IOC

Indian Oil Corporation Limited

India's largest oil refiner and fuel marketer, state-controlled — refining through to pipelines

Energy›Oil, Gas & Consumable Fuels›Petroleum Products›Refineries & Marketing

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Key metrics

Price as of 2026-10-16

Stock price
₹130.38
Market cap
1,84,113 Cr
Stock P/E
5.5
P/B
0.82
Dividend yield
7.4%
ROE (FY26)
18.7%
ROCE (FY26)
18.4%
Operating margin (FY26)
6.5%
Debt / equity (FY26)
0.60
OCF / EBITDA (FY26)
98.8%
OCF / EBITDA (3Y)
96.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

IOC (Indian Oil Corporation) refines crude oil and sells petroleum products, petrochemicals and gas across India, and also runs a network of cross-country pipelines.

Company snapshot

2ndBy market cap

Ranked among 7 companies in Refineries & Marketing.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 93.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Other Business Activities
5.5%
12,028 Cr561 Cr29,695 Cr
Petrochemicals
3.3%
7,202 Cr-155 Cr39,470 Cr
Petroleum Products
93.6%
2,05,421 Cr4,137 Cr3,55,812 Cr

Shares add up to 102% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓96% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales2,05,283 Cr2,26,892 Cr2,23,650 Cr2,19,864 Cr1,98,616 Cr2,19,522 Cr2,21,360 Cr2,21,849 Cr2,06,447 Cr2,36,257 Cr2,36,899 Cr2,81,933 Cr
Operating expenses (approx.)1,81,955 Cr2,10,316 Cr2,11,679 Cr2,09,944 Cr1,95,149 Cr2,11,950 Cr2,06,331 Cr2,08,582 Cr1,90,202 Cr2,13,512 Cr2,12,096 Cr2,77,871 Cr
EBITDA23,328 Cr16,576 Cr11,970 Cr9,920 Cr3,467 Cr7,573 Cr15,029 Cr13,267 Cr16,245 Cr22,745 Cr24,804 Cr4,062 Cr
OPM %11.4%7.3%5.4%4.5%1.7%3.4%6.8%6.0%7.9%9.6%10.5%1.4%
Other income506 Cr1,268 Cr1,454 Cr533 Cr723 Cr1,022 Cr1,238 Cr583 Cr644 Cr1,160 Cr1,775 Cr446 Cr
Interest2,135 Cr1,800 Cr2,147 Cr2,080 Cr2,546 Cr2,458 Cr2,178 Cr2,070 Cr2,270 Cr2,088 Cr1,880 Cr1,730 Cr
Depreciation3,610 Cr4,686 Cr4,094 Cr4,103 Cr4,065 Cr4,284 Cr4,325 Cr4,179 Cr4,227 Cr4,457 Cr5,557 Cr4,408 Cr
Profit before tax18,413 Cr12,005 Cr7,420 Cr4,841 Cr-589 Cr2,766 Cr10,045 Cr8,750 Cr11,104 Cr17,827 Cr19,791 Cr-933 Cr
Tax %25.5%23.2%26.0%23.1%23.8%22.4%16.7%22.2%26.2%24.3%23.3%-22.4%
Net profit13,713 Cr9,225 Cr5,488 Cr3,723 Cr-449 Cr2,147 Cr8,368 Cr6,808 Cr8,191 Cr13,502 Cr15,176 Cr-1,141 Cr
EPS (₹)₹9.53₹6.56₹3.74₹2.56₹-0.12₹1.54₹5.90₹4.95₹5.68₹9.44₹10.50₹-1.18

