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Last Updated: April 2, 2026, 3:06 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 530965 | NSE: IOC

Indian Oil Corporation Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹41.10Overvalued by 69.78%vs CMP ₹136.00

P/E (5.4) × ROE (6.5%) × BV (₹140.00) × DY (5.16%)

₹185.21Undervalued by 36.18%vs CMP ₹136.00
MoS: +26.6% (Adequate)Confidence: 53/100 (Moderate)Models: 6 Under, 1 Fair, 2 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹44.1122%Over (-67.6%)
Graham NumberEarnings₹282.4716%Under (+107.7%)
Earnings PowerEarnings₹4.3511%Over (-96.8%)
DCFCash Flow₹286.2013%Under (+110.4%)
Net Asset ValueAssets₹139.867%Fair (+2.8%)
EV/EBITDAEnterprise₹195.779%Under (+43.9%)
Earnings YieldEarnings₹253.307%Under (+86.3%)
ROCE CapitalReturns₹349.459%Under (+156.9%)
Revenue MultipleRevenue₹268.985%Under (+97.8%)
Consensus (9 models)₹185.21100%Undervalued
Key Drivers: Wide model spread (₹4–₹349) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 7.3%

*Investments are subject to market risks

Investment Snapshot

62
Indian Oil Corporation Ltd scores 62/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health49/100 · Moderate
ROCE 7.4% WeakROE 6.5% AverageD/E 0.97 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money70/100 · Strong
FII holding up 1.18% (6mo) AccumulatingPromoter holding at 51.5% Stable
Earnings Quality60/100 · Moderate
OPM stable around 8% SteadyWorking capital: -42 days (improving) Efficient
Quarterly Momentum80/100 · Strong
Revenue (4Q): 1% YoY FlatProfit (4Q): +238% YoY StrongOPM: 11.0% (up 7.0% YoY) Margin expansion
Industry Rank65/100 · Strong
P/E 5.4 vs industry 10.2 Cheaper than peersROCE 7.4% vs industry 8.7% Average3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:06 am

Market Cap 1,91,653 Cr.
Current Price 136
Intrinsic Value₹185.21
High / Low 189/120
Stock P/E5.36
Book Value 140
Dividend Yield5.16 %
ROCE7.36 %
ROE6.51 %
Face Value 10.0
PEG Ratio0.73

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Indian Oil Corporation Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Indian Oil Corporation Ltd 1,91,653 Cr. 136 189/1205.36 1405.16 %7.36 %6.51 % 10.0
Bharat Petroleum Corporation Ltd 1,22,020 Cr. 281 392/2624.88 2176.22 %16.2 %17.3 % 10.0
Hindustan Petroleum Corporation Ltd 71,399 Cr. 336 508/3164.64 2673.13 %10.5 %13.8 % 10.0
Mangalore Refinery & Petrochemicals Ltd 32,272 Cr. 184 215/11414.8 75.82.17 %4.36 %0.40 % 10.0
Chennai Petroleum Corporation Ltd 15,157 Cr. 1,018 1,103/5167.18 5740.79 %4.04 %2.10 % 10.0
Industry Average380,894.50 Cr554.0010.16320.302.98%8.69%8.09%10.00

All Competitor Stocks of Indian Oil Corporation Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 205,715203,872198,551179,246199,906198,650193,845174,976194,014195,270192,341178,628205,157
Expenses 201,411186,236174,851156,075183,172186,675183,923171,509186,442180,241179,073162,383182,412
Operating Profit 4,30417,63723,70023,17116,73311,9759,9213,4677,57315,02913,26716,24522,745
OPM % 2%9%12%13%8%6%5%2%4%8%7%9%11%
Other Income 1,7311,3689708291,9161,6861,1022,5561,9361,5191,7321,3561,627
Interest 2,1221,9571,7431,9771,9582,1472,0802,5462,4582,1782,0702,2702,088
Depreciation 3,4513,2883,4763,6104,6864,0944,1034,0654,2844,3254,1794,2274,457
Profit before tax 46213,75919,45018,41312,0057,4204,841-5892,76610,0458,75011,10417,827
Tax % -93%21%24%26%23%26%23%-24%22%17%22%26%24%
Net Profit 89010,84114,73513,7139,2255,4883,723-4492,1478,3686,8088,19113,502
EPS in Rs 0.557.2910.229.296.393.652.50-0.121.505.754.835.549.21

