Financials Indian Oil Corporation Limited

Equities

IOC

INE242A01010

Oil & Gas Refining and Marketing

Market Closed - NSE India S.E. Other stock markets 07:43:52 2024-05-15 am EDT			5-day change	1st Jan Change
161.8 ^INR	+1.54%		-0.83%	+24.61%

May. 09	Indian Oil Corporation Limited Announces Cessation of Shri Sunil Kumar as Government Nominee Director	CI
May. 01	Jefferies Adjusts Indian Oil’s Price Target to INR175 From INR215, Keeps at Hold	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,491,962	747,790	843,279	1,092,085	1,072,805	2,228,239	-	-
Enterprise Value (EV) ¹	2,325,578	1,759,892	1,791,329	2,214,160	2,322,013	3,381,745	3,380,246	3,463,722
P/E ratio	8.85 x	-84.2 x	3.9 x	4.35 x	11 x	5.54 x	9.47 x	9.3 x
Yield	5.68%	5.21%	13.1%	10.6%	3.85%	7.15%	4.12%	4.46%
Capitalization / Revenue	0.28 x	0.15 x	0.23 x	0.19 x	0.13 x	0.3 x	0.28 x	0.28 x
EV / Revenue	0.44 x	0.36 x	0.49 x	0.38 x	0.28 x	0.44 x	0.43 x	0.44 x
EV / EBITDA	6.6 x	10.7 x	4.29 x	4.64 x	7.56 x	4.47 x	6.71 x	6.57 x
EV / FCF	-25 x	-7.73 x	6.88 x	125 x	-78.5 x	9.97 x	29.7 x	30.7 x
FCF Yield	-3.99%	-12.9%	14.5%	0.8%	-1.27%	10%	3.37%	3.26%
Price to Book	1.34 x	0.81 x	0.75 x	0.83 x	0.77 x	1.29 x	1.15 x	1.06 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	159.4	159.4	159.4
Announcement Date	5/17/19	6/24/20	5/19/21	5/17/22	5/16/23	4/30/24	-	-

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	7,763,518	7,892,517	7,950,098
EBITDA ¹	352,227	164,049	417,818	477,417	306,990	755,908	504,121	527,527
EBIT ¹	267,162	65,500	308,403	353,941	175,179	597,247	333,688	341,908
Operating Margin	5.06%	1.35%	8.47%	6.01%	2.08%	7.69%	4.23%	4.3%
Earnings before Tax (EBT) ¹	259,269	-71,770	307,507	342,886	150,377	572,878	312,482	317,937
Net income ¹	173,767	-8,931	216,382	251,022	97,921	417,297	234,749	240,171
Net margin	3.29%	-0.18%	5.95%	4.26%	1.16%	5.38%	2.97%	3.02%
EPS ²	12.27	-0.6467	15.71	18.23	7.110	30.30	16.83	17.13
Free Cash Flow ¹	-92,843	-227,736	260,286	17,666	-29,564	339,233	113,933	112,791
FCF margin	-1.76%	-4.7%	7.15%	0.3%	-0.35%	4.37%	1.44%	1.42%
FCF Conversion (EBITDA)	-	-	62.3%	3.7%	-	44.88%	22.6%	21.38%
FCF Conversion (Net income)	-	-	120.29%	7.04%	-	81.29%	48.53%	46.96%
Dividend per Share ²	6.167	2.833	8.000	8.400	3.000	12.00	6.569	7.108
Announcement Date	5/17/19	6/24/20	5/19/21	5/17/22	5/16/23	4/30/24	-	-

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	-	-	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	2,342,026	-
EBITDA ¹	100,696	149,079	118,456	-	111,040	142,726	54,185	32,769	44,623	176,994	237,163	160,542	114,271	149,766	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	80,161	98,914	13,436	-5,266	-	137,586	-	128,900	-	89,500	-
Net income ¹	43,591	90,265	61,097	-	61,431	66,457	-2,794	-9,916	7,732	102,898	144,370	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	1.949
Announcement Date	1/29/21	5/19/21	7/30/21	10/30/21	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	1,071,565	1,152,007	1,235,484
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.367 x	6.17 x	2.269 x	2.35 x	4.069 x	1.418 x	2.285 x	2.342 x
Free Cash Flow ¹	-92,843	-227,736	260,286	17,666	-29,564	339,233	113,933	112,791
ROE (net income / shareholders' equity)	15.1%	1.98%	20.9%	20.2%	7.17%	25.8%	12.9%	12.3%
ROA (Net income/ Total Assets)	5.51%	0.62%	6.32%	6.56%	2.3%	9.03%	7.85%	8.05%
Assets ¹	3,154,181	-1,439,852	3,423,264	3,827,726	4,261,891	4,620,404	2,990,439	2,983,491
Book Value Per Share ²	81.00	67.60	81.20	95.70	101.0	130.0	139.0	150.0
Cash Flow per Share ²	9.980	6.270	36.20	17.80	21.50	51.60	31.30	36.60
Capex ¹	234,174	314,267	238,332	228,038	326,001	371,754	309,508	313,916
Capex / Sales	4.43%	6.49%	6.55%	3.87%	3.87%	4.79%	3.92%	3.95%
Announcement Date	5/17/19	6/24/20	5/19/21	5/17/22	5/16/23	4/30/24	-	-

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

159.4 INR

Average target price

158.8 INR

Spread / Average Target

-0.37%

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	+24.61%	26.28B
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BP PLC	+7.07%	104B
CHINA PETROLEUM & CHEMICAL CORPORATION	+23.47%	101B
MARATHON PETROLEUM CORPORATION	+17.63%	61.49B
PHILLIPS 66	+8.80%	61.41B
VALERO ENERGY CORPORATION	+19.95%	50.99B
IMPERIAL OIL LIMITED	+24.77%	36.97B
FORMOSA PETROCHEMICAL CORPORATION	-13.63%	20.52B
NESTE OYJ	-41.11%	18.43B

Other Oil & Gas Refining and Marketing