Indian Oil Corporation Limited (IOC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+505.6%

₹827.58

vs ₹136.66 price

Levered DCF

₹1,387.19

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.29

Grey zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	4.43×	13.3×	5.59×	10.96×	4.35×	3.9×	-83.74×	8.38×
P/B	0.85×	0.97×	1.27×	0.77×	0.82×	0.75×	0.79×	1.3×
P/S	0.24×	0.24×	0.3×	0.13×	0.19×	0.23×	0.15×	0.28×
EV / EBITDA	3.73×	8.65×	4.74×	6.68×	4.86×	4.92×	9.72×	6.51×
Gross margin	15.5%	12.4%	16.9%	10.5%	16.5%	23.3%	13.1%	15.5%
Operating margin	7.6%	10.7%	15.1%	9.0%	14.2%	19.8%	10.6%	12.7%
Net margin	5.4%	1.8%	5.4%	1.2%	4.3%	5.9%	-0.2%	3.3%
Current ratio	0.74×	0.68×	0.73×	0.77×	0.76×	0.72×	0.68×	0.81×
Debt / equity	0.6×	0.82×	0.72×	1.07×	0.99×	1.04×	1.36×	0.86×
Interest coverage	7.2×	9.72×	15.68×	11.63×	19.84×	16.7×	10.3×	16.71×
Dividend yield	7.3%	5.3%	4.7%	3.1%	10.0%	9.9%	7.7%	8.0%
Payout ratio	32.6%	70.2%	26.3%	33.8%	43.4%	38.7%	-649.8%	67.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	19.2%	7.3%	22.8%	7.0%	18.8%	19.3%	-0.9%	15.5%
Return on invested capital	11.8%	17.7%	25.5%	18.9%	21.7%	20.5%	5.6%	19.3%
Return on assets	8.0%	2.7%	8.7%	2.2%	6.1%	6.1%	-0.3%	5.2%
Free cash flow yield	23.3%	-0.1%	14.6%	-2.8%	1.4%	30.9%	-31.4%	-8.7%
Earnings yield	22.6%	7.5%	17.9%	9.1%	23.0%	25.7%	-1.2%	11.9%
Enterprise value	₹3.1T	₹3.3T	₹3.6T	₹2.6T	₹2.4T	₹2T	₹2T	₹2.4T
Net debt / EBITDA	1.51×	3.94×	1.71×	3.87×	2.65×	2.85×	6.14×	2.58×
Cash conversion cycle (days)	40	39	45	42	59	81	44	30