A like-for-like valuation of Indian Oil Corporation (IOC) and RELIANCE INDUSTRIES (RELIANCE), each built from its own filed accounts and set side by side — price against estimated worth, on the same measures.
These two cannot be reduced to a single side-by-side number.
We do not publish one fair-value figure for RELIANCE INDUSTRIES, because the model that fits it does not collapse to a single per-share value we can stand behind. Compare them instead on the method each is valued by, the multiples they trade on, and what today's price already assumes — all set out below.
Every figure below is drawn from each company's own filed statements. Estimated fair value is the per-share figure our engine will stand behind; where a business needs a model that does not reduce to one number, it is shown as “—”.
| Indian Oil CorporationIOC | RELIANCE INDUSTRIESRELIANCE | |
|---|---|---|
| Current price | ₹132 | ₹1,235 |
| Market cap | ₹1.86L Cr | ₹16.72L Cr |
| Estimated fair value | ₹371 | — |
| Upside to fair value | +181% | — |
| P/E | 5.5 | 22.4 |
| P/B | 0.85 | 1.85 |
| Return on equity | —% | —% |
| Debt to equity | 0.71 | 0.22 |
| Valued on | Discounted cash flow | Estimate withheld — the engine says so itself |
State refining and marketing against the largest private refiner.
Worked backwards from today's share price: the rate each company must sustain to justify what it costs, against what its own ten-year record supports.
Same method, same filed accounts — each of these works both companies through to a fair value.
We do not publish one fair-value figure for RELIANCE INDUSTRIES, because the model that fits it does not collapse to a single per-share value we can stand behind. Compare them instead on the method each is valued by, the multiples they trade on, and what today's price already assumes — all set out below.
Each company is valued from its own filed financial statements — ten years of results — using the method that fits that business, then set beside the other on price, valuation multiples, return on equity and what today's share price already assumes. It is a like-for-like comparison of the workings, not investment advice.