Hubbry Logo
Indian Oil CorporationIndian Oil CorporationMain
Open search
Indian Oil Corporation
Community hub
Indian Oil Corporation
logo
8 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Indian Oil Corporation
Indian Oil Corporation
Indian Oil Corporation
View on Wikipedia
from Wikipedia

Indian Oil Corporation Limited (IOCL or IOC), trading as IndianOil, is an Indian multinational[3][4] oil and gas company under the ownership of the Government of India and administrative control of the Ministry of Petroleum and Natural Gas. It is a public sector undertaking which is registered in Mumbai but headquartered in New Delhi.[5] It is the largest government-owned oil producer[6] in the country both in terms of capacity and revenue. It has consolidated refining capacity of 80.55MMTPA.[7]

Key Information

Indian Oil's business interests overlap the entire hydrocarbon value chain, including refining, pipeline, marketing of petroleum products, exploration and production of Petroleum, natural gas and petrochemicals.[8] Indian Oil has ventured into renewable energy and globalisation of downstream operations. It has subsidiaries in Sri Lanka (Lanka IOC),[9] Mauritius (IndianOil (Mauritius) Ltd),[10] and the Middle East (IOC Middle East FZE).[11]

Indian Oil is ranked 94th on the Fortune Global 500 list of the world's biggest corporations as of 2022.[12] As of 31 March 2021, Indian Oil has 31,648 employees, out of which 17,762 are executives and 13,876 non-executives, while 2,776 are women.[13][14][15]

History

[edit]

In May 2018, IOCL became India's most profitable government corporation for the second consecutive year, with a record profit of ₹21,346 crores in 2017–18.[16] 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.[17] By 1 April 2020, IndianOil was in absolute readiness to launch BS-VI (Bharat Stage VI) fuels in all its retail outlets in Telangana and adopt world-class emission norms.[18]

In January 2021, sales were registered at an all-time high of 410,000 barrels of oil per day till 26 January 2021. Delek, QatarEnergy, and Saudi Aramco are its largest business partners, with Abu Dhabi National Oil Company and National Iranian Oil Company signing deals to deliver high production output by the end of 2020.

In March 2022, Apollo Hospitals replaced Indian Oil Corporation in Nifty 50 benchmark index.[19]

Controversy

[edit]

Indian Oil Corporation's activities in Russia

[edit]

Indian Oil Corporation has faced criticism for continuing its operations in Russia despite widespread international sanctions imposed after Russia's invasion of Ukraine in 2022. The corporation has been listed on platforms such as Leave Russia, which monitors companies still active in the country, raising ethical concerns about its stance in the global effort to economically isolate Russia. Critics argue that such actions undermine international solidarity against the invasion of Ukraine. The company's activities have sparked questions about its commitment to corporate social responsibility and its alignment with international norms during geopolitical crises.[20][21]

Operations

[edit]
The world's highest retail outlet (at an altitude of 3,740 mtr. above mean sea level) under IOCL, in Kaza, Himachal Pradesh
IOCL Petrol Pump under construction in Khammam
An Indian Oil Fueling Station in Kapsi, Chhattisgarh
An Indian Oil Petrol pump near Dera Bassi in Punjab, India
An Indian Oil fuel truck on the way to Ladakh
A typical IOCL petrol pump in cities of India - Chembur, Mumbai
Indian Oil Petrol Bunk in Basaveshwaranagar, Bangalore at night
IndianOil aviation fuel tanker in front of Terminal 1D at Indira Gandhi International Airport
An oil refinery under IOCL in Haldia, West Bengal

Business divisions

[edit]

There are seven major business divisions in the organisation:

  1. Refineries Division[22]
  2. Pipelines Division[23]
  3. Marketing Division[24]
  4. R&D Division[25]
  5. Petrochemicals Division[26]
  6. Exploration & Production (E&P) Division[27]
  7. Explosives and Cryogenics Division[28]

Products and services

[edit]

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 [29] refineries with a combined refining capacity of 80.7 million tonnes per year.[30] 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. On 19 November 2017, IOCL, in collaboration with Ola, launched India's first electric charging station at one of its petrol-diesel stations in Nagpur.[31] Indian governments' National Electric Mobility Mission Plan launched in 2013 aims at gradually ensuring a vehicle population of 6 to 8 million electric and hybrid vehicles in India by 2020.[32]

Servo is the lubricants brand under which IOCL operates its lubricant business. Servo is the largest selling lubricant brand in both automotive and industrial segments.

It is said that deals with Royal Dutch Shell and Surgutneftegas and Chevron Corporation have been signed for exclusive business plans for supply in Asia with the Indian Oil Company, which are worth 20 billion dollars per year.

Oil refinery locations

[edit]

Pipelines

[edit]
  • Salaya - Mathura crude oil pipeline
  • Mundra - Panipat crude oil pipeline
  • Paradip-Haldia-Barauni crude oil pipeline
  • Kandla–Bhatinda Oil Pipeline
  • Koyali - Mohanpura product pipeline
  • Koyali - Ahmedabad product pipeline
  • Guwahati - Siliguri product pipeline
  • Barauni - Kanpur product pipeline
  • Patna-Motihari-Baitalpur Product pipeline
  • Haldia - Mourigram - Rajbandh product pipeline
  • Haldia - Barauni product pipeline
  • Panipat - Jalandhar LPG pipeline
  • Dadri - Panipat R-LNG pipeline
  • Koyali - Ratlam product pipeline
  • Koyali - Dahej/ Hazira product pipeline
  • Panipat - Bhatinda product pipeline
  • Panipat - Rewari product pipeline
  • Panipat - Ambala - Jalandhar product pipeline
  • Mathura - Delhi product pipeline
  • Mathura - Bharatpur product pipeline
  • Mathura - Tundla product pipeline
  • Chennai - Trichy - Madurai product pipeline
  • Chennai - Bangalore product pipeline
  • Chennai ATF pipeline
  • Bangalore ATF pipeline
  • Kolkata ATF pipeline
  • Paradip - Raipur - Ranchi product pipeline
  • Jaipur Panipat Naphtha Pipeline
  • Paradip - Hyderabad product pipeline
  • Paradip-Haldia-Barauni-Motihari LPG Pipeline
  • Paradip-Somnathpur-Haldia Product Pipeline

Foreign subsidiaries

[edit]

Subsidiaries include:[33]

  • IndianOil (Mauritius) Limited
  • IOC Middle East FZE, UAE
  • Lanka IOC PLC, Sri Lanka
  • IOC Sweden AB, Sweden
  • IOCL (USA) Inc., USA
  • IndOil Global B.V. Netherlands
  • IOCL Singapore Pte. Ltd.

Employees

[edit]
A sculpture on the premises of IOCL Corporate Office, New Delhi, India

As On 31 March 2024, IOC's Regular Employee[34] Strength Stands At 30,321. Executives Account For 18,570, non-Executives Account For 11,751.[13][35] The attrition rate in Indian Oil is around 1.5%.[36] The company spent ₹96.57 billion on employee benefits during the FY 2016–17.[35]

Listing and shareholding

[edit]

Indian Oil's equity shares are listed on the Bombay Stock Exchange and National Stock Exchange of India.[37]

As of September 2018, it was owned 51% by the Government of India (through the President of India), and 43% by other entities. The latter included corporate bodies (20%), ONGC (14%), LIC (6%), Foreign portfolio investors (6%),[5] Oil India Limited (5%) and Indian Mutual funds (4%).[38]

This was similar to its shareholding in 2017. As of 31 December 2017, the Promoters Government of India held approx. 56.98% of the shares in Indian Oil Corporation. The public held the rest of the shares – 43.02%. This includes Mutual Fund Companies, Foreign Portfolio Investors, Financial Institutions/ Banks, Insurance Companies, Individual Shareholders and Trusts.[39] IOCL's Market cap as of December 2022 was Rs. 1,10,075.05 crore.[40]

Shareholders (as on 31 March 2020)[41] Shareholding
Promoter Group (President of India) 51.50%
Central Government 0.11%
Foreign Institutional Investors 5.81%
Mutual Funds 4.66%
General Public 6.01%
Financial Institutions 8.32%
Others 23.59%
Total 100.0%

Strategic partnerships

[edit]

IOC Phinergy Pvt Ltd

[edit]

Indian Oil Corporation (IOC) buys a stake in Phinergy (Israel) for manufacturing, development, and sale of aluminum-air batteries (Al-Air batteries) for electric vehicles. This joint venture is ready to facilitate the development of Al-Air technology by intending to set up a factory in India.[42]

Competition

[edit]

Indian Oil Corporation has two major domestic competitors – Bharat Petroleum and Hindustan Petroleum – and both are state-controlled, like Indian Oil Corporation. Major private competitors include – Reliance Petroleum, Essar Oil, Now renamed as Nayara and Shell.

