries

Market Cap

2,38,084 Cr

Volatility

Moderate Risk

P/E Ratio

9.8

Industry P/E

19.2

PEG Ratio

3.2

P/B Ratio

1.2

52W High

174.45

52W Low

110.75

Sales CAGR

-2.35%

5.09%

8.32%

10Y

8.47%

Profit CAGR

-68.05%

-18.77%

58.08%

10Y

1.59%

ROE

TTM

12.62%

12.47%

14.52%

10Y

14.11%

ROCE

TTM

11.95%

14.67%

15.78%

10Y

15.61%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

No. of Analysts

36

1Y Price Target

172.61 ▲ 2.96%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IOC	168.60	2,38,084 Cr	9.76	1.21	1.74	12.62	11.95	4.94
BPCL	366.75	1,59,115 Cr	7.39	1.69	2.69	22.60	21.32	9.31
HINDPETRO	466.60	99,284 Cr	7.13	1.75	2.25	24.49	18.08	7.18
MRPL	149.75	26,245 Cr	25.34	1.97	0.00	7.78	10.63	2.92
CHENNPETRO	923.50	13,757 Cr	11.76	1.56	0.54	13.25	16.05	7.06
GANDHAR	133.65	1,308 Cr	14.02	1.01	0.37	7.23	10.51	4.49
RUCHINFRA	6.74	159 Cr	16.05	0.76	0.00	4.72	5.40	3.05

Financial Statements

AI Powered Summary

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,98,551	1,79,246	1,99,906	1,98,650	1,93,845	1,74,976	1,94,014	1,95,270	1,92,341	1,78,628
Expenses	1,74,851	1,56,075	1,83,330	1,86,679	1,83,925	1,71,509	1,86,442	1,80,241	1,79,073	1,62,383
Operating Profit	23,700	23,171	16,576	11,970	9,920	3,467	7,573	15,029	13,267	16,245
OPM %	11.94	12.93	8.29	6.03	5.12	1.98	3.90	7.70	6.90	9.09
Other Income	970	829	1,916	1,690	1,104	2,556	1,936	1,519	1,732	1,356
Interest	1,743	1,977	1,800	2,147	2,080	2,546	2,458	2,178	2,070	2,270
Depreciation	3,477	3,610	4,686	4,094	4,103	4,065	4,284	4,325	4,179	4,227
Profit Before Tax	19,450	18,413	12,005	7,420	4,841	-589	2,766	10,045	8,750	11,104
Tax %	24.24	25.52	23.16	26.04	23.10	23.77	22.38	16.70	22.20	26.23
Net Profit	14,735	13,713	9,225	5,488	3,723	-449	2,147	8,368	6,808	8,191
EPS in Rs	10.48	9.53	6.56	3.74	2.56	-0.12	1.54	5.90	4.95	5.68

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,53,795	5,15,542	6,17,251	5,75,990	5,20,237	7,36,716	9,51,410	8,81,235	8,59,363	7,56,602
Expenses	3,21,398	3,79,864	4,92,935	4,67,761	3,24,054	5,41,594	8,11,120	7,00,761	7,22,115	7,17,265
Operating Profit	1,32,396	1,35,678	1,24,317	1,08,229	1,96,183	1,95,122	1,40,290	1,80,474	1,37,247	39,337
OPM %	29.18	26.32	20.14	18.79	37.71	26.49	14.75	20.48	15.97	5.20
Other Income	4,502	4,331	4,099	-7,165	4,696	4,332	5,124	5,389	7,112	7,742
Interest	3,721	3,845	4,888	5,741	2,900	5,423	7,541	7,826	9,262	9,252
Depreciation	6,806	7,664	8,506	10,273	10,941	12,348	13,181	15,866	16,777	16,853
Profit Before Tax	27,956	34,450	25,927	-7,177	30,751	34,289	15,038	57,288	17,063	20,973
Tax %	27.08	34.32	33.37	73.86	29.23	24.97	22.17	24.66	19.19	19.54
Net Profit	20,385	22,626	17,274	-1,876	21,762	25,727	11,704	43,161	13,789	16,874
EPS in Rs	—	16.06	12.49	-0.65	15.71	18.21	7.18	30.31	9.88	18.07
Dividend Payout %	90.74	89.71	50.24	-438.14	50.91	69.12	42.19	39.60	30.40	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2,428	4,739	9,479	9,181	9,181	9,181	9,181	13,772	13,772	13,772
Reserves	87,610	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
Borrowings	48,149	58,830	62,141	92,712	1,25,968	1,16,649	1,32,020	1,48,977	1,32,628	1,52,271
Other Liabilities	93,368	1,12,635	1,19,660	1,29,976	1,08,371	1,26,429	1,45,070	1,53,021	1,66,318	1,68,109
Total Liabilities	2,31,555	2,73,561	2,95,676	3,35,157	3,29,737	3,54,916	4,10,625	4,41,718	4,82,362	5,06,867
Fixed Assets	1,00,033	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
CWIP	26,219	16,778	19,130	28,281	32,845	36,291	47,469	51,133	61,032	77,921
Investments	31,185	43,687	44,806	44,112	35,571	44,717	52,352	52,190	65,542	67,219
Other Assets	74,118	97,138	1,07,686	1,30,270	1,14,299	1,16,824	1,50,289	1,58,347	1,59,790	1,60,585
Total Assets	2,31,555	2,73,561	2,95,676	3,35,157	3,29,737	3,54,916	4,10,625	4,41,718	4,82,362	5,06,867

