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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-08-05), the stock price of Indian Oil is ₹141.60. Indian Oil's graham number for the quarter that ended in Jun. 2026 was ₹N/A. Therefore, Indian Oil's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Indian Oil's Graham Number or its related term are showing as below:
NSE:IOC'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.33 Med: 0.59 Max: 0.98
Current: 0.44
During the past 13 years, the highest Price to Graham Number ratio of Indian Oil was 0.98. The lowest was 0.33. And the median was 0.59.
NSE:IOC's Price-to-Graham-Number is ranked better than 89.53% of 611
companies
in the Oil & Gas industry
Industry Median: 1.1
vs NSE:IOC: 0.44
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Indian Oil's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
141.60
/
N/A
=
N/A
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Indian Oil Graham Number Related Terms
Indian Oil Graham Number Historical Data
* Premium members only.
The historical data trend for Indian Oil's Graham Number 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 MPC, VLO, PSX: Graham Number Comparison
For the Oil & Gas Refining & Marketing subindustry, Indian Oil's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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 Price-to-Graham-Number vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Indian Oil's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Indian Oil's Price-to-Graham-Number 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.
Indian Oil (NSE:IOC) has a Graham Number of ₹N/A as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Indian Oil and its competitors. Over the past decade, Indian Oil's Graham Number has ranged from 0.33 to 0.98. According to the industry distribution chart, Indian Oil ranks #64 out of 611 companies in the Oil & Gas industry, placing it in the top 10.5%.
Is Indian Oil's Graham Number too high?
Indian Oil's current Graham Number is ₹N/A. Over the past 10 years, this metric has ranged from a low of 0.33 to a high of 0.98. Based on the distribution chart, Indian Oil ranks #64 out of 611 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 Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Indian Oil's Graham Number compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, Indian Oil ranks #64 out of 611 companies for Graham Number. This places Indian Oil in the top 11% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.10. Historically, Indian Oil's own Graham Number has ranged from 0.33 to 0.98 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for an Oil & Gas company?
The median Graham Number among Oil & Gas companies is 1.10, based on 611 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Indian Oil and its competitors. For the Oil & Gas industry, the median Graham Number is 1.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Indian Oil's current Graham Number is ₹N/A. 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 ₹162.76, compared to a current price of ₹141.60 — trading 13% below its estimated fair value. The current Graham Number is ₹N/A. 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 Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Indian Oil (NSE:IOC), the current Graham Number is ₹N/A as of Jun. 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 ₹141.60 is trading 13% below its estimated GF Value™ of ₹162.76.
GuruFocus considers Indian Oil to be Modestly Undervalued.
Key valuation signals for NSE:IOC:
Graham Number: ₹N/A
GF Value™: ₹162.76 vs. price of ₹141.60 (13% below fair value)
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
Get the complete analysis for NSE:IOC
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