Indian Oil Corporation Moat Analysis: Score & Risks
Indian Oil Corporation Ltd.
A first-pass moat teardown of Indian Oil Corporation Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow-to-wide read — primary edge in Cost Advantage. Provisional, single-pass evidence.
Indian Oil Corporation Ltd. scores 5.81 on MoatSCORE 6.0 — a narrow-to-wide moat in Oil & Gas. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“the distillate yield in the refineries have touched 80.3% during the quarter as against 78.6% in the corresponding quarter previous year. The fuel and loss was 8.6% as against 9% last year.”
“To meet the increased energy demand of the nation, Indian Oil is investing about INR 72,000 crores for enhancing the stand-alone refining capacity by about 25% to reach about 88 MMTPA.”
“A massive network expansion saw 2,823 new Retail Outlets, 350 CNG stations and 40 CBG stations come online, taking the total to 40,221 ROs, 2,437 CNG outlets and 125 CBG centres, ensuring that no area remains off-grid.”
“Sale of petroleum products is done based on prevailing market price on the date of supply.”
“IndianOil's Superbrands like SERVO & Indane are among the most trusted in the country”
“if you compare with BPC or other oil marketing companies, Indian Oil is present in the areas where generally the throughputs are not high, in the Northeast, in the remote areas”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 6 — at or above 6, consistent with a narrow-to-wide read. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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