−30% from the high · +0.86% from the low
Short build-up into a 26-day expiry: futures OI +1.1% on a −2.7% day, the most call OI sits at 140, the most put OI at 135, max pain 138.
IOC futures closed at ₹132.10, +0.6% to spot, with 97% of open interest in the 27 Oct contract, and the 131 straddle prices a move of about ±6.0% by expiry.
| Expiry | Close ₹ | Basis ₹ · % | Annualised % | OI lots · on the day | Share of OI % | Contracts traded |
|---|---|---|---|---|---|---|
| 27 Oct26 days | ₹132.10 | +0.76+0.6% | +8.1% | 28,000▲ +1.1% · +310 lots | 97 | 1,600 |
| 23 Nov53 days | ₹132.38 | +1.04+0.8% | +5.5% | 920▲ +0.1% · +1.0 lots | 3.2 | 110 |
| 29 Dec89 days | ₹133.34 | +2.00+1.5% | +6.3% | 17▲ +142.9% · +10 lots | 0.06 | 14 |
3.3% of futures OI sits beyond the 27 Oct contract · 50 of 88 listed contracts traded · 9,600 option contracts changed hands
The 131 straddle closed at ₹7.88 (call 5.04 + put 2.84), pricing a move of about ±6.0% by the 27 Oct expiry. In the last 253 windows of 19 sessions, IOC moved more than that 87 times.
After the last 8 bulletins, IOC closed higher five sessions later in 4 of 7.
| Bulletin | Day of the news | 1 session later | 5 sessions later | Futures OI on the day |
|---|---|---|---|---|
| 30 SeptIOC, HPCL, BPCL shares rise amid crude oil price drop | ▼ −2.7%Nifty −0.9% · −1.8 pp | —not reached | —not reached | ▲ +1.1%short build-up |
| 22 SeptIndian Oil Corporation board approves ₹2,448 cr gas pipeline project | ▲ +0.3%Nifty +0.5% · −0.3 pp | ▼ −1.1%Nifty −1.1% · 0.0 pp | ▼ −2.1%Nifty −3.0% · +1.0 pp | ▼ −0.6%short covering |
| 21 SeptICICI Securities warns of earnings pressure for oil companies | ▲ +0.9%Nifty −0.4% · +1.3 pp | ▲ +1.2%Nifty +0.1% · +1.1 pp | ▼ −3.8%Nifty −3.0% · −0.8 pp | ▲ +1.0%long build-up |
| 27 JulOdisha starts land acquisition for Indian Oil's petrochemical hub | ▼ −0.2%Nifty 0.0% · −0.1 pp | ▼ −1.0%Nifty +1.1% · −2.1 pp | ▲ +0.1%Nifty +2.6% · −2.5 pp | ▲ +0.4%short build-up |
| 27 JulOdisha initiates land acquisition for ₹58,042 cr petrochemical project | ▲ +2.2%Nifty +1.0% · +1.2 pp | ▲ +2.0%Nifty +0.9% · +1.1 pp | ▲ +3.8%Nifty +4.2% · −0.5 pp | 0.0%long build-up |
| 26 JulOdisha initiates land acquisition for ₹58,042 cr petrochemical project | ▲ +2.2%Nifty +1.0% · +1.2 pp | ▲ +2.0%Nifty +0.9% · +1.1 pp | ▲ +3.8%Nifty +4.2% · −0.5 pp | 0.0%long build-up |
| 21 JulIndian Oil Corp cancels Iraqi oil lifting due to Hormuz risks | ▼ −0.9%Nifty −0.8% · −0.1 pp | ▼ −2.4%Nifty −1.3% · −1.0 pp | ▼ −2.2%Nifty +0.3% · −2.5 pp | ▼ −0.6%long unwinding |
| 8 JulOMC stocks decline up to 5.5% as crude oil prices rebound | ▲ +0.5%Nifty +0.3% · +0.1 pp | ▲ +1.0%Nifty +1.4% · −0.4 pp | ▲ +3.0%Nifty +0.8% · +2.2 pp | ▲ +0.2%long build-up |
Revenue ₹2,81,933 cr, +27% on a year earlier; profit −₹1,141 cr, −120% in the Jun 2026 quarter, consolidated.
