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Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI[1]that has business interests straddling the entire hydrocarbon value chain - from Refining, Pipeline transportation and marketing of Petroleum products to R&D, Exploration & production, marketing of natural gas and petrochemicals.It has the leadership position in the Oil refining & petroleum marketing sector of India.[2]
Business Segments1) Petroleum Products (94% in Q1 FY25 vs 95% in FY22):[1][2]IOC has a42% market sharein Petroleum Oil and Lubricants with over 60,900 touch points. It owns 11 refineries across India with a total capacity of80.80 MMTPA (including 10.5 MMTPA of subsidiaries), possessing31% of the total refining capacity of India.[3]The company (ex-subsidiaries) achieved a crude throughput of 73 MMT in FY24 compared to 68 MMT in FY22. The segment revenue grew by 19% between FY22 and FY24. The refinery capacity utilization was 105% in FY24 vs 97% in FY22.[4]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Reliance Industr | 1536.50 | 27.14 | 2079263.85 | 0.36 | 22092.00 | 9.67 | 254623.00 | 9.97 | 9.69 | 999629.00 | 17.65 | 76642.42 | 18165.00 | 2.38 | 4.33 | 0.43 |
| 2. | I O C L | 162.50 | 10.07 | 229470.07 | 1.84 | 7610.45 | 1016.37 | 178879.66 | 2.89 | 7.26 | 760716.77 | 6.29 | 22897.03 | 7610.45 | 1.21 | 2.43 | 0.74 |
| 3. | B P C L | 356.00 | 7.17 | 154450.78 | 2.79 | 6191.49 | 168.30 | 104946.27 | 2.10 | 16.22 | 441893.80 | 7.84 | 21520.07 | 6313.56 | 1.66 | 6.46 | 0.56 |
| 4. | H P C L | 446.90 | 6.84 | 95092.39 | 2.33 | 3859.30 | 2605.05 | 100855.60 | 0.90 | 10.52 | 431921.70 | 5.93 | 13929.32 | 3859.30 | 1.69 | 3.57 | 1.11 |
| 5. | M R P L | 156.65 | 26.51 | 27454.51 | 0.00 | 627.36 | 190.02 | 22648.57 | -9.29 | 4.38 | 86471.53 | 4.43 | 1036.63 | 627.36 | 2.05 | 0.17 | 0.81 |
| 6. | C P C L | 919.90 | 11.74 | 13698.34 | 0.56 | 719.19 | 213.49 | 16327.34 | 35.09 | 4.30 | 61314.05 | 3.70 | 1169.80 | 719.19 | 1.56 | 1.21 | 0.22 |
| 7. | Rajasthan Gases | 44.00 | 6.66 | 338.24 | 0.00 | 34.24 | – | 0.00 | – | -0.49 | 8.22 | 94.77 | 50.92 | 34.24 | 4.35 | -0.48 | 0.26 |
| – | Median: 9 Co. | 162.5 | 11.74 | 27454.51 | 0.36 | 719.19 | 179.16 | 22648.57 | 2.5 | 7.56 | 86471.53 | 6.29 | 1169.8 | 719.19 | 2.05 | 2.77 | 0.47 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 207,485 | 204,740 | 202,994 | 197,527 | 179,740 | 199,104 | 197,978 | 193,236 | 173,848 | 193,900 | 194,967 | 192,971 | 178,880 |
Expenses | 205,525 | 201,147 | 187,654 | 175,363 | 158,427 | 183,615 | 187,543 | 184,601 | 170,075 | 186,783 | 181,395 | 180,363 | 164,296 |
Operating Profit | 1,960 | 3,593 | 15,340 | 22,164 | 21,313 | 15,489 | 10,435 | 8,635 | 3,772 | 7,117 | 13,572 | 12,607 | 14,583 |
Other Income | 2,198 | 1,715 | 1,638 | 688 | 982 | 1,453 | 1,657 | 534 | 2,532 | 2,561 | 1,174 | 613 | 1,523 |
Profit before tax | -244 | 257 | 12,215 | 18,074 | 17,170 | 10,768 | 6,332 | 3,453 | 173 | 3,470 | 8,787 | 7,405 | 10,066 |
Tax % | 12% | -75% | 18% | 24% | 24% | 25% | 24% | 23% | -4% | 17% | 17% | 23% | 24% |
Net Profit | -272 | 448 | 10,059 | 13,750 | 12,967 | 8,063 | 4,838 | 2,643 | 180 | 2,874 | 7,265 | 5,689 | 7,610 |
EPS in Rs | -0.19 | 0.32 | 7.12 | 9.74 | 9.18 | 5.71 | 3.43 | 1.87 | 0.13 | 2.03 | 5.14 | 4.03 | 5.39 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 473,210 | 437,524 | 347,176 | 359,942 | 424,039 | 527,701 | 485,660 | 378,058 | 598,149 | 839,472 | 774,349 | 755,950 | 760,717 |
Expenses | 457,429 | 427,348 | 327,478 | 328,134 | 384,311 | 493,844 | 466,811 | 339,964 | 554,888 | 817,197 | 704,912 | 722,809 | 712,837 |
Operating Profit | 15,781 | 10,176 | 19,698 | 31,809 | 39,727 | 33,857 | 18,850 | 38,093 | 43,262 | 22,275 | 69,437 | 33,141 | 47,879 |
