Arthneeti

Indian Oil Corporation Q2 FY27 Share Price & Earnings Call Analysis

₹130.15-0.20% today
Market cap
₹1.84L Cr
P/E
5.45
ROE
20.48%
PEG
0.09
Price to sales
0.21
Debt to equity
0.60
52W high / low
₹187 / ₹125
Sales growth (5Y)
16.60%
EBITDA margin
7.90%
Net profit margin
5.50%
Promoter holding
51.50%
Sales (last year)
₹8.58L Cr

Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI[1] that has business interests straddling the entire hydrocarbon value chain - from Refining, Pipeline transportation and marketing of Petroleum products to R&D, Exploration & production, marketing of natural gas and petrochemicals. It has the leadership position in the Oil refining & petroleum marketing sector of India.[2]

Guidance scorecard · Q2 FY27 call

What I O C L's management guided
and where it ranks in Petroleum Products

#5of 10 in
Petroleum Products
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Refining throughput expected to increase from ~77 MMTPA in FY26-27 to 85 MMTPA in FY27-28 and 90 MMTPA in FY28-29.
  • Petchem intensity targeted to rise from ~6.5% to 15% over the next 5 years, supported by INR 100,000 crores capex in petchem projects over 5-6 years.
  • Capex of INR 30,000 to 40,000 crores per year expected to continue for the next 2-3 years, focusing on petchem, renewables (targeting 18 GW renewable capacity in next 3-4 years), biofuels, pipelines, green hydrogen, and shipping.
  • Marketing volumes stable with slight variations: Q1 FY27 sales volumes at 26.211 MMT, comparable with previous quarters.

2 more points from I O C L's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what I O C L said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • FY 26-27 Capex Target: Rs. 32,700 crore, aligned with long-term strategy and national energy priorities.
  • Major Refining Projects: Panipat (25 MMTPA, INR 38,000 crore), Gujarat (18 MMTPA, INR 19,000 crore), Barauni (9 MMTPA, INR 18,000 crore) scheduled for completion by Nov-Dec 2026.
  • Petrochemical Expansion: PX-PTA and polybutadiene rubber plants nearing completion; overall petchem intensity targeted to increase from ~6.5% to 15% with capex around INR 100,000 crore over 5-6 years.
  • Future Capex Focus: Continues at INR 30,000 to 40,000 crore annually for next 2-3 years, with major investments in petrochemicals, renewables (18 GW target in 3-4 years via Terra Clean), biofuels, green hydrogen, battery swapping, and shipping.

2 more points from I O C L's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what I O C L said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what I O C L said on the order book →

Full Q1 FY27 analysis
Full Petroleum Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Petroleum Products
on management's own guidance

  1. Arabian Petrol.Good growth
    2
  2. Continental Petroleums LtdGood growth
    1
  3. Gulf Oil Lubricants India LtdModerate growth
    3
See all potential multibaggersWhere does I O C L rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Petroleum Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Continental Petroleums Ltd20–40%Up 2%+₹70 Cr20.7
2Arabian Petrol.20–40%Up 0–2%₹114 Cr10.1
3Gulf Oil Lubricants India Ltd10–20%Up 0–2%₹5,402 Cr13.6
410–20%Flat₹16.39L Cr21.9
5I O C LThis stock10–20%Flat₹1.84L Cr5.5
610–20%Flat₹30,270 Cr7.3

Sign up free to see every company in the sector ranking and track I O C L.

Pro shows every company guiding 40%+ revenue growth →Full Petroleum Products ranking

Financials of I O C L

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

I O C L

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%51.50%
FIIs +8.84%8.49%7.79%7.90%7.43%7.39%7.48%7.69%8.57%9.84%9.08%8.61%
DIIs +9.90%10.23%10.04%10.43%10.08%9.97%10.29%10.42%10.00%9.10%9.52%9.93%
Government +19.60%19.57%19.57%19.57%19.57%19.57%19.57%19.57%19.57%19.57%19.57%19.57%
Public +10.13%10.18%11.07%10.59%11.39%11.57%11.15%10.81%10.34%9.96%10.32%10.38%
No. of Shareholders20,65,51424,28,56127,29,16527,81,74630,82,71731,89,61430,80,10029,75,61428,15,98027,89,94028,59,83328,36,871

Financials of I O C L

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +179,246199,906198,650193,845174,976194,014195,270192,341178,628205,157208,289266,407253,967
Expenses +156,075183,172186,675183,923171,509186,442180,241179,073162,383182,412183,485262,345220,169
Operating Profit23,17116,73311,9759,9213,4677,57315,02913,26716,24522,74524,8044,06233,797
OPM %13%8%6%5%2.0%3.9%8%7%9%11%12%1.5%13%
Other Income +8291,9161,6861,1022,5561,9361,5191,7321,3561,6272,4241,1431,322
Interest1,9771,9582,1472,0802,5462,4582,1782,0702,2702,0881,8801,7302,499
Depreciation3,6104,6864,0944,1034,0654,2844,3254,1794,2274,4575,5574,4084,430
Profit before tax18,41312,0057,4204,841-5892,76610,0458,75011,10417,82719,791-93328,191
Tax %26%23%26%23%-24%22%17%22%26%24%23%22%20%
Net Profit +13,7139,2255,4883,723-4492,1478,3686,8088,19113,50215,176-1,14122,503
EPS in Rs9.296.393.652.50-0.121.505.754.835.549.2110.24-1.1515.16

