Reliance Industries vs Indian Oil
Indian Oil Corporation trades at the larger discount to its peers' median P/E: 56% below it, against 32% below for Reliance Industries.
Indian Oil Corporation earns the higher return on equity: 19.2% against 7.9%.
Indian Oil Corporation fires fewer of our forensic red flags: 0 of 30 judged against 1 of 30 judged.
The latest change on file is Reliance Industries', on 30 Oct 2026: Q2 FY2027 results filed.
Reliance Industries trades at a P/E of 21.82: 3rd of 9 among its peers (peer median 32.1).
Reliance Industries: the full company page →Indian Oil Corporation trades at a P/E of 4.23: 2nd of 15 among its peers (peer median 9.6).
Indian Oil Corporation: the full company page →Reliance Industries and Indian Oil Corporation, figure by figure
| Figure | Reliance Industries | Indian Oil | Leads |
|---|---|---|---|
| Market cap | ₹17,91,708 Cr | ₹2,04,899 Cr | Reliance Industries, larger |
| P/E | 21.82 | 4.23 | Indian Oil Corporation, cheaper |
| P/B | 3.21 | 0.91 | Indian Oil Corporation, cheaper |
| Dividend yield | 0.5% | 6.3% | Indian Oil Corporation, higher |
| ROE | 7.9% | 19.2% | Indian Oil Corporation, higher |
| ROCE | 7.6% | 17.2% | Indian Oil Corporation, higher |
| Profit margin | 6.7% | 5.0% | Reliance Industries, higher |
| Revenue growth, 3 years | 6.9% a year | -2.2% a year | Reliance Industries, faster |
| Profit growth, 3 years | 6.6% a year | 62.6% a year | Indian Oil Corporation, faster |
| 1-year return | −11.1% | −14.3% | Reliance Industries, higher |
| 5-year return | −1.7% a year | +8.8% a year | Indian Oil Corporation, higher |
| Quality score | 45 | 51.8 | Indian Oil Corporation, higher |
| Our valuation view | Cheap, low confidence | Cheap, low confidence (held for review) | Level |
| Risk level | WATCH | CLEAN | Indian Oil Corporation, lower |
| Forensic red flags | 1 red of 30 judged | 0 red of 30 judged | Indian Oil Corporation, fewer |
The leading figure is in green: the lower for P/E, P/B, cost to income, NPAs, risk and red flags, the higher for the rest. P/E and P/B on the latest price; growth rates are yearly averages; returns are price only. Our valuation view and the red flags are explained on each company's page.
Which is bigger, Reliance Industries or Indian Oil Corporation?
Reliance Industries is the bigger company by market value: ₹17,91,708 Cr against ₹2,04,899 Cr for Indian Oil Corporation, about 8.7 times as large.
Reliance Industries market cap is ₹17,91,708 crore (large cap), making it the largest listed company on the NSE.
Indian Oil Corporation market cap is ₹2,04,899 crore (large cap), making it the 48th largest listed company on the NSE.
Which is cheaper on valuation, Reliance Industries or Indian Oil Corporation?
Indian Oil Corporation is the cheaper of the two on P/E: 4.23 against 21.82 for Reliance Industries.
On price to book, Indian Oil Corporation is also the cheaper: 0.91 against 3.21.
Against their own peers' median P/E, Reliance Industries trades 32% below its own (32.1) and Indian Oil Corporation trades 56% below its own (9.6).
Our valuation view: cheap on Reliance Industries (low confidence) and cheap on Indian Oil Corporation (low confidence). The view weighs the multiples against each company's peers and its own history.
Cheap for a reason, on Reliance Industries: A negative 5-year return.
Cheap for a reason, on Indian Oil Corporation: revenue -2.2% a year over 3 years.
Which is more profitable, Reliance Industries or Indian Oil Corporation?
Indian Oil Corporation is the more profitable on return on equity: 19.2% against 7.9% for Reliance Industries.
ROCE: Indian Oil Corporation 17.2%, Reliance Industries 7.6%.
Profit margin: Reliance Industries 6.7%, Indian Oil Corporation 5.0%.
Which grew faster, Reliance Industries or Indian Oil Corporation?
Reliance Industries grew faster over the last three years: revenue up 6.9% a year against -2.2% a year for Indian Oil Corporation.
Profit growth, 3 years: Indian Oil Corporation 62.6% a year, Reliance Industries 6.6% a year.
History break at Reliance Industries: demerger 2023-07-20 in the 5-year growth figures.
Which has cleaner accounts, Reliance Industries or Indian Oil Corporation?
Indian Oil Corporation has the cleaner accounts on our forensic checks: 0 red flags of 30 judged against 1 of 30 judged for Reliance Industries.
Reliance Industries: risk level WATCH, 30 of 30 flags judged.
Indian Oil Corporation: risk level CLEAN, 30 of 30 flags judged.
A red flag is a figure out of line with what clean accounts show, not a finding of wrongdoing.
What these figures tell you
More comparisons
What this page rests on
Every figure is the one Reliance Industries' and Indian Oil Corporation's own pages print, from their filings with the exchanges and our arithmetic on them; each company is set against its own peer set. A side-by-side reading of the figures on both company pages, not a recommendation to buy, sell or hold either share. Which figure matters more depends on what you are looking for.