Indian Oil (IOC) investor relations material

Executive summary

• Reported a standalone net loss of INR 2,661 crore for Q1 FY 2026/2027, compared to a profit of INR 11,378 crore in the previous quarter and INR 5,689 crore in the same quarter last year, mainly due to volatile crude prices and weak marketing margins.

• Revenue from operations rose to INR 275,972 crore, up from INR 232,855 crore in Q4 FY 2025/2026 and INR 218,608 crore year-over-year.

• Maintained uninterrupted energy supplies by diversifying crude sourcing, with spot imports rising to 84% from 51% last year.

• Unaudited standalone and consolidated financial results for the quarter ended 30 June 2026 were reviewed and approved by the Board on 31 July 2026.

• Statutory auditors issued unmodified review reports for both standalone and consolidated results, with no material misstatements identified.

Financial highlights

• Standalone net loss for Q1 FY27 was INR 2,661 crore, compared to net profit of INR 5,689 crore in Q1 FY26; consolidated net loss was INR 1,631 crore.

• Revenue from operations increased to INR 275,972 crore, up 18.5% sequentially and 26.3% year-over-year.

• Gross Refining Margin (GRM) reported at $15.59/bbl; normalized GRM excluding SAED would be ~$36/bbl.

• Borrowings increased to INR 141,453 crore as of June 30, 2026, from INR 110,668 crore at March 31, 2026, mainly due to higher working capital needs.

• Earnings per share (EPS) for Q1 FY27 was negative at INR (1.93) standalone and INR (1.18) consolidated.

Outlook and guidance

• CapEx guidance of INR 30,000–40,000 crore annually for the next 2–3 years, with major expansions in refining and petrochemicals to be completed by end-2026.

• Petrochemical intensity targeted to rise from 6.5% to 15% over the next five to six years, with INR 100,000 crore CapEx planned.

• Renewable energy investments accelerating, targeting 18GW capacity in 3–4 years.

• Government compensation for LPG under-recoveries is being recognized monthly, with INR 3,621.51 crore accrued for Q1 FY27.

• Throughput expected to reach 85 MMTPA in FY 2027/2028 and 90 MMTPA by FY 2028/2029.