BSE: 530259
INTER STATE OIL CARRIER LTD.
Operates as a road transport carrier moving petroleum products and related liquid cargo in tankers across Indian states. The Transportation Activities segment accounted for 100% of segment revenue in the quarter ended 30 June 2024, with a negligible contribution from Investing in Shares & Securities. FY26 revenue stood at 107.58 crore at an EBITDA margin of 9.25%. Monthly tonnage handled ranged from 23,120 MTs in May 2026 to a 12-month peak of 29,340 MTs in March 2026, with June 2026 at 29,170 MTs. The company is expanding its fleet — four new tankers were added in each of May and June 2026 — and signed an MoU with Container Corporation of India (CONCOR) as a Transport Associate for First Mile Last Mile operations at CTC Shalimar and ICD Amingaon container terminals. The cost structure is dominated by other operating expenses at 89.9% of revenue (covering fuel, tolls, hired transport and similar logistics costs), with depreciation at 4.6% reflecting the asset-heavy tanker fleet and employee cost at just 1.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transportation Activities (100%), Investing in Shares & Securities (0%). Asset-light in employee terms but capital-intensive in tankers; cyclical road logistics carrier dependent on fuel demand and freight rates.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 45 | 54 | 85 | 88 | 108 |
| EBITDA (ex other income) | 4 | 4 | 7 | 7 | 9 |
| margin % | 9.8 | 8.2 | 8.2 | 8.2 | 8.2 |
| Owners' profit | 3 | (0) | 1 | 1 | 2 |
| EPS, as reported (₹) | 5.47 | (0.85) | 1.73 | 2.29 | 3.85 |
| ROE % · ROCE % | 15.4 · 17.0 | (2.5) · 3.5 | 4.7 · 14.6 | 5.9 · 11.0 | 9.1 · 14.4 |
| Debt / equity (x) | 0.91 | 1.22 | 1.06 | 1.24 | 1.36 |
| Cash from operations | (1) | 4 | 3 | 9 | 2 |
| Capex | (11) | (9) | (2) | (13) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22 | 22 | 21 | 23 | 26 | 25 | 26 | 31 |
| Profit before tax | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 2 |
| Net profit | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 |
| EPS (₹) | 0.28 | 0.48 | 1.25 | 0.28 | 0.39 | 0.62 | 0.41 | 2.42 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ABC INDIA LTD. | 34 | 14.2 | 0.59 | — | 4.0 | 3.5 | — | 1.5 |
| INTER STATE OIL CARRIER LTD. ◆ | 24 | 12.7 | 1.15 | — | 9.1 | 7.9 | — | 11.2 |
| BALURGHAT TECHNOLOGIES LTD. | 23 | 14.0 | 1.27 | — | 3.1 | 3.5 | — | 3.6 |
| FRONTLINE CORPORATION LTD. | 16 | 8.0 | 0.97 | 10.9 | 6.8 | 6.3 | — | 5.6 |
| COASTAL ROADWAYS LTD. | 8 | 5.0 | 0.33 | — | 6.2 | 7.6 | — | 14.4 |
| MAHASAGAR TRAVELS LTD. | 5 | 33.3 | 9.64 | — | 81.2 | 3.6 | — | 4.2 |
| Desi Farms India Limited | — | — | — | — | — | (124.2) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.7 | 15.1 | 24 of 66 | 65% |
| P/B | 1.1 | 1.5 | 20 of 58 | 67% |
| ROCE | 7.9 | 7.0 | 36 of 76 | 53% |
| ROE | 9.1 | 7.3 | 23 of 58 | 61% |
| Debt / Equity | 1.4 | 0.3 | 53 of 58 | 9% |
| EBITDA margin | 11.2 | 11.3 | 34 of 65 | 48% |
| Revenue growth | 33.3 | 12.8 | 17 of 62 | 74% |
| Profit growth | 759.3 | 24.3 | 2 of 56 | 98% |
| Market cap | 24 | 149 | 63 of 78 | 20% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Demat compliance certificate for July-Sept 2026 quarter | compliance | minimal | — | — |
| 5 Oct 2026 · Board approves Postal Ballot for MD remuneration revision | management changes | high | — | — |
| 5 Oct 2026 · Inter State Oil Carrier: MD remuneration revision via Postal Ballot | management changes | medium | — | — |
| 5 Oct 2026 · Board approves MD remuneration revision, sets postal ballot process | management changes | high | — | — |
| 23 Sept 2026 · Promoter Gunmala Devi Jain gifts 2.24% stake to son, exits company | ownership changes | high | — | — |
| 23 Sept 2026 · Promoter Sanjay Jain acquires 3.33% via gifts from PACs, stake rises to 20.99% | ownership changes | high | — | — |
| 15 Sept 2026 · AGM voting results: 3 resolutions passed, 2 rejected | board shareholder meetings | low | — | — |
| 14 Sept 2026 · Re-appointment of Mr. Siddhant Jain as Whole-Time Director approved at 42nd AGM | management changes | medium | — | — |
| 14 Sept 2026 · 42nd AGM of Inter State Oil Carrier held on 14 Sep 2026 | board shareholder meetings | low | — | — |
| 12 Sept 2026 · Revised SAST disclosure: Promoter buys 550 shares, fixes typo | ownership changes | low | — | — |
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.