Indian Oil spends 37% of ₹32,700 crore FY27 capex target in first half
Indian Oil set out an expansion for FY27.
· BS Companies
Indian Oil spent ₹12,162 crore in the first half of FY27, with refining and marketing accounting for the bulk of investments as major refinery expansion projects near completion.
Key facts
- Period
- FY27
The analysis
Indian Oil reported ₹32,700 crore and ₹12,162 crore for FY27, with movement of 37% attached to those lines. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -0.2% on the day at ₹130.15, and has returned -7.0% over three months. It sits 31% below its 52-week high, which means a good deal of bad news was already in the price. The oil & energy sector has moved -5.7% over the same period, so Indian Oil is running 1.3 points behind its peers.
For Indian Oil, the question is how much of this is already reflected in the price and how much re-rates the oil & energy peer set alongside it.
Why it matters
- Capex decisions are a bet on future demand; the market rewards or punishes them on whether the returns look credible.
Market context
- In focus: Indian Oil (IOC), in Oil & Energy.
- Over three months: Indian Oil -7.0% against Oil & Energy -5.7% (1.3 points behind).
- At least 25% below the 52-week high: Indian Oil (31%).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Indian OilIOC · Oil & Energy | ₹130.15 | -0.2% | -3.5% | -7.0% | -30.6% | 1.4× | — |
Oil & Energy
1M -4.8% · 3M -5.7%
Indian Oil
Prices as of 30 Oct 2026, 16:10 IST. Sector moves are the average of the stocks we track in each sector.
In this story
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