Indian Oil Corporation IOC
India's largest refiner and the first to contract green hydrogen supply (Panipat)
Mapped in 1 theme: Green Hydrogen Mission.
Where Indian Oil Corporation sits in the supply chain
Indian Oil Corporation appears in 1 supply-chain layer in one theme, Green Hydrogen Mission.
Green Hydrogen Mission › Refineries & city gas
OwnerOther companies in this layer
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,89,336 | 8,41,756 | 7,76,352 | 7,58,106 | 7,84,415 |
| Net profit | 25,727 | 11,704 | 43,161 | 13,789 | 43,677 |
Latest-year revenue ₹7.84L Cr (FY26, company-wide).
Note: Green hydrogen is a small, contracted input.
Strengths
- Awarded India's first refinery green hydrogen supply: 10,000 tonnes a year at Panipat from L&T at ₹397/kg incl. GST, 25 years (May 2025)
- Among the four refiners with SIGHT Mode 2B allocations
- Panipat's expansion creates a large new hydrogen need
Risks
- Tender had to be re-run twice before it drew bids
- Green hydrogen costs well above its own grey hydrogen
- Volumes are small versus total refinery use
Common questions
What does Indian Oil Corporation do?
India's largest refiner and the first to contract green hydrogen supply (Panipat).
Where does Indian Oil Corporation sit in the supply chain?
Indian Oil Corporation (NSE: IOC) is mapped in 1 supply-chain layer: Refineries & city gas (Green Hydrogen Mission).
Who are Indian Oil Corporation's peers?
In the Refineries & city gas layer of Green Hydrogen Mission: Bharat Petroleum, Hindustan Petroleum, Reliance Industries, GAIL (India) and Numaligarh Refinery (not NSE-listed).
What is Indian Oil Corporation's market cap and valuation?
As of 6 Nov 2026: market cap ₹2.07L Cr, P/E 4.4x, ROCE 18.7%, ROE 20.5%, dividend yield 5.64%.