Financials Indian Oil Corporation Limited

Equities

IOC

INE242A01010

Oil & Gas Refining and Marketing

Market Closed - NSE India S.E. Other stock markets 05:13:47 26/04/2024 pm IST			5-day change	1st Jan Change
171.6 ^INR	+0.79%		+2.94%	+32.11%

25/04	China's Sinopec charts global expansion with refinery in rival India's backyard	RE
22/04	INDIA STOCKS-Indian shares rise tracking Asia rebound; drop in HDFC Bank caps gains	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,91,962	7,47,790	8,43,279	10,92,085	10,72,805	23,62,511	-	-
Enterprise Value (EV) ¹	23,25,578	17,59,892	17,91,329	22,14,160	23,22,013	35,47,410	35,64,360	36,52,833
P/E ratio	8.85 x	-84.2 x	3.9 x	4.35 x	11 x	5.26 x	9.34 x	9.59 x
Yield	5.68%	5.21%	13.1%	10.6%	3.85%	8.51%	4.56%	4.74%
Capitalization / Revenue	0.28 x	0.15 x	0.23 x	0.19 x	0.13 x	0.31 x	0.31 x	0.3 x
EV / Revenue	0.44 x	0.36 x	0.49 x	0.38 x	0.28 x	0.46 x	0.47 x	0.47 x
EV / EBITDA	6.6 x	10.7 x	4.29 x	4.64 x	7.56 x	4.55 x	6.86 x	7.01 x
EV / FCF	-25 x	-7.73 x	6.88 x	125 x	-78.5 x	8.27 x	36.1 x	26.9 x
FCF Yield	-3.99%	-12.9%	14.5%	0.8%	-1.27%	12.1%	2.77%	3.72%
Price to Book	1.34 x	0.81 x	0.75 x	0.83 x	0.77 x	1.46 x	1.35 x	1.23 x
Nbr of stocks (in thousands)	1,37,42,361	1,37,37,724	1,37,71,561	1,37,71,561	1,37,71,561	1,37,71,561	-	-
Reference price ²	108.6	54.43	61.23	79.30	77.90	171.6	171.6	171.6
Announcement Date	17/05/19	24/06/20	19/05/21	17/05/22	16/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	52,81,489	48,43,623	36,39,497	58,93,357	84,17,559	76,71,201	76,26,398	78,51,630
EBITDA ¹	3,52,227	1,64,049	4,17,818	4,77,417	3,06,990	7,80,460	5,19,643	5,21,379
EBIT ¹	2,67,162	65,500	3,08,403	3,53,941	1,75,179	5,76,255	3,29,366	3,37,748
Operating Margin	5.06%	1.35%	8.47%	6.01%	2.08%	7.51%	4.32%	4.3%
Earnings before Tax (EBT) ¹	2,59,269	-71,770	3,07,507	3,42,886	1,50,377	5,94,513	3,33,334	3,35,615
Net income ¹	1,73,767	-8,931	2,16,382	2,51,022	97,921	4,45,777	2,51,893	2,51,507
Net margin	3.29%	-0.18%	5.95%	4.26%	1.16%	5.81%	3.3%	3.2%
EPS ²	12.27	-0.6467	15.71	18.23	7.110	32.63	18.36	17.90
Free Cash Flow ¹	-92,843	-2,27,736	2,60,286	17,666	-29,564	4,29,178	98,782	1,35,944
FCF margin	-1.76%	-4.7%	7.15%	0.3%	-0.35%	5.59%	1.3%	1.73%
FCF Conversion (EBITDA)	-	-	62.3%	3.7%	-	54.99%	19.01%	26.07%
FCF Conversion (Net income)	-	-	120.29%	7.04%	-	96.28%	39.22%	54.05%
Dividend per Share ²	6.167	2.833	8.000	8.400	3.000	14.60	7.824	8.123
Announcement Date	17/05/19	24/06/20	19/05/21	17/05/22	16/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	-	11,55,025	-	16,53,390	17,52,920	22,34,144	20,87,539	20,57,153	20,38,723	19,85,508	20,92,188	18,50,520	23,42,026	-
EBITDA ¹	1,00,696	1,49,079	1,18,456	-	1,11,040	1,42,726	54,185	32,769	44,623	1,76,994	2,37,163	1,60,542	1,14,271	1,49,766	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	80,161	98,914	13,436	-5,266	-	1,37,586	-	1,28,900	-	89,500	-
Net income ¹	43,591	90,265	61,097	-	61,431	66,457	-2,794	-9,916	7,732	1,02,898	1,44,370	67,496	64,461	80,702	-
Net margin	-	-	5.29%	-	3.72%	3.79%	-0.13%	-0.47%	0.38%	5.05%	7.27%	3.23%	3.48%	3.45%	-
EPS ²	3.170	6.550	-	-	-	4.827	-	-0.7200	-	-	10.48	3.181	5.071	5.800	-
Dividend per Share ²	2.000	1.000	-	3.333	2.667	2.400	-	-	-	3.000	1.832	1.832	2.229	2.229	2.053
Announcement Date	29/01/21	19/05/21	30/07/21	30/10/21	31/01/22	17/05/22	29/07/22	29/10/22	31/01/23	16/05/23	28/07/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,33,616	10,12,102	9,48,051	11,22,075	12,49,209	11,84,899	12,01,849	12,90,322
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.367 x	6.17 x	2.269 x	2.35 x	4.069 x	1.518 x	2.313 x	2.475 x
Free Cash Flow ¹	-92,843	-2,27,736	2,60,286	17,666	-29,564	4,29,178	98,782	1,35,944
ROE (net income / shareholders' equity)	15.1%	1.98%	20.9%	20.2%	7.17%	29.5%	14.8%	13.6%
ROA (Net income/ Total Assets)	5.51%	0.62%	6.32%	6.56%	2.3%	7.15%	4.75%	5.1%
Assets ¹	31,54,181	-14,39,852	34,23,264	38,27,726	42,61,891	62,34,646	53,03,011	49,31,510
Book Value Per Share ²	81.00	67.60	81.20	95.70	101.0	117.0	127.0	139.0
Cash Flow per Share ²	9.980	6.270	36.20	17.80	21.50	49.50	31.90	32.70
Capex ¹	2,34,174	3,14,267	2,38,332	2,28,038	3,26,001	2,98,882	3,02,339	3,03,648
Capex / Sales	4.43%	6.49%	6.55%	3.87%	3.87%	3.9%	3.96%	3.87%
Announcement Date	17/05/19	24/06/20	19/05/21	17/05/22	16/05/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Indian Oil Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

171.6 INR

Average target price

155.7 INR

Spread / Average Target

-9.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
INDIAN OIL CORPORATION LIMITED	+32.11%	28.33B
RELIANCE INDUSTRIES LTD	+12.39%	221B
BP PLC	+12.58%	107B
CHINA PETROLEUM & CHEMICAL CORPORATION	+17.36%	103B
MARATHON PETROLEUM CORPORATION	+33.72%	71.49B
PHILLIPS 66	+13.72%	64.2B
VALERO ENERGY CORPORATION	+27.54%	54.22B
IMPERIAL OIL LIMITED	+27.93%	37.79B
FORMOSA PETROCHEMICAL CORPORATION	-11.77%	20.79B
REPSOL S.A.	+9.44%	19.12B

Other Oil & Gas Refining and Marketing