Indian Oil Corporation Ltd. (IOCL), formed in 1964 through the merger of Indian Oil Company Ltd. (established in 1959) and Indian Refineries Ltd. (established in 1958), is India's largest commercial enterprise in the oil and gas sector. It is a Maharatna Central Public Sector Enterprise. Indian Oil is ranked 94th on the Fortune Global 500 list of the world's biggest corporations as of 2022.
Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI that has business interests straddling the entire hydrocarbon value chain - from Refining, Pipeline transportation and marketing of Petroleum products to R&D, Exploration & production, marketing of natural gas and petrochemicals. It has the leadership position in the Oil refining & petroleum marketing sector of India.
Indian Oil accounts for nearly half of India's petroleum products market share, 35% national refining capacity (together with its subsidiary Chennai Petroleum Corporation Ltd. or CPCL), and 71% downstream sector pipelines through capacity. The Indian Oil Group owns and operates 11 of India's 23 refineries with a combined refining capacity of 80.7 million tonnes per year.
The company operates an extensive infrastructure network across India. Indian Oil's cross-country pipeline network, for the transport of crude oil to refineries and finished products to high-demand centres, spans over 13,000 km. The company has a throughput capacity of 80.49 million tonnes per year for crude oil and petroleum products and 9.5 million cubic metres per day at standard conditions for gas.
IOC has a 42% market share in Petroleum Oil and Lubricants with over 60,900 touch points. It owns 11 refineries across India with a total capacity of 80.80 MMTPA (including 10.5 MMTPA of subsidiaries), possessing 31% of the total refining capacity of India.
I O C L has a market cap of ₹2,14,106 crore as of recent data, with revenue of ₹7,58,106 crore and profit of ₹13,789 crore. For the fiscal year ended March 31, 2024, IOC reported a Total Revenue of ₹7,76,352 crore and a Profit After Tax (PAT) of ₹43,161 crore. For the latest quarter ended March 31, 2025, the PAT was ₹8,368 crore.
Indian Oil Corporation Ltd's net profit jumped 57.78% since last year same period to ₹8,123.64 crore in the Q4 2024-2025. For the quarter ended March 31, 2025, IOC reported a robust Total Revenue of ₹1,95,270 crore and a Profit After Tax (PAT) of ₹8,368 crore.
Key financial highlights include:
- IOC announced Rs.3 dividend for 2024-25
- Recent announcement of a final dividend of ₹3.00 per share for the fiscal year 2024-25
- Company has a low return on equity of 13.1% over last 3 years
- Promoter Holding: 51.5%
For the fiscal year ended March 31, 2025, IOCL achieved its highest-ever total sales volume of 100.29 million metric tonnes (MMT) across petroleum products, petrochemicals, and gas. During the fourth quarter of the fiscal year 2024-25 (ended March 31, 2025), the company's refinery throughput was 18.5 MMT, operating at a capacity utilization of 107.1%.
Furthermore, its extensive network of cross-country pipelines recorded its highest-ever throughput of 100.5 MMT for the fiscal year ended March 31, 2025. The throughput of the Corporation's countrywide pipelines network was 98.626 million tonnes during the year.
Indian Oil is significantly expanding its petrochemical operations. The company's current petrochemical production capacity stands at 4.28 million tonnes/year, based on its annual report for the fiscal year ending March 2024. Petrochemical projects worth Indian rupees (Rs) 300 billion ($3.6 billion) are under various stages of implementation, while feasibility studies are ongoing on projects worth Rs900 billion, based on IOC's annual report for the fiscal year ending March 2024.
"We are integrating petrochemicals into our refining operations," IOC chairman SM Vaidya said at the company's annual general meeting on 9 August. "This oil-to-chemical approach will enrich our value chain, meet rising petrochemical demand, reduce import reliance, and insulate the bottom line from the impacts of oil price fluctuations," he said.
Indian Oil Corp expects to complete expansion of its refineries in Panipat, Gujarat and Barauni by December of next year. The state-run refiner is expanding the Panipat Refinery from 15 MMTPA to 25 MMTPA and the Gujarat Refinery from 13.7 MMTPA to 18 MMTPA along with its integration to lube and petrochemical production units.
As part of its future expansions, IOC expects to begin operations at the 200,000 tonne/year PP plant at its Barauni refinery and 500,000 tonne/year PP line at its Gujarat refinery before end-March 2026, based on the company's annual report.
It has subsidiaries in Sri Lanka (Lanka IOC), Mauritius (IndianOil (Mauritius) Ltd), and the Middle East (IOC Middle East FZE). In February 2020, the company signed a deal with the Russian oil company Rosneft to buy 140,000 barrels per day of crude in year 2020.
Market sentiment for IOC remains strong, with 63.33% of 30 analysts recommending a 'BUY' rating as of July 2025, with an average price target of ₹155.63. IOCL holds a leading market share in India's petroleum refining and marketing sectors, supported by a vast infrastructure network.
The company continues to play a vital role in India's energy security while expanding its operations in petrochemicals and renewable energy to adapt to evolving market demands and support the country's energy transition objectives.
