Indian Oil Corporation Financial Statements

Name: Indian Oil Corporation Financials — historical data
Creator: StockeZee

For Mar 2026, Indian Oil Corporation reported revenue of ₹9,01,453 crore and net profit of ₹42,096 crore. Return on equity stands at 20.70%. Profit & loss, balance sheet and cash flow across 8 reported years are below.

Updated 31 Jul 2026Source: NSE & BSE company filingsNifty 100 constituent

Latest year revenue: ₹9,01,453 Cr
EBITDA: ₹77,062 Cr
Operating margin: 8.55%
Profit after tax: ₹42,096 Cr
Net margin: 4.67%
EPS: ₹29.81
Latest year: Mar 2026
Years reported: 8

Indian Oil Corporation profit & loss

Reported annual performance for Indian Oil Corporation, oldest to newest. Figures in ₹ crore unless a row states otherwise.

Indian Oil Corporation annual profit and loss statement. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue from Operations	6,17,243	5,76,589	5,20,237	7,36,731	9,51,410	8,81,235	8,59,363	9,01,453
Sales Growth YoY %	—	-6.59%	-9.77%	41.61%	29.14%	-7.38%	-2.48%	4.9%
Other Income	2,714	2,790	3,500	3,082	4,199	3,843	3,514	4,163
Total Income	6,19,957	5,79,379	5,23,736	7,39,813	9,55,609	8,85,078	8,62,876	9,05,616
Cost of Goods Sold (COGS)	4,42,096	4,15,130	2,75,459	4,86,953	7,47,635	6,38,799	6,56,786	6,33,124
Cost of Materials Consumed	3,06,472	2,81,080	1,74,196	3,30,672	5,03,757	4,46,251	4,49,813	4,33,584
Purchases of Stock-in-Trade	1,39,170	1,39,464	1,07,444	1,69,992	2,50,207	1,91,316	2,07,763	1,93,977
Changes in Inventories	-3,546	-5,414	-6,182	-13,711	-6,330	1,231	-790	5,562
Gross Profit	1,75,147	1,61,459	2,44,778	2,49,778	2,03,775	2,42,436	2,02,577	2,68,329
Gross Margin %	28.38%	28%	47.05%	33.9%	21.42%	27.51%	23.57%	29.77%
Total Operating Expenses	1,39,923	1,45,054	2,04,193	2,02,036	1,73,076	1,66,846	1,66,587	1,91,267
Employee Benefit Expense	11,596	9,337	11,309	11,583	9,359	11,671	10,880	11,435
Other Expenses	1,28,327	1,35,717	1,92,884	1,90,453	1,63,717	1,55,175	1,55,707	1,79,833
EBITDA	35,224	16,405	40,585	47,742	30,699	75,591	35,991	77,062
OPM %	5.71%	2.85%	7.8%	6.48%	3.23%	8.58%	4.19%	8.55%
Total Non-Operating Expenses	13,395	5,130	14,531	17,771	20,722	23,692	27,877	26,728
Depreciation & Amortisation	8,507	9,855	10,941	12,348	13,181	15,866	16,777	18,420
Finance Costs	4,888	6,579	3,589	5,423	7,541	7,826	9,262	8,308
Exceptional Items (Before Tax)	0	-11,304	0	0	0	0	1,838	0
Profit Before Tax (PBT)	24,543	-8,543	29,554	33,053	14,176	55,742	15,303	54,497
Tax Expense	8,653	-5,300	8,989	8,562	3,333	14,127	3,275	13,795
Current Tax	5,310	221	6,868	7,235	1,922	12,896	1,700	13,409
Deferred Tax	3,343	-5,521	2,120	1,327	1,411	1,231	1,575	386
Effective Tax %	35.26%	62.04%	30.41%	25.9%	23.52%	25.34%	21.4%	25.31%
Total Profit for Period	17,274	-1,877	21,762	25,727	11,704	43,161	13,789	43,677
Less: Non-controlling Interests	-103	-983	124	624	1,912	1,431	191	1,581
Net Profit (Owner's PAT)	17,377	-894	21,638	25,102	9,792	41,730	13,598	42,096
Net Profit Margin %	2.82%	-0.16%	4.16%	3.41%	1.03%	4.74%	1.58%	4.67%
PAT Growth YoY %	—	-105.14%	2,520.38%	16.01%	-60.99%	326.16%	-67.41%	209.58%
Earnings Per Share (EPS)	₹12.31	₹-0.63	₹15.32	₹17.78	₹6.93	₹29.55	₹9.63	₹29.81
Diluted Shares Outstanding (Cr.)	1,412	1,412	1,412	1,412	1,412	1,412	1,412	1,412
Profit/Loss from Associates	1,384	1,366	1,197	1,236	862	1,546	1,760	2,976
Other Comprehensive Income (Net of Tax)	-2,661	-10,383	4,501	6,222	-288	13,008	-850	4,731
Expenses	5,95,414	5,87,922	4,94,182	7,06,760	9,41,433	8,29,336	8,47,573	8,51,119
Material Cost %	49.65%	48.75%	33.48%	44.88%	52.95%	50.64%	52.34%	48.1%
Employee Cost %	1.88%	1.62%	2.17%	1.57%	0.98%	1.32%	1.27%	1.27%
Other Cost %	20.79%	23.54%	37.08%	25.85%	17.21%	17.61%	18.12%	19.95%
Interest Coverage (x)	5.47	1	8.26	6.53	2.32	7.63	2.07	7.06

