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Indian Oil Corporation Limited

IOC.BO
51
Oil & Gas Refining & Marketing · Energy
Price
₹138.10
+2.10 (+1.54%)
Market Cap
₹1.95T
Exchange
Bombay Stock Exchange
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 24, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Strong
Cash Flow
Good
Stability
Mixed
Valuation
Good
Dividends
Mixed

Winston Score History

The full picture

Indian Oil Corporation Limited, along with its associated companies, is a cornerstone of India's energy sector, primarily engaged in the refining, pipeline transport, and marketing of petroleum derivatives. The company structures its diverse operations into segments including petroleum product sales, petrochemical sales, and various other business activities. Beyond these core areas, it also undertakes the exploration and extraction of crude oil and natural gas, manufactures petrochemicals, and markets natural gas. Its extensive product portfolio encompasses essential fuels such as gasoline, diesel, aviation fuel, and marine oils, alongside lubricants, various forms of natural gas (LPG, CNG, auto gas, piped natural gas), kerosene, and bitumen. Additionally, the corporation supplies a range of specialty chemicals, including carbon black feedstock, raw petroleum coke, sulphur, paraffin wax, and benzene. Indian Oil's interests further diversify into renewable energy generation (wind and solar), lube blending, bunkering services, refining and pipeline consultancy, and offering financial solutions. Embracing digital innovation, it provides Fuel@Call, a cloud-based platform for industrial and commercial on-demand fuel delivery, and also retails non-fuel products like LPG stoves and indoor solar cooking systems. The company boasts a formidable infrastructure network throughout India, comprising approximately 9 refineries, roughly 17,000 kilometers of pipelines, over 36,000 fuel stations (including 11,732 Kisan Seva Kendra outlets), numerous LPG bottling plants, 132 aviation fuel stations, 1,788 CNG outlets, 10 lube blending facilities, and more than 5,400 EV charging stations. Indian Oil Corporation Limited, established in 1959, maintains its headquarters in New Delhi, India.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+38.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-123.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Indian Oil Corporation Limited grew revenue 39% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 13.77B (2022) → 13.77B (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
5.2%
Thin — 5.2% gross margin
Profit after running costs
Operating Margin
-0.1%
Losing money on operations — -0.1%
Return on the money invested
ROCE
22.4%
Exceptional — 22.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+13.5%
Fast-growing sales (+13.5% YoY)
Profit growth
EPS YoY
+99.2%
Earnings growing fast (+99.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
97%
Turns 97% of profit into real cash
Spare cash per sale
FCF Margin
1.9%
Thin free cash flow (1.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
6.33x
Adequate interest coverage (6.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
5.7x
Attractive valuation — P/E 5.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-10.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.62%
Moderate income — 3.62% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-35.3%
Dividend cut (-35.3% YoY) — warning sign

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