Financials of I O C L

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +449,507346,045355,379421,492528,158483,763363,950589,336841,756776,352758,106784,415933,821
Expenses +438,932324,007321,230379,834492,896467,710324,021542,717811,073700,702722,066707,308848,412
Operating Profit10,57522,03834,14941,65835,26216,05339,92946,61930,68375,65036,04077,10885,409
OPM %2.4%6%10%10%7%3.3%11%8%3.6%10%4.8%10%9%
Other Income +5,8605,2194,3564,3314,097-7,1654,6964,3185,1245,3847,1127,1396,516
Interest4,2013,4873,7433,8754,9255,7922,9334,3017,5887,8819,3118,3548,197
Depreciation5,2195,6986,8067,6648,50610,27310,94112,34813,18115,86616,77718,42018,852
Profit before tax7,01418,07227,95634,45025,927-7,17730,75134,28915,03857,28817,06357,47264,876
Tax %31%31%27%34%33%-74%29%25%22%25%19%24%
Net Profit +4,87212,41320,38522,62617,274-1,87621,76225,72711,70443,16113,78943,67750,040
EPS in Rs3.378.2513.6315.2312.31-0.6315.3217.786.9329.559.6329.8133.46
Dividend Payout %33%28%45%90%49%-437%51%46%42%40%30%27%

Financials of I O C L

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital2,4282,3704,7399,4799,1819,1819,1819,18113,77213,77213,77213,77213,772
Reserves66,40487,61097,357104,395103,28886,217102,657124,354125,949169,645172,716205,746219,486
Borrowings +64,89358,55263,27165,65096,765129,790116,649132,020148,977132,628152,271131,822139,960
Other Liabilities +100,15883,184108,352116,336126,128104,773126,658145,327153,298166,639168,796178,012203,943
Total Liabilities233,883231,715273,719295,860335,363329,962355,145410,882441,995482,683507,554529,352577,161
Fixed Assets +76,781100,033115,958124,053132,494147,022157,085160,514180,048195,998201,142208,569214,886
CWIP40,37826,21916,77819,13028,28132,84536,29147,46951,13361,03277,92186,04983,436
Investments16,06931,18543,68744,80644,11235,57144,71752,35252,19065,54267,21873,29868,729
Other Assets +100,65574,27897,295107,871130,476114,524117,053150,546158,624160,111161,272161,436210,110
Total Assets233,883231,715273,719295,860335,363329,962355,145410,882441,995482,683507,554529,352577,161

Financials of I O C L

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +46,09225,62428,21629,11512,7477,14649,65024,57029,64471,14634,45276,142
Cash from Investing Activity +-10,215-13,610-17,684-17,119-22,569-29,101-22,935-21,178-28,030-31,512-31,641-22,274
Cash from Financing Activity +-38,283-11,890-10,937-12,00710,43622,456-27,369-2,997-1,794-39,385-3,421-52,672
Net Cash Flow-2,406124-405-11614502-653395-180250-6101,197
Free Cash Flow33,6809,57614,38811,086-12,748-24,27727,9041,533-2,52434,4538348,881
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit458%130%103%87%52%58%135%69%101%110%104%114%

Financials of I O C L

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days6899111014127697
Inventory Days4654877764591118459706368
Days Payable293141403424493727343433
Cash Conversion Cycle233155464145765940423941
Working Capital Days-12-20-45-37-28-46-58-34-26-33-41-30
ROCE %6%14%20%22%16%5%15%16%8%21%7%19%

Guidance history

How I O C L's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlannedPlanned—
Q4 FY26 call →10–20%FlatPlanned——
Q2 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

21out of 100

Momentum score · price trend

21 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−20.4%37%
Last 6 months−8.5%42%
Last 3 months−7.1%52%

The price is 30.6% below its all-time high of ₹187.47 (27 Feb 2026). Stocks more than 20% below their peak have their score halved, so 42 became 21.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For I O C L: 0.4 × 37 + 0.4 × 42 + 0.2 × 52 = 42, halved to 21 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What I O C L's management said in earlier quarters

Others in Petroleum Products this season

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  • Gandhar Oil Refinery (India) Ltd (Q2 FY27)

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  • Castrol India Ltd (Q2 FY27)

    3Q 2026 Revenue from Operations:** ₹1,735 crore, up 27% YoY (3Q 2025: ₹1,363 crore). Key results statement takeaways from Castrol India Ltd's Q2 FY27 results st

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