| Quarter | Revenue ₹ cr | Revenue YoY | Profit ₹ cr | Profit YoY | EPS ₹ | Market on the day |
|---|---|---|---|---|---|---|
| Jun 2026filed 31 Jul | ₹2,81,933 cr | ▲ +27% | −₹1,141 cr | ▼ −120% | -1.18 | ▲ +2.5%Nifty +1.6% · +0.9 pp |
| Mar 2026filed 18 May · audited | ₹9,01,453 cr | ▲ +310% | ₹43,677 cr | ▲ +420% | 30.57 | ▲ +2.4%Nifty −0.1% · +2.6 pp |
| Dec 2025filed 5 Feb | ₹2,36,257 cr | ▲ +7.6% | ₹13,502 cr | ▲ +530% | 9.44 | ▼ −0.3%Nifty +0.2% · −0.5 pp |
| Sept 2025filed 27 Oct | ₹2,06,447 cr | ▲ +3.9% | ₹8,191 cr | — | 5.68 | ▼ −0.4%Nifty −0.1% · −0.3 pp |
| Jun 2025filed 14 Aug | ₹2,21,849 cr | ▲ +0.90% | ₹6,808 cr | ▲ +83% | 4.95 | ▲ +0.1%Nifty +1.0% · −0.9 pp |
| Mar 2025filed 30 Apr · audited | ₹2,21,360 cr | ▼ −1.0% | ₹8,368 cr | ▲ +52% | 5.90 | ▲ +3.9%Nifty +0.1% · +3.9 pp |
| Dec 2024filed 27 Jan | ₹2,19,522 cr | ▼ −3.2% | ₹2,147 cr | ▼ −77% | 1.54 | ▼ −1.3%Nifty +0.6% · −1.8 pp |
| Sept 2024filed 28 Oct | ₹1,98,616 cr | ▼ −3.2% | −₹449 cr | ▼ −100% | -0.12 | ▼ −2.0%Nifty +0.5% · −2.5 pp |
| Year | Revenue ₹ cr | Revenue YoY | Profit ₹ cr | Profit YoY | EPS ₹ |
|---|---|---|---|---|---|
| FY26to Mar 2026 | ₹15,66,006 cr | ▲ +82% | ₹72,179 cr | ▲ +420% | 50.64 |
| FY25to Mar 2025 | ₹8,59,363 cr | ▼ −2.5% | ₹13,789 cr | ▼ −68% | 9.88 |
| FY24to Mar 2024 | ₹8,81,235 cr | — | ₹43,161 cr | — | 30.31 |
IOC trades at 3.0 times trailing earnings against 12 for its industry, 0.82 times book value, revenue +89% over twelve months, a 13% dividend yield, market cap ₹1,90,000 cr.
| Stock | Market cap ₹ | P/E | P/B | Close ₹ |
|---|---|---|---|---|
| RELIANCEReliance Industries Limited | 16,00,000 cron 1 Oct | 21consolidated | 1.5 | ₹1,167.70 |
| IOCIndian Oil Corporation Limited | 1,90,000 cron 1 Oct | 3.0consolidated | 0.82 | ₹131.35 |
| BPCLBharat Petroleum Corporation Limited | 1,30,000 cron 1 Oct | 7.5consolidated | 1.3 | ₹300.60 |
| HINDPETROHindustan Petroleum Corporation Limited | 73,000 cron 1 Oct | 5.3consolidated | 1.1 | ₹345.00 |
| MRPLMangalore Refinery and Petrochemicals Limited | 29,000 cron 1 Oct | — | 2.0 | ₹164.75 |
| CHENNPETROChennai Petroleum Corporation Limited | 20,000 cron 1 Oct | — | 1.8 | ₹1,346.40 |
| KOTYARKKotyark Industries Limited | 320 cron 1 Oct | — | 1.8 | ₹28.25 |
Promoters hold 51.5%, foreign portfolio investors 9.1%, mutual funds 2.7% and insurance companies 6.8%, as filed for the quarter to 30 Jun.
