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

• Market Cap: ₹2.07T
• Dividend Yield: 2.04%
• Average Volume (3M): 525.89K
• Price to Earnings (P/E): 12.1
• Beta (1Y): 1.31
• Revenue Growth: -1.95%
• EPS Growth: -45.00%
• Country: IN
• Employees: 30,321
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 4.95
• Shares Outstanding: 14,121,238,000
• 10 Day Avg. Volume: 764,526
• 30 Day Avg. Volume: 525,892
• 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: 9.48% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5

• Rating: 65 Neutral
• Price Target: ₹152.00 ▲(4.00% Upside)

Indian Oil Corp. Ltd. shows strong financial performance with robust revenue growth and improved leverage management. However, challenges in profitability and cash management, along with neutral technical indicators, moderate the overall score. The valuation is reasonable, providing a balanced investment opportunity.

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

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.58T	7.58T	7.76T	8.42T	5.89T	3.64T
Gross Profit	939.97B	939.97B	1.31T	880.81B	974.01B	846.27B
EBITDA	377.95B	382.60B	767.68B	380.98B	475.77B	394.27B
Net Income	135.98B	135.98B	417.30B	97.92B	251.02B	216.38B
Balance Sheet
Total Assets	5.07T	5.07T	4.82T	4.42T	4.11T	3.55T
Cash, Cash Equivalents and Short-Term Investments	159.33B	159.33B	134.19B	151.94B	100.15B	109.37B
Total Debt	1.52T	1.52T	1.33T	1.49T	1.32T	1.17T
Total Liabilities	3.16T	3.16T	2.94T	2.99T	2.75T	2.42T
Stockholders Equity	1.86T	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: 146.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 146.15 is above the 20-day moving average (MA) of 143.27, above the 50-day MA of 142.94, and above the 200-day MA of 134.83, indicating a bullish trend. The MACD of 1.67 indicates Negative momentum. The RSI at 58.80 is Neutral, neither overbought nor oversold. The STOCH value of 63.40 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
OIL	73 Outperform	661.54B	10.08	13.16%	2.77%	-5.98%	-3.42%
ONGC	72 Outperform	3.00T	8.33	10.55%	5.11%	1.94%	-18.38%
BPCL	71 Outperform	1.43T	8.14	16.39%	3.03%	-1.89%	-8.61%
IOC	65 Neutral	₹2.07T	12.09	―	2.04%	-1.95%	-45.00%
HINDPETRO	61 Neutral	904.01B	8.85	13.17%	2.48%	-1.06%	3.34%
MRPL	60 Neutral	223.28B	-79.11	0.43%	2.35%	-3.99%	-110.83%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

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.