MarketFriction

Indian Oil Corporation Ltd

NSE IOC · BSE 530965 · Refineries & Marketing
₹131.34 -2.66%
NSE close2026-10-01
52 week range130.22 - 188.96
Market cap₹1,85,454 Cr.
P/E5.51
Nifty Next 50Nifty 100Nifty 200Nifty 500Nifty EnergyNifty Oil & GasNifty PSENifty InfrastructureNifty Commodities No price band Delivery 51.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales179,246199,906198,650193,845174,976194,014195,270192,341178,628205,157208,289266,407
Expenses156,075183,172186,675183,923171,509186,442180,241179,073162,383182,412183,485262,345
Operating Profit23,17116,73311,9759,9213,4677,57315,02913,26716,24522,74524,8044,062
OPM %13%8%6%5%2.0%3.9%8%7%9%11%12%1.5%
Other Income8291,9161,6861,1022,5561,9361,5191,7321,3561,6272,4241,143
Interest1,9771,9582,1472,0802,5462,4582,1782,0702,2702,0881,8801,730
Depreciation3,6104,6864,0944,1034,0654,2844,3254,1794,2274,4575,5574,408
Profit before tax18,41312,0057,4204,841-5892,76610,0458,75011,10417,82719,791-933
Tax %26%23%26%23%-24%22%17%22%26%24%23%22%
Net Profit13,7139,2255,4883,723-4492,1478,3686,8088,19113,50215,176-1,141
EPS in Rs9.296.393.652.50-0.121.505.754.835.549.2110.24-1.15
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales346,045355,379421,492528,158483,763363,950589,336841,756776,352758,106784,415858,482
Expenses324,007321,230379,834492,896467,710324,021542,717811,073700,702722,066707,308790,626
Operating Profit22,03834,14941,65835,26216,05339,92946,61930,68375,65036,04077,10867,856
OPM %6%10%10%7%3.3%11%8%3.6%10%4.8%10%8%
Other Income5,2194,3564,3314,097-7,1654,6964,3185,1245,3847,1127,1396,550
Interest3,4873,7433,8754,9255,7922,9334,3017,5887,8819,3118,3547,967
Depreciation5,6986,8067,6648,50610,27310,94112,34813,18115,86616,77718,42018,650
Profit before tax18,07227,95634,45025,927-7,17730,75134,28915,03857,28817,06357,47247,789
Tax %31%27%34%33%-74%29%25%22%25%19%24%
Net Profit12,41320,38522,62617,274-1,87621,76225,72711,70443,16113,78943,67735,728
EPS in Rs8.2513.6315.2312.31-0.6315.3217.786.9329.559.6329.8123.84
Dividend Payout %28%45%90%49%-437%51%46%42%40%30%27%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth9%17%-2%13%
Compounded Profit Growth14%14%62%111%
Stock Price CAGR3%9%13%-12%
Return on Equity16%16%17%20%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital2,4282,3704,7399,4799,1819,1819,1819,18113,77213,77213,77213,772
Reserves66,40487,61097,357104,395103,28886,217102,657124,354125,949169,645172,716205,746
Borrowings64,89358,55263,27165,65096,765129,790116,649132,020148,977132,628152,271131,822
Other Liabilities100,15883,184108,352116,336126,128104,773126,658145,327153,298166,639168,796178,012
Total Liabilities233,883231,715273,719295,860335,363329,962355,145410,882441,995482,683507,554529,352
Fixed Assets76,781100,033115,958124,053132,494147,022157,085160,514180,048195,998201,142208,569
CWIP40,37826,21916,77819,13028,28132,84536,29147,46951,13361,03277,92186,049
Investments16,06931,18543,68744,80644,11235,57144,71752,35252,19065,54267,21873,298
Other Assets100,65574,27897,295107,871130,476114,524117,053150,546158,624160,111161,272161,436
Total Assets233,883231,715273,719295,860335,363329,962355,145410,882441,995482,683507,554529,352
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity46,09225,62428,21629,11512,7477,14649,65024,57029,64471,14634,45276,142
Cash from Investing Activity-10,215-13,610-17,684-17,119-22,569-29,101-22,935-21,178-28,030-31,512-31,641-22,274
Cash from Financing Activity-38,283-11,890-10,937-12,00710,43622,456-27,369-2,997-1,794-39,385-3,421-52,672
Net Cash Flow-2,406124-405-11614502-653395-180250-6101,197
Free Cash Flow33,6809,57614,38811,086-12,748-24,27727,9041,533-2,52434,4538348,881
CFO/OP458%130%103%87%52%58%135%69%101%110%104%114%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days6899111014127697
Inventory Days4654877764591118459706368
Days Payable293141403424493727343433
Cash Conversion Cycle233155464145765940423941
Working Capital Days-12-20-45-37-28-46-58-34-26-33-41-30
ROCE %6%14%20%22%16%5%15%16%8%21%7%19%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%
FIIs7.84%8.84%8.49%7.79%7.90%7.43%7.39%7.48%7.69%8.57%9.84%9.08%
DIIs10.70%9.90%10.23%10.04%10.43%10.08%9.97%10.29%10.42%10.00%9.10%9.52%
Government19.60%19.60%19.57%19.57%19.57%19.57%19.57%19.57%19.57%19.57%19.57%19.57%
Public10.36%10.13%10.18%11.07%10.59%11.39%11.57%11.15%10.81%10.34%9.96%10.32%
No. of Shareholders19,72,34020,65,51424,28,56127,29,16527,81,74630,82,71731,89,61430,80,10029,75,61428,15,98027,89,94028,59,833

