Indian Oil Corporation Limited

NSEI:IOC Stock Report

Market Cap: ₹1.7t

Indian Oil Valuation

Is IOC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IOC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
₹38.69
Fair Value
228.5% overvalued intrinsic discount
31
Number of Analysts

Below Fair Value: IOC (₹127.12) is trading above our estimate of fair value (₹38.69)

Significantly Below Fair Value: IOC is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IOC?

Key metric: As IOC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for IOC. This is calculated by dividing IOC's market cap by their current earnings.
What is IOC's PE Ratio?
PE Ratio10x
Earnings₹175.37b
Market Cap₹1.70t

Price to Earnings Ratio vs Peers

How does IOC's PE Ratio compare to its peers?

The above table shows the PE ratio for IOC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.6x
HINDPETRO Hindustan Petroleum
12.4x25.2%₹734.6b
500109 Mangalore Refinery and Petrochemicals
26.8x69.4%₹221.3b
RELIANCE Reliance Industries
23x13.9%₹15.7t
BPCL Bharat Petroleum
8.1x2.7%₹1.1t
IOC Indian Oil
10x18.1%₹1.7t

Price-To-Earnings vs Peers: IOC is good value based on its Price-To-Earnings Ratio (10x) compared to the peer average (17.6x).

Price to Earnings Ratio vs Industry

How does IOC's PE Ratio compare vs other companies in the IN Oil and Gas Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
533704 Essar Shipping
1.3xn/aUS$73.63m
No more companies available in this PE range
IOC 10.0xIndustry Avg. 20.6xNo. of Companies4PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IOC is good value based on its Price-To-Earnings Ratio (10x) compared to the Indian Oil and Gas industry average (20.6x).

Price to Earnings Ratio vs Fair Ratio

What is IOC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IOC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10x
Fair PE Ratio14.8x

Price-To-Earnings vs Fair Ratio: IOC is good value based on its Price-To-Earnings Ratio (10x) compared to the estimated Fair Price-To-Earnings Ratio (14.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IOC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹127.12
₹148.52
+16.8%
19.1%₹205.00₹90.00n/a31
Jan ’26₹137.04
₹165.61
+20.9%
20.5%₹246.00₹100.00n/a31
Dec ’25₹138.63
₹165.97
+19.7%
20.3%₹246.00₹100.00n/a31
Nov ’25₹144.99
₹167.74
+15.7%
20.0%₹246.00₹100.00n/a31
Oct ’25₹179.06
₹175.27
-2.1%
19.2%₹238.00₹110.00n/a30
Sep ’25₹176.97
₹173.37
-2.0%
18.9%₹238.00₹110.00n/a30
Aug ’25₹179.73
₹172.23
-4.2%
18.6%₹238.00₹110.00n/a30
Jul ’25₹167.66
₹162.35
-3.2%
19.6%₹213.00₹105.00n/a31
Jun ’25₹162.40
₹159.32
-1.9%
19.9%₹213.00₹105.00n/a31
May ’25₹168.85
₹155.71
-7.8%
20.3%₹213.00₹105.00n/a31
Apr ’25₹169.25
₹152.65
-9.8%
22.0%₹215.00₹85.00n/a31
Mar ’25₹169.40
₹146.53
-13.5%
23.8%₹215.00₹85.00n/a32
Feb ’25₹149.75
₹137.44
-8.2%
20.1%₹191.00₹85.00n/a32
Jan ’25₹130.30
₹110.00
-15.6%
14.9%₹149.00₹85.00₹137.0431
Dec ’24₹111.25
₹107.88
-3.0%
15.1%₹150.00₹85.00₹138.6332
Nov ’24₹92.45
₹104.47
+13.0%
14.7%₹150.00₹80.00₹144.9932
Oct ’24₹90.95
₹103.70
+14.0%
14.2%₹150.00₹80.00₹179.0630
Sep ’24₹89.05
₹104.35
+17.2%
14.9%₹150.00₹80.00₹176.9731
Aug ’24₹94.00
₹104.45
+11.1%
14.9%₹150.00₹80.00₹179.7331
Jul ’24₹91.30
₹100.38
+9.9%
15.4%₹150.00₹80.00₹167.6629
Jun ’24₹90.50
₹98.63
+9.0%
15.6%₹150.00₹80.00₹162.4030
May ’24₹81.40
₹91.21
+12.0%
19.3%₹150.00₹60.00₹168.8529
Apr ’24₹77.90
₹90.04
+15.6%
19.9%₹150.00₹60.00₹169.2528
Mar ’24₹76.95
₹89.25
+16.0%
19.4%₹150.00₹60.00₹169.4031
Feb ’24₹79.80
₹90.50
+13.4%
20.7%₹150.00₹60.00₹149.7530
Jan ’24₹76.50
₹87.67
+14.6%
24.9%₹150.00₹58.00₹130.3030
Analyst Price Target
Consensus Narrative from 31 Analysts
₹148.52
Fair Value
14.4% undervalued intrinsic discount
31
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/30 11:28
End of Day Share Price 2025/01/30 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Indian Oil Corporation Limited is covered by 71 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Vivekanand SubbaramanAmbit Capital
Nitin BhasinAmbit Capital
Harshraj AggarwalAnand Rathi Shares and Stock Brokers Limited