Indian OilNSE:IOC -1.65%84 ROE % is 26.35% as of Mar. 2026, which is 28% above its 10-year median of 20.51. 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 957 Oil & Gas companies, Indian Oil ranks better than 84.33% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. Indian Oil's annualized net income for the quarter that ended in Mar. 2026 was ₹578,323 Mil. Indian Oil's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was ₹2,195,176 Mil. Therefore, Indian Oil's annualized ROE % for the quarter that ended in Mar. 2026 was 26.35%.
The historical rank and industry rank for Indian Oil's ROE % or its related term are showing as below:
NSE:IOC'
s ROE % Range Over the Past 10 Years
Min: -0.86 Med: 20.51 Max: 25.83
Current: 20.94
During the past 13 years, Indian Oil's highest ROE % was 25.83%. The lowest was -0.86%. And the median was 20.51%.
NSE:IOC's ROE % is ranked better than 84.33% of 957
companies
in the Oil & Gas industry
Industry Median: 5.71
vs NSE:IOC: 20.94
Indian Oil (NSE:IOC) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
Indian Oil ROE % Related Terms
Indian Oil ROE % Historical Data
* Premium members only.
The historical data trend for Indian Oil's ROE % 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 ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Indian Oil's ROE % distribution charts can be found below:
* The bar in red indicates where Indian Oil's ROE % 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.
In the calculation of annual ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
ROE % is displayed in the 30-year financial page.
Indian Oil (NSE:IOC) has a ROE % of 26.35% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Indian Oil and its competitors. This is 28% above median its historical median of 20.51. According to the industry distribution chart, Indian Oil ranks #150 out of 957 companies in the Oil & Gas industry, placing it in the top 15.7%.
Is Indian Oil's ROE % too high?
Indian Oil's current ROE % of 26.35% is 28% above median its 10-year median of 20.51. The Oil & Gas industry median ROE % is 5.71. Indian Oil's value of 26.35% is 361.5% above this industry median. Based on the distribution chart, Indian Oil ranks #150 out of 957 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 ROE % compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Indian Oil ranks #150 out of 957 companies for ROE %. This places Indian Oil in the top 16% of its industry — outperforming the majority of peers. The industry median ROE % is 5.71. Indian Oil's value of 26.35% is 361.5% above this benchmark. While the company's 10-year median is 20.51 vs. the industry median of 5.71, 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 ROE % for an Oil & Gas company?
The median ROE % among Oil & Gas companies is 5.71, based on 957 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Indian Oil's current ROE % of 26.35% is 361.5% 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Indian Oil and its competitors. For the Oil & Gas industry, the median ROE % is 5.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Indian Oil's current ROE % is 26.35%, which is 28% above median its own 10-year median of 20.51. 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 ROE % is 26.35%, which is 28% above median its 10-year median of 20.51 and 361.5% above the Oil & Gas industry median of 5.71. 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 ROE % calculated?
ROE % is calculated from a company's financial statements. For Indian Oil (NSE:IOC), the current ROE % is 26.35% as of Mar. 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:
ROE %: 26.35% (28% above median its 10-year median of 20.51)
GF Value™: ₹154.55 vs. price of ₹143.89 (6.9% below fair value)
Industry Position: 361.5% above the Oil & Gas median (#150 of 957)
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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