Fundamentals

Market Cap₹ 1,85,454 Cr.
Current Price₹ 131
Stock P/E5.51
Book Value₹ 155
ROCE18.7 %
ROE20.5 %
Dividend Yield6.28 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)13%
Compounded Profit Growth (TTM)111%
Consolidated figures.
Valuation
Market capRs 185,468 Cr
Enterprise valueRs 312,876 Cr
P/E (TTM)5.51x
Price to book0.84x
Price to sales0.22x
EV / EBITDA4.21x
EV / EBIT5.61x
EV / sales0.36x
Price to cash flow2.44x
Earnings yield18.14%
Dividend yield6.13%
P/E, 3-year average7.83x
P/B, 3-year average1.04x
P/E, 5-year average7.54x
P/B, 5-year average0.90x
Profitability
Operating margin (excl. other income)9.83%
Operating margin (incl. other income)10.74%
EBITDA margin8.67%
Pre-tax margin5.57%
Net profit margin3.92%
Net margin, latest quarter-0.61%
ROE20.74%
ROCE19.08%
ROA8.12%
ROE, 3-year average17.97%
ROCE, 3-year average16.23%
ROA, 3-year average6.63%
ROE, 5-year average16.31%
ROCE, 5-year average14.49%
ROA, 5-year average5.75%
ROIC (approx.)12.21%
Tax rate24.00%
Other income / net worth3.25%
Growth
Sales growth (latest year)3.47%
Profit growth (latest year)209.58%
Sales CAGR, 3 years-2.32%
Sales CAGR, 5 years16.60%
Profit CAGR, 3 years62.60%
Profit CAGR, 5 years14.24%
Sales growth QoQ27.90%
Profit growth QoQ-111.28%
Sales growth YoY (latest quarter)38.51%
Profit growth YoY (latest quarter)-123.93%
Per share
EPS (TTM)Rs 23.83
EPS (latest year)Rs 29.81
EPS (latest quarter)Rs -1.15
EPS, 3-year averageRs 23.00
EPS, 5-year averageRs 20.52
Book value per shareRs 155.45
Sales per shareRs 607.94
Cash flow per shareRs 53.92
Free cash flow per shareRs 34.62
Dividend per share (latest year)Rs 8.05
Dividend per share, 3-year averageRs 7.56
Dividend per share, 5-year averageRs 7.58
Dividends
Dividend payout26.99%
Dividend payout, 3-year average32.33%
Dividend payout, 5-year average37.05%
Efficiency
Asset turnover1.48x
Fixed asset turnover3.76x
Inventory turnover5.72x
Inventory days64 days
Debtor days7 days
Debtors turnover53.60x
Creditor days33 days
Cash conversion cycle41 days
Working capital days-30 days
Leverage
Total debtRs 131,822 Cr
Cash and bankRs 4,415 Cr
Net debtRs 127,408 Cr
Debt to equity0.60x
Net debt / EBITDA1.71x
Interest coverage7.00x
Current ratio (filing 2026-03-31)0.73x
Quick ratio (filing 2026-03-31)0.18x
Trade payables (filing 2026-03-31)Rs 57,369 Cr
Owners' fund to total sources41.47%
Debt to assets24.90%
Cash flow
Cash from Operating Activity (latest year)Rs 76,142 Cr
Cash from Investing Activity (latest year)Rs -22,274 Cr
Cash from Financing Activity (latest year)Rs -52,672 Cr
Net Cash Flow (latest year)Rs 1,197 Cr
Free cash flow (latest year)Rs 48,881 Cr
FCFE (approx.: FCF + change in debt)Rs 28,433 Cr
Cash from ops / profit, 5 years1.71x
Sales to cash flow10.30x
