Indian Oil Corporation Limited (IOC) Fair Value & Analysis
Energy · IN · Market cap ₹2.0T (≈ $20.8B) · ISIN INE242A01010
What is Indian Oil Corporation Limited really worth?
A solid business, trading 42% below our fair value of ₹236.72.
Strengths
Risks
For context
Fair value as of: Aug 30, 2026
From 26 valuation models · updated 6 days ago
Fair value updated Aug 30, 2026, revised from ₹402.53 to ₹236.72 (−41.2%) since Aug 13, 2026. Share price −4.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (₹147.73). The market is more pessimistic than our downside scenario.
- Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (₹147.73 to ₹306.79) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range ₹49.72 – ₹184.65 · fair‑value band ₹147.73 – ₹306.79 · the ₹137.60 price screens below the ₹236.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
Indian Oil Corporation Limited (IOC) currently trades at ₹137.60, while our model-based Fair Value estimate is ₹236.72, implying the stock looks roughly 41.9% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Energy sector. Bull case: the Growth DCF group reads highest at a median of ₹544.79 per share, and 25 of the 26 models we run sit above the ₹137.60 price. Bear case: the Asset-Based group reads lowest at ₹104.15, and 1 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Indian Oil Corporation Limited generated revenue of ₹7.8T at a net margin of 5.4%. Revenue grew 6.7% year over year. It earns a return on equity of 21.0%. Net debt stands at ₹1.3T. Fundamentals as of Aug 30, 2026
Our scenario range runs from ₹147.73 (bear case) to ₹306.79 (bull case); at ₹137.60, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 26% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at −59% fair-value upside, at 72%, IOC screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹8.85 per share, which is 3.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth DCF (₹544.79) versus Asset-Based (₹104.15). Highest evidence: FCF DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 45
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Indian Oil Corporation Limited, together with its subsidiaries, engages in the oil, gas, petrochemicals, and alternative energy source businesses in India and internationally. It operates through Sale of Petroleum Products, Sale of Petrochemicals, Sale of Gas, and Other segments.
Full company description
Indian Oil Corporation Limited, together with its subsidiaries, engages in the oil, gas, petrochemicals, and alternative energy source businesses in India and internationally. It operates through Sale of Petroleum Products, Sale of Petrochemicals, Sale of Gas, and Other segments. The company is involved in the refining of petroleum products; exploration and production of crude oil and gas; explosives and cryogenic businesses; pipeline transportation of crude oil, petroleum, and gas; petrochemicals and gasoline; gas and LPG marketing; research and development; city gas distribution; and downstream operations. It also engages in low carbon, new, clean, and green energy businesses; lube blending; marketing of lubricants and base oil; participation in the shale gas asset project; crude oil trading; import and export of petroleum products; investment in E&P assets, battery technology, and alternative energy technology companies; and wind mill and solar power generation. In addition, the company provides terminalling, retailing, aviation refueling, and bunkering; and financial services, as well as operates fuel stations. It serves motorists, households, businesses, society, suppliers, business partners, and the sports industry. The company was formerly known as Indian Oil Company Limited and changed its name to Indian Oil Corporation Limited in September 1964. Indian Oil Corporation Limited was incorporated in 1959 and is based in New Delhi, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Indian Oil Corporation Limited reported revenue of ₹7.8T in FY2026 versus ₹5.9T in FY2022, a compound +7.4%/yr. Reported net income was ₹421B in FY2026, compounding +13.8%/yr from FY2022.
of which total revenue +8.1 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Indian Oil Subsidiary CPCL Plans 280,000 Bpd Manali Refinery
- Indian refiners tumble as crude surges on widening Iran war
- Petrobras renews oil deals with Indian refiners worth more than $3.1 billion
- Indian Oil buys Angola, Brazil, UAE oil to replace Russian crude, sources say
Peer Group
Oil & Gas Refining & Marketing · 109 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Refining & Marketing median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Reliance Industries Limited RELIANCE | ₹1,314 | ₹835.66 | −36% |
| Valero Energy Corporation VLO | $352.36 | $127.32 | −64% |
| Marathon Petroleum Corporation MPC | $368.83 | $133.18 | −64% |
| Phillips 66 PSX | $246.58 | $99.41 | −60% |
| Neste Oyj NESTE | €31.28 | €3.83 | −88% |
| Formosa Petrochemical Corporation 6505 | 75.80 TWD | 15.32 TWD | −80% |
| HF Sinclair Corporation DINO | $87.93 | $44.96 | −49% |
| Bharat Petroleum Corporation BPCL | ₹318.00 | ₹846.81 | +166% |
| SK Innovation Co 096770 | 131,500 KRW | 53,541 KRW | −59% |
| Sunoco LP, SUN | $75.55 | $53.36 | −29% |
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