Indian Oil Corporation revenue and profit trend

Reported annual revenue and net profit, oldest to newest. Two panels because the two measures live on different scales — one shared axis would distort both.

Indian Oil Corporation balance sheet

Assets, liabilities and shareholders' equity as reported, in Schedule III order. Figures in ₹ crore unless a row states otherwise.

Indian Oil Corporation annual balance sheet with assets, liabilities and equity. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Equity	1,14,346	96,274	1,12,814	1,35,127	1,43,214	1,88,163	1,91,025	2,25,547
Equity Share Capital	9,181	9,181	9,181	9,181	13,772	13,772	13,772	13,772
Reserves & Surplus	1,03,288	86,217	1,02,657	1,24,354	1,25,949	1,69,645	1,72,716	2,05,746
Equity Method Investments	—	13,572	15,010	16,335	18,038	18,097	21,392	25,009
Total Equity	1,14,346	96,274	1,12,814	1,35,127	1,43,214	1,88,163	1,91,025	2,25,547
Non-Current Liabilities	60,090	71,945	79,927	83,344	91,889	77,795	85,228	92,202
Long-term Borrowings	39,152	56,071	60,935	62,308	69,790	53,125	58,334	63,652
Deferred Tax Liabilities	16,510	11,439	13,964	15,354	16,800	18,961	20,665	21,616
Non-Current Provisions	2,212	1,597	1,597	1,587	1,396	1,415	1,407	1,442
Other Non-Current Liabilities	1,600	2,048	2,583	3,181	3,708	4,062	4,623	5,253
Non-Current Financial Liabilities	39,768	56,861	61,782	63,222	69,985	53,358	58,534	63,891
Current Liabilities	1,60,719	1,61,518	1,62,175	1,92,130	2,06,647	2,16,385	2,30,599	2,11,170
Short-term Borrowings	53,559	69,897	47,580	69,711	79,187	79,503	93,936	68,170
Trade Payables	41,194	27,604	37,248	49,046	54,734	59,454	60,535	57,369
Current Financial Liabilities	1,38,069	1,39,441	1,34,997	1,62,782	1,79,322	1,89,562	2,05,759	1,79,602
Other Current Financial Liabilities	43,316	41,940	50,169	44,025	45,401	50,605	51,288	54,063
Other Current Liabilities	12,476	12,468	17,073	18,980	17,151	15,241	14,788	20,084
Current Provisions	10,174	9,609	9,302	9,749	10,156	10,628	10,013	10,506
Liabilities Held for Sale	—	—	—	25	11	19	15	35
Current Tax Liabilities	—	—	803	619	18	954	40	978
Total Liabilities	2,20,809	2,33,463	2,42,102	2,75,498	2,98,548	2,94,199	3,15,842	3,03,408
Total Non-Current Assets	2,05,379	2,19,112	2,38,707	2,63,764	2,82,897	3,23,914	3,49,224	3,72,144
