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Indian Oil Corp. Ltd.
(IOC)
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Rating:70Outperform
Price Target:
₹150.00
▲(8.30% Upside)
Action:Reiterated
Date:08/20/26
The score is supported primarily by improved FY2026 financial performance (stronger margins, better leverage, and a major free-cash-flow rebound) and very attractive valuation (low P/E and high dividend yield). These positives are tempered by weak technicals, with the price below key moving averages and bearish momentum indicators.
Positive Factors
Profitability rebound
The sharp margin recovery shows IndianOil can restore profitability when operating conditions improve. Its integrated refining, marketing and logistics platform provides multiple earnings levers, supporting resilience across the 2–6 month outlook.
Negative Factors
Cyclical earnings
IndianOil remains exposed to refining margins, product spreads, crude costs and working-capital movements. These factors can cause sustained earnings variability, making the recent profitability rebound difficult to extrapolate through the next business cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability rebound
The sharp margin recovery shows IndianOil can restore profitability when operating conditions improve. Its integrated refining, marketing and logistics platform provides multiple earnings levers, supporting resilience across the 2–6 month outlook.
Read all positive factors
Indian Oil Corp. Ltd. (IOC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.95T
Dividend Yield6.04%
Average Volume (3M)690.79K
Price to Earnings (P/E)5.6
Beta (1Y)1.22
Revenue Growth13.47%
EPS Growth99.32%
CountryIN
Employees29,941
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)24.44
Shares Outstanding14,121,238,000
10 Day Avg. Volume815,365
30 Day Avg. Volume690,788
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.85
Price to Sales (P/S)0.24
P/FCF Ratio4.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹145.00Price Target Upside4.69% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)8.79
Revenue Forecast (FY)₹9.40T
Indian Oil Corp. Ltd. Business Overview & Revenue Model
Company Description
Indian Oil Corporation Limited (IOC.NS), together with its subsidiaries, operates as a leading integrated energy company in India. Its core business spans the refining of crude oil, pipeline transportation, and the widespread marketing and distrib...
How the Company Makes Money
Indian Oil primarily makes money by converting crude oil and other feedstocks into higher-value petroleum products and selling those products at scale through multiple channels. Key revenue streams include: (1) Refining and supply: IndianOil purch...
Indian Oil Corp. Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
70
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.58T | 7.84T | 7.58T | 7.76T | 8.42T | 5.89T |
| Gross Profit | 1.13T | 1.21T | 939.97B | 1.31T | 880.81B | 974.01B |
| EBITDA | 721.54B | 842.00B | 382.60B | 767.68B | 380.98B | 475.77B |
| Net Income | 336.52B | 420.96B | 135.98B | 417.30B | 97.92B | 251.02B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 5.29T | 5.07T | 4.82T | 4.42T | 4.11T |
| Cash, Cash Equivalents and Short-Term Investments | 115.51B | 115.51B | 136.00B | 135.39B | 151.94B | 100.15B |
| Total Debt | 0.00 | 1.32T | 1.52T | 1.33T | 1.49T | 1.32T |
| Total Liabilities | -2.26T | 3.03T | 3.16T | 2.94T | 2.99T | 2.75T |
| Stockholders Equity | 2.26T | 2.20T | 1.86T | 1.83T | 1.40T | 1.34T |
Cash Flow | ||||||
| Free Cash Flow | 166.68B | 434.88B | -1.51B | 339.23B | -29.56B | 15.33B |
| Operating Cash Flow | 327.48B | 718.51B | 346.99B | 710.99B | 296.44B | 245.70B |
| Investing Cash Flow | -173.26B | -265.18B | -318.48B | -314.64B | -280.30B | -211.78B |
| Financing Cash Flow | -155.35B | -441.37B | -34.25B | -393.85B | -17.94B | -29.97B |
Indian Oil Corp. Ltd. Technical Analysis
Negative
138.50
Price Trends
139.96
Negative
139.80
Negative
150.13
Negative
Market Momentum
-0.44
Positive
38.96
Neutral
4.14
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 138.5 is below the 20-day moving average (MA) of 139.60, below the 50-day MA of 139.96, and below the 200-day MA of 150.13, indicating a bearish trend. The MACD of -0.44 indicates Positive momentum. The RSI at 38.96 is Neutral, neither overbought nor oversold. The STOCH value of 4.14 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹209.11B | 5.14 | ― | 0.55% | 33.51% | ― | |
75 Outperform | ₹1.35T | 7.66 | ― | 7.25% | 12.33% | -1.17% | |
71 Outperform | ₹310.82B | 9.84 | ― | 2.36% | 23.40% | ― | |
70 Outperform | ₹1.95T | 5.58 | ― | 7.22% | 13.47% | 99.32% | |
62 Neutral | ₹17.85T | 23.74 | ― | 0.47% | 15.00% | -8.32% | |
59 Neutral | ₹779.10B | 46.68 | ― | 4.07% | 9.39% | -83.64% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:IOC
Indian Oil Corp. Ltd.
136.55
2.21
1.65%
IN:BPCL
Bharat Petroleum Corporation Limited
309.00
4.33
1.42%
IN:CHENNPETRO
Chennai Petroleum Corporation Limited
1,440.10
813.55
129.85%
IN:HINDPETRO
Hindustan Petroleum Corporation Limited
365.05
-2.54
-0.69%
IN:MRPL
Mangalore Refinery & Petrochemicals Ltd.
176.50
53.89
43.95%
IN:RELIANCE
Reliance Industries Limited
1,307.50
-98.45
-7.00%
Indian Oil Corp. Ltd. Corporate Events
Indian Oil Says Government Promoter Kept Shares Unencumbered in FY26
Jun 19, 2026
Indian Oil Corporation Limited has informed the stock exchanges that its promoter, the President of India represented through the Ministry of Petroleum Natural Gas, created no encumbrance, direct or indirect, on the company’s shares during ...
Indian Oil Declares No Encumbrance on Stakes in Chennai Petroleum and Petronet LNG
Jun 19, 2026
Indian Oil Corporation Ltd., a leading Indian state-owned oil and gas major with significant interests in refining, marketing, and petrochemicals, also acts as a promoter shareholder in companies like Chennai Petroleum Corporation Ltd. and Petrone...
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.