Mumbai: Indian Oil Corporation Limited (IOC), the country’s largest oil marketing company, has reported a strong financial performance for the second quarter of FY 2026-27, ended September 30, 2026. The company recorded a standalone net profit of ₹21,630.03 crore, marking a year-on-year increase of 184.2% compared with ₹7,610 crore in the corresponding quarter of the previous financial year.
On a consolidated basis, Indian Oil reported a net profit of ₹22,503 crore, up 174.7% from ₹8,191 crore in Q2 FY26.
The Board of Directors approved the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026, at its meeting held on October 30, 2026. The meeting commenced at 1:00 PM and concluded at 3:45 PM.
IOC Q2 FY27 Standalone Financial Performance
Indian Oil’s standalone revenue from operations increased by 29.5% year-on-year to ₹2,62,936 crore in Q2 FY27, compared with ₹2,02,992 crore in the corresponding quarter of FY26.
The company’s total income rose 29.9% to ₹2,65,636 crore from ₹2,04,515 crore. Profit before tax (PBT) increased by 164.5% to ₹26,617 crore, compared with ₹10,066 crore in the year-ago quarter.
Standalone earnings per share (EPS) also improved significantly to ₹15.71 from ₹5.53, registering growth of 184.1%.
Consolidated Net Profit Rises to ₹22,503 Crore
On a consolidated basis, Indian Oil reported revenue from operations of ₹2,68,039 crore during Q2 FY27, up 29.8% from ₹2,06,447 crore in Q2 FY26.
Consolidated total income increased by 29.8% to ₹2,68,713 crore from ₹2,07,091 crore. Profit before tax surged 153.9% to ₹28,191 crore, compared with ₹11,104 crore in the corresponding period last year.
Consolidated net profit stood at ₹22,503 crore, registering a year-on-year increase of 174.7%. Consolidated EPS rose 173.6% to ₹15.54 from ₹5.68.
EBITDA Surges to ₹30,297 Crore, Margin Expands to 12%
Indian Oil’s earnings before interest, tax, depreciation and amortisation (EBITDA) surged to ₹30,297 crore from ₹1,947 crore in the preceding quarter.
The EBITDA margin also expanded significantly to 12% from 0.7% on a quarter-on-quarter basis, reflecting a sharp improvement in the company’s operating performance.
IOC H1 FY27 Financial Performance
For the six months ended September 30, 2026, Indian Oil reported strong year-on-year growth in revenue and profitability.
Standalone H1 FY27 performance:
- Revenue from operations increased 27.8% to ₹5,38,907 crore from ₹4,21,600 crore.
- Profit before tax rose 33.6% to ₹23,342 crore from ₹17,470 crore.
- Net profit increased 42.6% to ₹18,969 crore from ₹13,299 crore.
- EPS improved 42.5% to ₹13.77 from ₹9.66.
Consolidated H1 FY27 performance:
- Revenue from operations grew 28.4% to ₹5,49,972 crore from ₹4,28,296 crore.
- Profit before tax increased 37.3% to ₹27,258 crore from ₹19,854 crore.
- Net profit rose 42.4% to ₹21,362 crore from ₹14,999 crore.
- EPS increased 35.2% to ₹14.36 from ₹10.62.
Indian Oil’s Physical Performance in Q2 FY27
The company’s physical performance during the September quarter also showed growth in domestic sales and throughput.
Key operational figures on a standalone basis were:
- Domestic Sales: 23.977 million metric tonnes (MMT), up 4.9% from 22.851 MMT in Q2 FY26.
- Export Sales: 1.251 MMT, down 11.3% from 1.411 MMT.
- Refineries Throughput: 18.108 MMT, an increase of 2.8% from 17.609 MMT.
- Pipelines Throughput: 25.348 MMT, up 5.2% from 24.087 MMT.
The figures indicate growth in domestic sales, refinery operations and pipeline throughput, while export sales declined during the quarter.
Corporate Governance Concerns Over Board Composition
Alongside its strong financial results, Indian Oil is facing reported corporate governance concerns relating to the absence of independent directors on its board and the non-constitution of mandatory board committees.
Independent directors are expected to provide impartial oversight of board decisions, protect minority shareholders’ interests and strengthen accountability. Their role is particularly important in a large public sector enterprise with extensive commercial operations and public accountability.
Board committees also play an important role in areas such as audit oversight, financial reporting, executive remuneration and stakeholder interests, as applicable under relevant legal provisions.
The reported gaps could attract scrutiny from shareholders and other stakeholders regarding the company’s compliance with applicable corporate governance requirements and the effectiveness of board-level oversight.
About Indian Oil Corporation Limited
Indian Oil Corporation Limited (IOCL) is a major public sector energy company under the Ministry of Petroleum and Natural Gas, Government of India. The company operates across refining, petroleum product marketing, pipelines, petrochemicals and other energy-related businesses. It plays a significant role in India’s energy supply chain through its extensive refining and distribution network.
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