Indian Oil Corporation LimitedQ1 FY27 Results & Financial Update
Indian Oil Corporation Limited: Q1 FY27 consolidated results and company financials – revenue ₹281,933.07 Cr, PAT ₹-1,141.09 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Indian Oil Corporation Q1 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
For the quarter ended 30 June 2026, Indian Oil Corporation reported a consolidated revenue from operations of ₹2,81,933.07 crore and a total consolidated income of ₹2,82,379.02 crore. The company posted a consolidated loss before tax of ₹932.59 crore and a net loss after tax of ₹1,141.09 crore.
The financial performance for the quarter was weighed down by a significant downturn in the petroleum products segment, where standalone segment results before tax and finance costs swung to a loss of ₹2,872.56 crore, compared to a profit of ₹9,137.96 crore in the corresponding quarter of the previous year.
Physical performance indicators for the standalone entity showed domestic product sales of 25.252 MMT and export product sales of 0.959 MMT. Refineries throughput stood at 19.165 MMT, while pipelines throughput reached 28.548 MMT.
Under regulatory provisions regarding domestic LPG under-recoveries, the company recognized an installment of ₹3,621.51 crore as revenue from operations during the quarter based on government approval letters, which reduced the cumulative net negative buffer.
The company disclosed governance constraints during the period, noting that due to the non-availability of Independent Directors on the board, the Audit Committee and other relevant committees were discontinued effective 28 March 2026 and had not been reconstituted as of the reporting date.
For the quarter ended 30 June 2026, Indian Oil Corporation reported consolidated revenue from operations of Rs 2,81,933.07 crore, alongside total consolidated income of Rs 2,82,379.02 crore.
01 · Business model
What does Indian Oil Corporation do?
Indian Oil Corporation Limited is a prominent Indian public sector integrated oil and gas enterprise operating across the hydrocarbon value chain, encompassing refining, pipeline transportation, marketing of petroleum products, petrochemicals, natural gas, and exploration and production activities.
The company's primary revenue engines are driven by petroleum product sales across domestic and export markets, supplemented by secondary streams from petrochemical manufacturing, natural gas distribution, and allied energy businesses.
IOC operates an extensive infrastructure network comprising major domestic refineries, cross-country crude and product pipelines, and an expansive retail distribution footprint serving retail and industrial customers throughout India.
02 · Historical context
What shaped the business before this quarter
Since April 2020 under MoPNG guidelines, oil marketing companies retained differences between market-determined prices and effective customer costs for LPG cylinders in a buffer account for future adjustments.
In October 2025, the government approved ₹14,486 crore of compensation for domestic LPG under-recoveries incurred up to March 2026, to be disbursed in 12 equal monthly installments starting November 2025.
The company operated without the minimum required number of Independent Directors, leading to the discontinuation of the Audit Committee and related committees from 28 March 2026.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹281,933.07 Cr |
| Total income | ₹282,379.02 Cr |
| Profit before tax | ₹-932.59 Cr |
| Profit after tax | ₹-1,141.09 Cr |
| EPS | ₹-1.18 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone segment revenue from petroleum products contributed ₹2,59,771.93 crore out of total segment revenue of ₹2,84,285.62 crore before inter-segment eliminations.
Natural gas segment revenue stood at ₹14,481.49 crore on a standalone basis for the quarter.
Petrochemicals contributed ₹9,516.94 crore to standalone segment revenue during the quarter.
Consolidated revenue from operations reached Rs 2,81,933.07 crore for Q1 FY27, supported by domestic and export sales across petroleum, petrochemical, and gas segments.
Standalone and consolidated revenue for the quarter included Rs 3,621.51 crore representing the quarterly instalment of government-approved domestic LPG under-recovery compensation.
What drove margins
Standalone cost of materials consumed was ₹1,71,135.97 crore, reflecting primary input expenditure for refinery operations.
Standalone purchases of stock-in-trade stood at ₹94,857.94 crore for the quarter.
Changes in inventories of finished goods, stock-in-trade, and work-in-progress showed a positive adjustment of ₹20,924.89 crore on a standalone basis.
Standalone finance costs were reported at ₹1,609.82 crore, while consolidated finance costs were ₹1,729.53 crore.
Standalone depreciation, amortization, and impairment expenses were ₹3,996.46 crore, with consolidated figures at ₹4,408.15 crore.
Total expenses for the quarter were driven by cost of materials consumed of Rs 1,95,317.95 crore and purchases of stock-in-trade amounting to Rs 71,833.62 crore on a consolidated basis.
Changes in inventories of finished goods, work-in-progress, and stock-in-trade provided a positive offset of Rs 21,590.18 crore on a consolidated basis during the period.
Consolidated finance costs stood at Rs 1,729.53 crore, while depreciation, amortization, and impairment expenses totalled Rs 4,408.15 crore for the quarter.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The petroleum products segment recorded a pre-tax segment loss (before interest and exceptional items) of ₹2,872.56 crore on a standalone basis.