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	25,624	28,216	29,115	12,747	7,146	49,650	25,747	29,644	71,099	34,699
Cash from Investing Activity	-13,610	-17,684	-17,119	-22,569	-29,101	-22,935	-21,294	-28,030	-31,464	-31,848
Cash from Financing Activity	-11,890	-10,937	-12,007	10,436	22,456	-27,369	-4,058	-1,794	-39,385	-3,425
Net Cash Flow	124	-405	-11	614	502	-653	395	-180	250	-573

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%
FIIs	7.01%	6.91%	7.56%	7.84%	8.85%	8.50%	7.79%	7.90%	7.43%	7.38%	7.48%	7.70%
DIIs	31.16%	31.54%	31.18%	30.31%	29.52%	29.81%	29.63%	30.01%	29.68%	29.55%	29.87%	30.00%
Public	10.33%	10.05%	9.76%	10.35%	10.14%	10.20%	11.08%	10.60%	11.39%	11.57%	11.15%	10.80%
Total Shareholders	18,17,775	18,27,303	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

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jan 25, 2024	Societe generale	Block	Sell	143.45	28.46 Cr	19,83,722	0.01
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	143.45	8.57 Cr	5,97,485	0.00
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	143.45	6.13 Cr	4,27,256	0.00
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	143.45	0.93 Cr	64,551	0.00
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	143.45	13.76 Cr	9,58,981	0.00
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	143.45	2.18 Cr	1,51,907	0.00
Jan 25, 2024	Marshallwaceinvestmentstrateg...	Block	Buy	143.45	22.93 Cr	15,98,714	0.01
Jan 25, 2024	Bnp paribas arbitrage	Block	Sell	143.45	26.04 Cr	18,15,172	0.01

Projection

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Announcements

Last 7 days

Newest

Sentiment

Dividend Announcement

4 days ago

Interim Dividend TDS Deduction Announcement

Indian Oil Corporation Ltd. informs members about TDS deductions on the declared interim dividend for the financial year 2025-26 and provides related tax information.

Dividend Announcement

4 days ago

Record Date for Interim Dividend Set

The Board of Indian Oil Corporation Limited has set December 18, 2025, as the record date for determining shareholder eligibility for the interim dividend.

Dividend Announcement

4 days ago

Indian Oil Corporation Declares Interim Dividend

The Board of Indian Oil Corporation Limited has declared an interim dividend of Rs. 5 per share for the financial year 2025-26, to be paid by January 11, 2026.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q2 FY24