Last Updated: March 4, 2026, 9:04 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 12:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 488,345449,507346,045355,379421,492528,158483,763363,950589,321841,756776,352758,106771,396
Expenses 471,123438,932324,007321,230379,834492,896467,710324,021541,563811,073700,702722,063704,109
Operating Profit 17,22210,57522,03834,14941,65835,26216,05339,92947,75830,68375,65036,04367,287
OPM % 4%2%6%10%10%7%3%11%8%4%10%5%9%
Other Income 5,0645,8605,2194,3564,3314,097-7,1654,6964,3325,1245,3847,1126,233
Interest 5,9484,2013,4873,7433,8754,9255,7922,9335,4547,5887,8819,3158,606
Depreciation 6,3605,2195,6986,8067,6648,50610,27310,94112,34813,18115,86616,77717,189
Profit before tax 9,9787,01418,07227,95634,45025,927-7,17730,75134,28915,03857,28817,06347,726
Tax % 30%31%31%27%34%33%-74%29%25%22%25%19%
Net Profit 6,9674,87212,41320,38522,62617,274-1,87621,76225,72711,70443,16113,78936,869
EPS in Rs 4.863.378.2513.6315.2312.31-0.6315.3217.786.9329.559.6325.33
Dividend Payout % 30%33%28%45%90%49%-437%51%46%42%40%30%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-30.07%154.78%64.22%10.99%-23.65%-110.86%1260.02%18.22%-54.51%268.77%-68.05%
Change in YoY Net Profit Growth (%)0.00%184.85%-90.56%-53.23%-34.65%-87.21%1370.88%-1241.80%-72.73%323.28%-336.82%

Indian Oil Corporation Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:5%
5 Years:9%
3 Years:9%
TTM:-2%
Compounded Profit Growth
10 Years:12%
5 Years:22%
3 Years:-22%
TTM:-48%
Stock Price CAGR
10 Years:8%
5 Years:20%
3 Years:25%
1 Year:-23%
Return on Equity
10 Years:15%
5 Years:16%
3 Years:13%
Last Year:7%

Last Updated: September 5, 2025, 7:20 am

Balance Sheet

Last Updated: December 4, 2025, 1:25 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 2,4282,4282,3704,7399,4799,1819,1819,1819,18113,77213,77213,77213,772
Reserves 65,48566,40487,61097,357104,395103,28886,217102,657124,354125,949169,645172,716183,317
Borrowings 94,91664,89358,55263,27165,65096,765129,790116,649132,020148,977132,628152,271146,681
Other Liabilities 103,124100,15883,184108,352116,336126,128104,773126,658145,327153,298166,639168,464172,703
Total Liabilities 265,953233,883231,715273,719295,860335,363329,962355,145410,882441,995482,683507,222516,472
Fixed Assets 72,55476,781100,033115,958124,053132,494147,022157,085160,514180,048195,998201,142209,847
CWIP 38,06140,37826,21916,77819,13028,28132,84536,29147,46951,13361,03277,92177,242
Investments 15,89516,06931,18543,68744,80644,11235,57144,71752,35252,19065,54267,21870,858
Other Assets 139,443100,65574,27897,295107,871130,476114,524117,053150,546158,624160,111160,940158,526
Total Assets 265,953233,883231,715273,719295,860335,363329,962355,145410,882441,995482,683507,222516,472