Oil Industry Development Board

[edit]

India has begun the development of a strategic crude oil reserve sized at 37.4 million barrels (5,950,000 m3), enough for two weeks of consumption.[43] Petroleum stocks have been transferred from the Indian Oil Corporation to the Oil Industry Development Board (OIDB).[44] The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve.[45]

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Indian Oil Corporation

View on Grokipedia
from Grokipedia

Indian Oil Corporation Limited (IndianOil) is a Maharatna public sector undertaking of the and India's flagship integrated major, spanning the value chain from and transportation to marketing of products, , and . Formed in 1964 through the merger of Indian Oil Company Ltd. (established ) and Indian Refineries Ltd., it has evolved into the country's largest commercial enterprise by revenue and capacity. In 2024-25, IndianOil achieved record sales of 100.292 million metric tonnes and revenue of ₹845,513 , underpinned by a gross margin of $4.80 per barrel and net profit of ₹12,962 . The company operates 11 refineries with a combined capacity exceeding 80 million metric tonnes annually, an extensive network, and over 63,000 retail outlets, ensuring nationwide distribution while pursuing diversification into cleaner initiatives. Its Maharatna status, conferred in 2010, grants enhanced operational autonomy, reflecting sustained performance as a entity.

History

Establishment and Nationalization (1959–1970s)

The Indian Oil Company Limited was incorporated on 30 June 1959 as a under the , with the mandate to import, process, and market products primarily for supply to state-owned enterprises and defense needs. This establishment aimed to break the dominance of foreign oil majors, such as and , which controlled over 90% of India's imports and marketing at the time. The company's initial operations focused on bulk procurement of crude and refined products, with its first office established in and early infrastructure including storage depots and distribution networks. Indian Refineries Limited, formed in 1958 as the government's vehicle for domestic refining, commissioned India's first public-sector refinery at in 1962 with a capacity of 0.5 million metric tonnes per annum, followed by expansions at . On 1 September 1964, under the Petroleum Companies Amalgamation Order issued by the , Indian Refineries Limited merged with Indian Oil Company Limited to create Indian Oil Corporation Limited, forming a vertically integrated public-sector entity that combined refining, pipelines, and marketing operations. The merger, effective from the financial year 1964-65, resulted in a turnover exceeding Rs. 77 and positioned the corporation to handle approximately 20% of India's refining capacity by the mid-1960s. In the 1970s, amid global oil shocks triggered by the 1973 OPEC embargo—which quadrupled crude prices and strained India's import-dependent economy—the government accelerated of foreign-held assets to secure domestic control over refining and distribution. Indian Oil Corporation, already fully government-owned since inception, absorbed operational responsibilities from nationalized entities, including the 1976 takeover of Burmah-Shell's refineries (reorganized as Bharat Petroleum Corporation) and facilities (forming Corporation), thereby expanding its market share to over 40% of national petroleum product sales by decade's end. This consolidation enhanced energy self-reliance, with IOC commissioning additional capacity at existing refineries and initiating pipeline projects to mitigate supply disruptions.

Expansion and Infrastructure Development (1980s–2000s)

During the , Indian Oil Corporation focused on enhancing its refining capacity to meet rising domestic demand in northern , commissioning the in 1982 with an initial capacity of 6 million metric tonnes per annum (MMTPA). This grassroots facility, the company's sixth , was established in with Soviet technical expertise to process crude oil into key products like diesel, petrol, and for the northwestern region. By 1981, Indian Oil operated half of 's 12 refineries, reflecting its growing dominance in national refining infrastructure. Pipeline infrastructure saw steady expansion to support efficient product transportation, with cross-country networks growing amid increasing oil consumption rates of approximately 8% annually by the late . Projects like the Kandla-Bhatinda were prioritized in the early to link western ports with northern consumption centers, funded through internal resources and government plans. In the 1990s, Indian Oil advanced toward integrated operations by commissioning the and Petrochemical Complex in July 1998, its seventh refinery, with an initial capacity of 6 MMTPA in . This facility incorporated advanced hydrocracking and units, enabling production of high-value products like and positioning it as one of South Asia's largest integrated sites at the time. By the turn of the millennium, the company's cross-country network had expanded to over 6,400 kilometers, facilitating pan-India distribution of refined products and reducing reliance on road and rail logistics. These developments aligned with India's , allowing Indian Oil to invest in capacity upgrades at existing refineries, such as hydrotreating units for cleaner fuels, while maintaining state-owned monopoly advantages in marketing and rollout.

Recent Milestones and Reforms (2010s–2025)

In 2010, Indian Oil Corporation was granted Maharatna status by the , enhancing its financial and operational autonomy for major investments and expansions. That year, the company commissioned its first major gas pipeline from to , enabling supplies to the and supporting diversification beyond traditional refining. In 2013, the Cabinet Committee on Economic Affairs approved a 10% of government stake in IOC, valued at approximately ₹3,750 , as part of broader fiscal consolidation efforts, though full execution involved gradual stake sales via offer-for-sale mechanisms rather than outright . The decade saw significant refining capacity additions, including the commissioning of the 15 million tonnes per annum (MMTPA) Paradip Refinery in in March 2016, after delays from initial 2015 targets, boosting IOC's total refining throughput and integrating petrochemical units for production. Upstream diversification advanced with the acquisition of a 17% participating interest in Oman's Mukhaizna oilfield from Shell, effective January 1, 2017, for $329 million, marking IOC's entry into operations in a major producing asset operated by . By 2020, IOC achieved Bharat Stage VI (BS-VI) compliance across its refineries and retail outlets ahead of the national deadline, enabling production and distribution of low-sulfur fuels to meet stricter emission norms driven by environmental regulations. Entering the , IOC accelerated reforms toward , committing to net-zero operational emissions (Scopes 1 and 2) by 2046 through low-carbon technologies like carbon capture, biofuels, and renewables. In June 2025, the company launched construction of India's largest plant at , targeting 10,000 tonnes per year production by December 2027 via electrolyzers powered by renewables, as part of a broader ₹2 trillion investment in refinery-linked projects. By July 2025, IOC installed rooftop solar panels at over 36,000 stations nationwide, reducing electricity costs and generating clean power equivalent to offsetting dependency in retail operations. In August 2025, IOC outlined a ₹1.66 crore capital expenditure plan over five years to expand refining capacity by 25% to 98.4 MMTPA by 2028, extend pipeline networks to 22,000 km, and scale and alternative energies, amid India's rising oil demand projected to exceed 10 million barrels per day by 2040. blending milestones included reaching 18% nationwide in petrol by early 2025, with IOC contributing through refinery co-processing of non-edible oils for sustainable precursors. These initiatives reflect IOC's adaptation to global decarbonization pressures and domestic policy shifts toward market-linked pricing and reduced subsidies, while maintaining government majority ownership above 51% to ensure .

