Indian Oil Corporation Limited

Sector: Oil and Gas, Refining, Marketing, Petrochemicals  |  HQ: New Delhi  |  Founded: 1959  |  Employees: ~33,000

Listed as: NSE / BSE listed; Nifty 50 constituent; Maharatna PSU  |  NSE / BSE  |  Ticker: IOC.NS  |  Website →

Key people

• A. S. Sahney (Chairman)
• V. Satish Kumar (Director, Refineries)

Company overview

Indian Oil Corporation Limited (IOC) is India's largest oil refining and marketing company, a Maharatna PSU under the Ministry of Petroleum and Natural Gas. The company operates 11 refineries with a combined capacity of approximately 81 million metric tonnes per annum (MMTPA), making it the largest Indian refiner ahead of Reliance Industries (which has higher single-refinery capacity at Jamnagar but smaller aggregate). IOC operates the largest retail petroleum distribution network in India with over 36,000 fuel stations, 12,000 LPG distributors, and ownership of cross-country pipeline infrastructure spanning over 15,000 kilometres. The company is also a meaningful petrochemicals producer and has emerging investments in green hydrogen, biofuels, and EV charging infrastructure through its IndianOil-Total joint venture and the IndianOil-Adani Gas city gas distribution network.

Business model

IOC operates five reporting segments: Petroleum Products (refining and marketing), Petrochemicals, Pipelines, Gas (LPG, Natural Gas, CNG), and Renewables and Alternate Energy. The Petroleum Products segment is the largest by revenue, with the marketing arm benefiting from administered pricing for some products and market pricing for others. The Petrochemicals segment serves Indian industrial customers and exports. Pipelines provide stable utility-style cash flow. The Gas segment includes both LPG distribution and the growing CGD (city gas distribution) network. The Renewables segment is in early ramp with hydrogen and biofuels investments.

Operating segments

Recent developments

1-21 May 2026

Indian Oil Corporation reported strong Q4 FY2026 financial performance, with standalone net profit surging 56% year-on-year to ₹11,377 crore, prompting analysts to note a 21% EPS beat relative to expectations [3, 1]. Operationally, IOCL has ramped up refinery utilization beyond 100% capacity to ensure uninterrupted fuel and LPG supplies across India amid rising demand, with normal supply status reported even in regional markets such as Assam [10, 2, 4]. On the strategic front, the company approved a ₹1,063.60 crore joint venture with M11 Energy Transition to develop a Sustainable Aviation Fuel project at its Paradip refinery, marking a meaningful push into cleaner energy transition assets [5]. Within its petrochemicals segment, IOCL announced price revisions for polypropylene and polyethylene recyclates in domestic markets, reflecting ongoing product portfolio optimisation [6]. Retail fuel prices remained unchanged for consumers over the period, though the company's director acknowledged a very small rise in petrol and diesel pump prices [7, 9].

Sources (9)

1. Indian Oil Corporation Limited Just Recorded A 21% EPS Beat: Here's What Analysts Are Forecasting Next - simplywall.st · simplywall.st · Thu, 21 May 2026
2. Oil companies assure uninterrupted fuel supply across India amid stable availability and rising demand - Rising Kashmir · Rising Kashmir · Thu, 21 May 2026
3. Indian Oil Q4 Results: Standalone Net Profit Soars 56% to ₹11,377 Crore - PSU Connect · PSU Connect · Mon, 18 May 2026
4. Fuel, LPG supplies remain normal across Assam, says Indian Oil Corporation Limited - India Today NE · India Today NE · Mon, 18 May 2026
5. Indian Oil Corporation Approves ₹1,063.60 Crore Joint Venture With M11 Energy Transition for Sustainable Aviation Fuel Project at Paradip - scanx.trade · scanx.trade · Tue, 19 May 2026
6. Indian Oil Corporation Limited (IOCL) announces price revision for Polypropylene (R-PP) and Polyethylene (R-PE) recyclates in the domestic markets of India - Polymerupdate · Polymerupdate · Sun, 17 May 2026
7. Retail prices of petrol & diesel remain unchanged for general public: Indian Oil Corporation Ltd. - Newsonair · Newsonair · Fri, 01 May 2026
8. Petrol, diesel price hike: Indian Oil director calls it ‘very small rise’; says refineries operating at o - The Times of India · The Times of India · Fri, 15 May 2026
9. ‘No fuel shortage ahead’: Indian Oil assures refineries running beyond 100% capacity; pushes for cleaner energy alternatives - The Statesman · The Statesman · Fri, 15 May 2026

Financial performance and recent trajectory

IOC reported FY25 consolidated revenue of approximately ₹8.77 lakh crore with net profit of ₹39,500 crore. The business is cyclical, tracking Singapore complex gross refining margins (GRM) and the administered pricing of diesel and LPG. Capital expenditure run-rate is approximately ₹30,000 to ₹35,000 crore per year supporting refinery expansion, petrochemicals integration, and renewable energy investments.

Stock performance and shareholder context

IOC (NSE: IOC, BSE: 530965) is a Nifty 50 constituent. Government of India holds majority shareholding (above 51 percent). High dividend payout typical for Maharatna PSU.

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

IOC is the largest by aggregate refining capacity and the largest retail footprint, ahead of BPCL, HPCL, Reliance Industries (in marketing), and Nayara Energy. The marketing scale and the pipeline infrastructure are the structural moats.

Key risks

Crude price volatility; administered pricing risk on LPG and diesel; transition to electric mobility; refinery capex execution; petrochemicals margin cyclicality.

Outlook

Through FY30 the principal trajectories are the refinery capex completing across Panipat and Paradip, the green hydrogen pilot scaling, the CGD network reaching peak penetration, and the EV charging infrastructure rolling out. For businesses entering oil and gas adjacent sectors, IOC is the principal counterparty for procurement, JV, and distribution.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.