Property, Plant & Equipment (PPE)	1,29,647	1,44,076	1,53,698	1,57,195	1,76,532	1,92,160	1,97,162	2,04,473
Capital Work-in-Progress	23,401	29,629	32,953	44,050	47,550	57,317	73,740	82,897
Intangible Assets	2,846	2,945	3,385	3,318	3,514	3,837	3,979	4,095
Non-Current Investments	35,510	13,707	20,424	28,004	23,716	37,065	35,458	41,152
Loans – Non-Current	2,291	3,280	2,615	2,293	2,285	2,587	3,223	3,357
Other Non-Current Assets	3,827	2,888	2,850	3,690	4,071	4,951	6,161	4,071
Non-Current Financial Assets	39,384	18,549	24,992	32,936	27,749	42,007	41,018	47,081
Net Fixed Assets	1,55,894	1,76,650	1,90,037	2,04,563	2,27,597	2,53,314	2,74,882	2,91,465
Total Current Assets	1,29,549	1,10,387	1,16,016	1,46,072	1,57,882	1,57,265	1,56,131	1,55,175
Inventories	77,127	67,011	83,427	1,11,737	1,21,108	1,21,376	1,13,878	1,17,133
Trade Receivables	15,798	13,259	13,800	18,700	16,271	13,831	18,551	14,635
Cash & Cash Equivalents	933	1,435	781	1,177	996	1,247	673	1,833
Current Investments	8,417	8,291	9,283	8,013	10,437	10,380	10,369	7,137
Loans – Current	1,592	1,104	989	451	380	493	629	699
Current Financial Assets	47,362	39,121	28,802	30,494	31,845	30,621	35,113	31,543
Other Current Assets	4,578	4,199	3,786	3,842	4,930	5,267	6,415	6,495
Other Current Financial Assets	20,491	14,171	2,256	1,509	2,661	2,758	2,259	4,658
Assets Held for Sale	227	238	193	788	983	1,184	1,512	1,636
Current Tax Assets	482	56	—	—	—	1	725	5
Net Working Capital	-31,170	-51,131	-46,159	-46,057	-48,765	-59,121	-74,468	-55,995
Additional Asset Fields	3,270	5,112	3,456	4,411	5,351	6,575	6,127	7,394
Def Tax Assets	1,393	4,236	2,480	2,820	1,857	1,828	1,590	1,364
Non Controlling Int	1,877	876	976	1,591	3,494	4,747	4,537	6,030
Total Assets	3,35,155	3,29,737	3,54,916	4,10,625	4,41,762	4,82,362	5,06,867	5,28,955
Total Borrowings	92,711	1,25,968	1,08,515	1,32,020	1,48,977	1,32,628	1,52,271	1,31,822
Net Debt	91,778	1,24,533	1,07,734	1,30,843	1,47,981	1,31,381	1,51,597	1,29,989
Debt to Equity (x)	0.81	1.31	0.96	0.98	1.04	0.7	0.8	0.58
Current Ratio (x)	0.81	0.68	0.72	0.76	0.76	0.73	0.68	0.73

Indian Oil Corporation cash flow statement

Cash generated and used across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.

