Indian Oil Corp. Ltd. (IN:IOC)
:IOC
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Indian Oil Corp. Ltd.
(IOC)
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Rating:73Outperform
Price Target:
₹151.00
▲(3.53% Upside)
Action:Upgraded
Date:05/20/26
The score is driven primarily by a strong FY2026 financial rebound and very attractive valuation (low P/E and high dividend yield). These positives are partially offset by weak technicals, with the stock trading below key moving averages and negative momentum despite oversold readings.
Positive Factors
Integrated business model & extensive retail network
IOC’s vertically integrated model — refining, pipelines, marketing, retail and petrochemicals — creates durable scale and margin advantages. A nationwide retail and distribution footprint delivers stable volumes, diversified end markets, and recurring cash flow that support long-term resilience.
Negative Factors
Negative free cash flow due to heavy capex
Negative free cash flow driven by elevated capex constrains internal funding for deleveraging, dividends or strategic initiatives. Reliance on external financing to cover investment needs increases refinancing and liquidity risk, especially if commodity margins weaken or funding costs rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated business model & extensive retail network
IOC’s vertically integrated model — refining, pipelines, marketing, retail and petrochemicals — creates durable scale and margin advantages. A nationwide retail and distribution footprint delivers stable volumes, diversified end markets, and recurring cash flow that support long-term resilience.
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)1.22
Revenue Growth3.47%
EPS Growth209.60%
CountryIN
Employees30,321
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)18.07
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
₹142.50Price Target Upside-2.30% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)13.14
Revenue Forecast (FY)₹8.94T
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 makes money primarily by buying crude oil and other feedstocks, processing them into finished products, and selling those products through wholesale and retail channels. Key revenue streams include: (1) Refining and product sales: IOC earns re...
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 | 7.60T | 7.84T | 7.58T | 7.76T | 8.42T | 5.89T |
| Gross Profit | 1.04T | 1.21T | 939.97B | 1.31T | 880.81B | 974.01B |
| EBITDA | 546.68B | 781.97B | 382.60B | 767.68B | 380.98B | 475.77B |
| Net Income | 248.70B | 420.96B | 135.98B | 417.30B | 97.92B | 251.02B |
Balance Sheet | ||||||
| Total Assets | 5.16T | 5.29T | 5.07T | 4.82T | 4.42T | 4.11T |
| Cash, Cash Equivalents and Short-Term Investments | 128.02B | 115.51B | 136.00B | 135.39B | 151.94B | 100.15B |
| Total Debt | 1.47T | 1.32T | 1.52T | 1.33T | 1.49T | 1.32T |
| Total Liabilities | 3.15T | 3.03T | 3.16T | 2.94T | 2.99T | 2.75T |
| Stockholders Equity | 1.97T | 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
145.85
Price Trends
144.51
Negative
155.24
Negative
150.96
Negative
Market Momentum
-2.76
Positive
44.39
Neutral
25.89
Neutral
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 145.85 is above the 20-day moving average (MA) of 141.89, above the 50-day MA of 144.51, and below the 200-day MA of 150.96, indicating a bearish trend. The MACD of -2.76 indicates Positive momentum. The RSI at 44.39 is Neutral, neither overbought nor oversold. The STOCH value of 25.89 is Neutral, 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 | ₹150.64B | 2.67 | ― | 0.55% | 7.22% | 1349.42% | |
73 Outperform | ₹1.95T | 4.43 | ― | 4.90% | 3.47% | 209.60% | |
68 Neutral | ₹1.27T | 4.65 | ― | 4.73% | 3.40% | 93.77% | |
67 Neutral | ₹814.21B | 3.95 | ― | 3.26% | 1.77% | 167.91% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
59 Neutral | ₹18.40T | 26.79 | ― | 0.35% | 9.59% | 15.97% | |
51 Neutral | ₹259.82B | 67.10 | ― | 2.04% | -6.35% | 3324.95% |
* Energy Sector Average
IN:IOC
Indian Oil Corp. Ltd.
140.50
6.10
4.54%
IN:BPCL
Bharat Petroleum Corporation Limited
296.35
2.63
0.89%
IN:CHENNPETRO
Chennai Petroleum Corporation Limited
1,011.65
333.26
49.13%
IN:HINDPETRO
Hindustan Petroleum Corporation Limited
388.85
1.88
0.49%
IN:MRPL
Mangalore Refinery & Petrochemicals Ltd.
150.10
15.59
11.59%
IN:RELIANCE
Reliance Industries Limited
1,349.70
-54.09
-3.85%
Indian Oil Corp. Ltd. Corporate Events
Indian Oil Reports New Hydrocarbon Find in Libyan Exploration Block
Apr 27, 2026
Indian Oil Corporation Ltd. said it holds a 25% participating interest in an Indian consortium with Oil India Ltd. that is exploring onshore Block Area 95/96 in the Ghadames Basin in south‑western Libya, a well‑known hydrocarbon provin...
Indian Oil Announces Board Change as Government-Deputed Director Steps Down
Apr 20, 2026
Indian Oil Corporation Ltd. has announced a change in its board composition following the cessation of directorship of Ms. Esha Srivastava. She has stepped down from the board with effect from 20 April 2026 after completing her central deputation ...
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, ...
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.