Indian Oil Corporation (IOC) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Indian Oil Corporation ₹385, price ₹138, upside +180.2%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
- Add to watchlist
Indian Oil Corporation
IOC · BSEClearly undervaluedStrong Fair Value upside, but quality is only moderate.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range ₹49.74 – ₹183.58 · fair‑value band ₹275.91 – ₹518.80 · the ₹137.50 price screens below the ₹385.33 fair value. Dashed = 300-day average. As of Sep 23, 2026.
Company profile
Indian Oil Corporation Limited, together with its subsidiaries, refines, pipeline transports, and markets petroleum products in India and internationally. It operates through Sale of Petroleum Products, Sale of Petrochemicals, and Other segments.
Show more
Indian Oil Corporation Limited, together with its subsidiaries, refines, pipeline transports, and markets petroleum products in India and internationally. It operates through Sale of Petroleum Products, Sale of Petrochemicals, and Other segments. The company's refinery products include liquefied petroleum gas (LPG), high-speed diesel, motor spirits, kerosene, aviation turbine fuel, light diesel oil, sulphur, raw petroleum coke, carbon black feedstock, naphtha, furnace oil, bitumen, propylene, polypropylene, monoethylene glycol, reformate, light cycle oil, purified terephthalic acid, jute batching oil, lube oil base stocks, sulfuric acid, polymer grade hexane, methyl tert-butyl ether, benzene, aviation gasoline, para-xylene, aromatics, and paraffin wax. It is also involved in the operation of fuel stations, supply of piped and compressed natural gas; exploration and production of crude oil and gas and petrochemicals; manufacture and sale of cryogenics comprising aluminum cryocans, cryogenic vessels, pressure vessels, and lube and aviation equipment, as well as bulk explosives; and provision of non-fuel products, such as LPG stoves, hoses, and cylinder trolleys, as well as indoor solar cooking systems, kitchen aprons, and gas lighters. In addition, the company engages in the wind and solar power generation; terminalling, retailing, and aviation refueling; lube blending and marketing; bunkering; refining and pipeline consultancy activities; licensing of technologies; and provision of financial services. Additionally, it operates Fuel@Call, a cloud-based technology platform for on-demand fuel delivery service for industrial and commercial customers; provides marine oils, including bunker fuels and marine lubricants; and spray and specialty oils, metal working and railroad oils, lubes, and greases for automobiles, agricultural equipment, stationary engines, and marine industries. The company was incorporated in 1959 and is based in New Delhi, India.
Stock analysis
Indian Oil Corporation (IOC) currently trades at ₹137.50, while our model-based Fair Value estimate is ₹385.33, implying the stock looks roughly 64.3% undervalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of ₹566.09 per share, and 21 of the 24 models we run sit above the ₹137.50 price.
Bear case: the Asset-Based group reads lowest at ₹104.15, and 3 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹275.91 (bear) to ₹518.80 (bull), the price of ₹137.50 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Indian Oil Corporation reported revenue of ₹7.7T in FY2026 versus ₹7.4T in FY2022, a compound +1.2%/yr. Reported net income was ₹421B in FY2026, compounding +13.8%/yr from FY2022.
Key figures
Market cap ₹1.9T (≈ $20.2B) · P/E ratio 5.6 · P/S ratio 0.31 · EPS (TTM) ₹24.45 · Dividend yield 7.1% · Net margin 5.4% · Return on equity 21.0% · Return on assets (EBIT) 9.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 26% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −61% fair-value upside, at 180%, IOC screens cheaper than that median.
Fair Value models
All 24 models by family
Notify me when IOC reaches fair value
Put IOC on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.
Set up alert →Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 45
Revenue & earnings trend
Growth Forecast
Watch IOC, get fair value alerts →
Recent news
- 3 Indian Oil Stocks Facing A New Risk From Russian Crude Dependence
- Aviation Fuel Industry Report 2026-2035: A $499.86 Billion Market by 2030 with BP, Chevron, Exxon Mobil, PJSC Gazprom, and Indian Oil Leadin
Compare Indian Oil Corporation with another stock
Price, fair value, quality and upside side by side.
Peer Groupⓘ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.Oil & Gas Refining & Marketing · 109 stocks
Valuation Multiplesvs Oil & Gas Refining & Marketing median · lower = cheaper
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Energy
- Undervalued stocks: Indian Stocks
- Valuation of the India market
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.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Reliance Industries Limited RELIANCE | ₹1,240 | ₹904.38 | −27% |
| Valero Energy Corporation VLO | $377.14 | $127.32 | −66% |
| Marathon Petroleum Corporation MPC | $389.68 | $151.74 | −61% |
| Phillips 66 PSX | $256.78 | $87.35 | −66% |
| Neste Oyj NESTE | €34.23 | €5.85 | −83% |
| Formosa Petrochemical Corporation 6505 | 87.30 TWD | 20.61 TWD | −76% |
| HF Sinclair Corporation DINO | $106.69 | $52.19 | −51% |
| SK Innovation Co 096770 | 149,200 KRW | 53,541 KRW | −64% |
| Bharat Petroleum Corporation BPCL | ₹313.60 | ₹846.81 | +170% |
| Sunoco LP, SUN | $73.12 | $53.90 | −26% |
Explore undervalued stocks
More undervalued Energy stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is Indian Oil Corporation (IOC) overvalued or undervalued?
What is the fair value of IOC?
What is the quality score of IOC?
What is the price target for Indian Oil Corporation (IOC)?
What is the Indian Oil Corporation stock forecast for 2026?
What is the revenue of Indian Oil Corporation (IOC)?
Does Indian Oil Corporation pay a dividend?
What growth is priced into Indian Oil Corporation (IOC)?
What discount rate (WACC) does the fair value of IOC use?
What is a reverse DCF?
How much growth has Indian Oil Corporation (IOC) delivered so far?
How fast is the sector of Indian Oil Corporation (IOC) growing?
What is the free cash flow yield of Indian Oil Corporation (IOC)?
What is the intrinsic value of Indian Oil Corporation (IOC)?
Is Indian Oil Corporation stock overvalued or undervalued in 2026?
Is fair value the same as the market price of IOC?
How much is Indian Oil Corporation worth?
What do the bullish and bearish scenarios say about IOC?
What is the P/E ratio of IOC?
What is the PEG ratio of IOC?
How solid is the balance sheet of Indian Oil Corporation (IOC)?
How far is IOC from its 52-week high?
Which stocks are comparable to Indian Oil Corporation?
Is Indian Oil Corporation stock attractive at the current price?
How is the fair value of IOC calculated?
Is it still worth investing in stocks now?
What is the share price of Indian Oil Corporation (IOC)?
What should I pay attention to with Indian Oil Corporation right now?
Key figures of Indian Oil Corporation
How large is the market capitalisation of Indian Oil Corporation (IOC)?
What is the P/S ratio of Indian Oil Corporation (IOC)?
What are the earnings per share of Indian Oil Corporation (IOC)?
What is the dividend yield of Indian Oil Corporation (IOC)?
What is the net margin of Indian Oil Corporation (IOC)?
What is the return on equity of Indian Oil Corporation (IOC)?
What is the EBIT return on assets of Indian Oil Corporation (IOC)?
What is the operating margin of Indian Oil Corporation (IOC)?
How fast is revenue growing at Indian Oil Corporation (IOC)?
How fast are earnings growing at Indian Oil Corporation (IOC)?
How much net debt does Indian Oil Corporation (IOC) carry?
Watch Indian Oil Corporation in the live analysis
One click puts Indian Oil Corporation on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.