Indian OilNSE:IOC -1.65%84 Piotroski F-Score is 7 as of Jun. 26, 2026, which is at its 10-year median of 7.00. GuruFocus rates NSE:IOC with a GF Score™ of 84/100 and a GF Value™ of ₹154.55 (Fairly Valued). The stock has 5 warning signs investors should review. Among 974 Oil & Gas companies, Indian Oil ranks better than 92.51% on this metric.
Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Indian Oil has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Indian Oil's Piotroski F-Score or its related term are showing as below:
NSE:IOC'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 7 Max: 8
Current: 7
During the past 13 years, the highest Piotroski F-Score of Indian Oil was 8. The lowest was 3. And the median was 7.
Indian Oil (NSE:IOC) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Indian Oil Piotroski F-Score Related Terms
Indian Oil Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Indian Oil's Piotroski F-Score 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.
NSE:IOC vs VLO, MPC, PSX: Piotroski F-Score Comparison
For the Oil & Gas Refining & Marketing subindustry, Indian Oil's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Indian Oil's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Indian Oil's Piotroski F-Score falls into.
* 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.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Indian Oil's current Net Income (TTM) was 420,963.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Indian Oil's return on assets of this year was 0.08305188. Indian Oil's return on assets of last year was 0.02819011.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Indian Oil's current ratio of this year was 0.74245485. Indian Oil's current ratio of last year was 0.68357892.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Indian Oil's number of shares in issue this year was 13770.448. Indian Oil's number of shares in issue last year was 13776.94.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Indian Oil's gross margin of this year was 0.16938904. Indian Oil's gross margin of last year was 0.11151869.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Indian Oil's asset turnover of this year was 1.54757629. Indian Oil's asset turnover of last year was 1.57165326.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Indian Oil has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Indian Oil (NSE:IOC) has a Piotroski F-Score of 7 as of Jun. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Indian Oil and its competitors. This is near median its historical median of 7.00. Over the past decade, Indian Oil's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Indian Oil ranks #73 out of 974 companies in the Oil & Gas industry, placing it in the top 7.5%.
Is Indian Oil's Piotroski F-Score too high?
Indian Oil's current Piotroski F-Score of 7 is near median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Oil & Gas industry median Piotroski F-Score is 5.00. Indian Oil's value of 7 is 40% above this industry median. Based on the distribution chart, Indian Oil ranks #73 out of 974 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Indian Oil has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Indian Oil's Piotroski F-Score compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Indian Oil ranks #73 out of 974 companies for Piotroski F-Score. This places Indian Oil in the top 8% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Indian Oil's value of 7 is 40% above this benchmark. Historically, Indian Oil's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.00, Indian Oil has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Oil & Gas company?
The median Piotroski F-Score among Oil & Gas companies is 5.00, based on 974 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Indian Oil's current Piotroski F-Score of 7 is 40% 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 Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Indian Oil and its competitors. For the Oil & Gas industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Indian Oil's current Piotroski F-Score is 7, which is near median its own 10-year median of 7.00. 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 Fairly Valued. The stock's GF Value™ is ₹154.55, compared to a current price of ₹143.89 — trading 6.9% below its estimated fair value. The current Piotroski F-Score is 7, which is near median its 10-year median of 7.00 and 40% above the Oil & Gas industry median of 5.00. Indian Oil's overall GF Score™ is 84/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Indian Oil (NSE:IOC), the current Piotroski F-Score is 7 as of Jun. 26, 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 ₹143.89 is trading 6.9% below its estimated GF Value™ of ₹154.55.
GuruFocus considers Indian Oil to be Fairly Valued.
Key valuation signals for NSE:IOC:
Piotroski F-Score: 7 (near median its 10-year median of 7.00)
GF Value™: ₹154.55 vs. price of ₹143.89 (6.9% below fair value)
Industry Position: 40% above the Oil & Gas median (#73 of 974)
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.
84GF Score
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