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 24,19546,09225,62428,21629,11512,7477,14649,65025,74729,64471,14634,699
Cash from Investing Activity + -18,594-10,215-13,610-17,684-17,119-22,569-29,101-22,935-21,294-28,030-31,512-31,848
Cash from Financing Activity + -3,116-38,283-11,890-10,937-12,00710,43622,456-27,369-4,058-1,794-39,385-3,425
Net Cash Flow 2,485-2,406124-405-11614502-653395-180250-573
Free Cash Flow 2,77133,6809,57614,38811,086-12,748-24,27727,9042,290-2,52434,453421
CFO/OP 152%458%130%103%87%52%58%135%70%101%110%105%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-77.00-54.00-36.00-29.00-24.00-61.00-113.00-77.00-85.00-118.00-57.00-116.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 9689911101412769
Inventory Days 6146548777645911184597063
Days Payable 342931414034244937273434
Cash Conversion Cycle 362331554641457659404239
Working Capital Days -8-12-20-45-37-28-46-58-34-26-33-42
ROCE %9%6%14%20%22%16%5%15%16%8%21%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%
FIIs 6.91%7.56%7.84%8.84%8.49%7.79%7.90%7.43%7.39%7.48%7.69%8.57%
DIIs 11.92%11.55%10.70%9.90%10.23%10.04%10.43%10.08%9.97%10.29%10.42%10.00%
Government 19.60%19.60%19.60%19.60%19.57%19.57%19.57%19.57%19.57%19.57%19.57%19.57%
Public 10.06%9.77%10.36%10.13%10.18%11.07%10.59%11.39%11.57%11.15%10.81%10.34%
No. of Shareholders 18,27,30317,91,34919,72,34020,65,51424,28,56127,29,16527,81,74630,82,71731,89,61430,80,10029,75,61428,15,980

Shareholding Pattern Chart

No. of Shareholders

Indian Oil Corporation Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Energy Opportunities Fund 48,250,677 7.96 787.6452,139,8352026-02-22 01:54:33-7.46%
SBI Energy Opportunities Fund 47,774,163 9.06 779.87N/AN/AN/A
SBI Contra Fund 36,049,578 1.21 588.4716,549,5782025-12-08 01:18:57117.83%
Kotak Flexicap Fund 30,000,000 0.87 489.72N/AN/AN/A
SBI Balanced Advantage Fund 28,274,557 1.15 461.5544,040,3072025-12-08 01:18:57-35.8%
ICICI Prudential Equity & Debt Fund 12,650,828 0.42 206.5114,150,8282025-12-15 01:24:01-10.6%
SBI Multi Asset Allocation Fund 10,000,000 1.13 176.77N/AN/AN/A
ICICI Prudential Large Cap Fund 10,431,263 0.22 170.28N/AN/AN/A
Aditya Birla Sun Life PSU Equity Fund 7,660,905 2.19 125.06N/AN/AN/A
Tata Arbitrage Fund 7,093,125 0.56 115.797,819,5002026-02-22 21:59:57-9.29%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 9.8730.307.1127.3423.57
Diluted EPS (Rs.) 9.8730.307.1127.3423.57
Cash EPS (Rs.) 20.9241.7417.4440.1234.32
Book Value[Excl.RevalReserv]/Share (Rs.) 135.41133.18103.99147.18122.88
Book Value[Incl.RevalReserv]/Share (Rs.) 135.41133.18103.99147.18122.88
Revenue From Operations / Share (Rs.) 550.49563.74611.23641.90396.41
PBDIT / Share (Rs.) 28.6857.6825.3455.3648.02
PBIT / Share (Rs.) 16.5046.1615.7741.9136.10
PBT / Share (Rs.) 11.1140.4810.2936.0032.19
Net Profit / Share (Rs.) 8.7330.227.8726.6822.40
NP After MI And SOA / Share (Rs.) 9.8730.307.1127.3423.57
PBDIT Margin (%) 5.2110.234.148.6212.11
PBIT Margin (%) 2.998.182.576.529.10
PBT Margin (%) 2.017.171.685.608.12
Net Profit Margin (%) 1.585.361.284.155.65
NP After MI And SOA Margin (%) 1.795.371.164.255.94
Return on Networth / Equity (%) 7.2922.757.0018.7919.34
Return on Capital Employeed (%) 8.2223.909.2317.6117.19
Return On Assets (%) 2.688.652.216.116.09
Long Term Debt / Equity (X) 0.270.250.450.410.54
Total Debt / Equity (X) 0.760.671.000.920.97
Asset Turnover Ratio (%) 1.531.682.021.611.14
Current Ratio (X) 0.680.730.760.760.71
Quick Ratio (X) 0.180.170.180.180.20
Inventory Turnover Ratio (X) 6.446.403.913.162.16
Dividend Payout Ratio (NP) (%) 70.8926.4033.7538.4044.55
Dividend Payout Ratio (CP) (%) 31.7319.1214.3825.7429.59
Earning Retention Ratio (%) 29.1173.6066.2561.6055.45
Cash Earning Retention Ratio (%) 68.2780.8885.6274.2670.41
Interest Coverage Ratio (X) 4.2710.154.639.3712.28
Interest Coverage Ratio (Post Tax) (X) 2.106.322.445.526.73
Enterprise Value (Cr.) 319723.98356059.41248847.82232529.90191298.07
EV / Net Operating Revenue (X) 0.420.450.290.390.52
EV / EBITDA (X) 8.094.487.134.584.34
MarketCap / Net Operating Revenue (X) 0.230.290.120.180.23
Retention Ratios (%) 29.1073.5966.2461.5955.44
Price / BV (X) 0.941.260.760.810.75
Price / Net Operating Revenue (X) 0.230.290.120.180.23
EarningsYield 0.070.180.090.220.25

