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Indian Oil (IOC) investor relations material

Indian Oil Q1 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 25/26 earnings summary18 Aug, 2025

Executive summary

  • Q1 FY26 profit after tax was INR 5,689 crore, down sequentially but up 115% year-over-year, mainly due to inventory losses.

  • Revenue from operations reached INR 218,608 crore, up both sequentially and year-over-year.

  • Operational performance was robust, with record sales volume of 26.33 MMT and high capacity utilization.

  • Union cabinet approved INR 30,000 crore compensation for LPG under-recoveries; company’s share not yet recognized.

  • Board approved unaudited financial results for the quarter ended 30 June 2025.

Financial highlights

  • Inventory loss of INR 6,500 crore in Q1 FY26, compared to a gain of INR 10,000 crore in Q4 FY25.

  • Reported GRM was $2.15–$2.5/bbl, lower than previous quarter due to inventory losses; normalized GRM improved to $6.91/bbl.

  • Standalone EBITDA for Q1 FY26 was INR 13,220 crore, down sequentially but up year-over-year.

  • Debt-to-equity ratio at 0.66 as of June 30, 2025, with borrowings reduced by INR 13,000 crore since March.

  • CapEx for the quarter was INR 6,470 crore; FY26 CapEx guidance is INR 33,494 crore.

Outlook and guidance

  • Targeting increase in national energy basket share from 9% to 12.5% by 2050, with significant CapEx in renewables and gas.

  • Petrochemical integration targeted to rise from 6% to 15% by 2030, with major investments underway.

  • CapEx expected to remain around INR 30,000 crore annually for the next 4-5 years, focusing on renewables and petrochemicals.

  • Retail outlet additions to slow down after current expansion phase.

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Frequently asked questions

Indian Oil Corporation Limited, together with its subsidiaries, engages in the refining, pipeline transportation, and marketing of petroleum products in India. It operates through Refineries, Pipelines and Marketing segments. The company refines crude oil into petroleum products comprising liquefied petroleum gas (LPG), naphtha, kerosene oil/aviation turbine fuel, superior kerosene oil, high speed diesel (HSD)/motor spirit/high octane blending component (MS/HOC), low sulphur heavy stock (LSHS)/furnace oil heavy stock (FOHS), bitumen, lube oils and others. The company was incorporated in 1959 and is based in New Delhi, India.

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