India · Delayed Price · Currency is INR Indian Oil Corporation Earnings Call Transcripts
Fiscal Year 2026
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Q2 profit after tax rose to INR 7,610 crore, with strong refining margins and improved operational performance. Capex for FY 2025/2026 is set at INR 33,494 crore, and major refinery expansions are on track for 2026. LPG compensation of INR 14,486 crore will be recognized over 12 months.
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Q1 FY 2026 saw profit after tax fall to INR 5,689 crores due to inventory losses, while revenue rose to INR 218,608 crores. Strategic CapEx continues in refining, petrochemicals, and renewables, with a normalized GRM of $6.91/bbl and a debt-to-equity ratio of 0.66.
Fiscal Year 2025
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Q4 FY25 saw a sharp rise in profit after tax and record sales volumes, despite lower year-over-year revenue and ongoing margin pressures in petrochemicals. Major refinery expansions and green energy investments are underway, with a positive outlook for refining and marketing margins in FY26.
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Q3FY25 saw a sharp sequential profit rebound but remained well below last year, with record sales volumes and higher revenues. Major refinery and renewable energy expansions are underway, while LPG under-recoveries and Russian crude discounts remain key risks.