1. At a Glance
India’s largest oil refiner and fuel distributor. Owns 11 refineries, 60,900+ retail outlets, and 31% of India’s refining capacity. A PSU juggernaut that touches your daily life but trades like it’s stuck in 2012. High dividend. Mid returns. Low love.
2. Introduction with Hook
If the Indian economy is a racing car, IOCL is the petrol in its veins — except the car is now electric, and IOCL is trying to sell engine oil on the side.
- Operates 11 refineries (80.8 MMTPA capacity)
- Handles 31% of India’s refining output
- 42% market share in POL (petroleum, oil & lubricants)
But…
- ROE = 6.5%
- Profit down 68% from peak
- Stock down 12% YoY
It’s big. It’s bulky. It’s a PSU. What could possibly go wrong?
3. Business Model (WTF Do They Even Do?)
IOCL is like that one uncle who does everything — and none of it quietly.
- Refining: 11 owned refineries + 1.5 via subsidiaries = 80.8 MMTPA
- Pipelines: Transports oil, gas & products across 15,000+ km
- Retail: 60,900+ touch points. You’ve filled your scooter at one.
- Gas & Petrochem: CNG, LNG, R&D, polymers, aromatics
- Exploration: JV-based offshore/onshore ventures
94% of revenue = fuel. But future = renewables +