Corporate Structure and Governance

Ownership and Shareholding

The Government of India holds a majority stake of 51.5% in Indian Oil Corporation Limited (IOCL), classifying it as a public sector undertaking under the administrative control of the Ministry of Petroleum and Natural Gas. This promoter holding, primarily vested in the President of India acting on behalf of the central government, has remained stable at 51.5% across recent quarters, including as of September 30, 2025. The stake reflects partial disinvestment from full government ownership post-listing on the Bombay Stock Exchange and National Stock Exchange in 1993, aimed at broadening the investor base while retaining control. The remaining 48.5% of shares are publicly held, distributed among domestic institutional investors (DIIs), foreign institutional investors (FIIs), mutual funds, companies, and retail shareholders. As of the September 2025 quarter, institutional holdings stood at approximately 37.68%, with DIIs accounting for the majority (around 19.6%) and FIIs at 7.69%. Key DII holders include the of and various mutual funds, while public retail shareholding constitutes the balance.
CategoryPercentage (Sep 2025)Key Holders/Notes
Promoters (Govt. of )51.5%; stable holding.
Domestic Institutions ()~19.6%LIC, mutual funds (e.g., SBI Funds).
Foreign Institutions (FII)7.69%Increased slightly from prior quarter.
Public/Retail~21.65% (implied)Non-institutional shareholders.
No significant pledges or encumbrances on promoter shares have been reported, underscoring the government's strategic control over IOCL's policy and dividend decisions. Shareholding data is disclosed quarterly per SEBI regulations, with patterns showing minimal volatility in promoter stake amid market fluctuations.

Leadership and Board Composition

The Chairman and Managing Director of Indian Oil Corporation Limited is Shri Arvinder Singh Sahney, who assumed charge on November 13, 2024, for a term of five years or until superannuation, whichever is earlier. Sahney, a graduate from Technical Institute, , brings nearly three decades of experience in , , and , having previously served in senior roles within the company including as Director (Refineries). The consists of 13 members as of March 31, 2025, structured to include executive (whole-time/functional) directors responsible for operational oversight, non-executive government nominees representing shareholder interests, and independent non-executive directors ensuring impartial governance and compliance with regulatory standards such as those under the , and SEBI Listing Obligations. Executive directors number eight, covering key functional areas: Sahney as Chairman (also holding additional charges in marketing), Anuj Jain as Director (Finance), Dr. as Director (Research & Development), Rashmi Govil as Director (), Arvind Kumar as Director (Operations), Suman Kumar as Director (Planning & Business Development), Satish Kumar Vaduguri (prior to superannuation in August 2025), and Nachimuthu Senthil Kumar as Director (Refineries). Non-executive directors include one government nominee, Dr. Sujata Sharma, appointed to align with the company's status as a undertaking under the Ministry of and . Independent directors, numbering four, provide external expertise: Dr. (Prof.) Ram Naresh Singh (former academic and policy advisor), Shri Prasenjit Biswas (infrastructure and energy specialist), Shri Krishnan Sadagopan (technology and innovation expert), and Dr. Dattatreya Rao Sirpurker ( and consultant), with terms extending into 2025 and beyond to maintain board diversity and skill sets in refining, finance, and emerging technologies.
CategoryNumberKey Members
Executive Directors8A. S. Sahney (Chairman), Anuj Jain (), Dr. (R&D), Rashmi Govil (HR), Arvind Kumar (Operations), Suman Kumar (P&BD)
Government Nominee1Dr. Sujata Sharma
Independent Directors4Dr. Ram Naresh Singh, Prasenjit Biswas, Krishnan Sadagopan, Dr. Dattatreya Rao Sirpurker
This composition reflects the company's Maharatna status, emphasizing operational expertise among executives while incorporating independent oversight to mitigate risks in a regulated sector, with board meetings held quarterly and committees such as and chaired by independents.

Regulatory and Compliance Framework

Indian Oil Corporation Limited (IOCL), as a Maharatna central undertaking under the administrative control of the Ministry of and (MoP&NG), Government of , operates within a multi-layered regulatory framework encompassing policy directives from the ministry, sectoral statutes, and regulations. Key oversight bodies include the Petroleum and Natural Gas Regulatory Board (PNGRB), established under the PNGRB Act, 2006, which authorizes and tariffs pipelines, regulates natural gas distribution, and enforces provisions for transportation. Safety and handling of products fall under the Petroleum Act, 1934, and Explosives Act, 1884, administered by the Petroleum and Explosives Safety Organisation (PESO), while environmental compliance is mandated by the , requiring clearances and emission standards from the Ministry of Environment, Forest and Climate Change (MoEFCC) and state pollution control boards. IOCL's internal governance aligns with the , SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Department of Public Enterprises guidelines for Maharatna enterprises, which grant enhanced operational autonomy subject to -appointed directors and board oversight. The board, comprising 13 members as of March 31, 2025—including whole-time directors, a nominee, and independent directors—establishes committees such as the for financial reporting and internal controls, Committee for enterprise risks, and CSR & Committee for sustainability compliance. Policies including the , Whistle Blower Policy, and Integrity Pact enforce ethical standards, with quarterly compliance reports filed to stock exchanges and vigilance monitored by the . In its Business Responsibility and Sustainability Report for 2023-24, IOCL reported 100% compliance with statutory environmental, safety, and operational provisions across all facilities, with zero instances of significant non-compliance and no fines or penalties for regulatory violations during the period. Corrective actions were implemented for isolated issues, such as at the , while safety metrics showed low lost time injury frequency rates () of 0.024 for employees and 0.032 for contract workers. However, in August 2024, IOCL incurred fines of ₹5,36,900 each from BSE and NSE for temporary non-compliance with board composition norms under SEBI regulations, attributed to delays in government nominations of independent directors. Separately, as of December 2024, the company initiated an internal probe into allegations of involving its officers and a U.S. firm, though no violations have been confirmed. These mechanisms underscore IOCL's structured approach to mitigation and accountability in a high-stakes sector.

Operations

Refining and Production Facilities

Indian Oil Corporation operates nine refineries with a combined installed capacity of 70.25 million metric tonnes per annum (MMTPA) as of April 1, 2025, representing about 31% of India's national throughput. These facilities primarily imported and domestic crude oil into middle distillates such as diesel and turbine , alongside lighter products like and (LPG), and heavier residues including and . The refineries employ a mix of hydrocracking, , and hydrotreating technologies to meet product specifications compliant with Bharat Stage VI emission norms, with varying Nelson Complexity Indices reflecting their upgrade paths from simple topping units to complex configurations capable of maximizing high-value yields. The refinery portfolio spans eastern, northeastern, northern, and , strategically positioned to serve regional demand and integrate with IOC's extensive pipeline network for efficient crude intake and product evacuation. Key facilities include the high-complexity and Petrochemical Complex in , which integrates refining with downstream aromatics production, and the Paradip Refinery in , designed for export-oriented processing of heavy crudes. Expansions, such as the recent addition at increasing capacity to 8 MMTPA, underscore ongoing efforts to align with rising domestic fuel consumption projected to exceed 300 million tonnes by 2028.
RefineryState/LocationCapacity (MMTPA)Notes
DigboiAssam0.65Oldest operating refinery in Asia, commissioned 1901; low complexity for basic distillation.
GuwahatiAssam1.2Focuses on regional supply; commissioned 1962.
BarauniBihar6.0Hydrocracker upgrades for diesel yield; commissioned 1964.
Koyali (Gujarat)Gujarat13.7Largest by volume; integrated with petrochemicals; commissioned 1965.
HaldiaWest Bengal8.0Recent expansion to full capacity; commissioned 1975.
MathuraUttar Pradesh8.0Serves northern markets; commissioned 1982.
PanipatHaryana15.0Complex with petchem integration; commissioned 1998.
BongaigaonAssam2.7Secondary unit in northeast; capacity post-merger upgrades.
ParadipOdisha15.0Export-focused, deep-conversion; commissioned 2016.
This configuration enables IOC to process over 1.4 million barrels per day of crude, with gross margins influenced by global prices and product cracks, though domestic pricing regulations cap upside from high diesel yields. The facilities' utilization rates averaged above 100% in recent years, driven by operational efficiencies and secondary unit optimizations, positioning IOC as India's largest refiner by throughput.