Statement figures
Net sales (TTM)Rs 858,482 Cr
Net sales (latest year)Rs 784,415 Cr
Sales (latest quarter)Rs 266,407 Cr
Operating profit excl. other income (latest year)Rs 77,108 Cr
Operating profit (latest quarter)Rs 4,062 Cr
Other income (TTM)Rs 6,550 Cr
EBITDA (TTM)Rs 74,406 Cr
PBDT (TTM)Rs 66,439 Cr
Profit before tax (TTM)Rs 47,789 Cr
Tax (latest year)Rs 13,795 Cr
Net profit (TTM)Rs 33,652 Cr
Net profit (latest year)Rs 42,096 Cr
Net profit (latest quarter)Rs -1,631 Cr
Depreciation (TTM)Rs 18,650 Cr
Depreciation (latest quarter)Rs 4,408 Cr
Interest (TTM)Rs 7,967 Cr
Cost of goods sold (latest year)Rs 671,818 Cr
Total expenditure (latest year)Rs 707,308 Cr
Total income (latest year)Rs 791,554 Cr
Share capitalRs 13,772 Cr
ReservesRs 205,746 Cr
Shareholders' fundsRs 219,518 Cr
Total assetsRs 529,352 Cr
Net blockRs 208,569 Cr
Capital work in progressRs 86,049 Cr
InvestmentsRs 73,298 Cr
ReceivablesRs 14,635 Cr
InventoryRs 117,530 Cr
Other liabilitiesRs 178,012 Cr
Shares outstanding (crore)1,412.12
Ownership
Promoter holding51.50% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 5.5 is at the 34th percentile of its own 8.4-year range (median 6.5, low 3.8, high 24.4).
P/B 0.84 is at the 13th percentile (median 1.06).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodIOCNifty 50Difference
1 week-3.6%-2.8% -0.8 pts
1 month-3.8%-6.8% +3.0 pts
3 months-7.2%-7.6% +0.4 pts
6 months-3.0%+0.4% -3.4 pts
1 year-10.2%-9.9% -0.3 pts
2 years-22.6%-13.6% -9.1 pts
3 years+44.4%+14.2% +30.2 pts
5 years+54.6%+27.9% +26.8 pts
153 mutual fund schemes hold about ₹5,434 Cr. Over three months 78 bought more and 23 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Kotak Arbitrage Fund(M0.82%621 +27%
SBI Contra Fund1.05%502 +7%
ICICI Pru Large & Mid Cap Fund0.95%320 +100%
SBI Arbitrage Fund0.63%299 +164%
ICICI Pru Aggressive Hybrid Fund(A0.57%297 +400%
SBI Energy Opportunities Fund2.95%246 +13%
ICICI Pru Energy Opportunities Fund2.55%211 +21%
ICICI Pru Nifty Next 50 Index Fund2.04%207 +4%
Tata Arbitrage Fund0.77%193 +130%
ICICI Pru India Opp Fund0.40%155 +100%
UTI Nifty Next 50 Index Fund2.05%155 +4%
Motilal Oswal BSE Enhanced Value Index Fund6.67%150 +6%
DSP Natural Res & New Energy Fund5.71%147 +0%
HDFC Arbitrage Fund(M0.57%146 +30%
DSP Natural Res & New Energy Fund5.71%139 +0%
SBI Multi Asset Allocation Fund(A0.67%139 -1%
ICICI Pru Arbitrage Fund0.32%113 +104%
SBI Balanced Advantage Fund0.26%109 -71%
Aditya Birla SL PSU Equity Fund1.75%107 +7%
ICICI Pru PSU Equity Fund4.65%86 +56%
Aditya Birla SL Arbitrage Fund0.31%83 +9%
Edelweiss Arbitrage Fund0.43%64 +13%
Nippon India Arbitrage Fund0.33%57 +28%
HDFC NIFTY Next 50 Index Fund2.05%55 +4%
Nippon India Arbitrage Fund(M0.33%55 +28%

