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The Forward PE Ratio of a company is often used to compare current earnings to estimated future earnings, as well as gaining a clearer picture of what earnings will look like without charges and other accounting adjustments. If earnings are expected to grow in the future, the Forward PE Ratio will be lower than the current PE Ratio. This measure is also used to compare one company to another with a forward-looking focus.
Trailing PE Ratio relies on what is already done. It uses the current share price and divides by the total EPS (Basic) over the past 12 months. PE Ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than PE Ratio .
Indian Oil Forward PE Ratio Related Terms
Indian Oil Forward PE Ratio Historical Data
* Premium members only.
The historical data trend for Indian Oil's Forward PE Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Indian Oil Forward PE Ratio Chart
Indian Oil Annual Data
Trend
2018-03
2020-03
2021-03
2022-03
2023-03
2025-03
2026-03
Forward PE Ratio
8.42
3.85
7.29
6.59
6.89
8.59
7.02
Indian Oil Quarterly Data
2018-03
2018-06
2019-09
2019-12
2020-03
2020-06
2020-09
2020-12
2021-03
2021-06
2021-09
2021-12
2022-03
2022-06
2022-12
2023-03
2024-12
2025-03
2025-06
2025-09
2025-12
2026-03
Forward PE Ratio
8.42
7.78
9.64
6.37
3.85
22.47
18.69
7.26
7.29
9.68
10.18
6.18
6.59
6.02
6.54
6.89
8.06
8.59
10.02
8.58
8.68
7.02
NSE:IOC vs MPC, VLO, PSX: Forward PE Ratio Comparison
For the Oil & Gas Refining & Marketing subindustry, Indian Oil's Forward PE Ratio, along with its competitors' market caps and Forward PE Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Indian Oil Forward PE Ratio vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Indian Oil's Forward PE Ratio distribution charts can be found below:
* The bar in red indicates where Indian Oil's Forward PE Ratio falls into.
It's a measure of the price-to-earnings ratio (PE Ratio) using forecasted earnings for the calculation. While the earnings used are just an estimate and are not as reliable as current earnings data, there is still benefit in estimated P/E analysis. The forecasted earnings used in the formula can either be for the next 12 months or for the next full-year fiscal period.
Indian Oil (NSE:IOC) has a Forward PE Ratio of 14.85 as of Jul. 29, 2026. Forward P/E ratio is the share price dividend by the expected per-share earnings in the next 12 months. View historical data on Indian Oil and its competitors. According to the industry distribution chart, Indian Oil ranks #345 out of 545 companies in the Oil & Gas industry, placing it in the top 63.3%.
Is Indian Oil's Forward PE Ratio too high?
Indian Oil's current Forward PE Ratio is 14.85. The Oil & Gas industry median Forward PE Ratio is 10.95. Indian Oil's value of 14.85 is 35.6% above this industry median. Based on the distribution chart, Indian Oil ranks #345 out of 545 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Indian Oil has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Indian Oil's Forward PE Ratio compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, Indian Oil ranks #345 out of 545 companies for Forward PE Ratio. This places Indian Oil in the lower half of its industry. The industry median Forward PE Ratio is 10.95. Indian Oil's value of 14.85 is 35.6% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward PE Ratio for an Oil & Gas company?
The median Forward PE Ratio among Oil & Gas companies is 10.95, based on 545 companies in the industry. Companies in the top quartile (top 25%) have a Forward PE Ratio significantly above this median, while those in the bottom quartile fall well below. However, Forward PE Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Indian Oil's current Forward PE Ratio of 14.85 is 35.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Forward PE Ratio mean?
A high Forward PE Ratio can signal that a stock is expensive relative to its fundamentals. Forward P/E ratio is the share price dividend by the expected per-share earnings in the next 12 months. View historical data on Indian Oil and its competitors. For the Oil & Gas industry, the median Forward PE Ratio is 10.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Indian Oil's current Forward PE Ratio is 14.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indian Oil stock overvalued right now?
Based on GuruFocus' analysis, Indian Oil (NSE:IOC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹156.93, compared to a current price of ₹141.28 — trading 10% below its estimated fair value. The current Forward PE Ratio is 14.85 and 35.6% above the Oil & Gas industry median of 10.95. Indian Oil's overall GF Score™ is 78/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward PE Ratio calculated?
Forward PE Ratio is calculated from a company's financial statements. For Indian Oil (NSE:IOC), the current Forward PE Ratio is 14.85 as of Jul. 29, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Indian Oil (NSE:IOC) Overvalued in 2026?
Based on GuruFocus' analysis, Indian Oil stock appears to be undervalued.
The current stock price of ₹141.28 is trading 10% below its estimated GF Value™ of ₹156.93.
GuruFocus considers Indian Oil to be Modestly Undervalued.
Key valuation signals for NSE:IOC:
Forward PE Ratio: 14.85
GF Value™: ₹156.93 vs. price of ₹141.28 (10% below fair value)
Industry Position: 35.6% above the Oil & Gas median (#345 of 545)
No single metric tells the full story. See the NSE:IOC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Indian Oil Corp Ltd conducts business across the entire hydrocarbon value chain, from refining, pipeline transportation and marketing, to exploration and production of crude oil and gas, petrochemicals, gas marketing, alternative energy sources, and globalisation of downstream operations. The group is engaged in the following business segments: Sale of Petroleum Products, Sale of Petrochemicals, Sale of Gas, and the Other operating segment, which includes oil and gas exploration activities, explosives and cryogenic business, and windmill and solar power generation. The majority of its revenue is generated from the sale of petroleum products such as motor spirit, high speed diesel, liquified petroleum gas, aviation turbine fuel, and others. Geographically, it derives key revenue from India.
78GF Score
Get the complete analysis for NSE:IOC
Forward PE Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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