Indian Oil Corporation Ltd
Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI[1] that has business interests straddling the entire hydrocarbon value chain - from Refining, Pipeline transportation and marketing of Petroleum products to R&D, Exploration & production, marketing of natural gas and petrochemicals. It has the leadership position in the Oil refining & petroleum marketing sector of India.[2]
Strengths
- +Stock is trading at 1.00 times its book value
- +Company has been maintaining a healthy dividend payout of 41.2%
Weaknesses
- −The company has delivered a poor sales growth of 9.25% over past five years.
- −Company has a low return on equity of 12.6% over last 3 years.
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 51.5% | 51.5% | 51.5% | 51.5% | 51.5% | 51.5% | 51.5% | 51.5% |
| FIIs | 7.79% | 7.9%▲0.1 | 7.43%▼0.5 | 7.39%▼0.0 | 7.48%▲0.1 | 7.69%▲0.2 | 8.57%▲0.9 | 9.84%▲1.3 |
| DIIs | 10.04% | 10.43%▲0.4 | 10.08%▼0.3 | 9.97%▼0.1 | 10.29%▲0.3 | 10.42%▲0.1 | 10%▼0.4 | 9.1%▼0.9 |
| Public | 11.07% | 10.59%▼0.5 | 11.39%▲0.8 | 11.57%▲0.2 | 11.15%▼0.4 | 10.81%▼0.3 | 10.34%▼0.5 | 9.96%▼0.4 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,79,740 | 1,99,104 | 1,97,978 | 1,93,236 | 1,73,848 | 1,93,900 | 1,94,967 | 1,92,971 | 1,78,880 | 2,04,424 |
| Expenses | 1,58,427 | 1,83,615 | 1,87,543 | 1,84,601 | 1,70,075 | 1,86,783 | 1,81,395 | 1,80,363 | 1,64,296 | 1,83,600 |
| Operating Profit | 21,313 | 15,489 | 10,435 | 8,635 | 3,772 | 7,117 | 13,572 | 12,607 | 14,583 | 20,824 |
| OPM % | 12% | 8% | 5% | 4% | 2% | 4% | 7% | 7% | 8% | 10% |
| Net Profit | 12,967 | 8,063 | 4,838 | 2,643 | 180 | 2,874 | 7,265 | 5,689 | 7,610 | 12,126 |
| EPS ₹ | 9.18 | 5.71 | 3.43 | 1.87 | 0.13 | 2.03 | 5.14 | 4.03 | 5.39 | 8.59 |
AI Insights
TTM revenue at ₹7,71,242Cr, up 2% YoY. OPM at 8%.
Borrowings at ₹1,38,185Cr. Debt-to-equity ratio: 0.80x. Moderate leverage.
CWIP at ₹76,855Cr (40% of fixed assets). Significant capex underway — growth runway building.
DIIs: 9.1% (-2.45pp change). FIIs: 9.84% (+2.28pp change). Promoters hold 51.5%.
ROCE declining from 9% (Mar 2014) to 7% (Mar 2025). Working capital days: -40.
PE 5.64x with 7.26% ROCE. Price is -1% above book value of ₹133. Dividend yield: 5.36%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Credit Rating 1d - ICRA assigned IOC bank facilities ratings: AAA for long-term, A1+ for short-term on 16 May 2026.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 May
- Board Meeting Intimation for Consideration Of Audited Financial Results For The Quarter And Year Ended 31St March 2026 And Declaration Of Dividend, If Any. 4 May - Board meets 18 May 2026 for Q4 and FY26 audited results, with possible final dividend.
- Intimation Under Reg 30 Of SEBI (LODR), Regulations 2015 27 Apr - Fresh oil and gas discovery in Libya's Area 95/96 block; NOC recognised the 6th exploratory well.
- Disclosure Under Chapter XIV - Centralized Database For Corporate Bonds/ Debentures Of SEBI Operational Circular Dated August 10, 2021 (Updated As On April 13, 2022) 24 Apr - Indian Oil filed annual SEBI Chapter XIV-B disclosure for private-placement debt securities, year ended 31 March 2026.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse