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INDIAN OIL CORPORATION LTD

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Ticker: IOC.NS

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Year Founded & Workforce

1959

30,321 Employees

Industry

Chemicals & Materials

Services

Semi-Synthetic Refrigeration Compressor OilsEco-Friendly Synthetic Refrigeration OilsAviation FuelAviation Gasoline (Avgas)
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INDIAN OIL CORPORATION LTD Overview

Indian Oil Corporation is India's largest energy company by revenue and the anchor of the state's downstream oil system. It owns ten group refineries with 80.75 MMTPA of capacity (roughly 31% of national capacity), a pipeline grid exceeding 20,000 km that moved 102.5 MMT of crude and products in FY26, and the country's largest fuel-retail footprint at 42,818 outlets. It sold more than 105 MMT of petroleum products, natural gas and petrochemicals in FY26 and holds roughly 43% of domestic product sales. Majority-owned by the Government of India, it operates under a de facto administered-pricing regime for petrol, diesel and household LPG, which makes earnings highly sensitive to crude prices and policy. Its strategic agenda, branded "Project SPRINT", combines a ~17 MMTPA refinery expansion due by December 2026, a pivot toward petrochemicals, gas and lubricants, and a net-zero (Scope 1&2) commitment for 2046 backed by renewable, hydrogen, biofuel and SAF investments.

What the company does

IndianOil is a vertically integrated hydrocarbon company spanning the full downstream chain and selected upstream and new-energy activities:

  1. Refining — Nine standalone refineries (Digboi, Guwahati, Barauni, Gujarat/Vadodara, Haldia, Mathura, Panipat, Bongaigaon, Paradip) plus Chennai Petroleum Corporation Ltd (CPCL, Manali) as a listed subsidiary, giving group capacity of 80.75 MMTPA. FY26 standalone crude throughput was a record 75.45 MMT at 107.4% of installed capacity (FY26 Integrated Annual Report, Chairman's Communiqué). The crude basket spans about 275 grades (Corporate Brochure 2026).

  2. Pipelines — A network of over 20,000 km (20,005 km at 31-Mar-2025 per the FY25 Directors' Report) carrying crude, products and gas; FY26 liquid throughput was a record 102.52 MMT versus 96.92 MMT in FY25.

  3. Fuel marketing — Retail (42,818 outlets at 31-Mar-2026 after adding 2,635 in FY26), LPG (Indane brand; >2.7 million cylinders delivered daily), aviation fuel (refuelling more than half of flights in Indian skies, per the brochure), lubricants (SERVO), bitumen, bunkers, industrial and institutional sales. Domestic petroleum sales were a record 88.97 MMT in FY26 (FY25: 84.96 MMT).

  4. Petrochemicals — Polymers (PP, PE), fibre intermediates (PX/PTA, MEG), LAB, PBR, butadiene, benzene, and since FY26 acrylics/oxo-alcohols; record sales of 3.40 MMT in FY26. The company describes itself as India's second-largest petrochemical player.

  5. Natural gas — LNG import (5 MMTPA Ennore terminal via a group company), gas marketing (record 7.09 MMT in FY26 excluding captive use; 9.01 MMT including captive), gas pipelines and City Gas Distribution (49 geographical areas covering 106 districts across 21 states/UTs).

  6. Exploration & Production — 24 assets at March 2026 (14 domestic, 10 overseas); IndianOil's share of FY26 production was 4.49 MMToe (Corporate Brochure 2026).

  7. Alternative energy and other — Renewables via wholly-owned Terra Clean Ltd and JV IndianOil NTPC Green Energy (INGEL); green hydrogen (10 KTA plant under construction at Panipat); SAF (ISCC CORSIA-certified at Panipat); compressed biogas (49+ plants); ethanol blending (~20%); EV charging/battery swapping (~15,000 points; 1,649 swap stations via IndoFast Swap Energy JV); explosives (13 plants) and cryogenics; EPCM services (3,000+ km of external pipeline projects under execution).

Business and revenue model

IndianOil's revenue is overwhelmingly product sales (commodity volume × realised price), not services, subscriptions or licensing. In FY26 the Petroleum Products segment generated ₹8,42,195 cr of gross segment revenue out of ₹9,20,097 cr total segment revenue before inter-segment eliminations (91.5%), Gas ₹44,512 cr (4.8%), Petrochemicals ₹28,102 cr (3.1%) and Other Business Activities ₹5,288 cr (0.6%) (FY26 consolidated results, NSE). Service-type income (pipeline tariffs from third parties, EPCM, technology licensing by R&D, non-fuel retail) exists but is not separately material in reported segments.

The economics are best understood as three margin pools:

Refining margin (GRM): product crack spreads minus crude cost; IOC's reported GRM swings with crude benchmarks and inventory valuation (FY24 $12.05/bbl; FY25 $4.80/bbl; April–December 2025 $8.41/bbl; Q1 FY27 $15.59/bbl net of special additional excise duty).

Marketing margin: retail price minus refinery-gate/import-parity price. Petrol and diesel are formally deregulated but in practice retail prices are held stable through government signalling, so marketing margins expand when crude falls and turn negative when crude spikes. Domestic LPG is explicitly administered, generating "under-recoveries" recorded in a buffer account and periodically compensated by the government.

Logistics/network margin: pipeline and terminal infrastructure that lowers delivered cost and creates a structural cost advantage versus private marketers.

Value-chain position and customers

IndianOil sits mid-to-downstream: it buys crude (mostly imported, increasingly diversified away from West Asia after the 2026 Hormuz disruption), refines, transports and sells to end-users. Customer types: retail motorists (3.6 crore customers served daily at fuel stations per the brochure), households (Indane LPG), airlines, Indian Armed Forces, railways and state transport undertakings, industrial and bulk buyers, fertiliser plants (gas), road builders (bitumen — enough for ~130 km of road daily), shipping (bunkers), petrochemical converters (polymers), mining companies (explosives), and city-gas consumers. End-markets: transportation, household cooking energy, aviation, industry, agriculture, power, construction and packaging/textiles.

Company's self-description vs independent characterisation

The FY26 Integrated Annual Report presents IndianOil as India's flagship integrated energy company, emphasising its Maharatna status, its role in national energy security (including uninterrupted supplies during Operation Sindoor and the 2026 Strait of Hormuz disruption), and its transformation toward a diversified, "future-ready" energy group via Project SPRINT.

Independently characterised, IndianOil is a quasi-sovereign, policy-constrained downstream utility with cyclical commodity upside. Its scale and infrastructure are unmatched domestically, but its pricing autonomy is limited: earnings in a given year are determined less by operating performance (which has been at record levels) than by the interplay of crude prices, government retail-price decisions, excise policy and LPG compensation. FY26 (record ₹36,802 cr standalone PAT) and Q1 FY27 (₹2,661 cr standalone loss despite record throughput) illustrate this dependency vividly.

Strategy

Stated strategy (FY26 Integrated Annual Report, paraphrased)

The Chairman frames FY26 as a year of record operations under unprecedented geopolitical stress — US reciprocal tariffs and an additional duty linked to Russian crude purchases, Operation Sindoor, severe monsoon disruptions, and the late-year Hormuz disruption — and positions India as the world's fastest-growing centre of oil demand for the next decade. Strategy is organised under Project SPRINT, launched April 2025, with six pillars:

  1. Strengthening core businesses

  2. Propelling cost optimisation

  3. Reinforcing customer centricity

  4. Integrating technology and innovation

  5. Nurturing leadership and talent

  6. Ensuring transition readiness

Thematically, the strategy has three layers: (a) grow the core — refining capacity to ~98 MMTPA group, pipelines to feed it, retail and highway amenities, aviation, bitumen, lubricants and bunkers; (b) build adjacent growth engines — petrochemicals (import substitution, specialty chemicals, recycled products), natural gas (1.5× sales by 2030), E&P for energy security, EPCM services, shipping (fleet with Shipping Corporation of India), and digital infrastructure; (c) transition — renewables (Terra Clean, INGEL), green hydrogen, SAF, CBG, synthetic fuels, circularity (plastics and used-lube recycling under EPR), carbon capture, and net-zero operations by 2046.

Strategic initiatives announced in the last 24 months

InitiativeDateDetail / target
Project SPRINTApr 2025Enterprise transformation; cost savings >₹2,000 cr in FY26 from energy efficiency, logistics and process improvements
Refinery expansionsOngoing; commissioning Nov–Dec 2026Panipat 15→25, Gujarat 13.7→18, Barauni 6→9 MMTPA (+17.3 MMTPA); S&P Global interview (Aug 2026) cites a 19% group capacity increase
Paradip PX-PTAExpected Aug 2026 (status not confirmed)₹13,805 cr
Panipat PBR plantExpected Dec 2026₹2,949 cr
Acrylics/Oxo-alcohols, GujaratCommissioned FY26Entry into specialty chemicals
Chennai lube plantCommissioned FY26672 KTPA; Group III/III+ base oils
New Mundra–Panipat crude pipelineMechanically complete Jul 2026₹9,028 cr
Kochi–Kanyakumari–Thoothukudi gas pipelineApproved 21-Sep-2026₹2,448.70 cr, 424.65 km
Green hydrogenConstruction commenced FY2610 KTA at Panipat
SAFISCC CORSIA certification FY26Co-processing; exploring HEFA and ethanol-to-jet partnerships
RenewablesFY261 GW under development, 4.3 GW in preparation; 30 GW-by-2030 ambition cited in 2025
Gas growthFY26 AR / AGM Aug 20261.5× gas sales by 2030
Petrochemical intensityAGM Aug 2026~15% by 2030
Long-term market shareAug 2026 (S&P Global interview)Grow share of India's energy market to 12% from 9% by 2040; contribute >40% of India's 300 MMTPA refining target
Trading unitAug 2026Dedicated crude/product trading arm with a partner (not finalised)
BiorefineryAug 2026Seeking partners
Shipping fleetFY26Joint acquisition/operation of vessels with SCI and others
Digital businessFY26 ARData centres, sovereign cloud — exploratory
EPCM servicesFY26 AR>3,000 km external pipelines under execution
Treasury centralisationFY26GIFT City subsidiary pooling surplus funds
Packaged drinking water at outletsMedia report 30-Sep-2026Under consideration; exchange sought clarification

ESG commitments

Net-zero operational (Scope 1 & 2) emissions by 2046 supported by a ~₹2.5 lakh crore investment plan (Corporate Brochure 2026; the FY26 investor presentation snippet refers to "over ₹2.6 lakh crore" — discrepancy noted, scope of the latter not clear in the retrieved extract).

Medium-term financial targets / guidance

IndianOil does not issue formal EPS or EBITDA guidance. Disclosed quantitative markers: FY27 capex target ₹32,700 cr; commissioning of the three refinery expansions by December 2026; gas sales 1.5× by 2030; petrochemical intensity ~15% by 2030. Management (S&P Global interview, Aug 2026) noted that with ongoing expansions and HPCL Rajasthan's commissioning, India will run a surplus of oil products — implying more exports or petrochemical conversion.

Products & Services

Pricing for regulated fuels is retail and market-linked; most B2B pricing is not publicly disclosed.

Petroleum Products segment

Product / brandDescription & capabilitiesTarget customerLaunch / latest versionPricing model
Motor Spirit (petrol) — regularBS-VI petrol, ethanol-blended (~20% blending achieved FY26)Retail motoristsBS-VI since Apr 2020Retail price; Delhi ₹102.12/l after May-2026 hikes (from ₹94.77)
XP100100-octane premium petrol for high-performance vehiclesPremium car/bike ownersDec 2020Premium retail price, not regulated
XP95 / XtraPremiumPremium branded petrol with additivesRetailn.v.Premium over regular
High Speed Diesel — regularBS-VI dieselRetail, fleets, transportBS-VI since 2020Retail; Delhi ₹95.20/l after May-2026 hikes (from ₹87.67)
XtraGreen / XtraMile dieselAdditivated premium dieselFleets, retailn.v.Premium retail
Bulk dieselDiesel to institutions/industryRailways, state transport, industry—Market-linked; IOC raised bulk diesel by ₹22/l to ₹109.59/l in 2026 during the crisis
Indane domestic LPG14.2 kg cylinders for householdsHouseholds (incl. PMUY beneficiaries)—Administered; under-recoveries recorded in buffer account (₹29,730 cr cumulative negative at 30-Jun-2026)
Indane commercial LPG / NanocutCommercial cylinders, specialty cutting gasRestaurants, industryn.v.Market-linked
Indane XTRALITELightweight composite cylinders; 3-hour delivery via app/website in KolkataUrban householdsKolkata launch 2026New connection ₹4,804; refill ₹1,618 (Kolkata)
Indane Chhotu5 kg free-trade LPG cylinderMigrants, students, small householdsn.v.Market price
AutoGasLPG for vehiclesAuto-LPG vehicle ownersn.v.Market-linked
Aviation Turbine Fuel (incl. Jet A-1)Into-plane refuelling at airportsDomestic and international airlines, defence—Monthly revised ATF price
AVGAS 100LLAviation gasoline for piston aircraftFlying clubs, trainersn.v.—
Sustainable Aviation FuelCo-processed SAF; ISCC CORSIA-certified at Panipat (first in India); airline supply contracts tied up (June 2026 interview)AirlinesCertification FY26—
SERVO lubricantsAutomotive, industrial and marine lubricants and greases; Q1 FY27 lubes and greases sales 0.197 MMTOEMs, retail, industryRange ongoingRetail/B2B list prices
SERVO Hyper SeriesPremium high-performance lubricantsPremium auto segment2,026Premium
Group III/III+ base oilsHigh-quality base oils from Chennai integrated lube plant (672 KTPA, world's second largest)Lubricant blendersFY26B2B
STORM / STORM-XHigh-performance racing fuels developed by R&DMotorsportn.v.—
Bitumen (incl. modified grades)Paving and waterproofing bitumenRoad contractors, NHAI, states—Fortnightly price revisions
Furnace oil / LSHS / petcoke / sulphurIndustrial fuels and refinery by-productsIndustry, power—Market-linked
Marine fuels (VLSFO, bunkers)Bunkering in India, Sri Lanka, MauritiusShippingExpandingMarket-linked
Kerosene (SKO)PDS kerosene (largely phased down)Households—Administered
INDJETJet fuel from R&D's INDJET process (unit at Barauni)Aviationn.v.—
XtraRewards / XTRAPOWERCustomer loyalty programme and fleet cardRetail and fleet customersn.v.Loyalty points
Non-fuel retail / Wayside amenitiesConvenience stores, highway amenities; packaged drinking water brand under consideration (media report, Sept 2026; exchange sought clarification)Highway travellersOngoingRetail
Product exports0.939 MMT petroleum exports in Q1 FY27; full supply of petrol, diesel and ATF imports for Mauritius (Aug 2026)Neighbouring countries, tradersOngoingContract

Petrochemicals segment

Product / brandDescriptionTarget customerLaunch / statusPricing
PROPEL polymers (PP, HDPE, LLDPE)Polymers from Panipat and Paradip complexesPackaging, automotive, consumer goods convertersOngoingMarket-linked
CYCLOPLASTRecycled polymers brandConverters seeking recycled contentn.v.Market-linked
PTA / PXPolyester intermediates; new PX-PTA complex at Paradip (₹13,805 cr; 94.6% complete; expected Aug-2026, commissioning status not confirmed)Polyester and textilesExpansionMarket-linked
MEGGlycol for polyesterTextilesOngoingMarket-linked
LABLinear Alkyl Benzene for detergentsDetergent makersOngoingMarket-linked
Butadiene / BenzeneAromatic and olefin intermediatesChemical and rubber makersOngoingMarket-linked
Poly Butadiene Rubber (PBR)New Panipat plant (₹2,949 cr; 88.7%; expected Dec-2026)Tyre makersUnder construction—
Acrylic acid, butyl acrylate, n-butanolAcrylics and Oxo-Alcohol Project at Gujarat Refinery (Dumad) — entry into high-value specialty chemicalsPaints, adhesives, coatingsCommissioned FY26Market-linked
iZN22 PP catalystIn-house polypropylene catalystInternal / licensingn.v.—

Gas segment

OfferingDescriptionTarget customerStatus
RLNG / natural-gas marketingLong-term LNG contracts (including ADNOC and TotalEnergies) plus spotFertiliser, power, industry, CGD7.09 MMT sold FY26
City Gas Distribution (PNG/CNG)49 GAs, 106 districts, 21 states/UTs; 2,641 CNG stations at 31-Mar-2026Households, vehicles, commerceCGD turned EBITDA-positive FY26
LNG fuelling / small-scale LNGLNG for trucks and off-grid users; LNG exports to NepalLong-haul trucking, NepalPioneering
Gas pipelinesIncluding new Kochi–Kanyakumari–Thoothukudi line (424.65 km, 6.84 MMSCMD, ₹2,448.70 cr, approved Sept 2026)ShippersExpansion
Ennore LNG terminal5 MMTPA import/regas via group companySouthern IndiaOperating

Other Business Activities and new energy

OfferingDescriptionStatus
E&P24 assets (14 domestic incl. Jharkhand CBM block in production; 10 overseas incl. Abu Dhabi Onshore Block 1, Canada Montney/PNW)4.49 MMToe share of production FY26
Explosives13-plant bulk and packaged explosives business; 319 TMT sold in FY25Mining customers
CryogenicsCryogenic tanks, LNG/ISO containers, liquid oxygen tanks, aviation refuelling systemsIndustrial and medical gases
RenewablesTerra Clean (1 GW under development, 4.3 GW in preparation); INGEL 650 MW RTC; 36,341 solarised retail outletsBuilding toward a 30 GW-by-2030 target cited by the company in 2025
Green hydrogen10 KTA plant at Panipat under construction; 15 hydrogen fuel-cell buses (>1.7 lakh km); hydrogen refuelling infrastructurePilot/scale-up
Compressed Biogas49+ plants; CBG business turned EBITDA-positive FY26Scaling
E-mobility~15,000 EV charging/battery-swap points; 1,649 swap stations (700 added FY26)Scaling
EPCM servicesExternal pipeline projects of 3,000+ km under executionNew growth line
Technology licensingINDMAX (LPG/propylene maximisation; 17.25 MMTPA cumulative capacity by FY21), XtraFlo DRA (deployed on Oil India's Naharkatia–Barauni pipeline), INDScan iPIG, eCO2Sorb carbon captureCommercial
Digital business (exploratory)Data centres, sovereign cloud leveraging the company's optical-fibre networkExploratory (FY26 Annual Report)

Financial Narrative

Income statement (consolidated, ₹ cr; Screener/C-MOTS; revenue net of excise)

Notes: (1) Company-reported FY26 consolidated EPS is ₹30.57 basic and diluted (computed on ~1,377 cr shares excluding trust shares); Screener's ₹29.81 uses a different share base. (2) FY26 consolidated profit attributable to owners was ₹42,096 cr; non-controlling interests ₹1,581 cr. (3) Company-reported FY26 consolidated revenue from operations gross of excise was ₹9,01,453 cr (FY25: ₹8,59,363 cr; +4.9%). (4) Gross profit is not a reported line item under the Ind AS Schedule III format. Computed for FY26 only: gross revenue ₹9,01,453 cr less materials ₹4,33,584 cr, stock-in-trade purchases ₹1,93,977 cr and inventory change ₹5,562 cr = ₹2,68,329 cr; after deducting excise duty of ₹1,17,037 cr, ≈₹1,51,292 cr (≈19.3% of net revenue). Prior-year gross profit not computed.

Standalone headline series (company investor presentation, Q1 FY27; revenue gross of excise)

FY21 standalone revenue was ₹5,14,890 cr. FY26 dividend comprised ₹5.00 first interim (record date 18-Dec-2025), ₹2.00 second interim (record date 12-Mar-2026) and ₹1.25 final (record date 14-Aug-2026). FY22 dividends per share are bonus-adjusted for the 1:2 bonus of July 2022 (computed from the 48% payout ratio).

Margins and growth (consolidated, computed)

Revenue CAGR FY2022–FY2026 (four compounding years): consolidated net revenue 7.4%; standalone gross revenue 5.0% (computed). Screener reports 5-year consolidated sales CAGR of 17% (base FY21, COVID-depressed) and 3-year CAGR of −2%.

Commentary. The five-year record is a textbook alternation of "policy-squeeze" and "policy-windfall" years. FY23 and FY25 margins collapsed (3.6% and 4.8%) because crude rose or stayed elevated while retail prices were frozen; FY24 and FY26 margins rebounded to ~10% when crude fell and frozen pump prices became a windfall. Operating performance was not the swing factor: throughput, sales volumes and refinery energy efficiency all trended upward. FY26's improvement was also aided by ₹6,035.85 cr of LPG compensation recognised as revenue (November 2025–March 2026 instalments) and by inventory bought at pre-conflict prices that insulated the year from the late-February 2026 crude spike (FY26 results notes 5–6). The FY26 Q4 included a ₹1,212.42 cr impairment on non-fossil/off-gas fuel CGUs. FY25 had a one-off positive from reversal of Gujarat VAT input-tax-credit provisions after favourable Supreme Court and VAT Tribunal orders (disclosed as an exceptional item).

Quarterly trend (consolidated, ₹ cr; Screener)

Q1 FY27 consolidated net loss attributable to owners was ₹1,631 cr (PSU Watch) versus a total-group loss of ₹1,141 cr; consolidated gross revenue was ₹2,81,933 cr (+27% YoY). Standalone Q1 FY27: revenue ₹2,75,972 cr (+26%); pre-tax loss ₹3,274 cr; net loss ₹2,661 cr (versus CNBC-TV18 poll estimate of a ₹1,824 cr loss); EBITDA ₹2,332 cr (versus ₹22,345 cr in Q4 FY26); standalone EPS −₹1.93; total comprehensive loss ₹6,477 cr after a ₹4,795 cr pre-tax mark-to-market loss on equity investments through OCI.

Balance sheet (consolidated, ₹ cr; Screener unless noted)

FY2026 detail from the audited consolidated statement of assets and liabilities (NSE filing; slight differences from Screener totals reflect classification):

Standalone debt rose from ₹1,10,668 cr at end-Q4 FY26 to ₹1,41,453 cr at end-Q1 FY27 as losses and working capital absorbed cash (Q1 FY27 investor presentation).

Goodwill is negligible (₹1.04 cr): IndianOil's growth has been organic and project-led, not acquisition-led. Working capital is structurally negative because crude and product payables, excise and LPG-related liabilities fund a large inventory base.

Cash flow (consolidated, ₹ cr; Screener; FY26 detail from NSE filing)

FY26 cash-flow detail (NSE filing): purchase of PPE ₹28,363 cr; investment in JVs ₹2,368 cr; dividends received ₹2,319 cr; borrowings raised ₹15,494 cr and repaid ₹42,746 cr (net repayment ₹27,252 cr); lease payments ₹3,183 cr; dividends paid ₹13,702 cr; interest paid ₹8,535 cr; income taxes paid ₹11,412 cr. Buybacks: none in FY22–FY26. Company-defined capex (including equity investments) was ₹32,405 cr in FY26 and has exceeded ₹30,000 cr annually for five years (Chairman's Communiqué). FY27 capex target is ₹32,700 cr, of which ₹6,461 cr was spent in Q1 (refinery ₹3,945 cr; marketing ₹1,418 cr; petchem ₹569 cr; pipelines ₹315 cr; gas ₹62 cr; R&D ₹27 cr; E&P ₹40 cr; others ₹85 cr).

Ratios (consolidated; computed unless noted)

Company-reported ratios (FY26 consolidated filing): debt-equity 0.53; debt-service coverage 2.41; interest-service coverage 8.81. Standalone debt-equity: 0.75 (FY25) → 0.54 (FY26) → 0.71 (30-Jun-2026). FY26 net debt to EBITDA: 1.51x (computed). TipRanks reports trailing ROIC of 4.24% (date of computation uncertain; likely pre-FY26 data).

Commentary. Leverage peaked in FY23 (4.2x gross debt/EBITDA) when marketing losses coincided with heavy project capex, and again in FY25 (3.5x). FY26 delivered the cleanest balance sheet of the period: ₹27,252 cr net debt repayment, consolidated gearing at 0.53x and coverage above 8x. That cushion was immediately tested: Q1 FY27's loss, a ₹30,785 cr increase in standalone debt within one quarter, and Fitch's June 2026 expectation of a temporary leverage spike. Returns remain cyclical — ROE has alternated between ~8% and ~21–27% — and the large and growing CWIP (₹86,049 cr, ~16% of assets) is a drag on reported returns until the Panipat, Gujarat and Barauni expansions commission.

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Financial Detail

Segment Overview

SegmentContents

Petroleum Products

Refining, crude and product pipelines, fuel retail, LPG, aviation, lubricants, bitumen, bunkers, industrial/institutional sales, product exports; includes CPCL and overseas marketing subsidiaries

Petrochemicals

Polymers (PP, HDPE, LLDPE), PX/PTA, MEG, LAB, butadiene, benzene, PBR, acrylics and oxo-alcohols

Gas

LNG import/regasification, natural-gas marketing, gas pipelines, City Gas Distribution, CNG/LNG fuelling

Other Business Activities

Oil & gas exploration and production, explosives, cryogenics, wind and solar power generation

Revenue by Segment

Segment (INR Cr, consolidated, gross)FY2025FY2026

Petroleum Products revenue

803,817842,195

Petrochemicals revenue

28,03128,102

Gas revenue (FY25 derived)

42,34144,512

Other Business Activities revenue

5,1515,288

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Segment growth and mix (%)

Segment growth and mix (%)FY2026 YoY growth (%)FY2026 share of total segment revenue (%)

Petroleum Products

4.891.5

Petrochemicals

0.33.1

Gas

5.14.8

Other Business Activities

2.70.6

Segment Overview (Annual)

SegmentFY2026 segment result (INR Cr)Segment margin on gross revenue (%)

Petroleum Products

61,2277.3

Petrochemicals

1,0153.6

Gas

-255-0.6

Other Business Activities

4568.6

Total segment result

62,4436.8

Segment Overview — Petroleum Products

SegmentSegment assetsSegment liabilitiesNet capital employed

Petroleum Products

372,119137,201234,918

Petrochemicals

45,2252,88842,337

Gas

14,1265,8098,317

Other Business Activities

16,7071,86114,846

Unallocable

80,778155,648-74,870

Group Entities

EntityRelationshipActivity

Chennai Petroleum Corporation Ltd (CPCL)

Listed subsidiary (~51.9%, per prior disclosures)

10.5 MMTPA Manali refinery; 9 MMTPA Cauvery Basin (Nagapattinam) refinery project

Lanka IOC PLC

Listed subsidiary, Sri Lanka

Fuel retail, bunkering, lubricants

IndianOil (Mauritius) Ltd

Wholly-owned subsidiary

Fuel supply, aviation, bunkering; US$25m bunkering expansion begun 2026

IndianOil Upstream Ventures Ltd (IUVL)

Wholly-owned subsidiary

Domestic E&P (Jyoti-1, Gujarat)

Terra Clean Ltd

Wholly-owned subsidiary

Renewable energy (1 GW under development + 4.3 GW in preparation)

IOC Global Capital Management IFSC Ltd

Wholly-owned subsidiary, GIFT City

Group treasury; cumulative transactions >US$1 bn

IOC Middle East FZE, IOC Sweden AB, IOCL (USA) Inc., IndOil Global BV, IOC Singapore Pte

Wholly-owned overseas subsidiaries

Trading, lubricants and overseas upstream holdings (per earlier annual reports)

Urja Bharat Pte Ltd

50:50 JV with Bharat PetroResources

Abu Dhabi Onshore Block 1 (Shilaif and Habshan discoveries)

IndianOil NTPC Green Energy Pvt Ltd (INGEL)

JV with NTPC

650 MW round-the-clock renewable power

IndoFast Swap Energy Pvt Ltd

JV with SUN Mobility

Battery-swapping network (1,649 stations)

IHB Ltd

JV (IOC with HPCL and BPCL)

2,805-km Kandla–Gorakhpur LPG pipeline

Ratnagiri Refinery & Petrochemicals Ltd

JV

Proposed west-coast mega refinery (Chairman Sahney is non-executive chair)

Petronet LNG, IndianOil Petronas, IndianOil Adani Gas, Hindustan Urvarak & Rasayan, others

Associates/JVs

LNG, LPG import, CGD, fertilisers

Strategic equity stakes

Investments

ONGC, GAIL, Oil India (cited by ICRA as a source of financial flexibility)

Income Statement and Margin Analysis (%)

MetricFY2022FY2023FY2024FY2025FY2026

Revenue net of excise (INR Cr)

589,336841,756776,352758,106784,415

Operating profit before other income (INR Cr)

46,61930,68375,65036,04077,108

Other income (INR Cr)

4,3185,1245,3847,1127,139

EBITDA incl. other income (INR Cr, computed)

50,93735,80781,03443,15284,247

Depreciation (INR Cr)

12,34813,18115,86616,77718,420

Interest (INR Cr)

4,3017,5887,8819,3118,354

Profit before tax incl. JV share (INR Cr)

34,28915,03857,28817,06357,472

Effective tax rate (%)

2522251924

Net profit incl. NCI (INR Cr)

25,72711,70443,16113,78943,677

EPS consolidated (₹, Screener basis)

17.786.9329.559.6329.81

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Income Statement and Returns & Leverage Ratios (%)

MetricFY2022FY2023FY2024FY2025FY2026

Revenue from operations standalone (INR Cr)

728,445934,953866,345845,513886,224

EBITDA standalone (INR Cr)

47,56828,48874,18238,06073,718

Net profit standalone (INR Cr)

24,1848,24239,61912,96236,802

Total equity standalone (INR Cr)

131,286134,758176,715178,677204,544

Dividend payout ratio (% of PAT)

4850423231

EPS standalone (₹, computed on 1377.16 cr shares)

17.565.9828.779.4126.72

Dividend per share (₹, bonus-adjusted)

8.403.0012.003.008.25

Margin Analysis (%)

MetricFY2022FY2023FY2024FY2025FY2026

Operating margin before other income (%)

7.93.69.74.89.8

EBITDA margin incl. other income (%)

8.64.310.45.710.7

PBT margin (%)

5.81.87.42.37.3

Net margin (%)

4.41.45.61.85.6

Revenue growth YoY (%)

61.942.8-7.8-2.43.5

Income Statement and Margin Analysis (%) (Quarterly)

MetricQ1FY26Q2FY26Q3FY26Q4FY26Q1FY27

Revenue net of excise (INR Cr)

192,341178,628205,157208,289266,407

Operating profit (INR Cr)

13,26716,24522,74524,8044,062

Operating margin (%)

6.99.111.111.91.5

Profit before tax (INR Cr)

8,75011,10417,82719,791-933

Net profit incl. NCI (INR Cr)

6,8088,19113,50215,176-1,141

EPS (INR)

4.835.549.2110.24-1.15

Balance Sheet

MetricFY2022FY2023FY2024FY2025FY2026

Total assets (INR Cr)

410,882441,995482,683507,554529,352

Equity attributable to owners (INR Cr)

133,535139,721183,417186,488219,518

Total borrowings (INR Cr)

132,020148,977132,628152,271131,822

Fixed assets net (INR Cr)

160,514180,048195,998201,142208,569

Capital work in progress (INR Cr)

47,46951,13361,03277,92186,049

Investments (INR Cr)

52,35252,19065,54267,21873,298

Financial Analysis

Item (31-Mar-2026)INR Cr

Total assets

528,955

Cash and cash equivalents

1,833

Other bank balances

2,582

Current investments

7,137

Non-current borrowings

63,652

Current borrowings

68,170

Total borrowings

131,822

Net debt (borrowings less cash and bank balances, computed)

127,407

Goodwill

1

Other intangible assets

4,095

Intangibles under development

3,153

Inventories

117,133

Total current assets

155,175

Total current liabilities

211,170

Working capital (computed)

-55,995

Total equity incl. NCI

225,547

Non-controlling interest

6,030

Deferred tax liability (net)

21,616

Assets held for sale

1,636

Cash Flow and Margin Analysis (%)

MetricFY2022FY2023FY2024FY2025FY2026

Operating cash flow (INR Cr)

24,57029,64471,14634,45276,142

Capex implied (INR Cr, CFO minus FCF)

23,03732,16836,69334,36927,261

Free cash flow (INR Cr)

1,533-2,52434,4538348,881

Investing cash flow (INR Cr)

-21,178-28,030-31,512-31,641-22,274

Financing cash flow (INR Cr)

-2,997-1,794-39,385-3,421-52,672

CFO / operating profit (%)

69101110104114

Returns & Leverage Ratios (%) and Financial Ratios (x)

RatioFY2022FY2023FY2024FY2025FY2026

ROE (%, net profit incl. NCI over average owners' equity)

21.08.626.77.521.5

ROA (%, net profit over average total assets)

6.72.79.32.88.4

ROCE (%, Screener; used as ROIC proxy)

16821719

Gross debt to equity (x)

0.991.070.720.820.60

Gross debt to EBITDA (x)

2.594.161.643.531.56

Interest coverage, EBIT over interest (x)

8.972.988.272.837.88

Asset turnover (x)

1.541.971.681.531.51

Cash conversion cycle (days, Screener)

5940423941

Volume metric (MMT)

Volume metric (MMT)FY2025FY2026

Domestic petroleum product sales

84.9688.97

Petrochemical sales incl. exports

n.r.

3.40

Natural-gas sales excl. captive

6.787.09

Total product sales

100.10105.11

Geography Overview

GeographyVehicleActivityTrend

India

Parent, CPCL, IUVL, Terra Clean, JVs

All segments

Core; record volumes FY26

Sri Lanka

Lanka IOC PLC

Retail, bunkers, lubes

Stable; Chairman is IOC CFO Anuj Jain since Aug 2025

Mauritius

IndianOil (Mauritius) Ltd

Fuel supply, aviation, bunkering

Growing: to supply Mauritius' entire import requirement of petrol, diesel and ATF (Aug 2026); US$25m bunkering expansion

Nepal

Export contracts

LNG exports, products

Growing (small-scale LNG exports cited in brochure)

UAE

IOC Middle East FZE; Urja Bharat (Abu Dhabi)

Lubes trading; E&P

Growing: two oil discoveries in Onshore Block 1

Canada, USA, Russia, Mozambique, others

Overseas E&P subsidiaries/consortia

Upstream equity

10 overseas assets; production share contributes to 4.49 MMToe

Singapore, Netherlands, Sweden

Holding/treasury/trading entities

Finance, trading

Planned crude and product trading unit (Aug 2026 interview; partner not finalised)

Valuation Snapshot

MetricValueSource

Price

₹131 (6-Oct-2026)

Screener

52-week high / low

₹188.96 / ₹130.22

Value Research, Motilal Oswal

1-year return

−16%

Screener

3-year CAGR

13%

Screener

5-year CAGR

8%

Screener

10-year CAGR

2%

Screener

6-month change to 27-Aug-2026

−22.8%

Anand Rathi

Indicative price points (INR)

Feb2026

Apr2026

IOC share price

175.87144.19

Valuation Multiples

MultipleIOCBasis

P/E (FY26)

4.3x

FY26 reported EPS ₹30.57

P/E (TTM to Jun-2026)

~5.4x

TTM attributable profit ~₹33,650 cr (computed); Screener shows 5.46x

P/B

~0.82x

Owners' equity ₹2,19,518 cr / 1,377.16 cr shares ≈ ₹159/share; Screener book value ₹155

EV/EBITDA (FY26)

~3.7x

EV ≈ ₹3.14 lakh cr (mcap ₹1.80 lakh cr + FY26 net debt ₹1.27 lakh cr + NCI ₹6,030 cr) / EBITDA ₹84,247 cr

EV/Sales (FY26)

~0.40x

Net revenue ₹7,84,415 cr

Dividend yield (FY26 DPS ₹8.25)

~6.3%

Screener 6.34%

Source / Broker Details

Source / brokerRatingTarget (INR)Date

StockAnalysis consensus

Buy

160.06

Aug 2026

Simply Wall St consensus

—

168.68 (range 136.88–225.00)

2026 (date unclear)

Jefferies

Buy

190

Early 2026

Phillip Securities

Neutral (downgraded from Buy)

185

Early 2026

Morgan Stanley

Overweight

168

Oct 2025

JM Financial

Reduce

n.r.

May 2026

Dividend per share (INR)

Dividend per share (INR)FY2022FY2023FY2024FY2025FY2026

Total DPS (bonus-adjusted)

8.403.0012.003.008.25

Payout ratio standalone (%)

4850423231

Credit Ratings

AgencyRatingOutlookLatest action

S&P Global

BBB (issuer)

Stable

Oct 2025

Moody's

Baa3 (senior unsecured FC)

Stable

Per company disclosures (2025–26)

Fitch

BBB- (IDR; standalone credit profile BB+)

Stable

Affirmed 24-Jun-2026

CRISIL

AAA / A1+

Stable

Updates May, Aug, Sep 2026

ICRA

AAA / A1+

Stable

Reaffirmed 18-May-2026

India Ratings

IND AAA / IND A1+

Stable

29-Jun-2026

CARE

AAA / A1+

Stable

Per company disclosures

Analyst Conclusions

Management guidance and consensus

Management guides on volumes and projects rather than profits: FY27 capex ₹32,700 cr; Panipat, Gujarat and Barauni expansions commissioning by December 2026; Paradip PX-PTA and Panipat PBR; gas sales 1.5× by 2030; petrochemical intensity ~15% by 2030. Fitch (June 2026) expects a temporary leverage spike in FY27 before stabilisation. Consensus price targets cluster around ₹160–169 (≈22–29% above the current price), implying the market expects a partial earnings recovery as retail prices and crude normalise, though some brokers (JM Financial) remain cautious.

Bull case

  1. Volume step-change: +17.3 MMTPA standalone capacity (~25% throughput uplift at full utilisation) arrives in Q3–Q4 FY27, while the company already runs above 107% utilisation — mechanical earnings growth once margins normalise.

  2. Deep value with yield: At ~0.8x book, ~4x FY26 earnings and ~3.7x EV/EBITDA, with a ~6% trailing yield, the stock prices in a prolonged squeeze; FY26 showed normalised earnings capacity of ₹40,000+ cr.

  3. Policy normalisation: May 2026 price hikes cut petrol under-recovery by 83%; a ₹14,486 cr LPG compensation is flowing in monthly instalments; any crude retreat restores marketing margins quickly (each $1/bbl fall adds ~₹0.6/l to petrol/diesel gross margin per broker estimate).

Bear case

  1. Earnings are policy-determined: One quarter of crude spike (Q1 FY27) erased ₹22,000+ cr of quarterly EBITDA versus Q4 FY26; further West Asia escalation could repeat this, and the government's own fiscal stress limits compensation.

  2. Governance and disclosure: No independent directors or audit committee since March 2026, suspension of quarterly GRM disclosure, and consistent minority-shareholder subordination to national objectives justify a structural discount.

  3. Capital allocation: ₹30,000+ cr annual capex with low-return petrochemicals (~2.4% pre-tax return in FY26), a growing LPG buffer (₹29,730 cr), and a domestic product surplus from 2027 could keep ROCE well below the FY24/FY26 peaks.

Catalysts and monitorables (next 12 months)

Catalyst / monitorableExpected timing
Q2 FY27 results (trading window closed from 25-Sep-2026)Late Oct / early Nov 2026
Commissioning of Gujarat (Nov-26), Panipat and Barauni (Dec-26) expansionsNov–Dec 2026
Paradip PX-PTA commissioning confirmationH2 2026
Retail price decisions and excise policy as crude evolvesContinuous
LPG compensation for FY27 under-recoveriesFY27
Appointment of independent directors and reconstitution of Audit CommitteePending GoI action
Appointment of Director (R&D)Pending
Interim dividend decision (historically December)Dec 2026
Trading-unit partner announcementUnspecified
Fitch/S&P/Moody's reviews; sovereign rating movesRolling
Q3 FY27 resultsFeb 2027

Concluding analyst verdict

Indian Oil Corporation enters the second half of FY2027 operationally stronger than at any point in its history and financially more exposed than its FY26 headline suggested. The FY26 record — ₹36,802 cr standalone and ₹43,677 cr consolidated profit, ₹76,142 cr operating cash flow and gearing cut to 0.53x — demonstrated the earnings power of a fully utilised, pipeline-integrated downstream franchise when crude is benign and retail prices are sticky. Q1 FY27 demonstrated the inverse: record throughput, record petrol and diesel sales and a 43.1% market share still produced a ₹2,661 cr standalone loss once the Hormuz shock lifted crude and the state held pump prices. The company's fundamental value therefore depends less on management execution — which has been consistently good — than on the policy contract between the Government of India and its OMCs.

On balance, the risk-reward appears asymmetric but not unconditional. The stock trades near its 52-week low at roughly 0.8x book and about 4x FY26 earnings, with the market discounting a protracted squeeze. Three visible upside levers exist within twelve months: commissioning of 17.3 MMTPA of new capacity by December 2026, further normalisation of retail margins after the May 2026 price hikes, and continued LPG compensation flows. Against this sit governance deficits (no independent directors or audit committee since March 2026), reduced margin disclosure, low petrochemical returns, an expanding LPG receivable, and the latent possibility of renewed West Asia escalation.

Our synthesis: IndianOil is best viewed as a high-yield, sovereign-linked cyclical whose intrinsic value is underpinned by irreplaceable infrastructure, but whose equity holders bear policy risk without commensurate governance protections. Investors should underwrite normalised (mid-cycle) earnings, demand evidence of project commissioning and margin normalisation in Q2–Q3 FY27, and treat restoration of board independence as a necessary condition for any re-rating toward historical multiples.

APPENDIX — SOURCE LIST

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Executive Leadership

Board of Directors

NameRoleTenure / datesBackgroundAge

Arvinder Singh (A.S.) Sahney

Chairman (whole-time)

Since 13-Nov-2024

Chemical engineer (HBTU Kanpur); joined IOC 1993; worked at five refineries including commissioning Paradip; previously ED (Business Development – Petrochemicals); non-executive Chairman of CPCL and Ratnagiri Refinery & Petrochemicals; leads Project SPRINT

55 (2026 bio)

Anuj Jain

Director (Finance) & CFO

Since 9-Oct-2023 (5-year term)

Chartered accountant; ~28 years at IOC (corporate finance, treasury, supply chain optimisation, pricing, shipping, tax); former CFO of Lanka IOC; Chairman of Lanka IOC since Aug 2025; ETCFO 2025 "Leadership in PSU Finance"

~55

Rashmi Govil

Director (Human Resources)

n.v.

Career IOC HR executive

—

Arvind Kumar

Director (Refineries)

n.v. (reported in 2026 trade press as also handling Pipelines)

Career refiner

—

Suman Kumar

Director (Planning & Business Development)

n.v.

IOC executive

—

Saumitra P. Srivastava

Director (Marketing)

Since 3-Oct-2025

Previously ED (Corporate Strategy); downstream marketing and strategy background

—

Dr. Alok Sharma

Director (R&D)

Up to 31-Mar-2026

Ceased on superannuation; successor not identified in retrieved sources

—

Dr. Sujata Sharma

Government Nominee Director

Current

Joint Secretary, MoPNG

—

A. Amarnath

Government Nominee Director

Since 5-Jun-2026

Government nominee

—

Esha Srivastava

Government Nominee Director

20-Jun-2025 to 19-Apr-2026

Ceased

—

Dr. Dattatreya Rao Sirpurker

Independent Director

Up to 27-Mar-2026

Ceased

—

Prasenjit Biswas

Independent Director

Up to 27-Mar-2026

Ceased

—

Krishnan Sadagopan

Independent Director

Up to 27-Mar-2026

Ceased

—

Kamal Kumar Gwalani

Company Secretary (KMP)

Current

——

Board & Management Changes

DateChange

13-Nov-2024

A.S. Sahney becomes Chairman

22-Aug-2025

CFO Anuj Jain appointed Chairman of Lanka IOC

3-Oct-2025

Saumitra P. Srivastava becomes Director (Marketing), succeeding Satish Kumar Vaduguri (retired Aug 2025)

27-Mar-2026

Three independent directors' tenures end

31-Mar-2026

Director (R&D) Dr. Alok Sharma demits office

19-Apr-2026

Government nominee Esha Srivastava ceases

5-Jun-2026

A. Amarnath joins as Government nominee

31-Jul-2026

Three EDs superannuate (A.K. Mehta, Construction–Pipelines; D. Padma, CP&ES–BD; J. Agarwalla, HS&E)

30-Sep-2026

Senior executives Sunit Joshi and Gagan Deep Singh Kohli superannuate

Shareholding Trend

Holder category (% of equity)Jun2025Sep2025Dec2025Mar2026Jun2026

Promoter: President of India

51.5051.5051.5051.5051.50

Government-owned bodies corporate (ONGC, Oil India, other)

19.5719.5719.5719.5719.57

Foreign institutional investors

7.487.698.579.849.08

Domestic institutional investors

10.2910.4210.009.109.52

Public and others

11.1510.8110.349.9610.32

Competitive Landscape

Competitors by Segment

SegmentCompetitors

Refining & fuel marketing

Bharat Petroleum (BPCL); Hindustan Petroleum (HPCL, incl. HPCL Rajasthan Refinery); Reliance Industries (O2C; retail via Jio-bp); Nayara Energy (Rosneft-backed); Mangalore Refinery & Petrochemicals (MRPL, ONGC group); Shell India (retail); Numaligarh Refinery (Oil India group)

Petrochemicals

Reliance Industries; GAIL (petchem); Haldia Petrochemicals; ONGC Petro additions (OPaL); BPCL and HPCL (new crackers)

Gas & CGD

GAIL; Petronet LNG (LNG imports); Adani Total Gas; Indraprastha Gas; Mahanagar Gas; Gujarat Gas; Torrent Gas; BPCL/HPCL CGD

Lubricants

Castrol India; Gulf Oil Lubricants; HPCL (HP Lubricants); BPCL (MAK); Shell; Savita Oil

Aviation fuel

BPCL, HPCL, Reliance, Shell

E-mobility

Tata Power EZ Charge, Statiq, ChargeZone; BPCL/HPCL; Jio-bp pulse

Peer Comparison FY2026

Metric (FY2026)IOC (consolidated)BPCL (consolidated)HPCL (standalone)

Revenue from operations gross (INR Cr)

901,453522,820

n.r.

Net profit (INR Cr)

43,67725,84317,175

Net profit growth YoY (%)

216.893.8133.2

Revenue growth YoY (%)

4.94.5

n.r.

EBITDA (INR Cr)

84,24745,601

n.r.

Debt-equity (x)

0.53

n.r.

0.80

Company Snapshot

$80,082.46M

Revenue

30,321

Employees

1959

Founded

New Delhi, India

Headquarters

SWOT Analysis

Strengths

  • Record operations: FY26 crude throughput 75.45 MMT at 107.4% utilisation; pipelines 102.52 MMT; domestic sales 88.97 MMT — all-time highs (FY26 AR).
  • Dominant share: 43.1% domestic market share in Q1 FY27, up 1.6 points YoY (company).
  • Infrastructure moat: >20,000 km pipelines; 42,818 retail outlets; ~66,000 customer touchpoints (Corporate Brochure 2026).
  • Deleveraging capacity: FY26 net debt repayment ₹27,252 cr; consolidated D/E 0.53; interest-service coverage 8.81× (NSE filing).
  • Sovereign support: Ratings equalised with India (Fitch BBB-, S&P BBB, Moody's Baa3); domestic AAA.
  • Efficiency gains: Best-ever energy intensity index 90.1; Mathura and Panipat in Solomon top quartile; >₹2,000 cr cost savings FY26 (FY26 AR).
  • Technology base: 1,729 effective patents; commercialised DRA and eCO2Sorb.

Weaknesses

  • Policy-hostage earnings: Q1 FY27 standalone loss ₹2,661 cr despite record throughput; petroleum segment swing of ₹12,011 cr YoY (PSU Watch).
  • Volatile returns: ROE alternated 21% → 8.6% → 26.7% → 7.5% → 21.5% over FY22–FY26 (computed).
  • Governance gap: Zero independent directors and no Audit Committee since 28-Mar-2026 (FY26 results note).
  • Low petchem returns: ₹1,015 cr segment result on ~₹42,300 cr net capital (FY26).
  • LPG receivable build-up: Cumulative negative LPG buffer ₹29,730 cr at 30-Jun-2026, up from ₹23,102 cr in March 2026.
  • Disclosure regression: Quarterly GRM disclosure suspended for Q4 FY26 amid volatility (I-Sec note), reducing transparency.
  • Project cost escalation: Barauni expansion approved cost escalated from ₹13,779 cr to ₹18,113 cr.

