StrengthTalking point
Profit outpacing revenue
Profit grew 216.8% while revenue grew 4.9%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
Indian Oil Corporation · Research view
Indian Oil Corporation Ltd.
NSE: IOCBSE: 530965ISIN INE242A01010Face value ₹10standalone
₹132
0.00% · 2026-10-01 · 52-wk ₹132–₹187
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
ContextTalking point
Cheaper than peers — but earns less
P/E of 5.22× is below the refineries and marketing median (12.70×) — but ROE of 21.0% is also below that peer set (24.7%), so the lower multiple tracks the lower profitability.
Importance 58 / 95 · valuation
WatchTalking point
Volatile earnings
Profit has swung sharply over 4 years (from ₹11,704 to ₹43,677) — one year is a weak guide to the earnings power.
Importance 57 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Energy › Oil, Gas & Consumable Fuels › Petroleum Products › Refineries & Marketing.
- Market cap
- ₹1.86 L cr
- FY2026 revenue
- ₹8,86,224 cr
- FY2026 net profit
- ₹36,802 cr
- Net worth
- ₹2,04,544 cr
- Total debt
- ₹1,22,603 cr
- EPS (basic)
- ₹26.72
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 4 refineries & marketing.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 216.8% while revenue grew 4.9%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +5.0%over 4 years
- Revenue growth
- +4.8%vs last year
- Net profit growth
- +183.9%vs last year
- Change in net profit since FY22
- +52%
Profit has swung sharply over 4 years (from ₹11,704 to ₹43,677) — one year is a weak guide to the earnings power.
Over 4 years profit compounded at 14.1% a year while revenue compounded at 5.2% a year — though FY2024 saw a one-off step-change of 269% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit rose 216.8% to ₹43,677 — but FY2025 was a depressed ₹13,789 (vs a ~₹25,727 historical norm), so this is a recovery. Profit has compounded 14.1% a year over 4 years.
Revenue has compounded at 5.2% a year over 4 years (₹7,36,731 → ₹9,01,453) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Concern
Q1 FY27 net profit was ₹-1,141 cr, down 116.8% from ₹6,808 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Watch
Q1 FY27 net profit declined 116.8% vs the same quarter last year, reversing the growth seen in the two preceding quarters (+528.8% and +81.4%).
Rule QTR_TREND_REVERSAL
Concern
Q1 FY27 EBIT was ₹100 cr, down 99.0% from ₹9,672 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,98,616 | — | −449 | — | −0.2% |
| Q3 FY25 | 2,19,522 | −3.2% | 2,147 | −76.7% | 1.0% |
| Q4 FY25 | 2,21,360 | −1.0% | 8,368 | +52.5% | 3.8% |
| Q1 FY26 | 2,21,849 | +0.9% | 6,808 | +82.9% | 3.1% |
| Q2 FY26 | 2,06,447 | +3.9% | 8,191 | −1925.1% | 4.0% |
| Q3 FY26 | 2,36,257 | +7.6% | 13,502 | +528.8% | 5.7% |
| Q4 FY26 | 2,36,899 | +7.0% | 15,176 | +81.4% | 6.4% |
| Q1 FY27 | 2,81,933 | +27.1% | −1,141 | −116.8% | −0.4% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹9,61,537 crTTM
- EBITDA
- ₹71,882 crTTM
- EBIT
- ₹53,232 crTTM
- PBT
- ₹45,265 crTTM
- Net profit
- ₹35,728 crTTM
C. Corporate actions
14 Aug 2026DividendFinal Dividend - Rs. - 1.2500 — ₹1.25/share
12 Mar 2026DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
18 Dec 2025DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
8 Aug 2025DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
12 Jul 2024DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share
10 Nov 2023DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
28 Jul 2023DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
11 Aug 2022DividendFinal Dividend - Rs. - 2.4000 — ₹2.40/share
30 Jun 2022Bonus issueBonus issue 1:2 — 2:3
9 Feb 2022DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
11 Nov 2021DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
5 Aug 2021DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
23 Mar 2021DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
9 Feb 2021DividendInterim Dividend - Rs. - 7.5000 — ₹7.50/share
23 Mar 2020DividendInterim Dividend - Rs. - 4.2500 — ₹4.25/share
21 Aug 2019DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
27 Mar 2019DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
21 Dec 2018DividendInterim Dividend - Rs. - 6.7500 — ₹6.75/share
21 Dec 2018BuybackBuy Back of Shares
20 Aug 2018DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
15 Mar 2018Bonus issueBonus issue 1:1 — 1:2
8 Feb 2018DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
18 Aug 2017DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
24 Mar 2017DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share
9 Feb 2017DividendInterim Dividend - Rs. - 13.5000 — ₹13.50/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE rose from 7.3% to 21.0% — but FY2025 was a depressed year, so this is a rebound rather than a step-up.