Marketing and Distribution Networks

Indian Oil Corporation operates India's largest and distribution network, featuring over 60,000 touch points for retail, LPG, and other products. As of June 30, 2025, the company managed 40,666 retail outlets, enabling sales of petrol, diesel, and alternative fuels like E20 at over 8,000 sites and 100 at 470 locations. This expansion included adding 2,823 new retail outlets during the , bolstering its 20% in retail auto fuels. The LPG distribution arm comprises approximately 12,908 outlets, supporting household cooking and industrial applications nationwide. IOC's services command a 63% market share, offering the broadest range in , including JP-5 for naval use, 100LL for , and blends, supplied via dedicated tankers to airports and installations. Lubricants marketed under the Servo brand, along with and fuels—where IOC achieved a 30% share—further extend the network's reach. Overall, these operations underpin IOC's 42% share in oils and lubricants, with sales volumes emphasizing domestic dominance in high-speed diesel, motor spirit, and related products. The network's scale ensures efficient product availability, though it faces competition from private entrants in urban segments.

Pipelines and Infrastructure

Indian Oil Corporation's pipeline network facilitates the efficient, low-emission transport of crude oil from import terminals to refineries and refined to major demand centers across . As of October 2025, the network spans more than 17,000 km, including crude oil, , and pipelines, with ongoing expansions aimed at surpassing 20,000 km to support rising energy demands. This underscores pipelines as the preferred mode, emitting 75% less than , and integrates with multi-modal logistics for nationwide distribution. Crude oil pipelines total approximately 2,663 km with an installed capacity of 25 million metric tonnes per annum (MMTPA), utilizing facilities like single-point moorings at ports such as Adani Port for offshore intake. Major product pipelines include the 1,227 km system linking eastern and northern regions with 5.5 MMTPA capacity, and the 435 km Guwahati-Bongaigaon-Betkuchi line serving northeastern markets. In 2024-25, IOC added 261 km to its pipeline length, enhancing connectivity and throughput. Complementing pipelines, IOC's logistics infrastructure features 127 petroleum, oil, and lubricants (POL) terminals and depots for bulk storage and dispatch, backed by six transportation modes including rail, road tankers, and coastal shipping to reach over 60,000 retail outlets. Recent initiatives include ₹1,500 crore investments in new pipelines and terminals for Bihar and Nepal, with 2024 commissioning of cross-border lines to Chitwan and Jhapa terminals to bolster regional supply security. These assets enable integrated supply chain management, minimizing losses and optimizing distribution from refineries to end-users.

Alternative Energy and Petrochemical Ventures

Indian Oil Corporation has pursued expansion to diversify beyond , integrating downstream units into its refinery infrastructure. The and Complex, spanning over 4,222 acres, features a cracker and facilities, including a (HDPE) unit with a capacity of 300,000 metric tons per annum (KTA). Expansion of this complex, aimed at enhancing output, is scheduled for completion by December 2025, with project costs increased by approximately 10% due to delays. In Paradip, IOC signed a (MoU) with the government on April 8, 2025, for a mega complex estimated at ₹61,077 , focusing on para-xylene (PX), purified (PTA), and downstream s to strengthen the . These initiatives form part of a broader ₹1.66 trillion plan over five years, prioritizing capacity addition alongside refinery upgrades at sites including and . In alternative energy, IOC has committed to net-zero emissions by 2046 through investments in , biofuels, and renewables, supported by its subsidiary Terra Clean Ltd., which targets solar, wind, hydroelectric, infrastructure, , and projects. On June 2, 2025, the company launched India's largest plant at its , replacing fossil-based to cut carbon emissions in operations, with plans for a 10 KTPA electrolyzer facility there and nationwide stations. IOC aims for 350,000 metric tons per year of renewable capacity by 2030, aligning with India's National Mission via pilot projects and joint ventures, including one formed in 2023 with and ReNew for development. targets include scaling to 5-6 gigawatts (GW) of solar and wind capacity as of April 2025 announcements, with longer-term goals of 31 GW by 2030 and contributions to a 200 GW national portfolio by 2050, alongside 7 million metric tons of biofuels and 9 million metric tons of . These efforts are backed by an allocation of ₹25,000 for green energy projects, emphasizing decarbonization while maintaining core operations.

Financial Performance

Indian Oil Corporation's from operations has exhibited volatility influenced by global crude prices, margins, and domestic demand patterns. In FY 2019-20, standalone stood at ₹566,354 , declining to ₹514,890 in FY 2020-21 amid pandemic-induced demand contraction. Recovery followed with FY 2021-22 at ₹728,445 , surging to ₹934,953 in FY 2022-23 due to elevated prices and increased throughput. This peaked before contracting to ₹866,345 in FY 2023-24 and further to ₹845,513 in FY 2024-25, reflecting softer margins and stable but not expanding sales volumes. Net profitability has mirrored these revenue swings but with amplified effects from operational costs, inventory gains, and policy-mandated pricing restraints typical for a public-sector undertaking. FY 2019-20 net profit was modest at ₹1,313 crore standalone, rebounding sharply to ₹21,836 crore in FY 2020-21 on favorable inventory adjustments despite lower volumes. FY 2021-22 profit reached ₹24,184 crore, but FY 2022-23 saw a downturn to ₹8,242 crore amid compressed margins from volatile geopolitics and subsidy burdens. A strong recovery in FY 2023-24 yielded ₹39,619 crore standalone (₹43,161 crore consolidated), driven by improved refining spreads, before declining to ₹12,962 crore in FY 2024-25 due to lower marketing and refining margins.
Fiscal YearRevenue from Operations (Standalone, ₹ )Net Profit (Standalone, ₹ )Key Factors
2019-20566,3541,313Pre-pandemic stability
2020-21514,89021,836COVID drop offset by gains
2021-22728,44524,184Post-COVID recovery, rising prices
2022-23934,9538,242High revenues but margin compression from volatility
2023-24866,34539,619Strong margins from favorable spreads
2024-25845,51312,962Declining margins amid stable volumes
Consolidated figures for recent years show marginally higher revenues and profits due to subsidiary contributions, with FY 2023-24 at ₹881,235 crore revenue and ₹43,161 crore net profit, underscoring the core operations' dominance. Overall, while revenue CAGR from FY 2014-24 approximated 6.59%, profitability remains sensitive to exogenous factors like crude volatility and regulatory pricing, limiting sustained high returns despite capacity expansions. Indian Oil Corporation announced its unaudited financial results for Q3 FY26 (quarter ended December 31, 2025) on February 5, 2026. Standalone net profit was ₹12,126 crore, compared to ₹2,874 crore in Q3 FY25, with revenue from operations at ₹231,769 crore. Consolidated net profit was ₹13,502 crore (attributable to equity holders: ₹13,007 crore), with revenue from operations at ₹236,257 crore. For 9M FY26 (April–December 2025), standalone net profit was ₹25,425 crore, and consolidated net profit was ₹28,501 crore (attributable to equity holders: ₹27,638 crore).

Key Financial Metrics and Debt Profile

For the ended March 31, 2025, Indian Oil Corporation reported consolidated total revenue of ₹7.53 trillion and net profit after tax of ₹12,962 , reflecting a 67% decline in profitability from ₹39,619 in the prior year amid volatile crude prices and margins. The company's stood at 2.23%, with an operating margin of 4.73%, supported by operational efficiencies despite lower gross margins averaging $8-10 per barrel during the year. was 2.70%, indicating moderate asset utilization in a capital-intensive sector.
Key MetricFY 2024-25 Value
Revenue from Operations₹7.53 trillion
EBITDA (approx.)₹70,571 crore (gross profit basis)
Net Profit₹12,962 crore
EPS (diluted)₹9.40
ROE~6.8%
IOC's debt profile features total borrowings of ₹1.52 trillion as of March 31, 2025, comprising primarily long-term debt for refinery expansions and working capital, with net debt at ₹1.36 trillion after accounting for cash reserves. The debt-to-equity ratio improved to 0.80 from 1.31 five years earlier, driven by equity retention and debt repayment amid capex discipline, though liquidity remains constrained with a current ratio of 0.67. Interest coverage was adequate at over 3x, bolstered by steady cash flows from marketing operations, but the company faces refinancing risks from global interest rate fluctuations and rupee depreciation.

