Indian OilNSE:IOC +0.51%87 PB Ratio is 0.89 as of Jul. 13, 2026, which is 7% below its 10-year median of 0.96. GuruFocus rates NSE:IOC with a GF Score™ of 87/100 and a GF Value™ of ₹156.12 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 924 Oil & Gas companies, Indian Oil ranks better than 71.21% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-07-13), Indian Oil's share price is ₹138.96. Indian Oil's Book Value per Share for the quarter that ended in Mar. 2026 was ₹155.45. Hence, Indian Oil's PB Ratio of today is 0.89.
Good Sign:
Indian Oil Corp Ltd stock PB Ratio (=0.89) is close to 2-year low of 0.86.
The historical rank and industry rank for Indian Oil's PB Ratio or its related term are showing as below:
NSE:IOC'
s PB Ratio Range Over the Past 10 Years
Min: 0.67 Med: 0.96 Max: 1.49
Current: 0.89
During the past 13 years, Indian Oil's highest PB Ratio was 1.49. The lowest was 0.67. And the median was 0.96.
NSE:IOC's PB Ratio is ranked better than 71.21% of 924
companies
in the Oil & Gas industry
Industry Median: 1.41
vs NSE:IOC: 0.89
During the past 12 months, Indian Oil's average Book Value Per Share Growth Rate was 14.80% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 15.30% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 14.20% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 9.20% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Indian Oil was 18.90% per year. The lowest was -1.20% per year. And the median was 11.60% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Indian Oil PB Ratio Related Terms
Indian Oil PB Ratio Historical Data
* Premium members only.
The historical data trend for Indian Oil's PB 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.
For the Oil & Gas Refining & Marketing subindustry, Indian Oil's PB Ratio, along with its competitors' market caps and PB 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 PB Ratio vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Indian Oil's PB Ratio distribution charts can be found below:
* The bar in red indicates where Indian Oil's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Indian Oil's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Indian Oil (NSE:IOC) has a PB Ratio of 0.89 as of Jul. 13, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Indian Oil and its competitors. This is near median its historical median of 0.96. Over the past decade, Indian Oil's PB Ratio has ranged from 0.67 to 1.49. According to the industry distribution chart, Indian Oil ranks #266 out of 924 companies in the Oil & Gas industry, placing it in the top 28.8%.
Is Indian Oil's PB Ratio too high?
Indian Oil's current PB Ratio of 0.89 is near median its 10-year median of 0.96. Over the past 10 years, this metric has ranged from a low of 0.67 to a high of 1.49. The Oil & Gas industry median PB Ratio is 1.41. Indian Oil's value of 0.89 is 36.9% below this industry median. Based on the distribution chart, Indian Oil ranks #266 out of 924 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Indian Oil has a GF Score™ of 87/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Indian Oil's PB Ratio compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Indian Oil ranks #266 out of 924 companies for PB Ratio. This puts Indian Oil in the upper half of its industry. The industry median PB Ratio is 1.41. Indian Oil's value of 0.89 is 36.9% below this benchmark. Historically, Indian Oil's own PB Ratio has ranged from 0.67 to 1.49 over the past decade. While the company's 10-year median is 0.96 vs. the industry median of 1.41, Indian Oil has consistently been below 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 PB Ratio for an Oil & Gas company?
The median PB Ratio among Oil & Gas companies is 1.41, based on 924 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Indian Oil's current PB Ratio of 0.89 is 36.9% below 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Indian Oil and its competitors. For the Oil & Gas industry, the median PB Ratio is 1.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Indian Oil's current PB Ratio is 0.89, which is near median its own 10-year median of 0.96. 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 ₹156.12, compared to a current price of ₹138.96 — trading 11% below its estimated fair value. The current PB Ratio is 0.89, which is near median its 10-year median of 0.96 and 36.9% below the Oil & Gas industry median of 1.41. Indian Oil's overall GF Score™ is 87/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Indian Oil (NSE:IOC), the current PB Ratio is 0.89 as of Jul. 13, 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 ₹138.96 is trading 11% below its estimated GF Value™ of ₹156.12.
GuruFocus considers Indian Oil to be Modestly Undervalued.
Key valuation signals for NSE:IOC:
PB Ratio: 0.89 (near median its 10-year median of 0.96)
GF Value™: ₹156.12 vs. price of ₹138.96 (11% below fair value)
Industry Position: 36.9% below the Oil & Gas median (#266 of 924)
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.
87GF Score
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