Indian Oil Corp. Ltd. (IN:IOC)
:IOC
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Indian Oil Corp. Ltd.
(IOC)
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Rating:68Neutral
Price Target:
₹150.00
▲(8.89% Upside)
Action:DowngradedDate:11/12/25
Indian Oil Corp. Ltd. scores well due to strong financial performance and reasonable valuation. However, technical indicators suggest caution due to overbought conditions, which could lead to a short-term pullback. The absence of earnings call data and corporate events limits further insights.
Positive Factors
Integrated value chain
IOC’s integrated model—refining, marketing, pipelines, petrochemicals and a nationwide retail network—creates diversified revenue streams and internal feedstock capture. Vertical integration and scale support margin retention across the chain, reducing exposure to single-segment shocks and enabling durable cash generation over months.
Negative Factors
Negative free cash flow
Negative free cash flow in 2025—despite positive operating cash flow—signals heavy capex or working-capital build. Persistent negative FCF can force external financing, constrain dividends, or delay strategic projects, tightening liquidity and reducing financial flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated value chain
IOC’s integrated model—refining, marketing, pipelines, petrochemicals and a nationwide retail network—creates diversified revenue streams and internal feedstock capture. Vertical integration and scale support margin retention across the chain, reducing exposure to single-segment shocks and enabling durable cash generation over months.
Read all positive factors
Indian Oil Corp. Ltd. (IOC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.95T
Dividend Yield4.9%
Average Volume (3M)690.79K
Price to Earnings (P/E)4.4
Beta (1Y)1.24
Revenue Growth-0.93%
EPS Growth42.85%
CountryIN
Employees30,321
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)9.44
Shares Outstanding14,121,238,000
10 Day Avg. Volume815,365
30 Day Avg. Volume690,788
Financial Highlights & Ratios
PEG Ratio-0.20
Price to Book (P/B)0.97
Price to Sales (P/S)0.24
P/FCF Ratio-1.20K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹166.67Price Target Upside20.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)23.6
Revenue Forecast (FY)₹7.52T
Indian Oil Corp. Ltd. Business Overview & Revenue Model
Company Description
Indian Oil Corporation Limited, together with its subsidiaries, engages in the refining, pipeline transportation, and marketing of petroleum products in India. It is also involved in the exploration and production of crude oil and gas, and petroch...
How the Company Makes Money
IOC primarily makes money by converting crude oil and other feedstocks into higher-value petroleum products and selling them through multiple channels, along with earnings from petrochemicals and midstream infrastructure.
1) Refining (manufacturi...
Indian Oil Corp. Ltd. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.60T | 7.58T | 7.76T | 8.42T | 5.89T | 3.64T |
| Gross Profit | 1.04T | 939.97B | 1.31T | 880.81B | 974.01B | 846.27B |
| EBITDA | 546.68B | 382.60B | 767.68B | 380.98B | 475.77B | 394.27B |
| Net Income | 248.70B | 135.98B | 417.30B | 97.92B | 251.02B | 216.38B |
Balance Sheet | ||||||
| Total Assets | 5.16T | 5.07T | 4.82T | 4.42T | 4.11T | 3.55T |
| Cash, Cash Equivalents and Short-Term Investments | 128.02B | 136.00B | 135.39B | 151.94B | 100.15B | 110.02B |
| Total Debt | 1.47T | 1.52T | 1.33T | 1.49T | 1.32T | 1.17T |
| Total Liabilities | 3.15T | 3.16T | 2.94T | 2.99T | 2.75T | 2.42T |
| Stockholders Equity | 1.97T | 1.86T | 1.83T | 1.40T | 1.34T | 1.12T |
Cash Flow | ||||||
| Free Cash Flow | 166.68B | -1.51B | 339.23B | -29.56B | 15.33B | 260.29B |
| Operating Cash Flow | 327.48B | 346.99B | 710.99B | 296.44B | 245.70B | 498.62B |
| Investing Cash Flow | -173.26B | -318.48B | -314.64B | -280.30B | -211.78B | -242.45B |
| Financing Cash Flow | -155.35B | -34.25B | -393.85B | -17.94B | -29.97B | -262.70B |
Indian Oil Corp. Ltd. Technical Analysis
Negative
137.75
Price Trends
162.99
Negative
161.45
Negative
150.34
Negative
Market Momentum
-8.25
Positive
28.25
Positive
8.49
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IOC, the sentiment is Negative. The current price of 137.75 is below the 20-day moving average (MA) of 156.48, below the 50-day MA of 162.99, and below the 200-day MA of 150.34, indicating a bearish trend. The MACD of -8.25 indicates Positive momentum. The RSI at 28.25 is Positive, neither overbought nor oversold. The STOCH value of 8.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:IOC.
Indian Oil Corp. Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹1.23T | 5.71 | ― | 4.73% | -1.35% | 61.80% | |
74 Outperform | ₹777.93B | 14.43 | ― | 2.94% | -1.94% | -28.79% | |
72 Outperform | ₹3.55T | 7.55 | ― | 5.21% | 0.10% | -10.18% | |
71 Outperform | ₹310.12B | 4.59 | ― | 2.04% | -11.96% | 14.31% | |
68 Neutral | ₹1.95T | 4.41 | ― | 4.90% | -0.93% | 42.85% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | ₹725.06B | 6.62 | ― | 3.26% | -1.81% | 231.75% |
* Energy Sector Average
IN:IOC
Indian Oil Corp. Ltd.
137.75
17.93
14.97%
IN:BPCL
Bharat Petroleum Corporation Limited
282.55
21.21
8.11%
IN:HINDPETRO
Hindustan Petroleum Corporation Limited
340.75
-7.98
-2.29%
IN:MRPL
Mangalore Refinery & Petrochemicals Ltd.
176.95
44.98
34.09%
IN:OIL
Oil India Limited
478.25
102.18
27.17%
IN:ONGC
Oil & Natural Gas Corp. Ltd.
281.95
48.20
20.62%
Indian Oil Corp. Ltd. Corporate Events
Indian Oil Announces Retirement of Two Senior Executives
Mar 1, 2026
Indian Oil Corporation Limited has announced changes in its senior management, with two executives at one level below the board superannuating from the company effective 28 February 2026. Executive Director in charge of the Western Region Office, ...
Indian Oil Flags Planned Transfer of Unclaimed Shares to Investor Protection Fund
Jan 13, 2026
Indian Oil Corporation Limited has notified stock exchanges that it has published a newspaper advertisement informing shareholders about the proposed transfer of certain equity shares to the Investor Education and Protection Fund (IEPF) Authority....
Indian Oil Reshuffles Senior Management to Bolster Core Operations
Jan 11, 2026
Indian Oil Corporation Ltd. has announced a series of changes in its senior management cadre, appointing seasoned internal executives to key roles across health, safety and environment, employee relations, LPG, projects, human resources, corporate...
Indian Oil Elevates 19 Officials to Senior Management Roles Across Key Functions
Jan 10, 2026
Indian Oil Corporation Limited has promoted a group of officials to the level of Senior Management Personnel, designating them as Executive Directors in key functional and regional roles across the organisation. The new appointments span health, s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.