Investment Ratings and Market Valuation

Indian Oil Corporation (IOC) maintains strong domestic credit ratings, reflecting its position as India's largest oil refining and marketing company, though international ratings are more moderate due to sector volatility and sovereign linkages. As of May 16, 2025, CRISIL assigned a 'Crisil AAA/Stable' rating to IOC's Rs 3,000 crore non-convertible debentures (NCDs), citing the company's dominant market position and integrated operations. India Ratings affirmed 'IND AAA/Stable' for long-term debt and 'IND A1+' for commercial paper on September 30, 2025, emphasizing IOC's scale and government support. Internationally, S&P Global Ratings assigned a 'BBB' rating with stable outlook on October 14, 2025, acknowledging IOC's operational strengths but noting exposure to refining margins and fuel pricing regulations. Fitch Ratings affirmed 'BBB-' with stable outlook on June 26, 2025, maintaining a standalone credit profile of 'bb+' due to expected EBITDA net leverage below 3.5x. IOC's equity market valuation as of October 24, 2025, reflects a of approximately ₹2.12 trillion, with shares trading around ₹150. Key metrics include a trailing price-to-earnings (P/E) of 12.27, forward P/E of 7.01, and enterprise value-to-EBITDA (EV/EBITDA) of 8.50, indicating trading at a discount to historical averages amid sector pressures like volatile crude prices. The price-to-book stands at 1.11, supported by IOC's asset-heavy including refineries and pipelines. Analyst consensus leans toward 'Buy' or 'Outperform', with an average price target of ₹158.80, implying about 5.8% upside from late levels, driven by expectations of improved margins and investments. ICICI Securities recommended 'Buy' with a ₹170 target on September 29, 2025, citing IOC's capacity expansion and cost efficiencies. Among 30 analysts, 18 rate it 'Buy', 7 'Hold', and 5 'Sell', reflecting optimism tempered by oil price risks and subsidy burdens.

Strategic Partnerships and Subsidiaries

Domestic and International Collaborations

Indian Oil Corporation has engaged in several domestic collaborations to enhance its portfolio and infrastructure capabilities. In November 2021, it signed a (MoU) with to explore opportunities in development, including solar and wind projects. Similarly, in June 2025, Indian Oil entered an MoU with NHPC Limited to accelerate growth in sectors such as and . In August 2025, it partnered with the (NIIF) to invest in energy infrastructure projects, focusing on . Additionally, in September 2025, Indian Oil collaborated with the , alongside and , to strengthen maritime logistics for oil transportation. On the international front, Indian Oil has pursued partnerships to advance technology and market access in refining and alternative fuels. In 2019, it formed a joint venture with TotalEnergies to produce and market bitumen derivatives, leveraging combined research and development strengths for innovative formulations. In September 2024, Indian Oil agreed with Panasonic Energy Company of Japan to explore lithium-ion battery manufacturing, aiming to support electric vehicle infrastructure in India. As of September 2025, discussions were underway with Vitol, a Swiss-based trading firm, for a potential oil trading joint venture to broaden global crude procurement and sales exposure. In April 2025, it partnered with Hyundai Motor India to assess the feasibility of deploying hydrogen fuel cell vehicles, including testing Hyundai's NEXO model at Indian Oil stations. Earlier, in October 2022, Indian Oil signed a statement of intent with LanzaJet, a U.S.-based sustainable aviation fuel producer, to develop production pathways in India.

Foreign and Joint Venture Subsidiaries

Indian Oil Corporation maintains several wholly owned or majority-controlled foreign subsidiaries to support international marketing, trading, support, and activities. These entities facilitate IOC's global presence in , retailing, terminalling, fuelling, and operations across key markets in , , , and the . As of the latest available data, IOC's foreign subsidiaries include operations in , , the , , the , and , with activities tailored to local energy demands and regulatory environments.
Subsidiary NameLocationPrimary ActivitiesOwnership
Lanka IOC PLCSri LankaRetailing, terminalling, and bunkering of petroleum products; operates as the sole private sector retailer of petrol and diesel stations in the country75.12% (majority subsidiary)
IndianOil (Mauritius) Ltd (IOML)MauritiusTerminalling, retailing, aviation refuelling, and bunkering; ranks as the third-largest petroleum company in MauritiusWholly owned
IOCL (USA) Inc.United StatesMarketing and trading support for petroleum products and related operationsWholly owned subsidiary
IOCL Singapore Pte Ltd.SingaporeInternational trading, procurement, and logistics coordination for crude oil and refined productsWholly owned subsidiary
IOC Middle East FZEUnited Arab EmiratesTrading hub for Middle Eastern crude oil sourcing and product exportsWholly owned subsidiary
IOC Sweden ABSwedenSupport for European market entry, potentially including refining or trading linkagesWholly owned subsidiary
Lanka IOC PLC, established as IOC's primary overseas retail arm, commenced operations in Sri Lanka to import and distribute fuels, lubricants, and bitumen, achieving significant despite competition from state-owned entities. Incorporated with IOC's majority stake, it expanded to over 100 retail outlets by leveraging IOC's efficiencies. Similarly, IndianOil (Mauritius) Ltd, formed in 2001 and operational since 2004, handles storage at Mer Rouge Terminal and supplies to Mauritius' sole , alongside marine bunkering services, contributing to IOC's foothold in the region. The Singapore and UAE-based entities primarily serve as trading and procurement arms, enabling IOC to secure crude supplies from OPEC nations and optimize global logistics, with Singapore's subsidiary facilitating transactions. In the and , subsidiaries support niche activities such as product marketing and potential upstream linkages, though their scale remains smaller compared to Asian operations. IOC has not pursued extensive foreign joint ventures beyond asset-specific participations, such as the 17% stake in Oman's Mukhaizna oil field acquired in 2010 through a wholly owned overseas vehicle, focusing instead on full-control subsidiaries for operational . These foreign entities collectively generated ancillary revenues for IOC, bolstering its international diversification amid volatile domestic regulations.

Market Position and Competition

Competitive Landscape

Indian Oil Corporation (IOC) operates in India's downstream oil and gas sector, which is dominated by a few large public sector undertakings (PSUs) and private entities, resulting in an oligopolistic structure with high due to capital-intensive , extensive networks, and regulatory oversight. As of 2023-24, IOC holds the largest capacity at 80.8 million metric tonnes per annum (MMTPA), accounting for 31% of India's total capacity of approximately 256 MMTPA, positioning it ahead of competitors like Corporation Limited (BPCL) and Corporation Limited (HPCL). Private players, notably Limited, challenge IOC through scale, with Reliance's Jamnagar refinery complex boasting around 35.4 MMTPA capacity, the largest single-site facility globally. Other notable refiners include (20 MMTPA at ) and MRPL (an ONGC subsidiary with 15 MMTPA at Mangalore). In marketing, IOC leads with a 42% share of the as of 2024, supported by over 35,000 retail outlets and 62% control of downstream capacity, giving it an edge in distribution efficiency over BPCL and HPCL, which collectively hold around 30-35% in retail fuels. Reliance, while dominant in exports and integration, has a smaller domestic retail footprint, relying more on B2B and imports competition. The sector's competitiveness is intensified by fluctuating global crude prices, margins (which averaged lower in FY2024-25 due to volatility), and government policies favoring PSU marketing stability amid priorities. IOC's state-backed advantages, such as priority crude allocation, contrast with private firms' agility in technology and international sourcing, though PSUs like IOC maintain pricing discipline to curb undercutting. Emerging pressures include capacity expansions—IOC plans a 25% increase to over 100 MMTPA by 2030—and diversification into , where Reliance's integrated model poses a threat through cost efficiencies. Competition from imports, which met about 85% of India's crude needs in , and alternative fuels further erodes margins, but IOC's scale and sustain its leadership amid projected sector growth to USD 6.59 billion by 2030 at a 5.2% CAGR.

