Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 21 Sep - IndianOil noted C&AG-appointed statutory auditors for 2026-27: three new appointments and one reappointment.
Source: Bse
Indian Oil Corporation Limited (IOC)
Large CapEnergy stocks · Large cap · NSE
Indian Oil Corporation Limited (IOC) is an integrated energy company engaged in refining, pipeline transportation, and marketing of petroleum products, petrochemicals, and gas. It operates a vast network of retail outlets and is focused on expanding its refining capacity and product portfolio across India.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result31 Jul, 11:18 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Energy P/E 11.4 (n=18)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -3.7% / mo · MACD + · near 52W low · sector -3.5pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 31
Sector 3M: -9.1% vs Nifty 500 -5.6%
Energy FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IOCD candles · FIT view-9.2%Latest close ₹130.25 on 2026-10-19
Bar
+0.3%
RSI
46
MACD hist
0.16
52W pos
8%
2026-10-19O ₹129.90H ₹130.83L ₹129.36C ₹130.25Vol 45.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IOCNifty EnergyNifty 500
- IOC
- -8.5%
- Nifty 500
- -5.6%
- Nifty Energy
- -9.3%
- Vs Nifty 500
- -3.0 pp
Chart stats
19 Oct 2026- From 52W high
- -31.1%
- 52W range position
- 8%
- ATR (14)
- 2.0%
- Volume vs 20D
- 0.52x
- Avg traded value
- ₹111 Cr
- 20D price channel
- ₹124.9 - ₹139.3
₹189
₹124.9 - ₹189
₹2.7
Latest completed session
20-session average
22.4% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE90
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +38.5% · PAT -116.8% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model+68.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -117% YoY · margin compression · Rev +39% YoY · +28% QoQ
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,66,407 Cr | +38.5% | +27.9% |
| EBITDA | ₹4,062 Cr | -69.4% | -83.6% |
| Operating margin | 1.5% | -550 bps | -1050 bps |
| PAT | ₹-1,141 Cr | -116.8% | -107.5% |
| PAT margin | -0.4% | -397 bps | -772 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 5.36
- P/B
- 0.83
- EV/EBITDA
- 3.61
- Market Cap
- 180455.00Cr
Profitability
- ROE
- 20.50%
- ROCE
- 18.70%
- ROA
- 6.75%
- Dividend Y
- 6.46%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 62.00%
Balance Sheet
- Debt/Equity
- 0.60
- Interest Coverage
- 8.52×
- Altman Z
- 3.09
- Book Value
- 155.00
Cash Flow
- FCF Yield
- 29.85%
- FCF Positive Y
- 10/5
- OCF
- 76142.00 Cr
- EPS TTM
- 23.84
Shareholding
- Promoter Hold
- 51.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 784.4k+3.5% vs prev
Net Profit
₹ CrLatest: 43.7k+216.8% vs prev
Return on Equity
%Latest: 19.9+169.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.8% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
37
RS percentile
Stage 4 Downtrend
1M return
-4.9%
3M return
-8.5%
6M return
-11.6%
1Y return
-15.7%
RS 1D
+2
RS 20D
+4
Sector rank
#6
Industry rank
#10
Stage evidence
- Price is 6.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 92.54+0.94%
RS vs Nifty 50093
Valuation & peers
U-Score 90 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 90 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation30/30
Growth18/25
Quality14/20
Balance Sheet12/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
90
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
90/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 29.9%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 68.1%.
Main drags
- Quality is weaker at 14/20; verify the latest quarterly trend.
- Growth is weaker at 18/25; verify the latest quarterly trend.
- Balance sheet is weaker at 12/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
5.4
PB
0.8
EV/EBITDA
3.6
ROE
20.5%
ROCE
18.7%
FCF Yield
29.9%
Debt/Equity
0.6
MoS
+68.1%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 5.4, so peak-cycle earnings risk should be checked.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
90
Previous: 90
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+68.1%
Previous: +68.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
89
89
89
89
89
90
90
90
90
90
90
90
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹288.34
+54.8% MoS
Growth-justified P/E
17.1
Growth-justified Value
₹407.66
+68.1% MoS
PEG
0.24
Comparable companies
Peers
Business-comparable peers in Energy — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BPCL
Large
Bharat Petroleum Corporation Limited
Oil Refining & Marketing
match 99
88
8.1
28.8%
+56%
DEEP VALUE
CHENNPETRO
Large
Chennai Petroleum Corporation Limited
Oil Refining & Marketing
match 93
97
5.0
31.8%
+70%
DEEP VALUE
HINDPETRO
Mid
Hindustan Petroleum Corporation Limited
Oil Refining & Marketing
match 87
54
44.4
30.9%
-116%
FAIR VALUE
MRPL
Small
Mangalore Refinery and Petrochemicals Limited
Oil Refining & Marketing
match 59
81
6.8
14.5%
+60%
DEEP VALUE
KIOCL
Small
KIOCL Limited
Oil Refining & Marketing
match 39
18
502.0
0.9%
-55570%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T16:37:57.019Z
Management commentary snapshot
IOC achieved highest-ever crude throughput, pipeline throughput, and sales volume in FY2025-26, alongside record retail outlet commissioning and strong financial performance with a PAT of INR 36,802 Cr.