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,53,795 Cr5,15,542 Cr6,17,243 Cr5,76,589 Cr5,20,237 Cr7,36,731 Cr9,51,410 Cr8,81,235 Cr8,59,363 Cr9,01,453 CrSign in free for the trailing twelve months
Operating expenses (approx.)4,19,814 Cr4,73,949 Cr5,82,019 Cr5,60,184 Cr4,79,652 Cr6,88,989 Cr9,20,711 Cr8,05,645 Cr8,23,372 Cr8,24,391 CrSign in free for the trailing twelve months
EBITDA33,981 Cr41,593 Cr35,224 Cr16,405 Cr40,585 Cr47,742 Cr30,699 Cr75,591 Cr35,991 Cr77,062 CrSign in free for the trailing twelve months
OPM %7.5%8.1%5.7%2.8%7.8%6.5%3.2%8.6%4.2%8.5%Sign in free for the trailing twelve months
Other income3,862 Cr3,420 Cr2,714 Cr2,790 Cr3,500 Cr3,082 Cr4,199 Cr3,843 Cr3,514 Cr4,163 CrSign in free for the trailing twelve months
Interest3,721 Cr3,811 Cr4,888 Cr6,579 Cr3,589 Cr5,423 Cr7,541 Cr7,826 Cr9,262 Cr8,308 CrSign in free for the trailing twelve months
Depreciation6,806 Cr7,664 Cr8,507 Cr9,855 Cr10,941 Cr12,348 Cr13,181 Cr15,866 Cr16,777 Cr18,420 CrSign in free for the trailing twelve months
Profit before tax27,956 Cr34,450 Cr25,927 Cr-7,177 Cr30,751 Cr34,289 Cr15,038 Cr57,288 Cr17,063 Cr57,472 CrSign in free for the trailing twelve months
Tax %27.1%34.3%33.4%73.8%29.2%25.0%22.2%24.7%19.2%24.0%Sign in free for the trailing twelve months
Net profit20,385 Cr22,626 Cr17,274 Cr-1,877 Cr21,762 Cr25,727 Cr11,704 Cr43,161 Cr13,789 Cr43,677 CrSign in free for the trailing twelve months
EPS (₹)₹20.94₹23.41₹18.41₹-0.97₹23.57₹27.34₹7.11₹30.30₹9.87₹30.57Sign in free for the trailing twelve months
Dividend payout %————38.5%42.4%28.2%25.4%69.2%31.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital4,739 Cr9,479 Cr9,181 Cr9,181 Cr9,181 Cr9,181 Cr13,772 Cr13,772 Cr13,772 Cr13,772 Cr
Reserves97,357 Cr1,04,395 Cr1,03,288 Cr86,217 Cr1,02,657 Cr1,24,354 Cr1,25,949 Cr1,69,645 Cr1,72,716 Cr2,05,746 Cr
Borrowings58,830 Cr62,141 Cr92,711 Cr1,25,968 Cr1,08,515 Cr1,32,020 Cr1,48,977 Cr1,32,628 Cr1,52,271 Cr1,31,822 Cr
Other liabilities1,10,730 Cr1,17,506 Cr1,28,098 Cr1,07,495 Cr1,33,587 Cr1,43,479 Cr1,49,571 Cr1,61,571 Cr1,63,572 Cr1,71,585 Cr
Total liabilities2,73,561 Cr2,95,672 Cr3,35,155 Cr3,29,737 Cr3,54,916 Cr4,10,625 Cr4,41,762 Cr4,82,362 Cr5,06,867 Cr5,28,955 Cr
Fixed assets (net)1,14,973 Cr1,22,987 Cr1,29,647 Cr1,44,076 Cr1,53,698 Cr1,57,195 Cr1,76,532 Cr1,92,160 Cr1,97,162 Cr2,04,473 Cr
CWIP12,993 Cr15,286 Cr23,401 Cr29,629 Cr32,953 Cr44,050 Cr47,550 Cr57,317 Cr73,740 Cr82,897 Cr
Investments43,687 Cr44,806 Cr43,927 Cr35,570 Cr44,717 Cr52,352 Cr52,190 Cr65,542 Cr67,219 Cr73,298 Cr
Loans & advances——1,592 Cr1,104 Cr989 Cr451 Cr380 Cr493 Cr629 Cr699 Cr
Inventories65,724 Cr70,568 Cr77,127 Cr67,011 Cr83,427 Cr1,11,737 Cr1,21,108 Cr1,21,376 Cr1,13,878 Cr1,17,133 Cr
Trade receivables8,899 Cr10,696 Cr15,798 Cr13,259 Cr13,800 Cr18,700 Cr16,271 Cr13,831 Cr18,551 Cr14,635 Cr
Cash & bank330 Cr319 Cr933 Cr1,435 Cr781 Cr1,177 Cr996 Cr1,247 Cr673 Cr1,833 Cr
Other assets26,955 Cr31,009 Cr42,730 Cr37,653 Cr24,550 Cr24,964 Cr26,735 Cr30,397 Cr35,015 Cr33,989 Cr
Total assets2,73,561 Cr2,95,672 Cr3,35,155 Cr3,29,737 Cr3,54,916 Cr4,10,625 Cr4,41,762 Cr4,82,362 Cr5,06,867 Cr5,28,955 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity28,216 Cr29,082 Cr12,747 Cr8,653 Cr49,862 Cr24,570 Cr29,644 Cr71,099 Cr34,699 Cr76,142 Cr
Cash from investing-17,684 Cr-17,119 Cr-22,569 Cr-29,097 Cr-24,245 Cr-21,178 Cr-28,030 Cr-31,464 Cr-31,848 Cr-22,274 Cr
Cash from financing-10,937 Cr-11,974 Cr10,436 Cr20,945 Cr-26,270 Cr-2,997 Cr-1,794 Cr-39,385 Cr-3,425 Cr-52,672 Cr
Net cash flow-405 Cr-11 Cr614 Cr502 Cr-653 Cr395 Cr-180 Cr250 Cr-573 Cr1,197 Cr
Free cash flow (OCF − Capex)13,430 Cr6,637 Cr-9,285 Cr-23,524 Cr26,029 Cr1,767 Cr-2,956 Cr33,923 Cr-151 Cr47,779 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %19.5%21.5%14.9%-0.3%15.5%14.9%7.7%20.3%7.7%18.4%
ROE %19.1%19.1%15.2%-0.9%19.2%18.6%6.8%22.2%7.1%18.7%
Debtor days78981096686
Inventory days133118928717412388999298
Days payable63624936785440494948
Cash conversion cycle776452601067854565156
OCF / EBITDA %83.0%69.9%36.2%n.m.122.9%51.5%96.6%94.1%96.4%98.8%
OCF / EBITDA % (3 years)——63.2%54.2%77.3%79.3%87.4%81.4%95.2%96.4%
Debt / equity0.580.550.821.320.970.991.070.720.820.60
Current ratio0.730.750.810.680.720.760.760.730.680.73
Net debt / EBITDA1.721.492.617.592.652.744.821.744.211.69