IOC
Large CapIndian Oil Corporation Limited
Power
Indian Oil Corporation Limited (IOC) is a diversified energy major engaged in refining, pipeline transportation, and marketing of petroleum products. It also has significant presence in petrochemicals, gas, and lubes, serving both domestic and export markets 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 31 Mar 2026
Good · 70/100Rev +7% YoY · PAT +81% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,08,289 Cr | +6.7% | +1.5% |
| EBITDA | ₹24,804 Cr | +65.0% | +9.1% |
| Operating margin | 12.0% | +400 bps | +100 bps |
| PAT | ₹15,176 Cr | +81.4% | +12.4% |
| PAT margin | 7.3% | +300 bps | +71 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
IOC reports highest ever crude throughput, pipeline throughput, and sales volume for FY2025-26, alongside record retail outlet commissioning and strong lube/petchem/gas sales. PBT for FY26 stood at INR 48,784 Cr.
The company demonstrated robust operational performance in FY26 with record throughputs and sales volumes across key segments. Significant ongoing capex in refinery expansions and infrastructure projects indicates a strong growth trajectory, though execution and ramp-up remain critical.
Sales Volume by Product Category (FY2025-26)
Latest issuer-disclosed distribution across 4 reported categories.
Refinery Throughput
Achieved highest ever Crude Throughput of 75.5 MMT in FY2025-26.
Marketing Sales Volume
Recorded highest ever Sales Volume of 105.1 MMT in FY2025-26.
Lube Sales
Achieved record Total Lube Sales of 905 TMT, representing ~16% growth in FY2025-26.
Petrochemicals & Gas
Reported highest ever Petchem sales of 3.4 MMT and record Gas Sales of 7.3 MMT in FY2025-26.
Panipat Refinery Expansion
Expansion from 15 MMTPA to 25 MMTPA, 92.8% physical progress, expected commissioning progressively from Jun'26 to Dec'26.
Gujarat Refinery Expansion
Expansion from 13.7 MMTPA to 18 MMTPA, 87.8% physical progress, expected commissioning progressively from Jul'25 to Nov'26.
Barauni Refinery Expansion
Expansion from 6 MMTPA to 9 MMTPA, 90.5% physical progress, expected commissioning Aug'26.
New Mundra Panipat Crude Oil Pipeline
90.8% physical progress, expected commissioning Jun'26.
Suppressed Marketing Margins
Dividend Payout Ratio for FY23 was 32% of PAT, noted as 'Due to suppressed marketing margins'.
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 presentation emphasizes 'Highest ever' operational performance for the full financial year (FY2025-26), making year-on-year comparison most relevant for assessing overall annual growth and strategic achievements. Q4 data provides recent quarterly trends.
Crude Throughput (Refinery)
Highest ever Crude Throughput of 75.5 MMT for FY2025-26.
Pipeline Throughput
Highest ever Pipeline Throughput of 105.6 MMT for FY2025-26.
Sales Volume (Marketing)
Highest ever Sales Volume of 105.1 MMT for FY2025-26.
Refinery Capacity Utilization
Refinery Capacity utilization was 107.4% for FY2025-26 (113.9% in Q4 FY26).
Focus on Cleaner Future
The company highlights 'FUELLING A CLEANER FUTURE' as a strategic theme.
Continued Capex Investment
Total Capex Target for FY2026-27 is INR 32,700 Cr, indicating sustained investment in growth and infrastructure.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Refinery Expansion Commissioning | Panipat (Dec'26), Gujarat (Nov'26), Barauni (Aug'26) are nearing completion. | Timely commissioning and ramp-up of expanded refinery capacities and associated infrastructure projects. |
| Capacity Utilization | Refinery utilization at 107.4% and Pipeline utilization at 73.7% for FY26. | Sustained high utilization rates post-expansion and efficient integration of new capacities. |
| Sales Volume Growth | Highest ever sales volume of 105.1 MMT in FY26. | Continued growth in marketing sales, especially in high-growth segments like lubes, petchem, and gas. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -12.7% / mo · near 52W low
Technical chart
IOCdaily · 5Y-19.9%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 46.
- SMA20 falling (~3.8% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 28.1%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 86.0%.
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
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 95th percentile of the scored universe and 91st percentile within Power. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 3 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Power: 91st pctile, median 67 · Large: 84th pctile, median 74
31 documents indexed, 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 28.1%.
- ▸10 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸3 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 4.55
- P/B
- 0.88
- EV/EBITDA
- 3.39
- Market Cap
- 191484.00Cr
Profitability
- ROE
- 20.70%
- ROCE
- 18.80%
- ROA
- 8.26%
- Dividend Y
- 5.16%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 63.00%
Balance Sheet
- Debt/Equity
- 0.60
- Interest Coverage
- 9.28×
- Altman Z
- 3.03
- Book Value
- 155.00
Cash Flow
- FCF Yield
- 28.13%
- FCF Positive Y
- 10/5
- OCF
- 76142.00 Cr
- EPS TTM
- 29.81
Shareholding
- Promoter Hold
- 51.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — 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.