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Model Note · INDIAN OIL CORP LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIAN OIL CORP LTD Discounted cash flow · base FY26
INDIAN OIL CORP LTD
Value per share, this model₹357
CMP 2026-09-10₹135.11
Difference164.5%
Growth the CMP implies(19.8)%/yr
This note states the assumptions and the arithmetic of one model of INDIAN OIL CORP LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
5% a year
FY26 4.9% · 5-yr CAGR 11.6%
EBITDA margin
8.5%
FY26 8.5% · 5-yr average 6.2%
Depreciation · capex, % of revenue
2% · 3.1%, fading to 1.2× depreciation
FY26 2.0% · 3.1%
Working capital, % of added revenue · tax
8.2% · 25.3%
30 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 1.17
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,29,989 · ₹0 · ₹0 cr
FY26 net debt ₹1,29,989 cr
Shares
1,412.12 crore
1,412.12 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
9,01,453
9,46,525
9,93,852
10,43,544
10,95,721
11,50,507
growth %
4.9
5.0
5.0
5.0
5.0
5.0
EBITDA
77,062
80,455
84,477
88,701
93,136
97,793
Depreciation
(18,420)
(18,931)
(19,877)
(20,871)
(21,914)
(23,010)
NOPAT
43,805
45,959
48,256
50,669
53,203
55,863
less capex
(28,363)
(29,342)
(29,070)
(28,697)
(28,215)
(27,612)
less working-capital build
—
(3,696)
(3,881)
(4,075)
(4,279)
(4,492)
Free cash flow to firm
—
31,851
35,183
38,768
42,624
46,768
Present value
30,231
30,085
29,865
29,582
29,241
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · INDIAN OIL CORP LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,49,004
PV of the terminal value (77% of EV)
4,85,708
Enterprise value
6,34,713
less net debt
(1,29,989)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,04,724
÷ 1,412.12 crore shares
₹357
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
372
407
448
498
561
10.5%
336
365
398
439
488
11.0%
305
329
357
390
430
11.5%
279
299
323
350
383
12.0%
255
273
293
316
343
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