| Category | 30 Jun | 31 Mar | 31 Dec | 30 Sept | 30 Jun |
|---|---|---|---|---|---|
| Promoters | 51.500.00 pp | 51.500.00 pp | 51.500.00 pp | 51.500.00 pp | 51.50 |
| Foreign portfolio investors | 9.08▼ −0.76 pp | 9.84▲ +1.27 pp | 8.57▲ +0.88 pp | 7.69▲ +0.21 pp | 7.48 |
| Mutual funds | 2.71▲ +0.19 pp | 2.52▼ −0.70 pp | 3.22▼ −0.19 pp | 3.41▲ +0.21 pp | 3.20 |
| Insurance companies | 6.77▲ +0.19 pp | 6.58▼ −0.19 pp | 6.77▼ −0.23 pp | 7.00▼ −0.07 pp | 7.07 |
| Banks and financial institutions | 0.14▲ +0.04 pp | 0.10▼ −0.01 pp | 0.110.00 pp | 0.11▼ −0.01 pp | 0.12 |
| Individual investors | 7.34▲ +0.40 pp | 6.94▼ −0.36 pp | 7.30▼ −0.41 pp | 7.71▼ −0.27 pp | 7.98 |
| Bodies corporate | 0.25▼ −0.02 pp | 0.27▼ −0.03 pp | 0.30▼ −0.05 pp | 0.35▼ −0.06 pp | 0.41 |
| Government | 19.470.00 pp | 19.470.00 pp | 19.470.00 pp | 19.470.00 pp | 19.47 |
| Others | 2.74▼ −0.04 pp | 2.78▲ +0.02 pp | 2.760.00 pp | 2.76▼ −0.01 pp | 2.77 |
Nothing upcoming on record; the last was a dividend of ₹1.25 a share, ex-date 14 Aug 2026.
| Ex-date | Action | Amount or ratio | Record date | Source |
|---|---|---|---|---|
| recent | ||||
| 14 Aug 2026 | dividend | ₹1.25 | 14 Aug 2026 | BSE |
| 12 Mar 2026 | dividend | ₹2.00 | 12 Mar 2026 | BSE |
| 18 Dec 2025 | dividend | ₹5.00 | 18 Dec 2025 | BSE |
| 8 Aug 2025 | dividend | ₹3.00 | 8 Aug 2025 | BSE |
| 12 Jul 2024 | dividend | ₹7.00 | 12 Jul 2024 | BSE |
| 10 Nov 2023 | dividend | ₹5.00 | 10 Nov 2023 | BSE |
IOC is −4.1% over 20 sessions against Nifty's −6.2%, 30% below its 52-week high, realised volatility 23% annualised.
| Window | From ₹ | IOC % | Nifty 50 % | Difference pp |
|---|---|---|---|---|
| 250 sessionssince 26 Sept | ₹145.05 | ▼ −9.4% | ▼ −9.1% | −0.39 |
| 120 sessionssince 9 Apr | ₹141.67 | ▼ −7.3% | ▼ −5.7% | −1.6 |
| 60 sessionssince 8 Jul | ₹137.63 | ▼ −4.6% | ▼ −6.1% | +1.5 |
| 20 sessionssince 2 Sept | ₹137.00 | ▼ −4.1% | ▼ −6.2% | +2.1 |
| 5 sessionssince 24 Sept | ₹136.27 | ▼ −3.6% | ▼ −2.8% | −0.84 |
| 1 sessionsince 30 Sept | ₹134.93 | ▼ −2.7% | ▼ −0.88% | −1.8 |
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