Red flags

F-score 7 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2019-07-22PRESIDENT OF INDIAPromotersother64,016,281Rs 911.26 CrOff Market
2019-03-25THE PRESIDENT OF INDIAPromotersother122,964,424Rs 122.96 CrOff Market
2019-02-21President Of IndiaPromotersother37,203,876Rs 37.20 CrOff Market
2019-02-12President of India acting through Promotersother177,854,068Rs 2650.03 CrOthers
2018-12-04President of IndiaPromotersother261,374,221Rs 261.37 CrOff Market
2017-11-23President of India (acting throughPromotersother17,562,435Rs 17.56 CrOff Market
2017-03-22PRESIDENT OF INDIAPromotersother12,464,272Rs 12.46 CrOff Market
2017-01-25PRESIDENT OF INDIAPromotersother33,276,129Rs 33.28 CrOff Market
2016-05-30THE PRESIDENT OF INDIAPromoterssell7,139,653Rs 262.49 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹266,407 Cr +38.5% vs Jun 2025. Net loss ₹1,141 Cr.

Activity

Compare
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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-14Dividend - Rs 1.25 Per Share
2026-03-12Interim Dividend - Rs 2 Per Share
2025-12-18Interim Dividend - Rs 5 Per Share
2025-08-08Dividend - Rs 3 Per Share
2024-07-12Dividend - Rs 7 Per Share
2023-11-10Interim Dividend - Rs 5 Per Share
2023-07-28Dividend - Rs 3 Per Share
2022-08-11Dividend - Rs 2.40 Per Share
2022-06-30Bonus 1:20.6667
2022-02-09Interim Dividend - Rs 4 Per Share
2021-11-11 Interim Dividend - Rs 5 Per Share
2021-08-05 Dividend - Rs 1.50 Per Share
2021-03-23 Interim Dividend - Rs 3 Per Share
2021-02-09 Interim Dividend - Rs 7.50 Per Share
2020-03-23 Interim Dividend - Rs 4.25 Per Share
2019-08-21 Annual General Meeting/Dividend - Re 1 Per Share
2019-03-27 Interim Dividend - Rs 1.50 Per Share
2018-12-21 Interim Dividend - Rs 6.75 Per Share
2018-12-21 Buyback
2018-08-20 Dividend Rs 2 Per Share
2018-03-15 Bonus 1:10.5000
2018-02-08 Interim Dividend Rs 19/- Per Share
2017-08-18 Annual General Meeting/Dividend - Re 1/- Per Share
2017-03-24 Interim Dividend Rs 4.50 Per Share
2017-02-09 Interim Dividend Rs 13.50 Per Share
2016-10-18 Bonus 1:10.5000
2016-09-02 Dividend - Rs 8.50 Per Share
2016-02-23 Interim Dividend - Rs 5.50/- Per Share
2015-09-04 Annual General Meeting/ Dividend - Rs 6.60/- Per Share
2014-08-14Annual General Meeting/Dividend Rs.8.70/- Per Share
2013-08-22Annual General Meeting / Dividend - Rs 6.20/- Per Share
2012-09-05Annual General Meeting/Dividend Rs 5 Per Share
2011-09-15Dividend-Rs.9.50 Per Share
2010-09-08Annual General Meeting And Dividend Rs.13/- Per Share
2009-10-29Bonus 1:10.5000
2009-09-02Dividend-Rs.7.50 Pr Share
2008-09-09Agm/Dividend - 55%
2007-09-10Agm/Final Dividend-130%
2006-12-26Interim Dividend - 60%
2006-09-07Agm/Final Dividend-125%
DateTypeWhat it says
2026-10-01News clarificationThe Exchange has sought clarification from Indian Oil Corporation Limited with respect to recent news item captioned Indian Oil plans to launch packag...
2026-10-01General UpdatesGeneral Updates
