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Overview

Detailed Summary

Indian Oil Corporation Limited (IndianOil) is India’s Maharatna integrated oil major operating across the hydrocarbon value chain — refining, pipelines, marketing, petrochemicals, exploration and production, alternative energy and global downstream operations, with a very large retail network and significant government ownership and operational scale across India and select overseas markets.
Q3 and 9M FY25‑26 results show healthy operating profitability with Q3 PAT of Rs 12,126 crore and 9M PAT of Rs 25,425 crore, EBITDA contribution of Rs 22,046 crore in Q3 and Rs 51,373 crore in 9M, underpinned by refinery throughput running above nameplate with 109.7% utilisation in Q3 and strong marketing volumes totaling 27.184 MMT in Q3.
IndianOil is in an aggressive capital expenditure phase with Rs 24,336 crore incurred in 9M FY25‑26 and a FY26 capex target of Rs 34,701 crore, executing multiple near‑completion projects including Panipat expansion to 25 MMTPA, Gujarat expansion and PX‑PTA complex, indicating a meaningful capacity and product slate transformation over 2026.
The company has mobilised a large alternative energy and mobility play: over 13,614 EV charging stations and 128 battery swapping facilities, launches of EV‑specific lubricants, IndiGreen battery swap points and expanded CBG plants, showing IndianOil is diversifying retail services and product offerings while leveraging its retail footprint as a platform for new energy services.
Operational risk signals include exchange fluctuation losses and elevated interest expenditure (Rs 1,978 crore Q3 interest; Rs 6,120 crore 9M), while strategic strengths include high refinery yields, integrated petrochemical capacity gains and a dominant retail network enabling cross‑sell of new fuels, lubricants and mobility services at scale.

Sector: Petroleum Products
Industry: Refineries & Marketing
Market Cap: 1,99,957 Cr
Volatility: High Risk
P/E Ratio: 4.8
Industry P/E: 13.2
PEG Ratio: 0.0
P/B Ratio: 0.9
52W High: 188.90
52W Low: 130.30

Sales CAGR

1Y: -2.35%
3Y: 5.09%
5Y: 8.32%
10Y: 8.47%

Profit CAGR

1Y: -68.05%
3Y: -18.77%
5Y: 58.08%
10Y: 1.59%

ROE

TTM: 19.18%
3Y: 12.47%
5Y: 14.52%
10Y: 14.11%

ROCE

TTM: 18.43%
3Y: 14.67%
5Y: 15.78%
10Y: 15.61%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections
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Peers

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

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IOC		141.60	1,99,957 Cr	4.75	0.91	0.88	19.18	18.43	8.26
BPCL		308.20	1,33,713 Cr	5.17	1.33	2.40	25.80	24.02	10.39
HINDPETRO		399.35	84,975 Cr	4.71	1.30	6.07	27.53	22.06	8.89
MRPL		150.20	26,324 Cr	13.68	1.85	2.66	13.56	16.43	4.33
CHENNPETRO		1125.00	16,758 Cr	5.40	1.51	5.51	27.93	31.74	15.49
RAJGASES		52.70	405 Cr	5.00	3.47	0.00	69.28	89.86	57.62
RESGEN		47.62	100 Cr	9.80	1.47	0.00	15.04	17.86	11.67
Median: 7 Co.	—	150.20	26,324 Cr	5.17	1.47	2.40	25.80	22.06	10.39

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	1,99,906	1,98,650	1,93,845	1,74,976	1,94,014	1,95,270	1,92,341	1,78,628	2,05,157	2,08,289
Expenses	1,83,330	1,86,679	1,83,925	1,71,509	1,86,442	1,80,241	1,79,073	1,62,383	1,82,412	1,83,485
Operating Profit	16,576	11,970	9,920	3,467	7,573	15,029	13,267	16,245	22,745	24,804
OPM %	8.29	6.03	5.12	1.98	3.90	7.70	6.90	9.09	11.09	11.91
Other Income	1,916	1,690	1,104	2,556	1,936	1,519	1,732	1,356	1,627	2,424
Interest	1,800	2,147	2,080	2,546	2,458	2,178	2,070	2,270	2,088	1,880
Depreciation	4,686	4,094	4,103	4,065	4,284	4,325	4,179	4,227	4,457	5,557
Profit Before Tax	12,005	7,420	4,841	-589	2,766	10,045	8,750	11,104	17,827	19,791
Tax %	23.16	26.04	23.10	23.77	22.38	16.70	22.20	26.23	24.26	23.32
Net Profit	9,225	5,488	3,723	-449	2,147	8,368	6,808	8,191	13,502	15,176
EPS in Rs	6.56	3.74	2.56	-0.12	1.54	5.90	4.95	5.68	9.44	10.50

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	Mar 2026
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	30.57
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

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
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	7.56%	7.84%	8.85%	8.50%	7.79%	7.90%	7.43%	7.38%	7.48%	7.70%	8.58%	9.85%
DIIs	31.18%	30.31%	29.52%	29.81%	29.63%	30.01%	29.68%	29.55%	29.87%	30.00%	29.59%	28.68%
Public	9.76%	10.35%	10.14%	10.20%	11.08%	10.60%	11.39%	11.57%	11.15%	10.80%	10.34%	9.97%
Total 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

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Documents

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Reports

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Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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