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Last Updated on: 04 March, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Indian Oil Corporation Ltd

About the Company -Indian Oil Corporation Ltd

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. 598163.75 Cr. and Equity Capital is Rs. 9181.04 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
RefineriesIndian Oil Bhavan, G-9, Ali Yavar Jung Marg, Mumbai Maharashtra 400051investors@indianoil.in
http://www.iocl.com
Management
NamePosition Held
Mr. Shrikant Madhav VaidyaChairman
Dr. S S V RamakumarDirector - R & D
Ms. Sukla MistryDirector
Mr. Sujoy ChoudhuryDirector
Mr. Dilip Gogoi LalungIndependent Director
Dr. Ashutosh PantIndependent Director
Dr. Dattatreya Rao SirpurkerIndependent Director
Mr. Prasenjit BiswasIndependent Director
Mr. Sudipta Kumar RayIndependent Director
Mr. Krishnan SadagopanIndependent Director
Prof. (Dr) Ram Naresh SinghIndependent Director
Mr. Satish Kumar VaduguriDirector - Marketing
Mr. Sunil KumarIndependent Director

Indian Oil Corporation Ltd. Share Price Update

Share PriceValue
Today₹173.45
Previous Day₹175.45

Basic Stock Data of Indian Oil Corporation Ltd

Market Cap 2,43,168 Cr.
Current Price 172
High / Low197/75.8
Stock P/E5.19
Book Value 118
Dividend Yield2.90 %
ROCE8.09 %
ROE7.17 %
Face Value 10.0

Data Source: screener.in

Indian Oil Corporation Ltd Quarterly Results

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales81,709101,835119,874115,503133,195165,335175,292223,411208,757205,715203,872198,551179,246
Expenses71,51292,050105,534104,004122,006154,565161,019217,996205,477201,411186,173174,834155,917
Operating Profit10,1979,78614,34011,49911,18910,77014,2735,4153,2804,30417,69923,71623,328
OPM %12%10%12%10%8%7%8%2%2%2%9%12%13%
Other Income1,2851,2431,2808461,2881,4777179941,0311,7311,305954829
Interest3207341,2031,3831,1141,1191,8061,9081,5542,1221,9571,7432,135
Depreciation2,6562,7232,9492,9313,0123,1123,2923,1583,2833,4513,2883,4763,610
Profit before tax8,5067,57211,4698,0308,3518,0169,8911,344-52746213,75919,45018,413
Tax %28%46%20%24%25%22%28%34%-73%-93%21%24%26%
Net Profit6,1654,1029,1456,1416,2356,2617,089883-91089010,84114,73513,713
EPS in Rs4.273.096.394.334.394.354.71-0.20-0.700.557.2910.229.29

Indian Oil Corporation Ltd Quarterly Chart

Indian Oil Corporation Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales408,923461,780488,345449,507346,045355,379421,492528,158483,763363,950589,321841,756787,384
Expenses389,402447,919471,123438,932324,007321,230379,834492,896467,710324,021541,563811,010718,336
Operating Profit19,52113,86117,22210,57522,03834,14941,65835,26216,05339,92947,75830,74569,048
OPM %5%3%4%2%6%10%10%7%3%11%8%4%9%
Other Income-4,2683,4995,0645,8605,2194,3564,3314,097-7,1654,6964,3325,0614,819
Interest5,9487,1645,9484,2013,4873,7433,8754,9255,7922,9335,4547,5887,958
Depreciation5,3095,6926,3605,2195,6986,8067,6648,50610,27310,94112,34813,18113,826
Profit before tax3,9954,5049,9787,01418,07227,95634,45025,927-7,17730,75134,28915,03852,084
Tax %-7%19%30%31%31%27%34%33%74%29%25%22%
Net Profit4,2653,6276,9674,87212,41320,38522,62617,274-1,87621,76225,72711,70440,180
EPS in Rs2.903.054.863.378.2513.6315.2312.31-0.6315.3217.786.9327.35
Dividend Payout %30%36%30%33%28%45%90%49%-437%51%46%42%

