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Energy Minerals

Indian Oil Corp. Ltd.

Company Background

India's largest commercial enterprise, Indian Oil leads various segments of the country's oil and gas industry. Along with subsidiary Chennai Petroleum, the group controls roughly 50% of the market for petroleum products and 30% of national refining capacity.

The Indian government owns nearly 70% of the Fortune 500 company; indirectly, the government holds another 19% stake through state energy companies Oil and Natural Gas Corp. and Oil India.

Indian Oil was established in 1959 with the aim of making India self-sufficient in oil refining and marketing operations. Originally known as Indian Oil Company, it adopted its present name in 1964 after a merger with Indian Refineries, established in 1958. Under the administrative control of the Ministry of Petroleum & Natural Gas, the company has also made forays into alternative energy, including wind, solar, biofuels and nuclear power. The group has three Indian subsidiaries and six international ones, along with 16 joint ventures.

B. Ashok, who joined the company in 1981, has served as Indian Oil's chairman since July 2014. Long a key figure in guiding the business, he is behind initiatives such as installing pilfer-proof locks on tanker trucks to prevent theft and tampering. Another example is a smartphone app that keeps Indian Oil field officers abreast of business information in real time. The chairman is known to be an avid reader, musician and sports enthusiast.

Business Summary

Indian Oil Corp. Ltd. is a holding company, which engages in refining, pipeline transportation, and marketing of petroleum products. It also explores and produces crude oil and gas; and markets natural gas and petrochemicals. It operates through the following business segments: Petroleum Products, Petro-Chemicals, and Other Businesses. The Other Businesses segment covers the sale of gas, explosives, and cryogenics; wins mill and solar power generation; and oil and gas exploration activities. The company was founded on June 30, 1959 and is headquartered in New Delhi, India.

Financial Highlights

Mar 2021 INRUSD
Gross Profit534,822M7,204.44M
Operating income314,675M4,238.90M
Income before tax295,540M3,981.13M
Net income216,382.10M2,914.82M
Diluted EPS23.560.31
Dividends Per Share120.16
Total Assets3,586.63B49,055.59M
Total liabilities2,435.77B33,314.85M
Total equity1,118.38B15,296.44M
Operating cash flow474,399.50M6,390.50M
Currency in INRCurrency in USD

Historical Data

 Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Revenue 3,496.66B 4,177.97B 5,259.36B 4,820.34B 3,630.44B
Gross Profit 474,576.70M 504,655.70M 487,352.90M 323,509.29M 534,822M
Operating income 225,736.40M 310,166.20M 272,260.90M -16,771.20M 314,675M
Income before tax 279,558M 344,502.20M 245,425.20M -85,431M 295,540M
Net income 198,494.90M 221,894.50M 173,767M -8,931.40M 216,382.10M
EBITDA 293,834.50M 386,801.60M 357,325.40M 85,962.70M 424,089.50M
Diluted EPS 20.94 23.40 18.40 -0.97 23.56
Dividends Per Share 9.50 11.50 9.25 4.25 12
Total Assets 3,027.50B 3,045.55B 3,419.30B 3,362.66B 3,586.63B
Total liabilities 1,980.07B 1,871.76B 2,260.13B 2,380.60B 2,435.77B
Total equity 1,020.42B 1,138.73B 1,124.69B 953,979.10M 1,118.38B
Operating cash flow 279,925.40M 287,948.80M 109,845.80M 55,883.90M 474,399.50M
 Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Revenue 52,144.64M 64,808.88M 75,195.33M 67,982.22M 48,904.79M
Gross Profit 7,077.20M 7,828.23M 6,967.88M 4,562.51M 7,204.44M
Operating income 3,366.33M 4,811.31M 3,892.62M -236.52M 4,238.90M
Income before tax 4,168.95M 5,343.93M 3,508.94M -1,204.84M 3,981.13M
Net income 2,960.08M 3,442.03M 2,484.41M -125.96M 2,914.82M
EBITDA 4,381.85M 6,000.08M 5,108.83M 1,212.34M 5,712.79M
Diluted EPS 0.31 0.36 0.26 -0.01 0.31
Dividends Per Share 0.14 0.17 0.13 0.05 0.16
Total Assets 46,623.65M 46,695.46M 49,358.38M 44,449.56M 49,055.59M
Total liabilities 30,493.14M 28,698.43M 32,625.52M 31,468.18M 33,314.85M
Total equity 15,714.54M 17,459.50M 16,235.18M 12,610.22M 15,296.44M
Operating cash flow 4,174.43M 4,466.67M 1,570.51M 788.14M 6,390.50M

Valuation Measures

Mar 2021
Operating margin8.66%
Profit margin5.96%

Key executives

  • CFO, Finance Director & Director: Sandeep Kumar Gupta
  • Director & Director-Research & Development: S. S. V. Ramakumar
  • Executive Director-Operations, Refineries: Manoj Sharma
  • Director & Director-Human Resources: Ranjan Kumar Mohapatra
  • General Manager: H. Shankar


  • Government of India (51.4%)
  • Oil & Natural Gas Corp. Ltd. (14.2%)
  • Life Insurance Corp of India (8.1%)
  • Oil India Ltd. (5.1%)
  • Indian Oil Corp. Ltd. (2.4%)
  • SBI Funds Management Pvt Ltd. (1.7%)
  • The Vanguard Group, Inc. (0.8%)
  • ICICI Prudential Asset Management Co. Ltd. (0.8%)
  • Franklin Templeton Asset Management (India) Pvt Ltd. (0.6%)
  • BlackRock Fund Advisors (0.4%)

Contact Details

  • Website:
  • Address: Plot No. 3079/3, Sadiq Nagar, New Delhi, 110049, India
  • Phone: +91.11.26260000

Related Companies

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  • Indian Oil Corp. Ltd. Employees Superannuation
  • Indian Oil Corp. Ltd. Employees Post-Retirement
  • Provident Fund Trust for the Employees of Indian Oil Corp Ltd
  • Indian Oil Corp. Ltd. Refinery Division Employees Provident Fd
  • IOC Middle East FZE
  • IOCL Singapore Pte Ltd.
  • IOCL (USA), Inc.
  • Guwahati Refinery
  • Indian Oil Corp. Ltd. / Ennore Plant /
  • Ioc Shares Trust
  • IndOil Global BV
  • IndianOil (Mauritius) Ltd.
  • AVI-OIL India Pvt Ltd.
  • Indian Oil Blending Ltd.
  • Indian Catalyst Pvt Ltd.
  • Lanka IOC Plc
  • Ceylon Petroleum Corp. /100 Petrol Stations/
  • IBP Co.
  • Chennai Petroleum Corporation Limited


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Last Updated on 22 Oct, 2021

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