Mumbai: Shares of Indian Oil Corporation Ltd (IOC) have seen a steady rise ahead of the company’s Q3 FY26 earnings announcement, supported by buying interest in PSU oil & gas stocks and positive sector sentiment. Over the past one week, the stock has gained more than 6%, outperforming broader market indices.
On 4 February 2026, Indian Oil shares were trading around the ₹171–₹173 range, compared with levels of nearly ₹162–₹163 a week ago, indicating a clear upward movement ahead of the quarterly results.
Recent Price Movement and Gains
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Price 7 days ago: ~₹162–₹163
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Current price range: ~₹171–₹173
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Absolute gain: ~₹9–₹10 per share
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Percentage increase (7 days): ~6%–6.5%
The stock is currently trading close to its 52-week high of around ₹174, while the 52-week low stands near ₹110, highlighting a strong recovery over the past year.
Market Capitalisation Impact
With the recent rally, Indian Oil’s market capitalisation has also seen an increase. At current price levels, the company’s market value is estimated at over ₹2.4 lakh crore, reflecting improved investor confidence ahead of the earnings announcement.
Why Indian Oil Shares Are Gaining Before Q3 Results
Market experts attribute the recent rise in IOC shares to multiple factors:
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Sectoral support: Broader oil & gas stocks have attracted buying as investors rotate into energy names.
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Earnings expectations: Investors are positioning themselves ahead of Q3 results, expecting stable operational performance.
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Refining and marketing outlook: Expectations of steady refining margins and controlled costs have supported sentiment.
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Valuation comfort: Indian Oil continues to trade at relatively modest valuation levels compared to the broader market, which has encouraged accumulation.
Dividend and Fundamental Support
Indian Oil has a consistent dividend-paying track record, which continues to support long-term investor interest. The company had earlier announced an interim dividend of ₹5 per share, improving overall return expectations for shareholders.
At current levels, the stock offers a reasonable dividend yield, making it attractive for income-focused investors, especially among PSU stocks.
What the Market Is Watching in Q3 Results
Ahead of the Q3 FY26 results, analysts and investors are closely tracking:
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Gross refining margins (GRMs)
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Marketing margins across petrol, diesel and LPG
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Impact of crude oil price volatility
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Inventory gains or losses
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Management commentary on margins and future outlook
Experts note that while the stock has already seen a meaningful rise, post-result movement will depend on earnings quality and guidance.
Technical View
From a technical standpoint, Indian Oil shares are trading above key short-term support levels. Buying has been seen on minor declines, suggesting pre-result accumulation rather than speculative trading. However, analysts caution that PSU stocks can witness volatility immediately after earnings announcements.
Conclusion
Indian Oil Corporation shares have gained over 6% in the past week, adding nearly ₹10 per share, as investors position ahead of the Q3 FY26 results. Trading near its 52-week high and backed by sectoral strength, the stock remains in focus. The next directional move is expected after the company announces its quarterly performance and outlook.
Disclaimer: This article is for informational purposes only and should not be considered as investment advice.