Market Share and Industry Influence

Indian Oil Corporation commands a dominant position in India's petroleum refining sector, accounting for approximately 31% of the national refining capacity as of 2025, with a combined throughput of 80.8 million metric tonnes per annum across 10 refineries. This share underscores its role as the largest refiner among public sector undertakings, enabling substantial influence over domestic supply chains amid India's import-dependent energy needs. In fuel marketing, IOC holds around 42% in oil and lubricants, bolstered by an extensive network exceeding 60,900 retail outlets, including approximately 35,758 petrol pumps that represent 41.7% of the total in . Its further amplifies this dominance, spanning over 20,005 kilometers and capturing 51% of crude oil length and 55% of product length nationwide. These assets facilitate efficient distribution, allowing IOC to shape retail pricing dynamics and respond to demand fluctuations driven by and vehicle penetration. IOC's industry influence extends beyond metrics through its status as India's preeminent downstream player, where government ownership of 51.5% stake aligns it with national objectives, including capacity expansions to counter 89% crude import reliance. As a key entity, it drives investments in refining upgrades—targeting over 1 million barrels per day of new capacity by 2030—and influences sector-wide standards for product quality and , though its scale also exposes it to margin pressures from global crude volatility and competitive private entrants.

Controversies and Criticisms

Bribery and Corruption Allegations

In December 2024, Indian Oil Corporation initiated an internal investigation into allegations that U.S.-based Albemarle Corporation paid bribes totaling approximately $1.6 million to unnamed IOC officials between 2009 and 2011 to secure contracts for supplying hydroprocessing catalysts used in IOC's refineries. The U.S. Department of Justice (DOJ) disclosed these details as part of a broader Foreign Corrupt Practices Act (FCPA) enforcement action against Albemarle, which resulted in the company agreeing to pay over $300 million in penalties for bribery schemes in India, Indonesia, and other countries. IOC stated the probe aims to verify the claims, noting the alleged events occurred over a decade prior and involved procurement processes that have since been strengthened with enhanced oversight. Domestically, the (CBI) has pursued multiple cases against IOC personnel for bribery related to operational favors, such as facilitating petrol pump allotments, gas agency transfers, and smooth supply operations. In March 2022, the CBI registered two separate cases against IOC officials in and , , for demanding and accepting bribes of Rs 1 each—one for approving a retail dealership agreement and another for ensuring uninterrupted petrol supply to a dealer. Similar allegations surfaced in 2024, when a CBI probe targeted an IOC officer in for demanding a Rs 2.5 bribe to issue a for a new petrol pump allottee after resolving technical objections. In March 2025, IOC suspended Deputy General Manager Alex Mathew at its office after he was apprehended by the accepting a Rs bribe from a gas agency owner; the official had allegedly demanded Rs to avoid transferring the agency's customers to another distributor. Earlier CBI actions include January 2025 raids on former sales officer Mohit Kumar in for possessing assets disproportionate to known income sources, and an October 2025 conviction of a former IOC manager in to three years' for financial involving irregularities in . In a separate July 2024 ruling, a CBI court discharged IOC as an entity in a Rs high-speed diesel (HSD) diversion scam, finding insufficient evidence of institutional facilitation of despite initial allegations of diverting industrial-use for retail sales. These incidents highlight recurring vulnerabilities in IOC's mid-level and dealership processes, often investigated by the CBI, India's primary anti-corruption agency, though convictions remain limited relative to the volume of probes, with internal disciplinary actions like suspensions serving as immediate responses. IOC has emphasized compliance enhancements, including digital tendering and third-party audits, to mitigate such risks in its state-owned operations.

Geopolitical Trade Disputes

Indian Oil Corporation (IOC), as India's largest refiner processing over 80 million tonnes of crude annually, has faced significant geopolitical pressures from U.S. secondary sanctions targeting oil exports from , , and , compelling adjustments in its import strategy to avoid penalties on its . These sanctions, enacted under U.S. like EO 14024, aim to curtail funding for adversarial regimes but indirectly affect non-sanctioned buyers like IOC through threats of exclusion from the U.S. and restrictions. IOC's exposure stems from its dependence on seaborne crude imports, with supplying up to 40% of its needs at discounted rates post-2022 Ukraine conflict, a shift that drew U.S. scrutiny amid broader India-U.S. frictions, including 50% tariffs on Indian exports partly linked to Russian oil purchases. In response to U.S. sanctions reimposed on in 2018 and intensified in 2019, IOC terminated long-term contracts and ceased Iranian crude imports by mid-2019, incurring losses from disrupted supplies and forcing diversification to alternatives like Saudi and Iraqi oil at higher costs. Similar compliance followed U.S. measures against , where IOC halted purchases earlier in 2025 after sanctions tightened, contributing to elevated import bills as Russian volumes filled the gap until recent curbs. These actions reflect IOC's pragmatic navigation of extraterritorial sanctions, prioritizing operational continuity over ideological alignment, though they have strained relations with suppliers and increased vulnerability to price volatility. The most acute recent tensions arose from October 2025 U.S. sanctions on Russian giants and , prompting IOC and other state refiners to contracts and slash Russian imports to near zero, with vessels diverted and arbitrage opportunities from U.S. crude temporarily exploited instead. IOC has maintained it sources only "clean" Russian oil compliant with price caps to mitigate risks, but broader U.S. pressure—including sanctions on six Indian firms in 2025 for alleged trade violations—has escalated scrutiny, leading to seek U.S. waivers for and Venezuelan oil as offsets. This episode underscores causal dynamics where U.S. leverage via sanctions intersects with 's imperatives, potentially inflating IOC's procurement costs by billions while fostering diversification to West African and Middle Eastern suppliers. No formal legal disputes have escalated to involving IOC over these issues, but the sanctions regime has indirectly fueled U.S.- diplomatic negotiations, with IOC adapting through spot tenders for non-sanctioned crudes like Nigerian grades in 2025. Critics in Western policy circles attribute India's sanction circumvention to economic , yet empirical shows discounted Russian imports saved Indian refiners approximately $10 billion in 2023-2024, justifying the strategy under causal realism of cost minimization amid global supply disruptions.

Environmental and Procurement Challenges

Indian Oil Corporation has encountered significant environmental challenges, primarily related to emissions control and compliance with pollution regulations at its refineries and fuel stations. In July 2020, the National Green Tribunal imposed a Rs 25 crore penalty on IOC's Panipat refinery for non-compliance with environmental clearance conditions, including inadequate effluent treatment and air pollution mitigation measures. This followed an interim fine of Rs 17.31 crore levied in May 2019 for similar violations, such as exceeding emission limits and improper waste management. Additionally, in October 2023, a pollution control board fined IOC Rs 1 crore for failing to install Vapour Recovery Systems at petrol refuelling stations by the mandated deadline, aimed at reducing volatile organic compound emissions during fuel dispensing. IOC has also been involved in oil spill response efforts, such as deploying its R&D Centre to contain a spill near Ennore Port in Chennai following a ship collision, highlighting operational risks in maritime logistics that can lead to localized ecological damage. These incidents underscore broader challenges in the refining sector, where high-volume processing generates flue gases, wastewater, and fugitive emissions, necessitating robust tall stacks, scrubbers, and treatment systems—though lapses in implementation have drawn regulatory scrutiny. On procurement, IOC faces hurdles in securing crude oil supplies amid global volatility and geopolitical constraints, relying on imports for over 80% of its needs due to limited domestic production. In August 2025, the company halted purchases of Russian crude owing to U.S. sanctions on key producers, complicating diversification efforts and exposing vulnerabilities to payment restrictions and shipping disruptions. This shift prompted sourcing from alternative regions like and the , increasing exposure to price fluctuations and longer lead times. Further, U.S. sanctions in October 2025 forced reductions in Russian imports, straining utilization and elevating costs as IOC navigates sanctions compliance and redundancies. These issues reflect systemic risks in India's , including high import dependence and sensitivity to international tensions, which demand agile sourcing strategies beyond domestic constraints.