Opportunities

  • Capacity step-up: +17.3 MMTPA standalone (Panipat, Gujarat, Barauni) by Dec 2026 — ~25% more throughput at full utilisation (Business Standard).
  • Petrochemical integration: PX-PTA, PBR, acrylics; target ~15% petchem intensity by 2030.
  • Gas growth: 1.5× sales by 2030; new pipelines (Kochi–Kanyakumari–Thoothukudi); CGD now EBITDA-positive.
  • International trading and supply: Mauritius supply deal; planned trading unit.
  • Green molecules: SAF certification, 10 KTA green hydrogen, 49+ CBG plants, 1 GW+ renewables pipeline.
  • Retail price normalisation: May 2026 hikes reduced petrol under-recovery by 83% to ~₹3/l by mid-June 2026 (Kotak Neo).
  • Monetising adjacencies: EPCM (>3,000 km of external pipelines), digital infrastructure, non-fuel retail.

Threats

  • Geopolitics: Hormuz disruption pushed crude toward $120/bbl (MoPNG, May 2026); recurrence risk.
  • Product surplus: Chairman acknowledges a coming domestic surplus with HRRL and IOC expansions.
  • Trade policy: US duty tied to Russian crude imports constrains discounted crude sourcing.
  • Energy transition: EV adoption and gas substitution erode transport-fuel demand longer term.
  • Fiscal pressure on government: Revenue forgone of ~₹1.23 lakh cr in 78 days may limit future compensation.
  • Equity-portfolio volatility: ₹4,795 cr pre-tax MTM loss on equity investments in Q1 FY27 OCI.
  • Competitive intensity: Private refiners with higher complexity (Reliance) and retail expansion by Jio-bp/Nayara during benign price periods.

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Key Developments

DateEventSignificance
Apr 2025Project SPRINT launchedFramework for strategy and cost programme
30-Apr-2025FY25 results: standalone PAT ₹12,962 cr; FY25 average GRM $4.80/bbl (FY24 $12.05); Barauni expansion cost revised to ₹16,724 cr from ₹13,779 crTrough-year earnings; capex inflation
May 2025Supplies to Armed Forces during Operation SindoorStrategic role reinforced
27-Jun-2025Fitch affirms BBB-/Stable; forecasts FY26 EBITDA ~₹38,000 cr and capex ₹36,000 crRatings anchored to sovereign
Aug 2025Q1 FY26 standalone PAT ₹5,689 cr; reported GRM $2.15/bbl hit by inventory lossWeak start to FY26
Aug 2025US imposes additional duty on Indian exports linked to Russian crude purchasesCrude-sourcing policy risk
22-Aug-2025CFO Anuj Jain appointed Chairman of Lanka IOCSubsidiary governance
3-Oct-2025Saumitra P. Srivastava becomes Director (Marketing)Leadership renewal
Oct 2025MoPNG approves ₹14,486 cr LPG under-recovery compensation (12 monthly instalments from Nov 2025)Earnings and cash support
14-Oct-2025S&P assigns BBB/StableHigher than Fitch/Moody's following sovereign upgrade
27-Oct-2025Q2 FY26: GRM $10.6/bbl (core $8.9); Russian crude ~18–19% of intakeEarnings recovery
12-Dec-2025First interim dividend ₹5/share (~₹7,000 cr outgo)Shareholder returns
Jan 2026First domestic oil from Jyoti-1 (IUVL)Upstream milestone
Jan 2026Chairman at Davos: India's peak oil demand ~15 years awayDemand-outlook signal
27–30 Jan 2026India Energy Week, GoaPartnership announcements
5-Feb-2026Q3 FY26: standalone PAT ₹12,126 cr; Apr–Dec GRM $8.41/bblStrong earnings
28-Feb-2026US/Israeli strikes on Iran; Strait of Hormuz disruptedDefining shock for FY27
Mar 2026LPG supply crisis; IOC raises LPG output ~30%; three crude and five LPG cargoes held in the Gulf at year-endOperational resilience
6-Mar-2026Second interim dividend ₹2/share—
27/28-Mar-2026Independent directors' terms lapse; Audit Committee discontinuedGovernance gap
31-Mar-2026Director (R&D) demitsBoard vacancy
Apr 2026Government cuts excise on petrol/diesel by ₹10/l (≈₹14,000 cr/month revenue forgone)Partial relief for OMCs
8-May-2026MoPNG: OMCs' combined under-recovery ~₹30,000 cr/month; crude cited at up to $120/bblSevere margin squeeze
13-May-2026Petroleum Minister warns one quarter's losses could erase a year's profitsPolicy signal
15–25 May 2026Four retail price hikes (Delhi petrol ₹94.77→₹102.12; diesel ₹87.67→₹95.20)First hikes in four years
18-May-2026FY26 results: record standalone PAT ₹36,802 cr; consolidated ₹43,677 cr; final dividend ₹1.25; quarterly GRM disclosure suspended for Q4Peak earnings
5-Jun-2026A. Amarnath appointed Government nominee director—
Jun 2026Daily OMC under-recoveries fall below ₹600 cr after hikes; government revenue forgone ~₹1.23 lakh cr over 78 daysEasing losses
24-Jun-2026Fitch affirms BBB-/Stable; warns of conflict hit to FY27 earnings and temporary leverage spikeCredit stable
29-Jun-2026India Ratings assigns IND AAA/Stable to bank facilitiesDomestic credit strength
30-Jun-2026Record date for final dividend fixed at 14-Aug-2026—
Jul 2026HPCL Rajasthan Refinery commissioning (competitor)Adds domestic product supply
Jul 2026New Mundra–Panipat crude pipeline mechanically completeFeeds Panipat expansion
31-Jul-2026Q1 FY27: standalone loss ₹2,661 cr; record Q1 throughput 19.165 MMT; market share 43.1%; LPG buffer −₹29,730 crPolicy-driven loss
12-Aug-2026Parliamentary committee report on oil-PSU R&DPressure for higher R&D intensity
17-Aug-2026Chairman (S&P Global interview): 19% capacity growth, trading unit, 12% energy share by 2040Strategy update
24-Aug-2026Agreement to supply Mauritius' entire petrol, diesel and ATF importsInternational growth
31-Aug-202667th AGM: gas 1.5× by 2030; petchem intensity ~15% by 2030Targets reaffirmed
1-Sep-2026Amendments to Memorandum and Articles of Association filed–
21-Sep-2026Board approves Kochi–Kanyakumari–Thoothukudi gas pipeline (₹2,448.70 cr)Gas infrastructure
30-Sep-2026Media report on packaged drinking water brand across ~43,000 outlets; exchange seeks clarificationNon-fuel retail
30-Sep-2026Two senior executives superannuateSenior-management turnover

Product Offering

  • INDIAN OIL CORPORATION LTD
    • Semi-Synthetic Refrigeration Compressor Oils
    • Eco-Friendly Synthetic Refrigeration Oils
    • Aviation Fuel
    • Aviation Gasoline (Avgas)

Financial Performance

Explore key financial metrics, segmented revenue, balance sheet health, and performance trends.

Revenue

2 charts
Income Statement: Revenue & Gross Profit: Revenue net of excise rose from INR 5,893.4 Bn in FY2022 to INR 7,844.2 Bn in FY2026.
INDIAN OIL CORPORATION LTD — Income Statement: Revenue & Gross Profit
Series (INR Bn)FY2022FY2023FY2024FY2025FY2026
Revenue net of excise5,893.48,417.67,763.57,581.17,844.2
Revenue from operations standalone7,284.59,349.58,663.58,455.18,862.2

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