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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 2/100PAT -117% YoY · margin compression · Rev +39% YoY · +28% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Sales Volume by Product Group (FY 2025-26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
37Bearishfull bear SMA stack · SMA20 -2.0% / mo · MACD + · near 52W low
Technical chart
IOCdaily · 1Y · AUTO-19.8%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 (~2.1% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 27% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 6.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.1%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 90 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 90 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 27.7%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 70.4%.
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.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Energy: 79th pctile, median 74 · Large: 77th pctile, median 73
29 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 27.7%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 5.77
- P/B
- 0.89
- EV/EBITDA
- 3.77
- Market Cap
- 194308.00Cr
Profitability
- ROE
- 20.50%
- ROCE
- 18.70%
- ROA
- 6.75%
- Dividend Y
- 6.00%
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
- 3.11
- Book Value
- 155.00
Cash Flow
- FCF Yield
- 27.72%
- FCF Positive Y
- 10/5
- OCF
- 76142.00 Cr
- EPS TTM
- 23.84
Shareholding
- Promoter Hold
- 51.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Energy, ranked by similarity
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.