The gas segment generated a standalone segment result of ₹526.05 crore, recovering from a loss in the preceding quarter.
Petroleum products generated consolidated segment revenue of Rs 2,64,200.61 crore and recorded a segment result loss before tax, interest, and exceptional items of Rs 1,705.02 crore.
Petrochemicals contributed consolidated segment revenue of Rs 9,516.94 crore with a segment profit of Rs 216.85 crore.
Gas segment revenue reached Rs 14,481.49 crore on a consolidated basis, delivering a segment profit of Rs 526.05 crore.
Other business activities, including exploration, explosives, cryogenic business, and power generation, recorded consolidated segment revenue of Rs 2,047.88 crore and a segment profit of Rs 624.57 crore.
Geography and market mix
Standalone domestic product sales volume reached 25.252 MMT, while export product sales volume stood at 0.959 MMT for the quarter.
Standalone physical performance showed domestic product sales of 25.252 MMT and export product sales of 0.959 MMT for the quarter ended 30 June 2026.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Standalone refineries throughput was recorded at 19.165 MMT for the quarter ended 30 June 2026.
Standalone cross-country pipelines throughput reached 28.548 MMT during the quarter.
Standalone refinery throughput reached 19.165 MMT during the quarter ended 30 June 2026.
Standalone pipeline throughput stood at 28.548 MMT for the quarter.
07 · Reported developments
What changed operationally
The gas segment achieved a positive standalone pre-tax segment result of ₹526.05 crore during the quarter.
Consolidated financial results included a share of profit from associates and joint ventures amounting to Rs 697.13 crore for the quarter.
08 · Pressure points & risks
What is not going smoothly
The company incurred a consolidated net loss of ₹1,141.09 crore and a standalone net loss of ₹2,662.37 crore for the quarter.
Due to the non-availability of independent directors effective 28 March 2026, the company's audit committee, nomination & remuneration committee, and CSR committee were discontinued and had not been reconstituted as of 31 July 2026.
Despite instalment recognitions, the parent company maintained a cumulative net negative buffer of Rs 29,729.95 crore related to LPG pricing as of 30 June 2026.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The company reported no deviation or variation in the use of proceeds from listed non-convertible unsecured debentures, with total funds raised and outstanding at ₹17,000 crore utilized for refinancing existing borrowings and/or capital expenditure.
Standalone debt-equity ratio stood at 0.71 times as of 30 June 2026, compared to 0.54 times as of 31 March 2026.
The statement of deviation or variation confirmed that Rs 17,000 crore raised through private placement of non-convertible unsecured debentures remained outstanding as of 30 June 2026, with funds utilized for refinancing existing borrowings and/or funding capital expenditure without any deviation.
As advised by NSE in November 2022, non-convertible debentures issued by Indian Oil Corporation outstanding as of 30 June 2026 are unsecured, rendering security cover reports nil.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
LGP Buffer Balance
The cumulative net negative buffer for LPG under-recoveries stood at ₹29,729.95 crore as of 30 June 2026 after accounting for government-approved monthly installments.
Reported update
Statutory Auditor Review Scope
The unaudited standalone and consolidated financial results for Q1 FY27 were reviewed by statutory audit firms Khandelwal Jain & Co., K G Somani & Co LLP, M K P S & Associates LLP, and Komandoor & Co LLP.
11 · Key Q&A
The quarter, answered directly
What does Indian Oil Corporation do?
Indian Oil Corporation Limited is a prominent Indian public sector integrated oil and gas enterprise operating across the hydrocarbon value chain, encompassing refining, pipeline transportation, marketing of petroleum products, petrochemicals, natural gas, and exploration and production activities.
What is the clearest takeaway from Q1 FY27?
For the quarter ended 30 June 2026, Indian Oil Corporation reported a consolidated revenue from operations of ₹2,81,933.07 crore and a total consolidated income of ₹2,82,379.02 crore. The company posted a consolidated loss before tax of ₹932.59 crore and a net loss after tax of ₹1,141.09 crore.
What drove revenue or demand?
Standalone segment revenue from petroleum products contributed ₹2,59,771.93 crore out of total segment revenue of ₹2,84,285.62 crore before inter-segment eliminations.
What mattered most for margins or profitability?
Standalone cost of materials consumed was ₹1,71,135.97 crore, reflecting primary input expenditure for refinery operations.
What changed operationally beyond the headline numbers?
Standalone refineries throughput was recorded at 19.165 MMT for the quarter ended 30 June 2026.
What are the main pressure points disclosed for the quarter?
The company incurred a consolidated net loss of ₹1,141.09 crore and a standalone net loss of ₹2,662.37 crore for the quarter.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Board Reconstitution: Monitor the appointment of Independent Directors and the subsequent reconstitution of the Audit Committee and other statutory committees.
- 02
Refining Margins and Segment Turnaround: Track future quarterly recovery in petroleum product segment profitability and refining throughput trends.
- 03
LPG Buffer and Subsidy Realisation: Track subsequent monthly instalments of government under-recovery compensation and changes in the cumulative net negative LPG buffer account.
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