Investor Presentation

Q3 FY23

Investor Presentation

Q3 FY22

Investor Presentation

Q3 FY21

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,98,551	1,79,246	1,99,906	1,98,650	1,93,845	1,74,976	1,94,014	1,95,270	1,92,341	1,78,628
Expenses	1,74,851	1,56,075	1,83,330	1,86,679	1,83,925	1,71,509	1,86,442	1,80,241	1,79,073	1,62,383
Operating Profit	23,700	23,171	16,576	11,970	9,920	3,467	7,573	15,029	13,267	16,245
OPM %	11.94	12.93	8.29	6.03	5.12	1.98	3.90	7.70	6.90	9.09
Other Income	970	829	1,916	1,690	1,104	2,556	1,936	1,519	1,732	1,356
Interest	1,743	1,977	1,800	2,147	2,080	2,546	2,458	2,178	2,070	2,270
Depreciation	3,477	3,610	4,686	4,094	4,103	4,065	4,284	4,325	4,179	4,227
Profit Before Tax	19,450	18,413	12,005	7,420	4,841	-589	2,766	10,045	8,750	11,104
Tax %	24.24	25.52	23.16	26.04	23.10	23.77	22.38	16.70	22.20	26.23
Net Profit	14,735	13,713	9,225	5,488	3,723	-449	2,147	8,368	6,808	8,191
EPS in Rs	10.48	9.53	6.56	3.74	2.56	-0.12	1.54	5.90	4.95	5.68

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,53,795	5,15,542	6,17,251	5,75,990	5,20,237	7,36,716	9,51,410	8,81,235	8,59,363	7,56,602
Expenses	3,21,398	3,79,864	4,92,935	4,67,761	3,24,054	5,41,594	8,11,120	7,00,761	7,22,115	7,17,265
Operating Profit	1,32,396	1,35,678	1,24,317	1,08,229	1,96,183	1,95,122	1,40,290	1,80,474	1,37,247	39,337
OPM %	29.18	26.32	20.14	18.79	37.71	26.49	14.75	20.48	15.97	5.20
Other Income	4,502	4,331	4,099	-7,165	4,696	4,332	5,124	5,389	7,112	7,742
Interest	3,721	3,845	4,888	5,741	2,900	5,423	7,541	7,826	9,262	9,252
Depreciation	6,806	7,664	8,506	10,273	10,941	12,348	13,181	15,866	16,777	16,853
Profit Before Tax	27,956	34,450	25,927	-7,177	30,751	34,289	15,038	57,288	17,063	20,973
Tax %	27.08	34.32	33.37	73.86	29.23	24.97	22.17	24.66	19.19	19.54
Net Profit	20,385	22,626	17,274	-1,876	21,762	25,727	11,704	43,161	13,789	16,874
EPS in Rs	—	16.06	12.49	-0.65	15.71	18.21	7.18	30.31	9.88	18.07
Dividend Payout %	90.74	89.71	50.24	-438.14	50.91	69.12	42.19	39.60	30.40	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2,428	4,739	9,479	9,181	9,181	9,181	9,181	13,772	13,772	13,772
Reserves	87,610	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
Borrowings	48,149	58,830	62,141	92,712	1,25,968	1,16,649	1,32,020	1,48,977	1,32,628	1,52,271
Other Liabilities	93,368	1,12,635	1,19,660	1,29,976	1,08,371	1,26,429	1,45,070	1,53,021	1,66,318	1,68,109
Total Liabilities	2,31,555	2,73,561	2,95,676	3,35,157	3,29,737	3,54,916	4,10,625	4,41,718	4,82,362	5,06,867
Fixed Assets	1,00,033	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
CWIP	26,219	16,778	19,130	28,281	32,845	36,291	47,469	51,133	61,032	77,921
Investments	31,185	43,687	44,806	44,112	35,571	44,717	52,352	52,190	65,542	67,219
Other Assets	74,118	97,138	1,07,686	1,30,270	1,14,299	1,16,824	1,50,289	1,58,347	1,59,790	1,60,585
Total Assets	2,31,555	2,73,561	2,95,676	3,35,157	3,29,737	3,54,916	4,10,625	4,41,718	4,82,362	5,06,867

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	25,624	28,216	29,115	12,747	7,146	49,650	25,747	29,644	71,099	34,699
Cash from Investing Activity	-13,610	-17,684	-17,119	-22,569	-29,101	-22,935	-21,294	-28,030	-31,464	-31,848
Cash from Financing Activity	-11,890	-10,937	-12,007	10,436	22,456	-27,369	-4,058	-1,794	-39,385	-3,425
Net Cash Flow	124	-405	-11	614	502	-653	395	-180	250	-573