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Indian Oil Corporation Limited (IOC)

Oil Gas & Consumable Fuels · Petroleum Products · NSE · Updated 16 June 2026

₹144.49 ↑ 1.86% (1Y)

🎯 Key Takeaways

Indian Oil Corporation Limited (IOC) is in a mature cash cow phase, characterized by stable cash flow generation and consistent dividend payouts, though recent governance concerns and leadership changes suggest transitional dynamics. The company maintains dominant market position in India's petroleum sector but faces structural pressures from energy transition and refining margins.
Revenue grew 10.5% QoQ to ₹2.20 L Cr in Q3FY25.
⚠️ 1) Governance risks persist due to non-compliance with independent director requirements and discontinuation of key committees effective March 28, 202

Market Cap

₹1.90 L Cr

P/E Ratio

17.4

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About IOC 📊 Interactive Charts

📖 The Story

Indian Oil Corporation Limited (IOC) is in a mature cash cow phase, characterized by stable cash flow generation and consistent dividend payouts, though recent governance concerns and leadership changes suggest transitional dynamics. The company maintains dominant market position in India's petroleum sector but faces structural pressures from energy transition and refining margins.

📰 What's Happening

Recent board-level changes include the superannuation of four senior executives effective May 31, 2026, affecting LPG, Northern Region, Maharashtra, and Vigilance functions, alongside the appointment of Shri A. Amarnath as Government Nominee Director on June 5, 2026, to fill a vacancy. These reflect routine succession planning and enhanced government oversight without operational disruption. Additionally, on May 18, 2026, the Board approved audited standalone and consolidated financial results for Q4 and FY 2025-26, reporting total income of ₹9,05,615.69 crore and net profit of ₹42,096.26 crore, alongside a final dividend recommendation of Rs 1.25 per share (12.5% yield) pending AGM approval.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	2.31 L Cr	2.25 L Cr	2.05 L Cr	2.27 L Cr	2.24 L Cr	2.20 L Cr	1.99 L Cr	2.20 L Cr
Operating Profit	18,915	24,331	23,835	17,844	13,424	10,453	5,348	9,274
OPM %	7.7%	10.5%	11.4%	7.3%	5.3%	4.5%	1.8%	3.5%
Net Profit	10,841	14,735	13,713	9,225	5,488	3,723	-449	2,147
EPS	₹7.47	₹10.48	₹9.53	₹6.56	₹3.74	₹2.56	₹-0.12	₹1.54

Financial performance shows revenue stabilization at ₹2.20-2.24 L Cr per quarter in recent periods after peaking at ₹2.31 L Cr in Q4FY23, with operating profit margins fluctuating between 1.8% and 7.3%. Net profit declined from a high of ₹14,735 crore in Q1FY24 to ₹2,147 crore in Q3FY25, while EPS mirrored this trend. Despite this, annual net profit remains robust at ₹42,096.26 crore, supported by strong cash flow and strategic refinancing via ₹17,000 crore NCD issuance fully utilized for capital expenditure and debt restructuring.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the reviewed filings, but the Board's actions indicate confidence in cash flow sustainability through dividend continuity and capital allocation discipline. The company emphasized compliance with SEBI LODR norms, full utilization of raised funds, and adherence to regulatory requirements, suggesting a focus on maintaining financial stability amid governance scrutiny and sectoral transitions.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Petroleum Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Reliance Industries Limited	18.08 L Cr	21.7	11.2%	9.9%	0.41
Indian Oil Corporation Limited	1.90 L Cr	17.4	—	—	—
Bharat Petroleum Corporation Limited	1.23 L Cr	4.9	25.4%	30.2%	0.63
Hindustan Petroleum Corporation Limited	77,963	12.9	—	—	—
Mangalore Refinery and Petrochemicals Limited	26,345	32.0	—	—	—
Castrol India Limited	17,947	18.7	—	—	—
Chennai Petroleum Corporation Limited	15,025	40.4	—	—	—
Gulf Oil Lubricants India Limited	4,665	13.1	—	—	—
Savita Oil Technologies Limited	2,805	24.7	—	—	—
Veedol Corporation Limited	2,497	16.0	—	—	—

🔗 Peer Stock Analyses

RELIANCE BPCL HINDPETRO MRPL CASTROLIND

⚠️ Risk Factors

1) Governance risks persist due to non-compliance with independent director requirements and discontinuation of key committees effective March 28, 2026, potentially affecting ESG ratings and investor trust. 2) Leadership transitions in critical functions like marketing and vigilance, though deemed routine, could introduce execution uncertainty if not managed smoothly. 3) Structural margin pressures in refining and marketing operations are implied by fluctuating OPM trends despite stable revenue, reflecting sectoral volatility.

📋 Recent Filings

🧠 Analyst's Read

IOC remains a cash-generative enterprise with disciplined capital allocation and dividend policy, but governance lapses and margin volatility present material headwinds. Investors should monitor next AGM outcomes, dividend payment execution, and management's response to operational pressures amid energy transition dynamics.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on IOC

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.