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

• Market Cap: ₹2.02T
• Dividend Yield: 2.11%
• Average Volume (3M): 767.80K
• Price to Earnings (P/E): 14.5
• Beta (1Y): 1.28
• Revenue Growth: -2.35%
• EPS Growth: -67.03%
• Country: IN
• Employees: 30,321
• Sector: Energy
• Sector Strength: 43
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 5.90
• Shares Outstanding: 14,121,238,000
• 10 Day Avg. Volume: 753,123
• 30 Day Avg. Volume: 767,802
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: ₹145.67
• Price Target Upside: 2.05% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 65 Neutral
• Price Target: ₹152.00 ▲(6.48% Upside)

Indian Oil Corp. Ltd. shows strong financial performance with robust revenue growth and improved leverage management. However, challenges in profitability and cash management, coupled with weak technical indicators, suggest caution. The reasonable valuation and dividend yield offer some support to the stock's attractiveness.

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	Dec 2024	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.73T	7.58T	8.42T	5.86T	3.61T
Gross Profit	1.06T	845.43B	809.40B	762.82B	679.95B
EBITDA	790.72B	413.42B	322.85B	496.11B	448.07B
Net Income	417.30B	135.98B	97.92B	251.02B	216.38B
Balance Sheet
Total Assets	4.82T	5.07T	4.42T	4.11T	3.55T
Cash, Cash Equivalents and Short-Term Investments	134.19B	159.33B	151.94B	100.15B	109.37B
Total Debt	1.33T	1.52T	1.49T	1.32T	1.17T
Total Liabilities	2.94T	3.16T	2.99T	2.75T	2.42T
Stockholders Equity	1.83T	1.86T	1.40T	1.34T	1.12T
Cash Flow
Free Cash Flow	339.23B	-1.51B	-29.56B	15.33B	260.29B
Operating Cash Flow	710.99B	346.99B	296.44B	245.70B	498.62B
Investing Cash Flow	-314.64B	-318.48B	-280.30B	-211.78B	-242.45B
Financing Cash Flow	-393.85B	-34.25B	-17.94B	-29.97B	-262.70B

Indian Oil Corp. Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 142.75
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 142.75 is below the 20-day moving average (MA) of 143.51, below the 50-day MA of 142.94, and above the 200-day MA of 134.08, indicating a neutral trend. The MACD of -1.02 indicates Positive momentum. The RSI at 48.74 is Neutral, neither overbought nor oversold. The STOCH value of 35.33 is Neutral, 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
ONGC	72 Outperform	₹2.96T	8.18		5.73%	1.94%	-18.38%
BPCL	69 Neutral	₹1.40T	10.37		3.09%	-1.74%	-49.94%
OIL	68 Neutral	₹691.39B	10.56		3.07%	-5.98%	-3.44%
IOC	65 Neutral	₹2.02T	14.46		2.11%	-2.35%	-67.03%
HINDPETRO	59 Neutral	₹868.26B	8.50		2.55%	-1.06%	3.34%
MRPL	53 Neutral	₹221.00B	461.09		2.38%	-3.99%	-110.83%
Sector *	45 Neutral	AU$1.35B	-9.94	-2.14%	8.49%	2.33%	-32.99%

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.