Intrinsic Valuation of: IOC
Free Cash Flow Average and Growth over past 5Y Key Statistics
Year FCF FCF (FCF/Revenue)
2020 - - EPS (FY) 12 Market Cap ₹1,881B
2021 - - (-) P/E Ratio 11 Total Asset ₹5,069B
2022 ₹23B - (-) Net Income ₹136B Total Debt ₹518B
2023 ₹-32B -240.0% (-199.1%) EBITDA ₹423B Total Liab ₹3,158B
2024 ₹340B 1159.7% (1234.7%) Opr Margin 0.03 Debt/Equity 0.27
2025 ₹-2B -100.4% (-100.5%) PreTax Margin 1.77 BV/Share 129
5Y Average FCF ₹82B 273.1% (311.7%)
Overall Market Assumptions:
Assumptions: P/E for No-Growth Company: 7.0
Perpetual Growth Rate (g): 2.5% Historical US Bond Yield: 4.4%
Discount Rate (WACC): 7.4% Current US Bond Yield: 3.5%
Forcasting Future Free Cash Flow for next 6Y Modified Benjamin Graham's Intrinsic Value
Year FCF Projection (25.0%)
2026 ₹103B MBG Intrinsic Value ₹110
2027 ₹129B
2028 ₹161B
2029 ₹201B
2030 ₹251B
2031 ₹314B
Terminal Value ₹6,524B Net Worth/Share ₹139
DCF Valuation DCF Valuation "What If" Scenario Table
Enterprise Value ₹5,111B Growth Rate
(+) Cash & Cash Equivalents ₹7B ₹334 1.5% 2.0% 2.5% 3.0% 3.5%
(-) Total Debt ₹518B WACC 7.3% 286 311 342 381 429
Equity Value ₹4,600B 7.4% 283 308 338 376 422
Shares Outstanding 13,771,599,872 7.4% 280 304 334 370 416
7.9% 252 273 297 326 362
DCF Intrinsic Value ₹334 8.4% 229 246 266 290 318
Analyzed by QuantJuice (2025)