Indian Oil Corporation Ltd Profit & Loss Yearly Chart

Indian Oil Corporation Ltd Growth

Compounded Sales Growth
10 Years:6%
5 Years:15%
3 Years:20%
TTM:-4%
Compounded Profit Growth
10 Years:11%
5 Years:-15%
3 Years:31%
TTM:534%
Stock Price CAGR
10 Years:16%
5 Years:16%
3 Years:39%
1 Year:135%
Return on Equity
10 Years:14%
5 Years:13%
3 Years:16%
Last Year:7%

Indian Oil Corporation Ltd Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital2,4282,4282,4282,4282,3704,7399,4799,1819,1819,1819,18113,77214,121
Reserves57,94560,60965,48566,40487,61097,357104,395103,28886,217102,657124,354125,949153,045
Borrowings80,01589,67194,91664,89358,55263,27165,65096,765129,790116,649132,020148,977115,418
Other Liabilities79,43889,170103,124100,15883,184108,352116,336126,128104,773126,658145,327153,342175,389
Total Liabilities219,827241,878265,953233,883231,715273,719295,860335,363329,962355,145410,882442,039457,623
Fixed Assets64,58666,70769,72472,84495,761112,031119,937127,223141,594151,287154,420173,665191,287
CWIP15,45027,24038,06140,37826,21916,77819,13028,28132,84536,29147,46951,13351,642
Investments17,58817,35115,89516,06931,18543,68744,80644,11235,57144,71752,35252,19056,664
Other Assets122,203130,580142,273104,59278,551101,222111,987135,746119,952122,851156,641165,050158,030
Total Assets219,827241,878265,953233,883231,715273,719295,860335,363329,962355,145410,882442,039457,623

Indian Oil Corporation Ltd Reserves and Borrowings Chart

Indian Oil Corporation Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity -7639,34024,19546,09225,62428,21629,11512,7477,14649,65025,74729,644
Cash from Investing Activity -13,056-9,294-18,594-10,215-13,610-17,684-17,119-22,569-29,101-22,935-21,294-28,030
Cash from Financing Activity 13,103352-3,116-38,283-11,890-10,937-12,00710,43622,456-27,369-4,058-1,794
Net Cash Flow-7163982,485-2,406124-405-11614502-653395-180

Indian Oil Corporation Ltd Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days101096899111014127
Inventory Days6459614654877764591118459
Days Payable333034293141403424493727
Cash Conversion Cycle423936233155464145765940
Working Capital Days39433152-11-397-298
ROCE %14%8%9%6%14%20%22%16%5%15%16%8%

Indian Oil Corporation Ltd Financial Efficiency Indicators Chart

Indian Oil Corporation Ltd Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%
FIIs5.81%6.70%7.21%7.94%8.36%8.19%7.22%7.01%6.91%7.56%7.84%8.84%
DIIs12.98%12.37%4.57%12.51%11.32%11.50%11.24%11.54%11.92%11.55%10.70%9.90%
Government0.11%0.11%0.11%0.11%0.11%0.11%19.60%19.60%19.60%19.60%19.60%19.60%
Public29.60%29.31%36.60%27.94%28.71%28.69%10.42%10.34%10.06%9.77%10.36%10.13%
No. of Shareholders9,43,0309,40,6519,55,41011,45,47313,35,44314,84,84717,99,11718,17,77518,27,30317,91,34919,72,34020,65,514

Indian Oil Corporation Ltd Shareholding Pattern Chart

No. of Indian Oil Corporation Ltd Shareholders

Indian Oil Corporation Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
SBI Balanced Advantage Fund440403071.62395.04
Kotak Equity Arbitrage Fund - Regular Plan221617500.69198.79
SBI Contra Fund195495781.05175.36
SBI Blue Chip Fund180000000.42161.46
SBI Long Term Equity Fund156415810.89140.31
Franklin India Flexi Cap Fund120000000.9107.64
Nippon India ETF Nifty Next 50 Junior BeES89198182.4980.01
SBI Arbitrage Opportunities Fund89115000.3679.94
ICICI Prudential Nifty Next 50 Index Fund83172662.4974.61
Franklin India Taxshield60000001.0353.82