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Indian Oil Corporation Ltd. is a Public Limited Listed company incorporated on 30/06/1959 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L23201MH1959GOI011388 and registration number is 011388. Currently company belongs to the Industry of Refineries. Company's Total Operating Revenue is Rs. 755949.62 Cr. and Equity Capital is Rs. 13771.56 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
RefineriesIndian Oil Bhavan, G-9, Ali Yavar Jung Marg, Mumbai Maharashtra 400051Contact not found
Management
NamePosition Held
Mr. A S SahneyChairman
Mr. Suman KumarDirector - Planning & Business Development
Mr. Arvind KumarDirector - Refineries
Ms. Rashmi GovilDirector - Human Resources
Mr. Anuj JainDirector - Finance
Mr. Alok SharmaDirector - R & D
Ms. Esha SrivastavaGovernment Nominee Director
Dr. Sujata SharmaGovernment Nominee Director

FAQ

What is the intrinsic value of Indian Oil Corporation Ltd and is it undervalued?

As of 13 April 2026, Indian Oil Corporation Ltd's intrinsic value is ₹185.21, which is 36.18% higher than the current market price of ₹136.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (6.51 %), book value (₹140), dividend yield (5.16 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Indian Oil Corporation Ltd?

Indian Oil Corporation Ltd is trading at ₹136.00 as of 13 April 2026, with a FY2026-2027 high of ₹189 and low of ₹120. The stock is currently near its 52-week low. Market cap stands at ₹1,91,653 Cr..

How does Indian Oil Corporation Ltd's P/E ratio compare to its industry?

Indian Oil Corporation Ltd has a P/E ratio of 5.36, which is below the industry average of 10.16. This is broadly in line with or below the industry average.

Is Indian Oil Corporation Ltd financially healthy?

Key indicators for Indian Oil Corporation Ltd: ROCE of 7.36 % is on the lower side compared to the industry average of 8.69%; ROE of 6.51 % is below ideal levels (industry average: 8.09%). Dividend yield is 5.16 %.

Is Indian Oil Corporation Ltd profitable and how is the profit trend?

Indian Oil Corporation Ltd reported a net profit of ₹13,789 Cr in Mar 2025 on revenue of ₹758,106 Cr. Compared to ₹25,727 Cr in Mar 2022, the net profit shows a declining trend.

Does Indian Oil Corporation Ltd pay dividends?

Indian Oil Corporation Ltd has a dividend yield of 5.16 % at the current price of ₹136.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Indian Oil Corporation Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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