Indian Oil Corporation Stock Forecast

Stock Price Forecast

According to 31 analysts polled by S&P Global, Indian Oil Corporation stock has a consensus rating of "Hold" and an average price target of ₹159.48. The average 1-year stock price forecast is 13.95% higher than the current stock price, while the lowest is ₹110.00 (-21.40%) and the highest is ₹203.00 (+45.05%).

Price Target: ₹159.48 (+13.95%)

Analyst Consensus: Hold

Target	Low	Average	Median	High
Price	₹110.00	₹159.48	₹160.00	₹203.00
Change	-21.40%	+13.95%	+14.33%	+45.05%

* Price targets were last updated on May 20, 2026.

Analyst Ratings

The average analyst rating for Indian Oil Corporation stock is "Hold". This means that analysts believe this stock is likely to perform similarly to the overall market.

Recommendation Trends

Rating	Feb '26	Mar '26	Apr '26	May '26	Jun '26	Jul '26
Strong Buy	14	11	9	9	9	9
Buy	6	6	7	7	6	6
Hold	6	7	7	8	8	8
Sell	3	3	4	3	5	5
Strong Sell	2	4	4	4	3	3
Total	31	31	31	31	31	31

Latest Forecasts

Analyst	Firm	Rating	Rating	Action	Price Target	Upside	Date
Bhaskar Chakraborty Jefferies	Jefferies	Buy Maintains ₹185.00 → ₹175.00	Buy	Maintains	₹185.00 → ₹175.00	+25.04%	May 20, 2026
Nikhil Bhandari Goldman Sachs	Goldman Sachs	Sell Downgrades ₹110.00	Sell	Downgrades	₹110.00	-21.40%	Mar 23, 2026
Sanjay Mookim J.P. Morgan	J.P. Morgan	Buy Maintains ₹200.00	Buy	Maintains	₹200.00	+42.91%	Feb 10, 2026

Financial Forecast

Revenue This Year

9.30T

from 7.84T

18.59%

from 7.84T

Revenue Next Year

9.15T

from 9.30T

-1.69%

from 9.30T

EPS This Year

6.47

from 26.72

-75.80%

from 26.72

EPS Next Year

17.89

from 6.47

176.71%

from 6.47

Fiscal Year	FY 2022	FY 2023	FY 2024	FY 2025	FY 2026	FY 2027
Period Ending	Mar 31, 2022	Mar 31, 2023	Mar 31, 2024	Mar 31, 2025	Mar 31, 2026	Mar 31, 2027
Revenue	5.89T	8.42T	7.76T	7.58T	7.84T	9.30T
Revenue Growth	61.92%	42.84%	-7.77%	-2.35%	3.47%	18.59%
Gross Profit	974.01B	880.81B	1.31T	939.97B	1.51T	1.06T
Gross Margin	16.53%	10.46%	16.92%	12.40%	19.29%	11.38%
Operating Income	370.42B	250.46B	609.70B	216.69B	586.47B	224.17B
Net Income	251.02B	97.92B	417.30B	135.98B	420.96B	112.60B
EPS	-	-	-	-	26.72	6.47
EPS Growth	-	-	-	-	221.12%	-75.80%
Forward PE	5.42	11.97	7.63	9.38	6.05	21.64
Dividend / Share	8.40	3.00	12.00	3.00	8.25	3.40
Dividend Growth	-	-64.29%	300.00%	-75.00%	175.00%	-58.82%
Free Cash Flow	-53.58B	-134.24B	223.41B	-153.51B	336.90B	-52.78B
No. Analysts	-	-	-	-	-	15

EPS and Forward PE are based on non-GAAP adjusted numbers. Financial currency is INR.

Revenue Forecast

Revenue	2027	2028	2029
High	11.3T
Avg	9.3T
Low	5.7T

Revenue Growth

Revenue Growth	2027	2028	2029
High	43.6%
Avg	18.6%
Low	-26.9%

EPS Forecast

EPS	2027	2028	2029
High	19.60
Avg	6.47
Low	-17.20

EPS Growth

EPS Growth	2027	2028	2029
High	-26.6%
Avg	-75.8%
Low	-