Indian Oil Corporation Ltd ROCE Trend

Indian Oil Corporation Ltd EPS Trend

Indian Oil Corporation Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)7.1127.3423.57-0.9718.41
Diluted EPS (Rs.)7.1127.3423.57-0.9718.41
Cash EPS (Rs.)17.4440.1234.327.6626.57
Book Value[Excl.RevalReserv]/Share (Rs.)103.99147.18122.88104.86124.55
Book Value[Incl.RevalReserv]/Share (Rs.)103.99147.18122.88104.86124.55
Revenue From Operations / Share (Rs.)611.23641.90396.41526.91575.27
PBDIT / Share (Rs.)25.3455.3648.0221.3641.32
PBIT / Share (Rs.)15.7741.9136.1010.1732.06
PBT / Share (Rs.)10.2936.0032.19-9.3026.73
Net Profit / Share (Rs.)7.8726.6822.40-3.5317.31
NP After MI And SOA / Share (Rs.)7.1127.3423.57-0.9718.93
PBDIT Margin (%)4.148.6212.114.057.18
PBIT Margin (%)2.576.529.101.935.57
PBT Margin (%)1.685.608.12-1.764.64
Net Profit Margin (%)1.284.155.65-0.673.00
NP After MI And SOA Margin (%)1.164.255.94-0.183.29
Return on Networth / Equity (%)7.0018.7919.34-0.9315.45
Return on Capital Employeed (%)9.2317.6117.195.5516.87
Return On Assets (%)2.216.116.09-0.275.18
Long Term Debt / Equity (X)0.450.410.540.580.34
Total Debt / Equity (X)1.000.920.971.320.82
Asset Turnover Ratio (%)2.021.611.141.501.73
Current Ratio (X)0.760.760.710.680.80
Quick Ratio (X)0.180.180.200.270.32
Inventory Turnover Ratio (X)3.913.162.163.513.80
Dividend Payout Ratio (NP) (%)33.7538.4044.55-539.7055.65
Dividend Payout Ratio (CP) (%)14.3825.7429.5951.3837.36
Earning Retention Ratio (%)66.2561.6055.45639.7044.35
Cash Earning Retention Ratio (%)85.6274.2670.4148.6262.64
Interest Coverage Ratio (X)4.639.3712.282.987.76
Interest Coverage Ratio (Post Tax) (X)2.445.526.732.234.25
Enterprise Value (Cr.)248847.82232529.90191298.07199511.53242899.94
EV / Net Operating Revenue (X)0.290.390.520.410.45
EV / EBITDA (X)7.134.584.3410.176.40
MarketCap / Net Operating Revenue (X)0.120.180.230.150.28
Retention Ratios (%)66.2461.5955.44639.7044.34
Price / BV (X)0.760.810.750.781.33
Price / Net Operating Revenue (X)0.120.180.230.150.28
EarningsYield0.090.220.25-0.010.11

Indian Oil Corporation Ltd Profitability Ratios (%)

Indian Oil Corporation Ltd Liquidity Ratios

Indian Oil Corporation Ltd Liquidity Ratios (%)

Indian Oil Corporation Ltd Interest Coverage Ratios (%)

Indian Oil Corporation Ltd Valuation Ratios

Fair Value of Indian Oil Corporation Ltd Stock

Fair Value: ₹45.18

The stock is overvalued by 73.73% compared to the current price ₹172

*Investments are subject to market risks

Strength and Weakness of Indian Oil Corporation Ltd Stock

StrengthWeakness
  1. The stock has a low average Working Capital Days of 11.42, which is a positive sign.
  2. The company has shown consistent growth in sales (501.46 cr) and profit (19.31 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 27.20 and average Dividend Yield of 5.14%.
  2. The stock has a low average ROCE of 12.75%, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 44.42, which may not be favorable.
  4. The company has higher borrowings (96,660.54) compared to reserves (95,024.23), which may suggest financial risk.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

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