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

• Market Cap: ₹2.39T
• Dividend Yield: 1.85%
• Average Volume (3M): 690.79K
• Price to Earnings (P/E): 9.4
• Beta (1Y): 1.29
• Revenue Growth: -0.93%
• EPS Growth: 42.85%
• Country: IN
• Employees: 30,321
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 5.68
• Shares Outstanding: 14,121,238,000
• 10 Day Avg. Volume: 815,365
• 30 Day Avg. Volume: 690,788
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹160.00
• Price Target Upside: -1.08% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ₹188.00 ▲(16.23% Upside)

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

Revenue Growth

Consistent revenue growth over five years indicates strong market demand and effective business strategies, supporting long-term stability.

Leverage Management

Improved leverage management enhances financial stability and reduces risk, providing a solid foundation for future growth.

Cash Conversion Efficiency

Strong cash conversion efficiency indicates effective operations and the ability to generate cash, crucial for funding growth and managing debt.

Negative Factors

Profit Margin Volatility

Volatile profit margins suggest sensitivity to market conditions, which can impact profitability and investor confidence over time.

Negative Free Cash Flow

Negative free cash flow indicates potential cash management challenges, limiting the company's ability to invest in growth and manage debt.

High Absolute Debt Levels

While leverage management has improved, high absolute debt levels can strain resources and limit financial flexibility, posing long-term risks.

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 petrochemicals; and marketing of natural gas. The company's products include petrol/gasoline, diesel/gas oil, lubricants and greases, auto gas, cooking gas, kerosene, LPG, bulk/industrial fuels, aviation fuel, marine oils, and bitumen. In addition, the company offers special products, such as carbon black feedstock, raw petroleum coke, sulphur, paraffin wax, raw petroleum coke, jute batching oil, micro crystalline wax, mineral turpentine oil, toluene, propylene, benzene, and petcoke. Further, it engages in the explosives and cryogenic; wind and solar power generation; lube blending; bunkering; refining and pipeline consultancy; and lubricants and base oil marketing activities. The company operates through a network of approximately 9 refineries; approximately 15,000 kilometers of pipelines; approximately 34,559 fuel stations, including 11,026 Kisan Seva Kendra outlets; 120 terminals and depots; 101 LPG bottling plants/terminals; 126 aviation fuel stations; 6,993 consumer pumps; 12,813 LPG distributors; 1,488 CNG stations; 10 lube blending plants; and 2,179 EV charging stations, including 34 battery swapping stations. Its exploration and production portfolio comprises 9 exploration and production blocks in India. The company was founded in 1958 and is based in New Delhi, India.

How the Company Makes Money

IOC generates revenue primarily through the refining and marketing of petroleum products. The company's vast network of refineries has a substantial capacity, allowing it to process crude oil into a range of products including gasoline, diesel, and kerosene. Revenue is also driven by the sale of petrochemicals and lubricants. In addition, IOC earns from its extensive pipeline network, which facilitates the transportation of crude oil and finished products across India. The company benefits from government subsidies on certain fuels, which can impact its profitability. Strategic partnerships with other energy firms and investments in renewable energy sources also contribute to its earnings, enhancing its market position and diversifying its revenue streams.

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	7.57T	7.58T	7.76T	8.42T	5.89T	3.64T
Gross Profit	977.63B	939.97B	1.31T	880.81B	974.01B	846.27B
EBITDA	412.65B	382.60B	767.68B	380.98B	475.77B	394.27B
Net Income	168.83B	135.98B	417.30B	97.92B	251.02B	216.38B
Balance Sheet
Total Assets	0.00	5.07T	4.82T	4.42T	4.11T	3.55T
Cash, Cash Equivalents and Short-Term Investments	65.71B	136.00B	135.39B	151.94B	100.15B	110.02B
Total Debt	0.00	1.52T	1.33T	1.49T	1.32T	1.17T
Total Liabilities	-1.91T	3.16T	2.94T	2.99T	2.75T	2.42T
Stockholders Equity	1.91T	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: Positive
• Last Price: 161.75
• 50DMA: Positive
• 100DMA: Positive
• 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 Positive. The current price of 161.75 is below the 20-day moving average (MA) of 168.40, above the 50-day MA of 158.55, and above the 200-day MA of 141.26, indicating a neutral trend. The MACD of 1.59 indicates Positive momentum. The RSI at 44.00 is Neutral, neither overbought nor oversold. The STOCH value of 10.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
BPCL	76 Outperform	₹1.62T	7.51	―	4.87%	-1.35%	61.80%
OIL	76 Outperform	₹688.54B	11.53	―	2.85%	-1.94%	-28.79%
ONGC	72 Outperform	₹3.18T	8.82	―	5.04%	0.10%	-10.18%
IOC	68 Neutral	₹2.39T	9.37	―	1.85%	-0.93%	42.85%
HINDPETRO	67 Neutral	₹1.03T	7.41	―	3.39%	-1.81%	231.75%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
MRPL	63 Neutral	₹308.28B	29.74	―	1.90%	-11.96%	14.31%

Indian Oil Corp. Ltd. Corporate Events

Indian Oil Corporation Schedules Analyst/Investor Meet

Indian Oil Corporation Limited has announced an Analyst/Investor Meet scheduled for September 26, 2025, as part of its compliance with SEBI regulations. This meeting is intended to provide insights and updates to analysts and investors, reflecting the company’s commitment to transparency and engagement with stakeholders.