The company demonstrated robust operational performance in FY2025-26, setting new records across key metrics like crude throughput, pipeline throughput, and total sales volume. Significant capital expenditure is underway for refinery expansions and new projects, indicating a strong growth pipeline. Financial results show healthy profitability, though the dividend payout ratio has fluctuated. The focus on expanding capacity and product offerings positions IOC for continued growth, but execution of large-scale projects and market demand will be crucial.
Current business mix
Sales Volume by Product Group (FY 2025-26)
Latest issuer-disclosed distribution across 2 reported categories.
Petroleum Products89.5%
Other Products (Gas, Petrochemicals, Others)10.5%
Growth engines
Refinery Expansion
Major refinery expansions at Panipat, Gujarat, and Barauni are underway to increase crude processing capacity.
Pipeline Network Expansion
The New Mundra Panipat Crude Oil Pipeline project is nearing commissioning, enhancing logistics.
Marketing Reach
Record 909 retail outlets commissioned on National Highways, expanding market presence.
Petrochemicals & Gas
Highest ever petchem sales (3.4 MMT) and record gas sales (7.3 MMT) indicate growing segments.
Capacity and execution
Panipat Refinery Expansion
Expansion from 15 MMTPA to 25 MMTPA, 92.8% physical progress, progressive start from Jun'26, full commissioning Dec'26.
Gujarat Refinery Expansion
Expansion from 13.7 MMTPA to 18 MMTPA, 87.8% physical progress, progressively started from Jul'25, full commissioning Nov'26.
Barauni Refinery Expansion
Expansion from 6 MMTPA to 9 MMTPA, 90.5% physical progress, expected commissioning Aug'26.
PX-PTA Complex at Paradip Refinery
93.5% physical progress, expected commissioning Aug'26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document emphasizes 'Highest ever' operational performance for the full financial year (FY 2025-26) and provides full-year financial figures, making year-over-year comparison most relevant for assessing overall business trajectory and strategic achievements.
Sector KPIs management disclosed
Crude Throughput
Highest ever Crude Throughput of 75.5 MMT for FY 2025-26.
Pipeline Throughput
Highest ever Pipeline Throughput of 105.6 MMT for FY 2025-26.
Total Sales Volume
Highest ever Sales Volume of 105.1 MMT for FY 2025-26.
Refinery Capacity Utilization
Refinery Capacity utilization was 107.4% for FY 2025-26.
Management forward view
Strategic Capex
Management is investing significantly in refinery expansions, pipeline infrastructure, and petrochemical projects.
Cleaner Future Focus
The company highlights 'Fuelling a Cleaner Future' as a strategic direction.
FY27 Capex Target
A total capex target of INR 32,700 Cr is set for FY 2026-27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Refinery Capacity Utilization | 107.4% (FY26) | Sustained high utilization post-expansion and ramp-up of new capacities. |
| Project Commissioning | Various projects nearing completion (e.g., Panipat, Gujarat, Barauni refinery expansions). | Timely commissioning and cost adherence of major expansion projects. |
| Debt Levels | INR 110,668 Cr | Debt management as significant capex continues. |
| Sales Volume Growth | 105.1 MMT (highest ever) | Continued growth across petroleum, gas, and petrochemical segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
80Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 79th percentile within Energy. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
31 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · Energy: 79th pctile, median 73 · Large: 77th pctile, median 73
Evidence depth
Financial-only
31 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 29.9%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indian Oil Corporation Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 1 Sep - Shareholders approved amended MoA and new AoA, adding businesses like bio-refinery, hydrogen, chemicals, and data centers.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul - Newspaper Advertisement of the Notice to Shareholders regarding special window for re-lodgment of transfer requests of physical shares.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.