References

  1. https://iocl.com/pages/our-business-overview
  2. https://iocl.com/admin/img/UploadedFiles/LatestJobOpening/Files/56fe5e264ca749c0abfba3c857583eff.pdf
  3. https://www.moneycontrol.com/company-facts/indianoilcorporation/history/IOC
  4. https://iocl.com/NewsDetails/59410
  5. https://iocl.com/about-indianoil
  6. https://www.bajajbroking.in/blog/indian-oil-corporation-overview
  7. https://iocl.com/uploads/IOC_Annual_Report/IOC_Annual_Report_1959-60.pdf
  8. https://www.fundinguniverse.com/company-histories/indian-oil-corporation-ltd-history/
  9. https://enrichmoney.in/blog-article/indian-oil-history-subsidiaries-and-share-price
  10. https://iocl.com/uploads/IOC_Annual_Report/IOC_Annual_Report_1963-64.pdf
  11. https://iocl.com/uploads/IOC_Annual_Report/IOC_Annual_Report_1964-65.pdf
  12. https://www.jstor.org/stable/4365379
  13. https://www.ide.go.jp/English/Data/Africa_file/Company/mauritius05.html
  14. https://ibef.org/industry/oil-gas-india/showcase/indian-oil-corporation-ltd
  15. https://iocl.com/mathura-refinery
  16. https://www.company-histories.com/Indian-Oil-Corporation-Ltd-Company-History.html
  17. https://iocl.com/uploads/IOC_Annual_Report/IOC_Annual_Report_1991-92.pdf
  18. https://iocl.com/pages/panipat-refinery
  19. https://iocl.com/Contents/Prestige_Publications/CoffeeTableBookPipelinesDivison17012023.pdf
  20. https://www.indiainfoline.com/company/indian-oil-corporation-ltd/summary
  21. https://m.economictimes.com/news/economy/finance/cabinet-clears-10-ioc-disinvestment-to-fetch-rs-3750-crore/articleshow/21534320.cms
  22. https://www.nsenergybusiness.com/projects/iocl-paradip-refinery/
  23. https://m.economictimes.com/industry/energy/oil-gas/indian-oil-acquires-shells-17-per-cent-oman-oilfield/articleshow/63631677.cms
  24. https://iocl.com/pages/digboi-refinery
  25. https://www.iocl.com/pages/NetZero
  26. https://www.eqmagpro.com/indian-oil-launches-nations-largest-green-hydrogen-plant-to-power-cleaner-future-eq/
  27. https://www.eqmagpro.com/indian-oil-powers-36000-fuel-stations-with-solar-in-major-clean-energy-drive-eq/
  28. https://www.outlookbusiness.com/corporate/ioc-lines-up-rs-166-lakh-cr-investment-over-next-5-years-to-grow-business
  29. https://iocl.com/our-upcoming-projects
  30. https://www.livemint.com/companies/news/govt-considers-cutting-stake-in-indian-oil-to-below-51-11573723913932.html
  31. https://iocl.com/shareholding-pattern
  32. https://www.nseindia.com/get-quotes/equity?symbol=IOC
  33. https://trendlyne.com/equity/share-holding/639/IOC/latest/indian-oil-corporation-ltd/
  34. https://choiceindia.com/stocks/indian-oil-corporation-ltd-shareholding-pattern
  35. https://www.investing.com/equities/indian-oil-corporation-ownership
  36. https://iocl.com/NewsDetails/59405
  37. https://iocl.com/pages/our-leadership
  38. https://iocl.com/uploads/Annual_Report-2024-25/public/docs/Report%20on%20Corporate%20Governance.pdf
  39. https://indianmasterminds.com/news/leadership-shift-at-indian-oil-cmd-arvinder-singh-sahney-takes-over-additional-charge-as-director-marketing-133900/
  40. https://www.marketscreener.com/quote/stock/INDIAN-OIL-CORPORATION-LI-9743425/company-governance/
  41. https://iocl.com/admin/img/UploadedFiles/IntimationStockExchanges/Images/e4668c3eb1454407bda8d0d031e88c36.pdf
  42. https://iclg.com/practice-areas/oil-and-gas-laws-and-regulations/india
  43. https://iocl.com/uploads/IOCLBRSR2324.pdf
  44. https://www.angelone.in/news/share-market/indian-oil-giants-fined-for-board-composition-non-compliance
  45. https://energy.economictimes.indiatimes.com/news/oil-and-gas/indian-oil-corporation-probes-allegation-of-us-firm-bribing-its-officers/116582406
  46. https://ppac.gov.in/infrastructure/installed-refinery-capacity
  47. https://iocl.com/pages/refining-overview
  48. https://www.cht.gov.in/refinery-complexity-index
  49. https://www.statista.com/statistics/1125274/iocl-installed-capacities-by-refinery/
  50. https://www.pib.gov.in/PressReleasePage.aspx?PRID=2096817
  51. https://ppac.gov.in/production/crude-processing
  52. https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/010725-indias-refining-capacity-to-expand-20-by-2028-on-robust-run-rates-demand-growth
  53. https://iocl.com/marketing
  54. https://www.careratings.com/upload/CompanyFiles/PR/202509130940_Indian_Oil_Corporation_Limited.pdf
  55. https://iocl.com/uploads/IOCL_Investor_Presentation_2025.pdf
  56. https://www.careratings.com/upload/CompanyFiles/PR/202504130413_Indian_Oil_Corporation_Limited.pdf
  57. https://cpmaindia.com/about/cpma-member-companies-detail/indian-oil-corporation-ltd
  58. https://iocl.com/aviation-fuel
  59. https://www.screener.in/company/IOC/consolidated/
  60. https://bt.moneyworks4me.com/company/news/index/id/535735
  61. https://iocl.com/pages/NetZeroone
  62. https://iocl.com/crude-oil-pipelines
  63. https://iocl.com/petroleum-product-pipelines
  64. https://iocl.com/Pages/pipelines-overview
  65. https://iocl.com/rti-manual
  66. https://iocl.com/uploads/Annual_Report-2024-25/manufactured-cap.html
  67. https://iocl.com/NewsDetails/59400
  68. https://process.honeywell.com/content/dam/process/en/documents/document-lists/doc-list-refining-case-studies/SuccessStory_IndianOil_SupplyChainMgmt.pdf
  69. https://environmentclearance.nic.in/writereaddata/Online/additionalfile/280520189CEN5GF228052018UON4P0QFLetterfromcombinedECforNCUnewcatalystplant250518-compressed.pdf
  70. https://www.icis.com/explore/resources/news/2023/12/04/10950522/indian-oil-s-panipat-refinery-expansion-to-be-completed-in-dec-2025
  71. https://iocl.com/NewsDetails/59409
  72. https://www.business-standard.com/companies/news/indian-oil-plans-1-66-trn-investment-over-5-years-for-business-growth-125083000661_1.html
  73. https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/092425-world-hydrogen-indian-oil-to-expand-renewable-hydrogen-footprint-in-energy-diversification
  74. https://terraclean.in/indian-oil-plans-5-6-gw-renewable-energy-projects-in-green-expansion
  75. https://advancedbiofuelsusa.info/indian-oil-corporation-to-invest-rs-25000-cr-in-green-energy
  76. https://iocl.com/download/SingleAnnualReport202324.pdf
  77. https://iocl.com/uploads/Investor_Presentation_2024.pdf
  78. https://iocl.com/pages/FinancialResults
  79. https://finance.yahoo.com/quote/IOC.NS/financials/
  80. https://www.zeebiz.com/companies/news-indian-oil-q4-fy25-results-profit-pat-rs-7625-crore-revenue-margin-dividend-declared-358476
  81. https://finance.yahoo.com/quote/IOC.NS/key-statistics/
  82. https://www.moneycontrol.com/financials/indianoilcorporation/ratiosVI/IOC
  83. https://finance.yahoo.com/quote/IOC.BO/key-statistics/
  84. https://www.tijorifinance.com/company/indian-oil-corporation-limited/financials/
  85. https://simplywall.st/stocks/in/energy/nse-ioc/indian-oil-shares/health
  86. https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/IndianOilCorporationLimited_May%252016_%25202025_RR_368820.html
