Indian Oil Corporation Limited
IOCL, a GoI undertaking, was formed in 1964 with the merger of Indian Refineries Ltd (incorporated in 1958) and Indian Oil Company Ltd (incorporated in 1959). IOCL is an integrated oil refining and marketing company. Along with its subsidiary, Chenna...
Key Metrics
EPS
30.30
Current ratio
0.73
Debt/Equity
1.57
Debt/EBITDA
3.63
Interest coverage ratio
8.27
Operating Cashflow to total debt
0.36
Financials
Pros & Cons
Exclusive on TAP Bonds
Here's what we like about this company and potential risks we have identified.
Pros
Strategic importance to, and continued support from, GoI
Dominant position in the oil refining and marketing sector
Improvement in the financial risk profile, albeit moderate for the rating category
Liquidity: Superior
Cons
Susceptibility to volatility in crude oil prices and forex fluctuation
Exposure to project implementation risk
Higher-than-expected and sustained deterioration in IOCL’s performance
Change in GoI’s support philosophy or reduction in stake below 51%
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About Indian Oil Corporation Limited bond.
This comprehensive profile covers key factual information about Indian Oil Corporation Limited. IOCL, a GoI undertaking, was formed in 1964 with the merger of Indian Refineries Ltd (incorporated in 1958) and Indian Oil Company Ltd (incorporated in 1959). IOCL is an integrated oil refining and marketing company. Along with its subsidiary, Chennai Petroleum Corporation Ltd ('CRISIL AAA/Stable/CRISIL A1+'), IOCL controls 11 refineries across India, with a combined capacity of 80.6 million tonne per annum, which accounts for 31% of the country's total capacity. As on June 30, 2024, GoI held 51.5% stake, ONGC held 14.2%, insurance companies held 7.49% and balance was held by public and others. IOCL through a JV is also setting up a 9-mmtpa refinery at Cauvery Basin, Nagapattinam, at an estimated project cost of Rs 38,830 crores. JV has been formed, wherein IOCL and CPCL will hold 75% and 25% stake respectively. For the first quarter of fiscal 2025, IOCL reported consolidated profit after tax (PAT) of Rs 4,841 crore on revenues of Rs 219,864 crore as against PAT of Rs 19,450 crore on revenue of Rs 225,710 crore for the corresponding period of the previous fiscal. EPS in Mar-2024 was 30.30. Current ratio in Mar-2024 was 0.73. Debt/Equity in Mar-2024 was 1.57. Debt/EBITDA in Mar-2024 was 3.63. Interest coverage ratio in Mar-2024 was 8.27. Operating Cashflow to total debt in Mar-2024 was 0.36. Total revenue for Mar-2025(E) was ₹938276.62. Net income for Mar-2025(E) stood at ₹41503.93. Total assets as of Mar-2024 were ₹482,682.90. Operating cash flow for Mar-2024 was ₹71,098.63. The company’s borrowing relationships include Bank of Baroda (₹N/A Cr), State Bank of India (₹N/A Cr), Punjab National Bank (₹N/A Cr), UCO Bank (₹N/A Cr), State Bank of India (₹N/A Cr), Bank of Baroda (₹N/A Cr), State Bank of India (₹N/A Cr), Bank of Baroda (₹N/A Cr), State Bank of India (₹N/A Cr), Canara Bank (₹N/A Cr), State Bank of India (₹N/A Cr), Bank of India (₹N/A Cr), Bank of Baroda (₹N/A Cr), State Bank of India (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), State Bank of India (₹N/A Cr), IDBI Bank Limited (₹N/A Cr), State Bank of India (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), State Bank of India (₹N/A Cr), (₹N/A Cr), (₹N/A Cr), Indian Bank (₹N/A Cr), Union Bank of India (₹N/A Cr), The South Indian Bank Limited (₹N/A Cr), Exim Bank (₹N/A Cr), Punjab National Bank (₹N/A Cr), The Karnataka Bank Limited (₹N/A Cr), Bank of Baroda (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), IndusInd Bank Limited (₹N/A Cr), Exim Bank (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), Punjab National Bank (₹N/A Cr), IndusInd Bank Limited (₹N/A Cr), The Jammu and Kashmir Bank Limited (₹N/A Cr), The South Indian Bank Limited (₹N/A Cr). Peers and comparison entities consist of Indian Oil Corporation Limited, Reliance Industries Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corp Limited. As of Dec 2024, promoters hold N/A% while others hold N/A% of equity. Key strengths include: Strategic importance to, and continued support from, GoI; Dominant position in the oil refining and marketing sector; Improvement in the financial risk profile, albeit moderate for the rating category; Liquidity: Superior. Key risks include: Susceptibility to volatility in crude oil prices and forex fluctuation; Exposure to project implementation risk; Higher-than-expected and sustained deterioration in IOCL’s performance; Change in GoI’s support philosophy or reduction in stake below 51%. Leadership team details include Alok Sharma (Director - R & D), Anant Kumar Singh (Chief Vigilance Officer), Anil Sarin (Executive Director), Anirban Ghosh (Executive Director), Anuj Jain (Director - Finance), Arvind Kumar (Director - Refineries), Ashutosh Pant (Independent Director), B Anil Kumar (Executive Director), Dattatreya Rao Sirpurker (Independent Director), Dilip Gogoi Lalung (Independent Director), K S Rao (Executive Director), Kamal Kumar Gwalani (Company Secretary & Compliance Officer), Krishnan Sadagopan (Independent Director), Manish Grover (Executive Director), N Senthil Kumar (Director), Prasenjit Biswas (Independent Director), Rajiv Kacker (Executive Director), Ram Naresh Singh (Independent Director), Rashmi Govil (Director - Human Resources), Sandeep Jain (Executive Director), Sanjay Kumar Jha (Executive Director), Satish Kumar Vaduguri (Director - Marketing), Shrikant Madhav Vaidya (Chairman), Shyam Bohra (Executive Director), Subimal Mondal (Executive Director), Sudipta Kumar Ray (Independent Director), Sujata Sharma (Government Nominee Director), Sujoy Choudhury (Director), Vinod Kumar (Executive Director). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.