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Indian Oil Corporation Limited

IOC.NS
51
Oil & Gas Refining & Marketing · Energy
Price
₹138.50
+2.60 (+1.91%)
Market Cap
₹1.96T
Exchange
National Stock Exchange of India
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 (IOC.NS), together with its subsidiaries, operates as a leading integrated energy company in India. Its core business spans the refining of crude oil, pipeline transportation, and the widespread marketing and distribution of petroleum products throughout the country. Beyond these primary activities, IOC is also involved in the exploration and production of crude oil and natural gas, the manufacturing of petrochemicals, and the supply of natural gas. The company's diverse product portfolio includes essential fuels such as petrol (gasoline), diesel (gas oil), auto gas, cooking gas (LPG), and aviation fuel, alongside lubricants, greases, kerosene, bulk and industrial fuels, marine oils, and bitumen. Furthermore, IOC provides a variety of specialized industrial derivatives like carbon black feedstock, raw petroleum coke, sulfur, paraffin wax, jute batching oil, microcrystalline wax, mineral turpentine oil, toluene, propylene, benzene, and petcoke. The firm's operations extend to various other sectors, including explosives and cryogenic services, the generation of wind and solar power, lubricant blending, bunkering services, refining and pipeline consultancy, and the sale of lubricants and base oils. Indian Oil Corporation maintains an extensive infrastructure across India, featuring approximately 9 refineries and nearly 15,000 kilometers of pipelines. Its vast distribution network encompasses about 34,559 fuel stations, including 11,026 Kisan Seva Kendra outlets, 120 terminals and depots, 101 LPG bottling and distribution plants, and 126 aviation fuel stations. The network also includes 6,993 consumer pumps, 12,813 LPG distributors, 1,488 CNG stations, 10 lubricant blending facilities, and 2,179 EV charging stations, 34 of which offer battery swapping capabilities. In its upstream segment, the company holds a portfolio comprising 9 exploration and production blocks situated within India. Established in 1958, Indian Oil Corporation Limited is headquartered 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

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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
3.61%
Moderate income — 3.61% 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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