NSE: IOC · BSE: 530965
INDIAN OIL CORP LTD
Refines crude oil into petroleum products such as gasoline, diesel, LPG and jet fuel, and markets them to retail, transport and industrial customers in India. Petroleum Products is the dominant segment, accounting for 91.5% of segment revenue, followed by Gas (4.8%), Petrochemicals (3.1%) and Other Business Activities (0.6%). The Paradip refinery recorded its highest-ever crude processing of 16.35 MMT in FY26, and Q1 FY27 refinery throughput across the company was 19.2 MMT at 109.4% capacity utilisation. Refinery expansion projects at Panipat, Gujarat and Barauni are 89-94% complete and targeted for commissioning by late 2026. The biggest cost is raw materials, principally crude oil, at 48.1% of revenue, with other operating expenses adding another 19.9%. The company is investing heavily, with Q1 FY27 capex of Rs 6,461 crore against an FY26-27 target of Rs 32,700 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Petroleum Products (92%), Gas (5%), Petrochemicals (3%), Other Business Activities (1%). Cyclical, asset-heavy refining and marketing business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,36,731 | 9,51,410 | 8,81,235 | 8,59,363 | 9,01,453 |
| EBITDA (ex other income) | 47,742 | 30,699 | 75,591 | 37,829 | 77,062 |
| margin % | 6.5 | 3.2 | 8.6 | 4.4 | 8.5 |
| Owners' profit | 25,102 | 9,792 | 41,730 | 13,598 | 42,096 |
| EPS, as reported (₹) | 27.34 | 7.11 | 30.30 | 9.87 | 30.57 |
| ROE % · ROCE % | 19.0 · 17.6 | 8.2 · 9.2 | 22.9 · 23.9 | 7.2 · 8.9 | 19.4 · 19.8 |
| Debt / equity (x) | 0.98 | 1.04 | 0.70 | 0.80 | 0.58 |
| Cash from operations | 24,570 | 29,644 | 71,099 | 34,699 | 76,142 |
| Capex | (22,804) | (32,600) | (37,175) | (34,850) | (28,363) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,98,616 | 2,19,522 | 2,21,360 | 2,21,849 | 2,06,447 | 2,36,257 | 2,36,899 | 2,81,933 |
| Profit before tax | (1,264) | 2,532 | 9,765 | 7,602 | 10,392 | 17,360 | 19,142 | (1,630) |
| Net profit | (449) | 2,147 | 8,368 | 6,808 | 8,191 | 13,502 | 15,176 | (1,141) |
| EPS (₹) | (0.12) | 1.54 | 5.90 | 4.95 | 5.68 | 9.44 | 10.50 | (1.18) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Petroleum Products | 8,42,195 | 91.5 |
| Petrochemicals | 28,102 | 3.1 |
| Gas | 44,512 | 4.8 |
| Other Business Activities | 5,288 | 0.6 |
| Total, before eliminations | 9,20,097 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RELIANCE INDUSTRIES LTD | 15,67,121 | 21.0 | 1.44 | 8.6 | 8.8 | 7.5 | 17.2 | 17.3 |
| INDIAN OIL CORP LTD ◆ | 1,82,983 | 5.3 | 0.81 | 3.9 | 19.4 | 17.1 | 11.6 | 1.6 |
| BHARAT PETROLEUM CORP LT | 1,22,623 | 7.2 | 1.22 | 3.8 | 25.8 | 23.2 | 11.4 | (0.6) |
| HINDUSTAN PETROLEUM CORP | 73,867 | 44.2 | 1.13 | 3.8 | 27.5 | 19.3 | 12.1 | (10.7) |
| MRPL | 30,294 | 9.6 | 2.13 | 6.8 | 13.6 | 15.7 | 15.6 | 4.5 |
| CHENNAI PETROLEUM CORP LT | 22,631 | 5.4 | 2.04 | 4.9 | 27.9 | 31.9 | 13.4 | 5.4 |
| SANMIT INFRA LIMITED | 726 | 382.7 | 18.78 | — | 5.1 | 6.1 | — | 10.2 |
| RAJASTHAN SECURITIES LIMITED | 464 | 5.7 | 3.97 | — | 69.3 | 88.6 | — | 119.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.3 | 8.0 | 3 of 13 | 83% |
| P/B | 0.8 | 1.7 | 2 of 12 | 91% |
| ROCE | 17.1 | 16.4 | 6 of 12 | 55% |
| ROE | 19.4 | 13.6 | 5 of 11 | 60% |
| Debt / Equity | 0.6 | 0.4 | 9 of 12 | 27% |
| EBITDA margin | 1.6 | 5.4 | 8 of 11 | 30% |
| Revenue growth | 27.1 | 24.2 | 3 of 8 | 71% |
| Profit growth | (116.8) | 4.3 | 7 of 9 | 25% |
| Market cap | 182983 | 726 | 2 of 13 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · IOC Q2 FY2026-27 results call scheduled for 31 October | board shareholder meetings | low | — | — |
| 26 Oct 2026 · CIN changed following updated industrial activity classification | compliance | minimal | — | — |
| 13 Oct 2026 · Board meeting on 30 Oct 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 12 Oct 2026 · Newspaper notice for special window to re-lodge physical share transfer requests | compliance | minimal | — | — |
| 5 Oct 2026 · Compliance certificate for Q2 FY26 dematerialisation under SEBI Reg 74(5) | compliance | minimal | — | — |
| 1 Oct 2026 · IOC: Two Senior Management Personnel Retire on Superannuation | management changes | medium | — | — |
| 30 Sept 2026 · NSE seeks clarification on Indian Oil's packaged drinking water plan | regulatory legal | medium | — | — |
| 25 Sept 2026 · Trading Window Closure for Insiders Until Q2 Results | compliance | minimal | — | — |
| 21 Sept 2026 · IOC board approves Rs 2,449 cr Kochi-Kanyakumari-Thoothukudi gas pipeline | capex operations | high | — | — |
| 21 Sept 2026 · IOC board notes CAG appointment of statutory auditors for FY27 | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.