  87. https://www.indiaratings.co.in/rating-details/2/79414
  88. https://scanx.trade/stock-market-news/stocks/s-p-assigns-bbb-investment-grade-rating-to-indian-oil-corporation/21973175
  89. https://www.fitchratings.com/research/corporate-finance/fitch-affirms-indian-oil-corporation-at-bbb-outlook-stable-26-06-2025
  90. https://www.livemint.com/market/market-stats/stocks-indian-oil-corporation-share-price-nse-bse-s0003056
  91. https://finance.yahoo.com/quote/IOC.NS/
  92. https://in.marketscreener.com/quote/stock/INDIAN-OIL-CORPORATION-LI-9743425/consensus/
  93. https://www.moneycontrol.com/news/business/stocks/buy-indian-oil-corporation-target-of-rs-170-icici-securities-13587273.html
  94. https://www.investing.com/equities/indian-oil-corporation-consensus-estimates
  95. https://ntpc.co.in/media/press-releases/ntpc-pact-indian-oil-collaboration-renewable-energy
  96. https://www.newsip.in/nhpc-and-iocl-forge-strategic-alliance-to-accelerate-growth-in-renewable-energy
  97. https://foxmandal.in/News/strategic-collaboration-between-indian-oil-corporation-and-niif/
  98. https://elitewealth.in/shipping-corporation-of-india-joins-hands-with-bpcl-hpcl-and-iocl-to-strengthen-maritime-capabilities/
  99. https://www.iocl.com/MediaDetails/56483
  100. https://iocl.com/uploads/IOCL_Corporate_Brochure.pdf
  101. https://www.reuters.com/business/energy/indian-oil-corp-plans-trading-tie-up-with-vitol-sources-say-2025-09-26/
  102. https://m.economictimes.com/industry/renewables/hyundai-partners-with-indianoil-to-explore-viability-of-mass-use-of-hydrogen-fuel-cell-vehicles/articleshow/120518812.cms
  103. https://ogv.energy/news-item/four-major-mous-signed-by-indian-us-oil-and-gas-companies-to-strengthen-clean-energy-partnership/
  104. https://iocl.com/pages/group-companies-overview
  105. https://iocl.com/pages/AnnualReports
  106. https://iocl.com/lanka-ioc-plc
  107. https://www.marketscreener.com/quote/stock/LANKA-IOC-PLC-6499194/company-shareholders/
  108. https://iocl.com/indianoil-mauritius-ltd
  109. http://www.ioml.mu/
  110. https://iocl.com/e&p
  111. https://ibef.org/industry/oil-gas-india
  112. https://www.linkedin.com/posts/dynamoraenergy_dynamoraenergy-dynamoraenergyllp-refinery-activity-7366544701463670784-PsdP
  113. https://www.fortuneindia.com/economy/indian-oil-marketing-companies-are-thriving-amid-global-volatility-hsbc/126647
  114. https://scanx.trade/stock-market-news/corporate-actions/indian-oil-unveils-ambitious-25-refining-capacity-expansion-plan/18866220
  115. https://www.mordorintelligence.com/industry-reports/india-oil-and-gas-downstream-market
  116. https://static.pib.gov.in/WriteReadData/specificdocs/documents/2025/jan/doc2025127491701.pdf
  117. https://m.economictimes.com/industry/services/retail/iocs-project-sprint-starts-to-show-results-company-gains-retail-dominance/articleshow/123613308.cms
  118. https://www.indiaratings.co.in/pressrelease/79414
  119. https://indiamacroindicators.co.in/resources/blogs/oil-and-gas-sector-2025-indias-89-import-challenge
  120. https://www.iea.org/reports/india-oil-market-report/executive-summary
  121. https://www.business-standard.com/companies/news/ioc-s-project-sprint-starts-to-show-results-company-gains-retail-dominance-125083100215_1.html
  122. https://oilprice.com/Latest-Energy-News/World-News/Indian-Oil-Probes-Allegations-of-Albemarle-Bribes-to-State-Firms-Officials.html
  123. https://www.dailypioneer.com/2024/page1/us-imposes-over-300-per-cent-penalty-on-companies-who-bribed-hal--railways--ioc.html
  124. https://www.tribuneindia.com/news/india/indian-oil-probing-charges-of-us-firm-bribing-its-officers/
  125. https://cbi.gov.in/press-detail/NDgzNQ==
  126. https://www.indiatoday.in/india/story/cbi-books-three-ioc-officials-in-nagpur-gondia-for-bribery-1929703-2022-03-25
  127. https://latest.sundayguardianlive.com/news/ioc-officer-faces-cbi-heat-for-demanding-bribe-in-pune
  128. https://www.thehindu.com/news/national/kerala/indian-oil-official-booked-on-bribery-charge/article69334816.ece
  129. https://www.newindianexpress.com/states/kerala/2025/Mar/17/indian-oil-corporation-suspends-dgm-caught-in-bribery-sting
  130. https://timesofindia.indiatimes.com/city/lucknow/cbi-lens-on-ex-iocl-officer-for-wealth-beyond-means/articleshow/117755232.cms
  131. https://www.thehansindia.com/news/national/cbi-court-sentences-former-iocl-manager-to-3-year-jail-for-financial-misconduct-1011223
  132. https://timesofindia.indiatimes.com/city/ahmedabad/cbi-court-discharges-ioc-in-1300cr-hsd-scam/articleshow/112072170.cms
  133. https://cbi.gov.in/press-detail/MjI4MQ==
  134. https://m.economictimes.com/industry/energy/oil-gas/indian-oil-corporation-probes-allegation-of-us-firm-bribing-its-officers/articleshow/116563028.cms
  135. https://www.bloomberg.com/news/articles/2025-10-23/russian-oil-supply-to-india-set-to-fall-to-near-zero-sources
  136. https://www.reuters.com/business/energy/indian-refiners-review-russian-oil-contracts-after-us-sanctions-source-says-2025-10-23/
  137. https://timesofindia.indiatimes.com/business/india-business/near-zero-oil-from-russia-soon-trump-sanctions-on-russian-firms-to-hit-indias-crude-imports-all-but-impossible-for-flows-to-continue/articleshow/124756405.cms
  138. https://finance.yahoo.com/news/india-asks-us-allow-purchase-040847395.html
  139. https://www.taxtmi.com/news?id=33586
  140. https://timesofindia.indiatimes.com/business/india-business/220-million-worth-of-deals-under-scanner-after-25-tariffs-us-sanctions-6-indian-firms-move-taken-over-oil-trade-with-iran/articleshow/123009020.cms
  141. https://www.reuters.com/business/energy/indian-oil-skips-us-crude-buys-nigerian-mideast-oil-via-tender-say-sources-2025-09-05/
  142. https://tvpworld.com/88217287/india-us-dispute-over-trade-and-oil-risks-broader-consequences
  143. https://indianexpress.com/article/cities/chandigarh/ngt-slaps-rs-25-crore-penalty-on-ioc-for-violation-of-green-norms-by-panipat-refinery-6524123/
  144. https://energy.economictimes.indiatimes.com/news/oil-and-gas/ngt-fines-indian-oils-panipat-refinery-rs-17-312-cr-for-pollution/69338717
  145. https://m.economictimes.com/industry/energy/oil-gas/pollution-board-fines-ioc-bpcl/articleshow/104625018.cms
  146. https://www.iocl.com/NewsDetails/42154
  147. https://iocl.com/environment-management
  148. https://www.questjournals.org/jrbm/papers/vol11-issue1/1101121140.pdf
  149. https://scanx.trade/stock-market-news/stocks/indian-oil-corporation-halts-russian-crude-purchases-from-spot-market/15564026
  150. https://www.facebook.com/adeniyi.adedayo.1042/posts/indian-oil-corporation-ioc-has-recently-altered-its-crude-oil-procurement-strate/31179990784978928/
  151. https://www.asiafinancial.com/us-sanctions-force-indian-refiners-to-slash-russian-oil-imports
Add your contribution
Related Hubs
User Avatar
No comments yet.