Financials Indian Oil Corporation Limited

Equities

IOC

INE242A01010

Oil & Gas Refining and Marketing

Market Closed - NSE India S.E. 06:43:37 2024-03-01 am EST 5-day change 1st Jan Change
169.4 INR +2.33% Intraday chart for Indian Oil Corporation Limited -5.73% +30.46%

Valuation

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,491,962 747,790 843,279 1,092,085 1,072,805 2,279,882 - -
Enterprise Value (EV) 1 2,325,578 1,759,892 1,791,329 2,214,160 2,322,013 3,436,257 3,516,740 3,639,363
P/E ratio 8.85 x -84.2 x 3.9 x 4.35 x 11 x 5.18 x 9.18 x 9.53 x
Yield 5.68% 5.21% 13.1% 10.6% 3.85% 8.73% 4.67% 4.81%
Capitalization / Revenue 0.28 x 0.15 x 0.23 x 0.19 x 0.13 x 0.3 x 0.29 x 0.28 x
EV / Revenue 0.44 x 0.36 x 0.49 x 0.38 x 0.28 x 0.45 x 0.45 x 0.45 x
EV / EBITDA 6.6 x 10.7 x 4.29 x 4.64 x 7.56 x 4.41 x 6.87 x 7.14 x
EV / FCF -25 x -7.73 x 6.88 x 125 x -78.5 x 8.08 x 32.6 x 25.5 x
FCF Yield -3.99% -12.9% 14.5% 0.8% -1.27% 12.4% 3.07% 3.92%
Price to Book 1.34 x 0.81 x 0.75 x 0.83 x 0.77 x 1.43 x 1.31 x 1.2 x
Nbr of stocks (in thousands) 13,742,361 13,737,724 13,771,561 13,771,561 13,771,561 13,771,561 - -
Reference price 2 108.6 54.43 61.23 79.30 77.90 165.6 165.6 165.6
Announcement Date 5/17/19 6/24/20 5/19/21 5/17/22 5/16/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,281,489 4,843,623 3,639,497 5,893,357 8,417,559 7,673,858 7,814,732 8,091,813
EBITDA 1 352,227 164,049 417,818 477,417 306,990 779,667 511,984 510,028
EBIT 1 267,162 65,500 308,403 353,941 175,179 556,409 322,669 323,165
Operating Margin 5.06% 1.35% 8.47% 6.01% 2.08% 7.25% 4.13% 3.99%
Earnings before Tax (EBT) 1 259,269 -71,770 307,507 342,886 150,377 585,662 325,949 323,291
Net income 1 173,767 -8,931 216,382 251,022 97,921 430,788 246,705 242,485
Net margin 3.29% -0.18% 5.95% 4.26% 1.16% 5.61% 3.16% 3%
EPS 2 12.27 -0.6467 15.71 18.23 7.110 31.94 18.03 17.37
Free Cash Flow 1 -92,843 -227,736 260,286 17,666 -29,564 425,281 107,934 142,809
FCF margin -1.76% -4.7% 7.15% 0.3% -0.35% 5.54% 1.38% 1.76%
FCF Conversion (EBITDA) - - 62.3% 3.7% - 54.55% 21.08% 28%
FCF Conversion (Net income) - - 120.29% 7.04% - 98.72% 43.75% 58.89%
Dividend per Share 2 6.167 2.833 8.000 8.400 3.000 14.46 7.728 7.962
Announcement Date 5/17/19 6/24/20 5/19/21 5/17/22 5/16/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3
Net sales 1 1,155,025 1,653,390 1,752,920 2,234,144 2,087,539 2,057,153 2,038,723 1,985,508 2,092,188 1,850,520
EBITDA 1 118,456 111,040 142,726 54,185 32,769 44,623 176,994 237,163 160,542 114,271
EBIT - - - - - - - - - -
Operating Margin - - - - - - - - - -
Earnings before Tax (EBT) - 80,161 98,914 13,436 -5,266 - 137,586 - 128,900 -
Net income 1 61,097 61,431 66,457 -2,794 -9,916 7,732 102,898 144,370 67,496 64,461
Net margin 5.29% 3.72% 3.79% -0.13% -0.47% 0.38% 5.05% 7.27% 3.23% 3.48%
EPS 2 - - 4.827 - -0.7200 - - 10.48 3.181 5.071
Dividend per Share 2 - 2.667 2.400 - - - 3.000 1.832 1.832 2.229
Announcement Date 7/30/21 1/31/22 5/17/22 7/29/22 10/29/22 1/31/23 5/16/23 7/28/23 - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 833,616 1,012,102 948,051 1,122,075 1,249,209 1,156,375 1,236,858 1,359,481
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.367 x 6.17 x 2.269 x 2.35 x 4.069 x 1.483 x 2.416 x 2.666 x
Free Cash Flow 1 -92,843 -227,736 260,286 17,666 -29,564 425,281 107,934 142,809
ROE (net income / shareholders' equity) 15.1% 1.98% 20.9% 20.2% 7.17% 29.1% 14.6% 13.2%
ROA (Net income/ Total Assets) 5.51% 0.62% 6.32% 6.56% 2.3% 7.15% 4.75% 5.1%
Assets 1 3,154,181 -1,439,852 3,423,264 3,827,726 4,261,891 6,025,004 5,193,784 4,754,607
Book Value Per Share 2 81.00 67.60 81.20 95.70 101.0 116.0 127.0 138.0
Cash Flow per Share 2 9.980 6.270 36.20 17.80 21.50 49.50 31.90 32.70
Capex 1 234,174 314,267 238,332 228,038 326,001 298,529 300,166 303,452
Capex / Sales 4.43% 6.49% 6.55% 3.87% 3.87% 3.89% 3.84% 3.75%
Announcement Date 5/17/19 6/24/20 5/19/21 5/17/22 5/16/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
32
Last Close Price
169.4 INR
Average target price
145.8 INR
Spread / Average Target
-13.94%
Consensus
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