A deep dive into Indian Oil Corporation Ltd. (IOC) — examining the financials, valuation picture, and who owns the stock.
Indian Oil Corporation Revenue Trend
In FY2025, Indian Oil Corporation Ltd.'s revenue contracted 2.5% to ₹8,62,876 Cr from ₹8,85,078 Cr.
Looking at the longer trend, Indian Oil Corporation Ltd.'s revenue grew from ₹4,49,506 Cr to ₹8,62,876 Cr at a 6.7% CAGR — moderate, consistent growth.
A ₹8,62,876 Cr revenue base makes Indian Oil Corporation Ltd. a major name in the Indian refineries sector.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹8,62,876 Cr | -2.5% |
| FY2024 | ₹8,85,078 Cr | -7.4% |
| FY2023 | ₹9,55,608 Cr | +29.2% |
| FY2022 | ₹7,39,813 Cr | +42.2% |
| FY2021 | ₹5,20,236 Cr | — |
View Indian Oil Corporation Ltd.'s full 10-year revenue trend with CAGR analysis →
Indian Oil Corporation Profitability
Net profit fell to ₹13,789 Cr in FY2025, down 68.1% from ₹43,161 Cr in FY2024.
Margin pressure was evident, with net margin declining to 1.6% from 4.9%.
The diluted EPS figure moved down to ₹9.87 in FY2025, against ₹30.30 posted in FY2024.
Is Indian Oil Corporation Undervalued
Per the P/E Ratio model, Indian Oil Corporation Ltd. has an estimated intrinsic value of ₹55 (60.2% downside).
Indian Oil Corporation Ltd. shares are currently trading at ₹137.38.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹55 | 60.2% downside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for Indian Oil Corporation Ltd. with detailed assumptions →
Indian Oil Corporation Shareholding Pattern
Promoter holding has remained stable at 51.5% over the past 4 quarters, indicating confidence in the company's direction.
Foreign investors held 9.8% of the company as of March 2026, up year-over-year from 7.5%.
DII holding is at 9.2%, down from 10.4% in the year-ago quarter.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 51.5% | 9.8% | 9.2% | 10.0% |
| Dec 2025 | 51.5% | 8.6% | 10.1% | 10.3% |
| Sep 2025 | 51.5% | 7.7% | 10.5% | 10.8% |
| Jun 2025 | 51.5% | 7.5% | 10.4% | 11.2% |
Track quarterly shareholding changes for Indian Oil Corporation Ltd. →
Indian Oil Corporation Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
Total assets stood at ₹5,068.67B at the end of FY2025, up 5.1% from ₹4,823.62B a year earlier.
Property, Plant & Equipment is the largest block at 53.4%, followed by Inventories at 22.5% and Investments at 11.2%.
Equity makes up 37.7% of liabilities and equity, with debt at 30.0% and operating liabilities at 32.3%. Over the year, debt is up 14.8% and equity is up 1.5%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 136.74B |
| Receivables | 185.51B |
| Inventories | 1,138.78B |
| Property, Plant & Equipment | 2,709.02B |
| Investments | 568.50B |
| Intangibles & Goodwill | 81.61B |
| Other Assets | 248.51B |
| Category | Value |
|---|---|
| Equity | 1,910.25B |
| Short-term Debt | 939.36B |
| Long-term Debt | 583.34B |
| Trade Payables | 605.35B |
| Other Liabilities | 1,030.37B |
Indian Oil Corporation at a Glance
Bringing the key threads together for Indian Oil Corporation Ltd. (IOC) as a refineries investment opportunity.
Revenue of ₹8,62,876 Cr in FY2025, down 2.5% year-over-year.
Long-term revenue has been compounding at 6.7% annually over 10 years.
The company is profitable, with a net margin of 1.6% and net income of ₹13,789 Cr.
The P/E Ratio model implies 60.2% downside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
See the full picture — Craytheon tracks 10 years of financial data with interactive charts, growth trends, and three valuation models for Indian Oil Corporation Ltd..