Indian Oil Corporation annual cash flow statement across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Net Cash from Operating Activities	24,570	29,644	71,099	34,699	76,142
Profit Before Tax	33,053	14,176	55,742	15,303	54,497
Depreciation & Amortisation	12,348	13,181	15,866	16,777	18,420
Finance Costs	4,327	7,541	7,826	9,262	8,308
Working Capital Changes	-13,965	-5,149	6,323	-721	4,328
Tax Paid	-7,532	-1,478	-11,905	-3,094	-11,412
Net Cash from Investing Activities	-21,178	-28,030	-31,464	-31,848	-22,274
Purchase of PPE	-22,804	-32,600	-37,175	-34,850	-28,363
Sale of Fixed Assets	-233	432	530	572	1,102
Interest Received	1,892	2,089	2,094	1,836	1,925
Net Cash from Financing Activities	-2,997	-1,794	-39,385	-3,425	-52,672
Proceeds from Borrowings	11,423	16,707	1,349	28,275	15,494
Repayment of Borrowings	2,946	-5,930	-19,180	-10,460	-42,746
Interest Paid	-4,698	-7,010	-7,769	-8,723	-8,535
Dividend Paid	-10,896	-3,306	-10,973	-9,545	-13,702
Buyback / Redemption of Shares	0	0	0	0	0
Lease Liabilities Paid	-1,773	-2,254	-2,813	-2,971	-3,183
Net Change in Cash	395	-180	250	-573	1,197
Effect of Foreign Exchange Changes	0	0	0	0	0
Free Cash Flow	1,767	-2,956	33,923	-151	47,779
CFO / PBT (x)	0.74	2.09	1.28	2.27	1.4

Indian Oil Corporation key ratios

Valuation, profitability, return, leverage and per-share measures computed from reported statements — not from adjusted or normalised earnings.

Indian Oil Corporation trades at a P/E of 4.69× against a sector median of 10.65× — a 56% discount. Sector comparisons can mislead for conglomerates with mixed business lines.

Indian Oil Corporation valuation, profitability, return and leverage ratios
Ratio	Category	Value
P/E (TTM)	Valuation	4.69
Forward P/E	Valuation	8.2
P/B	Valuation	0.9
EV / EBITDA (TTM)	Valuation	7.5
P/S (TTM)	Valuation	0.25
Operating margin	Profitability	9.82%
Net margin (TTM)	Profitability	5.29%
Return on equity	Return ratios	20.7%
Return on capital employed	Return ratios	18.8%
Return on assets	Return ratios	7.08%
Debt to equity	Leverage & liquidity	0.6
Beta	Leverage & liquidity	1.26
EPS (TTM)	Per share	₹30.57
Book value	Per share	₹159.42
Revenue / share (TTM)	Per share	₹567.27
Cash flow / share	Per share	₹53.92
Dividend yield	Shareholder returns	5.89%
Dividend payout (TTM)	Shareholder returns	32.71%

How this is calculated

Statements are as filed with the exchanges. Consolidated figures are shown where reported. Figures are in rupees crore unless the table states otherwise. Ratios are computed from the same reported statements, not from adjusted or normalised earnings.

Index membership reflects the Nifty 100 as published by NSE Indices, effective 2026-03-30.

Indian Oil Corporation: frequently asked questions

What is Indian Oil Corporation's annual revenue?

Indian Oil Corporation reported revenue of ₹9,01,453 crore in Mar 2026, up 4.9% on the previous financial year.

Is Indian Oil Corporation profitable?

Indian Oil Corporation reported a net profit of ₹42,096 crore in Mar 2026, up 209.6% on the previous financial year.

What is Indian Oil Corporation's EPS?

Indian Oil Corporation reported earnings per share of ₹29.81 for Mar 2026.

What is Indian Oil Corporation's operating margin?

Indian Oil Corporation's operating margin for Mar 2026 was 8.55%.

What is Indian Oil Corporation's return on equity?

Indian Oil Corporation's return on equity stands at 20.70%. ROE measures profit generated per rupee of shareholder equity.

How many years of Indian Oil Corporation financials are shown?

8 reported financial years are tabulated on this page, the most recent being Mar 2026.

Are these figures consolidated or standalone?

Consolidated figures are shown wherever the company reports them, and standalone otherwise. The basis in use is labelled on the statement table.

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Disclaimer

The data, ratios and commentary about Indian Oil Corporation Limited (IOC) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.