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India's largest oil refiner and fuel retailer, running refineries, pipelines and petrol pumps nationwide.
India's largest oil refiner and fuel retailer, running refineries, pipelines and petrol pumps nationwide.
Earns the spread between the crude oil it buys and the fuel it sells, plus marketing margin through its large network of retail outlets; pipeline fees add a steadier third stream. The Government of India is its majority owner, and pump prices are formally market-linked but politically watched.
In one line: India's Marathon Petroleum / Phillips 66.
Moat: narrow (scale, distribution, regulatory licence). Largest refining capacity and fuel-retail network in India, though margins are regulated and cyclical.
Headquarters: New Delhi, India · Founded: 1959 · Employees: 29,650
Size Indian Oil (IOC.NS) is an India Energy company (Integrated Oil) with a market value of $21.9B, the 48th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹146.25 on 6 Nov 2026.
Performance Over six months the shares fell 0.4%, against +0.8% for the median peer and 0.0% for the India market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 22.8% over the last twelve months (peer median +16.1%); the operating margin is 7.3% (peer median 26.4%).
Valuation It trades at 20.8× forward earnings against a peer median of 7.4× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points above its cost of capital (13.0% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹9.34T | ₹7.77T | ₹7.57T | ₹7.76T | ₹8.30T |
| Revenue growth | — | +3% | -2% | -7% | — |
| Gross profit | ₹1.31T | ₹931B | ₹501B | ₹894B | ₹423B |
| EBITDA | ₹870B | ₹800B | ₹386B | ₹769B | ₹282B |
| Net income | ₹472B | ₹421B | ₹136B | ₹417B | ₹97.9B |
| Free cash flow | n/a | ₹435B | -₹54.2B | ₹301B | -₹43.1B |
| Capital expenditure | n/a | ₹284B | ₹350B | ₹372B | ₹328B |
| Total debt | ₹1.40T | ₹1.32T | ₹1.52T | ₹1.33T | ₹1.49T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Indian Oil IOC.NS | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% |
| Bharat Petroleum BPCL.NS | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% |
| Hindustan Petroleum HINDPETRO.NS | $8.67B | -2% | +17% | 0% | n/a | 24.7% |
| Reliance Industries RELIANCE.NS | $189B | -8% | +20% | 11% | 19.3× | 19.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IOC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.5% | -6.2% | highest of 21 |
| 6-month return | -0.4% | +0.8% | 9th lowest of 21 |
| Distance from 52-week high | -22.6% | -18.1% | 7th lowest of 21 |
| Revenue growth (TTM) | +22.8% | +16.1% | 5th highest of 21 |
| Operating margin | 7.3% | 26.4% | lowest of 21 |
| Forward P/E | 20.8× | 7.4× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -2.3% | -10.9% | 6th most demanding of 20 |
| Growth delivered (Del g) | +16.4% | +21.1% | 8th lowest of 20 |
| Hurdle (Req g minus delivered) | -18.8 pp | -30.6 pp | 4th most demanding of 20 |
| ROIC minus cost of capital | +0.5 pp | +6.0 pp | 2nd lowest of 21 |
| EV / EBITDA | 3.9× | 4.2× | 9th cheapest of 21 |
| Net debt / EBITDA | 1.5× | 0.8× | 3rd most indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Indian Oil IOC.NS | India | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% | +16.4% |
| Aker BP AKRBP.OL | Norway | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% | +32.7% |
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
| Permian Resources PR | United States | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% | +54.2% |
| YPF SA Sponsored ADR YPF | United States | $17.8B | -9% | -14% | 22% | 4.9× | n/a | n/a |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |