Indian Oil Corporation LimitedQ2 FY27 Results & Financial Update
Indian Oil Corporation Limited: Q2 FY27 consolidated results and company financials – revenue ₹268,039.38 Cr, PAT ₹22,502.62 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Indian Oil Corporation Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Indian Oil Corporation Limited reported consolidated revenue from operations of INR 2,68,039.38 crore for the second quarter ended September 30, 2026, marking a decrease of 4.93% compared to INR 2,81,933.07 crore in the preceding first quarter of FY27.
Despite the sequential moderation in topline turnover, consolidated profit after tax (PAT) surged sharply to INR 22,502.62 crore in Q2 FY27, turning around from a net loss position of INR 1,141.09 crore in Q1 FY27. Profit before tax (PBT) followed a similar trajectory, reaching INR 28,190.53 crore compared to a negative PBT of INR 932.59 crore in the previous quarter.
Standalone financial highlights indicate robust profitability expansion, with standalone EBITDA contribution climbing to INR 32,998 crore in Q2 FY27 from INR 2,332 crore in Q1 FY27. Standalone gross refining margins (GRM), net of special additional excise duty (SAED), improved to US$ 18.52 per barrel during the quarter compared to US$ 15.59 per barrel in the previous quarter.
Refinery throughput for the quarter stood at 18.1 MMT with a capacity utilization rate of 102.3%, alongside a distillate yield of 78.9% and a high-sulphur crude utilization share of 54.6%. Pipeline throughput registered 25.3 MMT with a capacity utilization of 64.3%.
Marketing operations generated total sales of 25.228 MMT in Q2 FY27, comprising 21.140 MMT of inland petroleum product sales, 1.227 MMT of petroleum exports, 1.933 MMT of gas, and 0.928 MMT of petrochemicals and other products. Major product components within inland sales included 8.996 MMT of HSD, 4.424 MMT of MS, and 3.470 MMT of LPG.
Standalone debt levels decreased markedly to INR 1,16,578 crore as of September 30, 2026, down from INR 1,41,453 crore at the end of Q1 FY27, reflecting stronger internal cash generation and balance-sheet deleveraging.
01 · Business model
What does Indian Oil Corporation do?
Indian Oil Corporation Limited is a central public sector undertaking operating in the oil and gas sector, serving as India's flagship national oil refiner and petroleum products marketer. The company's operations span crude oil refining, pipeline transportation, marketing of petroleum products, petrochemical manufacturing, natural gas distribution, and exploration and production activities.
The core revenue model relies on refining crude oil into finished petroleum products—such as High-Speed Diesel (HSD), Motor Spirit (MS), Aviation Turbine Fuel (ATF), and Liquefied Petroleum Gas (LPG)—alongside petrochemical outputs and lubricants, which are distributed across domestic retail and industrial channels as well as international export markets.
The enterprise commands an extensive downstream footprint comprising massive refining capacity, nationwide product pipelines, and thousands of fuel stations operating under brands like Indane and Servo, supplemented by customer loyalty programs and specialized commercial retail networks.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹268,039.38 Cr | ₹281,933.07 Cr |
| Total income | ₹268,712.94 Cr | ₹282,379.02 Cr |
| Profit before tax | ₹28,190.53 Cr | ₹-932.59 Cr |
| Profit after tax | ₹22,502.62 Cr | ₹-1,141.09 Cr |
| EPS | ₹15.54 | ₹-1.18 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 8.4% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 10.5% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹673.56 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone refinery operations processed 18.1 MMT of crude oil during Q2 FY27 at 102.3% capacity utilization, while total marketing sales volume reached 25.228 MMT across petroleum products, gas, and petrochemicals.
Standalone GRM net of SAED strengthened to US$ 18.52 per barrel in Q2 FY27, rising from US$ 15.59 per barrel in Q1 FY27 and supporting operating profitability.
What drove margins
Standalone EBITDA contribution rose to INR 32,998 crore in Q2 FY27 from INR 2,332 crore in Q1 FY27, driven by higher net GRMs and more favorable operating spreads.
Refinery operations achieved a distillate yield of 78.9% with fuel and loss at 8.5%, while high-sulphur crude utilization expanded to 54.6% during the quarter.
04 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Inland petroleum sales of 21.140 MMT included 8.996 MMT of HSD, 4.424 MMT of MS, 3.470 MMT of LPG, 1.168 MMT of ATF, 1.002 MMT of FO/LSHS, and 0.261 MMT of lubes and greases. Gas sales added 1.933 MMT and petrochemicals contributed 0.858 MMT.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Refinery throughput reached 18.1 MMT at 102.3% capacity utilization. Pipeline throughput stood at 25.3 MMT at 64.3% utilization.
Projects, capex and execution
As of September 30, 2026, the Panipat Refinery Expansion (15 to 25 MMTPA) reached 95.0% physical progress with expected completion in Dec '26; Gujarat Refinery Expansion (13.7 to 18 MMTPA) reached 90.1%; and Barauni Refinery Expansion (6 to 9 MMTPA) reached 92.5%.
The PX-PTA Complex at Paradip Refinery (INR 13,805 crore approved cost) was under commissioning after achieving mechanical completion in September 2026. The New Mundra Panipat Crude Oil Pipeline achieved mechanical completion in July 2026.
Total provisional capex incurred during H1 FY27 was INR 12,162 crore against a full-year FY27 capex target of INR 32,700 crore, spanning refinery (INR 6,083 crore), marketing (INR 3,396 crore), petchem (INR 1,306 crore), pipelines (INR 582 crore), and other segments.
06 · Reported developments
What changed operationally
Consolidated net profit surged to INR 22,502.62 crore in Q2 FY27, reversing from a net loss of INR 1,141.09 crore in Q1 FY27.
Standalone GRM net of SAED improved to US$ 18.52 per barrel in Q2 FY27 from US$ 15.59 per barrel in the preceding quarter.
07 · Pressure points & risks
What is not going smoothly
Consolidated revenue from operations decreased by 4.93% QoQ to INR 2,68,039.38 crore in Q2 FY27.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Standalone debt level declined to INR 1,16,578 crore as of September 30, 2026, compared to INR 1,41,453 crore as of June 30, 2026.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Refinery Expansion and Pipeline Milestones
Major capacity expansion projects at Panipat, Gujarat, and Barauni are progressing toward completion by December 2026, while the PX-PTA Complex at Paradip and the Mundra Panipat pipeline have achieved mechanical completion.
10 · Key Q&A
The quarter, answered directly
What does Indian Oil Corporation do?
Indian Oil Corporation Limited is a central public sector undertaking operating in the oil and gas sector, serving as India's flagship national oil refiner and petroleum products marketer. The company's operations span crude oil refining, pipeline transportation, marketing of petroleum products, petrochemical manufacturing, natural gas distribution, and exploration and production activities.
What is the clearest takeaway from Q2 FY27?
Indian Oil Corporation Limited reported consolidated revenue from operations of INR 2,68,039.38 crore for the second quarter ended September 30, 2026, marking a decrease of 4.93% compared to INR 2,81,933.07 crore in the preceding first quarter of FY27.
What drove revenue or demand?
Standalone refinery operations processed 18.1 MMT of crude oil during Q2 FY27 at 102.3% capacity utilization, while total marketing sales volume reached 25.228 MMT across petroleum products, gas, and petrochemicals.
What mattered most for margins or profitability?
Standalone EBITDA contribution rose to INR 32,998 crore in Q2 FY27 from INR 2,332 crore in Q1 FY27, driven by higher net GRMs and more favorable operating spreads.
What changed operationally beyond the headline numbers?
Refinery throughput reached 18.1 MMT at 102.3% capacity utilization. Pipeline throughput stood at 25.3 MMT at 64.3% utilization.
What are the main pressure points disclosed for the quarter?
Consolidated revenue from operations decreased by 4.93% QoQ to INR 2,68,039.38 crore in Q2 FY27.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Refining Margins and Debt Levels: Track subsequent movements in GRMs, standalone debt levels, and capital expenditure execution against the FY27 target of INR 32,700 crore.
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