Other Income | 5,025 | 5,806 | 5,053 | 4,201 | 3,415 | 3,129 | -7,750 | 4,551 | 4,334 | 6,235 | 4,781 | 6,802 | 5,872 |
Interest | 5,121 | 3,458 | 3,106 | 3,465 | 3,511 | 4,344 | 6,028 | 3,124 | 4,857 | 6,953 | 7,364 | 8,776 | 8,500 |
Depreciation | 5,760 | 4,529 | 4,819 | 6,223 | 7,067 | 7,514 | 8,766 | 9,804 | 11,006 | 11,859 | 14,510 | 15,284 | 15,524 |
Profit before tax | 9,926 | 7,995 | 16,827 | 26,321 | 32,564 | 25,127 | -3,694 | 29,716 | 31,733 | 9,698 | 52,344 | 15,882 | 29,727 |
Net Profit | 7,019 | 5,273 | 11,242 | 19,106 | 21,346 | 16,894 | 1,313 | 21,836 | 24,184 | 8,242 | 39,619 | 12,962 | 23,437 |
EPS in Rs | 4.82 | 3.62 | 7.72 | 13.12 | 14.65 | 11.96 | 0.93 | 15.46 | 17.13 | 5.84 | 28.06 | 9.18 | 16.59 |
Dividend Payout % | 30% | 30% | 30% | 47% | 93% | 52% | 297% | 50% | 48% | 50% | 42% | 32% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 2,428 | 2,428 | 2,370 | 4,739 | 9,479 | 9,414 | 9,181 | 9,181 | 9,181 | 13,772 | 13,772 | 13,772 | 13,772 |
Reserves | 63,564 | 65,542 | 85,765 | 94,989 | 100,692 | 99,476 | 84,588 | 101,319 | 122,105 | 120,986 | 162,943 | 164,905 | 173,545 |
Borrowings | 86,218 | 55,245 | 52,880 | 54,820 | 58,030 | 86,359 | 116,545 | 102,327 | 119,463 | 141,550 | 125,867 | 144,368 | 138,185 |
Other Liabilities | 99,488 | 96,794 | 79,623 | 104,794 | 112,693 | 119,334 | 100,962 | 121,416 | 137,804 | 143,828 | 154,936 | 157,266 | 161,161 |
Total Liabilities | 251,697 | 220,009 | 220,638 | 259,343 | 280,895 | 314,583 | 311,276 | 334,243 | 388,553 | 420,135 | 457,518 | 480,311 | 486,663 |
Fixed Assets | 62,949 | 66,251 | 91,347 | 107,879 | 113,927 | 118,708 | 133,682 | 143,400 | 146,889 | 165,485 | 180,867 | 185,851 | 192,805 |
Gross Block | 112,609 | 121,643 | 96,038 | 118,709 | 131,686 | 143,879 | 167,348 | 186,242 | 199,654 | 228,616 | 256,196 | 273,551 | – |
Accumulated Depreciation | 49,660 | 55,392 | 4,691 | 10,829 | 17,759 | 25,171 | 33,666 | 42,842 | 52,766 | 63,131 | 75,329 | 87,701 | – |
CWIP | 33,879 | 36,324 | 21,025 | 10,738 | 14,348 | 23,599 | 29,738 | 33,052 | 44,446 | 48,991 | 59,066 | 76,214 | 76,855 |
Investments | 23,594 | 23,899 | 37,181 | 47,305 | 47,488 | 49,940 | 39,139 | 48,619 | 57,787 | 57,519 | 71,088 | 70,917 | 70,304 |
Other Assets | 131,275 | 93,534 | 71,084 | 93,421 | 105,131 | 122,336 | 108,718 | 109,172 | 139,432 | 148,140 | 146,497 | 147,329 | 146,699 |
Total Assets | 251,697 | 220,009 | 220,638 | 259,343 | 280,895 | 314,583 | 311,276 | 334,243 | 388,553 | 420,135 | 457,518 | 480,311 | 486,663 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 22,050 | 44,529 | 22,944 | 27,799 | 26,457 | 12,422 | 7,190 | 48,784 | 22,791 | 20,985 | 68,097 | 33,170 |
Cash from Investing Activity | -17,837 | -8,648 | -12,417 | -14,734 | -15,779 | -20,771 | -26,882 | -21,058 | -20,800 | -25,286 | -29,702 | -29,261 |
Cash from Financing Activity | -2,108 | -38,374 | -10,367 | -13,275 | -10,678 | 8,334 | 20,189 | -27,948 | -1,595 | 3,954 | -38,294 | -4,110 |
Net Cash Flow | 2,105 | -2,493 | 160 | -209 | 1 | -15 | 497 | -222 | 396 | -347 | 101 | -201 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 8 | 6 | 8 | 9 | 9 | 11 | 10 | 13 | 11 | 7 | 6 | 9 |
Inventory Days | 56 | 43 | 49 | 80 | 70 | 59 | 56 | 97 | 75 | 55 | 64 | 58 |
Days Payable | 31 | 27 | 28 | 39 | 35 | 31 | 22 | 42 | 31 | 23 | 29 | 29 |
Cash Conversion Cycle | 34 | 21 | 29 | 50 | 43 | 39 | 43 | 68 | 55 | 38 | 41 | 38 |
Working Capital Days | -8 | -8 | -18 | -44 | -35 | -27 | -42 | -49 | -32 | -27 | -35 | -40 |
ROCE % | 9% | 7% | 14% | 20% | 22% | 16% | 7% | 16% | 16% | 6% | 20% | 7% |
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