Rule ROE_IMPROVED_YOY · rebound
- EBITDA margin now
- 8.3%
- 5-year range
- 3.0–8.6%
- ROE FY2026
- 19.2%
- ROCE FY2026
- 17.5%
EBITDA margin recovered from 4.6% to 9.0% — FY2025 was a trough.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 13.7% a year over 4 years (₹1,35,127 → ₹2,25,547).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹1,22,603 cr
- Operating cash flow ÷ net profit
- 1.94×FY2026
- Free cash flow
- ₹46,093 cr
- Current ratio
- 0.70×
Operating cash flow has matched or exceeded reported profit in 4 of the last 5 profit-making years (latest 1.74×).
Free cash flow has been positive in 4 of the last 5 years.
Debt-to-equity fell from 0.80× to 0.58× year on year.
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 refineries & marketing (FY2026, consolidated).
Revenue growth
IOC · 2nd of 4 · set median 4.7%
EBITDA margin
IOC · 2nd of 4 · set median 8.8%
Return on equity
IOC · 3rd of 4 · set median 24.7%
P/E ratio
IOC · 1st of 4 · set median 12.7×
Context
P/E of 5.22× is below the refineries and marketing median (12.70×) — but ROE of 21.0% is also below that peer set (24.7%), so the lower multiple tracks the lower profitability.
Rule CHEAP_VS_LOW_RETURNS
- P / E
- 5.2×TTM to Jun 26
- P / B
- 0.8×latest book
- P / S
- 0.2×TTM sales
- Earnings yield
- 19.2%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 4.3× · P/S 0.2× · ROE 21.0%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years profit (14.1% a year) and the stock (13.2% a year) compounded at roughly the same rate.
Rule STOCK_TRACKED_EARNINGS
- 1-year return
- −11.8%
- 3-year return
- +45.1%
- 5-year return
- +55.4%
- From 52-wk high
- −29.6%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹138
- vs 200-day avg
- Below₹149
- RSI (14)
- 35.3neutral
- MACD histogram
- -0.3
- From 52-wk high
- −29.6%
- From 52-wk low
- +0.1%
- 30-day volatility
- 15.7%ann.
- 6-month return
- −4.8%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 4 years (from ₹11,704 to ₹43,677) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 57
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,28,460 | 9,34,953 | 8,66,345 | 8,45,513 | 8,86,224 |
| Total income | 7,32,784 | 9,41,188 | 8,71,126 | 8,50,476 | 8,91,213 |
| EBITDA | 47,568 | 28,488 | 74,182 | 38,060 | 73,718 |
| Profit before tax | 31,733 | 9,698 | 52,344 | 15,882 | 48,784 |
| Net profit | 24,184 | 8,242 | 39,619 | 12,962 | 36,802 |
| EPS (₹) | 26.3 | 6.0 | 28.8 | 9.4 | 26.7 |
| Net worth | 1,31,286 | 1,34,758 | 1,76,715 | 1,78,677 | 2,04,544 |
| Total debt | 1,19,463 | 1,41,550 | 1,25,867 | 1,44,368 | 1,22,603 |
| Operating cash flow | 21,177 | 20,985 | 68,097 | 33,170 | 71,399 |
| Free cash flow | −171 | −9,461 | 33,498 | 297 | 46,093 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 28.3 | -7.3 | -2.4 | 4.8 |
| Profit growth YoY | — | -65.9 | 380.7 | -67.3 | 183.9 |
| Profitability | |||||
| EBITDA margin % | 6.5 | 3.0 | 8.6 | 4.5 | 8.3 |
| Net margin % | 3.3 | 0.9 | 4.5 | 1.5 | 4.1 |
| Return on equity % | 18.4 | 6.2 | 25.4 | 7.3 | 19.2 |
| Return on capital % | 14.6 | 6.3 | 20.6 | 7.3 | 17.5 |
| Leverage & cash | |||||
| Debt to equity | 0.91 | 1.05 | 0.71 | 0.81 | 0.60 |
| Cash flow ÷ profit | 0.88 | 2.55 | 1.72 | 2.56 | 1.94 |
| Current ratio | 0.76 | 0.74 | 0.69 | 0.67 | 0.70 |