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Indian OilNSE:IOC -0.08%85 3-Year ROIIC % is 27.97 as of Mar. 2026, which is 82% above its 10-year median of 15.35. GuruFocus rates NSE:IOC with a GF Score™ of 85/100 and a GF Value™ of ₹155.93 (Fairly Valued). The stock has 5 warning signs investors should review. Among 924 Oil & Gas companies, Indian Oil ranks better than 79.11% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Indian Oil's 3-Year ROIIC % for the quarter that ended in Mar. 2026 was 27.97%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Indian Oil's 3-Year ROIIC % or its related term are showing as below:
NSE:IOC's 3-Year ROIIC % is ranked better than 79.11% of 924
companies
in the Oil & Gas industry
Industry Median: -0.005
vs NSE:IOC: 27.97
Indian Oil (NSE:IOC) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Indian Oil 3-Year ROIIC % Related Terms
Indian Oil 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Indian Oil's 3-Year ROIIC % 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: 3-Year ROIIC % Comparison
For the Oil & Gas Refining & Marketing subindustry, Indian Oil's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Indian Oil's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Indian Oil's 3-Year ROIIC % 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Indian Oil (NSE:IOC) has a 3-Year ROIIC % of 27.97 as of Mar. 2026. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Indian Oil and its competitors. This is 82% above median its historical median of 15.35. According to the industry distribution chart, Indian Oil ranks #193 out of 924 companies in the Oil & Gas industry, placing it in the top 20.9%.
Is Indian Oil's 3-Year ROIIC % too high?
Indian Oil's current 3-Year ROIIC % of 27.97 is 82% above median its 10-year median of 15.35. Based on the distribution chart, Indian Oil ranks #193 out of 924 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 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Indian Oil's 3-Year ROIIC % compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Indian Oil ranks #193 out of 924 companies for 3-Year ROIIC %. This places Indian Oil in the top 21% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for an Oil & Gas company?
A good 3-Year ROIIC % depends on the Oil & Gas industry context. However, 3-Year ROIIC % 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Indian Oil and its competitors. Indian Oil's current 3-Year ROIIC % is 27.97, which is 82% above median its own 10-year median of 15.35. 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 ₹155.93, compared to a current price of ₹141.69 — trading 9.1% below its estimated fair value. The current 3-Year ROIIC % is 27.97, which is 82% above median its 10-year median of 15.35. Indian Oil's overall GF Score™ is 85/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Indian Oil (NSE:IOC), the current 3-Year ROIIC % is 27.97 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 ₹141.69 is trading 9.1% below its estimated GF Value™ of ₹155.93.
GuruFocus considers Indian Oil to be Fairly Valued.
Key valuation signals for NSE:IOC:
3-Year ROIIC %: 27.97 (82% above median its 10-year median of 15.35)
GF Value™: ₹155.93 vs. price of ₹141.69 (9.1% 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.
85GF Score
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