Financials Indian Oil Corporation Limited

Equities

IOC

INE242A01010

Oil & Gas Refining and Marketing

Market Closed - NSE India S.E. Other stock markets 07:42:30 2024-04-30 am EDT			5-day change	1st Jan Change
168.8 ^INR	-4.47%		-1.20%	+30.03%

May. 01	Jefferies Adjusts Indian Oil’s Price Target to INR175 From INR215, Keeps at Hold	MT
May. 01	Indian Oil Plans INR52 Billion Investment to Develop 1GW Renewable Energy Projects	MT

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	2,325,328	-	-
Enterprise Value (EV) ¹	2,325,578	1,759,892	1,791,329	2,214,160	2,322,013	2,310,179	3,558,080	3,579,047
P/E ratio	8.85 x	-84.2 x	3.9 x	4.35 x	11 x	5.54 x	8.65 x	9.53 x
Yield	5.68%	5.21%	13.1%	10.6%	3.85%	8.65%	4.06%	4.65%
Capitalization / Revenue	0.28 x	0.15 x	0.23 x	0.19 x	0.13 x	0.3 x	0.33 x	0.3 x
EV / Revenue	0.44 x	0.36 x	0.49 x	0.38 x	0.28 x	0.3 x	0.51 x	0.46 x
EV / EBITDA	6.6 x	10.7 x	4.29 x	4.64 x	7.56 x	3.06 x	6.08 x	6.68 x
EV / FCF	-25 x	-7.73 x	6.88 x	125 x	-78.5 x	8.18 x	29.9 x	27.8 x
FCF Yield	-3.99%	-12.9%	14.5%	0.8%	-1.27%	12.2%	3.34%	3.59%
Price to Book	1.34 x	0.81 x	0.75 x	0.83 x	0.77 x	1.44 x	1.16 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	168.8	168.8	168.8
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: März	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	7,024,877	7,804,350
EBITDA ¹	352,227	164,049	417,818	477,417	306,990	755,908	584,975	535,527
EBIT ¹	267,162	65,500	308,403	353,941	175,179	597,247	400,486	357,373
Operating Margin	5.06%	1.35%	8.47%	6.01%	2.08%	7.69%	5.7%	4.58%
Earnings before Tax (EBT) ¹	259,269	-71,770	307,507	342,886	150,377	572,878	352,582	328,613
Net income ¹	173,767	-8,931	216,382	251,022	97,921	417,297	286,793	250,579
Net margin	3.29%	-0.18%	5.95%	4.26%	1.16%	5.38%	4.08%	3.21%
EPS ²	12.27	-0.6467	15.71	18.23	7.110	30.30	19.51	17.71
Free Cash Flow ¹	-92,843	-227,736	260,286	17,666	-29,564	429,178	119,004	128,518
FCF margin	-1.76%	-4.7%	7.15%	0.3%	-0.35%	5.59%	1.69%	1.65%
FCF Conversion (EBITDA)	-	-	62.3%	3.7%	-	54.99%	20.34%	24%
FCF Conversion (Net income)	-	-	120.29%	7.04%	-	96.28%	41.49%	51.29%
Dividend per Share ²	6.167	2.833	8.000	8.400	3.000	14.60	6.852	7.845
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: März	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: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	833,616	1,012,102	948,051	1,122,075	1,249,209	1,184,899	1,232,752	1,253,719
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	2.107 x	2.341 x
Free Cash Flow ¹	-92,843	-227,736	260,286	17,666	-29,564	429,178	119,004	128,518
ROE (net income / shareholders' equity)	15.1%	1.98%	20.9%	20.2%	7.17%	29.5%	14.9%	13.2%
ROA (Net income/ Total Assets)	5.51%	0.62%	6.32%	6.56%	2.3%	7.15%	5.5%	5.1%
Assets ¹	3,154,181	-1,439,852	3,423,264	3,827,726	4,261,891	6,234,646	5,214,412	4,913,313
Book Value Per Share ²	81.00	67.60	81.20	95.70	101.0	117.0	146.0	140.0
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	298,882	317,834	308,372
Capex / Sales	4.43%	6.49%	6.55%	3.87%	3.87%	3.9%	4.52%	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

168.8 INR

Average target price

155.9 INR

Spread / Average Target

-7.69%

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	+30.03%	27.86B
RELIANCE INDUSTRIES LTD	+13.50%	238B
BP PLC	+9.28%	107B
CHINA PETROLEUM & CHEMICAL CORPORATION	+14.43%	100B
MARATHON PETROLEUM CORPORATION	+20.63%	64.51B
PHILLIPS 66	+5.31%	60.72B
VALERO ENERGY CORPORATION	+19.74%	52.28B
IMPERIAL OIL LIMITED	+22.81%	36.9B
FORMOSA PETROCHEMICAL CORPORATION	-10.53%	21.09B
REPSOL S.A.	+9.48%	19.16B

Other Oil & Gas Refining and Marketing