Indian Oil

Indian Oil (IOC) investor relations material

Indian Oil Q4 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Q4 25/26 earnings summary19 May, 2026

Executive summary

Achieved record operational performance across refineries, pipelines, lubricant, petrochemical, and gas sales for FY 2025-26, with highest-ever crude throughput of 75.5 MMT and pipeline throughput of 105.6 MMT.
PAT for FY 2025-26 reached ₹36,802 crore, up from ₹12,962 crore in the previous year; Q4 PAT was ₹11,378 crore.
Audited standalone and consolidated financial results for the year ended 31 March 2026 were approved, with an unmodified audit opinion.
Maintained uninterrupted energy supply through diversified sourcing and operational resilience despite global supply disruptions and geopolitical tensions.
Record retail outlet commissioning on national highways and highest ever sales volume.

Financial highlights

Standalone revenue from operations for FY 2025-26 was ₹8,86,224 crore, up from ₹8,45,513 crore year-over-year; consolidated revenue was ₹9,01,453 crore.
Standalone net profit for FY 2025-26 was ₹36,802 crore; consolidated net profit was ₹43,677 crore.
EBITDA for FY 2025-26 stood at ₹73,718 crore.
LPG underrecovery per cylinder rose from ₹100 in Q4 to ₹171 in April and ₹670 in May 2026; LPG loss for FY 2025-26 was ₹9,211 crore (pre-subsidy).
Exchange losses due to rupee depreciation and interest expenditure of ₹4,876 crore impacted costs.

Outlook and guidance

CapEx for FY 2026-27 is planned at ₹32,700 crore, with major allocation to refining, pipelines, and about ₹5,000 crore to renewables.
Refinery expansions at Panipat, Barauni, and Gujarat expected to commission by end of 2026, with ramp-up to full utilization over three years.
Targeting ₹2,500 crore in savings from Project SPRINT in FY 2026-27, following ₹2,200 crore saved in FY 2025-26.
Profitability for FY 2025-26 was largely insulated from Middle East conflict due to inventory procured at normal prices before the conflict.
Government compensation of ₹14,486 crore for LPG under-recoveries to be disbursed in 12 monthly instalments starting November 2025; ₹6,036 crore recognized as revenue for FY 2025-26.

LPG under-recovery compensation and buffer

Geopolitical impact on Gulf region shipments

Impairment of non-fossil fuel production units

Breakdown of Project SPRINT savings and targets

LPG under-recovery trends and impact on margins

Strategic rationale for the SCI shipping JV

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