2026-09-30News clarificationThe Exchange has sought clarification from Indian Oil Corporation Limited with respect to recent news item captioned Indian Oil plans to launch packag...
2026-09-21UpdatesInvestment Approval for Kochi-Kanyakumari-Thoothukudi Natural Gas Pipeline.
2026-09-21General UpdatesGeneral Updates
2026-09-18ResignationResignation of Director/KMP/SMP
2026-09-18ResignationResignation of Ms Alka Mundra as Independent Director of the company w.e.f. September 18, 2026.
2026-09-01Amendment to AOA/MOAThe Amendment to AOA/MOA of the company.
2026-09-01Shareholder meetingVoting results.
2026-09-01UpdatesChange in Senior Management Personnel.
2026-08-31Shareholder meetingProceedings of Annual General Meeting held on August 31, 2026
2026-08-26UpdatesImpostion of fine by BSE Ltd. & National Stock Exchange of India Ltd..
2026-08-15Director changeChange in Director(s) of the company.
2026-08-07Shareholder meetingNotice of Annual General Meeting to be held on August 31, 2026
2026-08-07Concall / analyst meetTranscript
2026-08-01Updates67th Annual General Meeting of the Company for the year 2025-26..
2026-08-01UpdatesChange in Senior Management Personnel.
2026-07-31UpdatesInvestors handout for unaudited financial results for the quarter ended 30th June 2026..
2026-07-31Board meeting outcomeIndian Oil Corporation Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-29Concall / analyst meetSchedule of meet
2026-07-28Press ReleaseA press release dated July 28, 2026, titled "IndianOil Paradip Refinery - Transforming Odisha by Powering Progress and Fostering Inclusive Growth".
2026-07-15UpdatesE-mail communication to members of Indian Oil Corporation Limited - Deduction of TDS on Final Dividend for the year 2025-26.
2026-06-30Record DateRecord date for the purpose of Dividend is 14-Aug-2026.
2026-06-29Credit Rating- NewCredit Rating- New
2026-06-19Disclosure under SEBI TakeovIndian Oil Corporation Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.73
Max pain (expiry 2026-10-27)138
Largest call open interest at140
Largest put open interest at135
Implied volatility, at the money24.1%
Underlying at snapshot131.34
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-294,875
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Indian Oil Corporation Ltd?

Indian Oil Corporation Ltd (IOC) has a market capitalisation of Rs 1,85,454 Cr. at the 2026-10-01 close.

What is the P/E ratio of Indian Oil Corporation Ltd?

Indian Oil Corporation Ltd trades at a P/E of 5.51 on trailing twelve-month profit, at the 2026-10-01 close.

What were Indian Oil Corporation Ltd's latest quarterly results?

In the Jun 2026 quarter, Indian Oil Corporation Ltd sales was Rs 266,407 Cr (+38.5% vs Jun 2025) with a net loss of Rs 1,141 Cr.

What is the 52-week high and low of Indian Oil Corporation Ltd?

The 52-week high is Rs 188.96 and the 52-week low is Rs 130.22.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03