Indian Oil Corp. Ltd. (IOC) AI Stock Analysis

• Market Cap: ₹1.93T
• Dividend Yield: 2.15%
• Average Volume (3M): 548.14K
• Price to Earnings (P/E): 11.1
• Beta (1Y): 1.28
• Revenue Growth: -1.95%
• EPS Growth: -45.00%
• Country: IN
• Employees: 30,321
• Sector: Energy
• Sector Strength: 69
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 4.95
• Shares Outstanding: 14,121,238,000
• 10 Day Avg. Volume: 441,587
• 30 Day Avg. Volume: 548,136
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹158.17
• Price Target Upside: 13.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6

• Rating: 63 Neutral
• Price Target: ₹149.00 ▲(6.77% Upside)

The overall stock score is primarily influenced by solid financial performance, with robust revenue growth and improved leverage management. However, technical indicators suggest weak momentum, and valuation metrics indicate the stock is reasonably priced. The absence of earnings call data and corporate events means these factors do not impact the score.

Indian Oil Corp. Ltd. Business Overview & Revenue Model

Company Description

Indian Oil Corporation Limited (IOC) is India's largest commercial oil company, primarily engaged in refining, transportation, and marketing of petroleum products. The company operates across the entire hydrocarbon value chain, including exploration and production, refining, pipeline transportation, and marketing of petroleum products. Additionally, IOC is involved in the production of petrochemicals and natural gas marketing. With a robust presence in both upstream and downstream sectors, Indian Oil serves as a critical player in ensuring energy security for India.

How the Company Makes Money

Indian Oil Corporation Limited generates revenue through its integrated operations across the oil and gas value chain. The company's primary revenue stream comes from the refining and sale of petroleum products such as petrol, diesel, and jet fuel. With a vast network of refineries, IOC processes crude oil into these end products, which are then distributed through its extensive network of retail outlets and bulk supply arrangements. Additionally, IOC earns from its petrochemicals segment, which includes the production and sale of products like polymers, synthetic fibers, and industrial chemicals. The company also imports and markets natural gas, contributing to its revenue mix. Furthermore, IOC has strategic partnerships and joint ventures that bolster its financial performance by facilitating technology exchange, capital investment, and access to new markets. The company's earnings are influenced by factors such as crude oil prices, refining margins, government policies, and currency fluctuations.

Indian Oil Corp. Ltd. Financial Statement Overview

Summary

Indian Oil Corp. Ltd. demonstrates robust revenue growth and improved leverage management, indicating overall financial health. However, volatility in profit margins and negative free cash flow in recent periods highlight potential challenges in profitability and cash management.

Income Statement

Indian Oil Corp. Ltd. has shown solid revenue growth over the years, with a 60% increase from 2020 to 2025. The company has maintained a stable gross profit margin averaging approximately 11% over the years. However, the net profit margin has been volatile, peaking at 5.4% in 2024 but dropping to 1.8% in 2025. The EBIT margin has also fluctuated, reflecting sensitivity to market conditions and operational efficiency.

Balance Sheet

The balance sheet shows a strong equity base with a debt-to-equity ratio decreasing from 1.36 in 2020 to 0.82 in 2025, indicating improved leverage management. The equity ratio has improved significantly over time, reaching 36.8% in 2025, which reflects better financial stability and asset utilization. However, the high absolute level of debt remains a potential risk factor.

Cash Flow

Cash flow analysis reveals a challenging environment for free cash flow, which turned negative in 2025 despite positive operating cash flow. The operating cash flow to net income ratio is strong, suggesting good cash conversion efficiency, but the negative free cash flow in recent years indicates heavy capital expenditure and potential cash management challenges.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.58T	7.58T	7.73T	8.42T	5.86T	3.61T
Gross Profit	834.29B	845.43B	1.06T	809.40B	762.82B	679.95B
EBITDA	400.15B	404.16B	790.72B	322.85B	496.11B	448.07B
Net Income	135.98B	135.98B	417.30B	97.92B	251.02B	216.38B
Balance Sheet
Total Assets	5.07T	5.07T	4.82T	4.42T	4.11T	3.55T
Cash, Cash Equivalents and Short-Term Investments	159.33B	159.33B	134.19B	151.94B	100.15B	109.37B
Total Debt	1.52T	1.52T	1.33T	1.49T	1.32T	1.17T
Total Liabilities	3.16T	3.16T	2.94T	2.99T	2.75T	2.42T
Stockholders Equity	1.86T	1.86T	1.83T	1.40T	1.34T	1.12T
Cash Flow
Free Cash Flow	0.00	-1.51B	339.23B	-29.56B	15.33B	260.29B
Operating Cash Flow	0.00	346.99B	710.99B	296.44B	245.70B	498.62B
Investing Cash Flow	0.00	-318.48B	-314.64B	-280.30B	-211.78B	-242.45B
Financing Cash Flow	0.00	-34.25B	-393.85B	-17.94B	-29.97B	-262.70B

Indian Oil Corp. Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 139.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IOC, the sentiment is Neutral. The current price of 139.55 is below the 20-day moving average (MA) of 139.97, below the 50-day MA of 143.24, and above the 200-day MA of 133.96, indicating a neutral trend. The MACD of -1.25 indicates Positive momentum. The RSI at 45.36 is Neutral, neither overbought nor oversold. The STOCH value of 19.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:IOC.

Indian Oil Corp. Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ONGC	72 Outperform	₹2.94T	8.17		5.66%	1.94%	-18.38%
OIL	68 Neutral	₹634.95B	9.68		3.13%	-5.98%	-3.42%
BPCL	67 Neutral	₹1.34T	7.60		3.18%	-1.89%	-8.61%
Sector *	66 Neutral	$15.46B	7.35	3.20%	5.24%	4.31%	-62.31%
IOC	63 Neutral	₹1.93T	11.15		2.15%	-1.95%	-45.00%
HINDPETRO	55 Neutral	₹799.85B	7.83		2.79%	-1.06%	3.34%
MRPL	53 Neutral	₹213.82B	461.09		2.46%	-3.99%	-110.83%

Indian Oil Corp. Ltd. Corporate Events

Indian Oil Corporation Announces 66th AGM via Video Conferencing

Indian Oil Corporation Limited announced the convening of its 66th Annual General Meeting (AGM), which will be held through video conferencing. The public notice regarding the AGM was published in several prominent newspapers, and the details are available on the company’s website. This move reflects the company’s adaptation to digital solutions for stakeholder engagement.