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Edge14 Nov 2025
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Indian Oil (IOC) investor relations material
Indian Oil Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary28 Oct, 2025
Executive summary
Q2 profit after tax was INR 7,610 crore, up from INR 5,689 crore in Q1; H1 profit after tax reached INR 13,299 crore, significantly higher than the previous year.
EBITDA for Q2 was INR 16,106 crore, up from INR 13,220 crore in Q1.
Standalone and consolidated unaudited financial results for the quarter and half year ended 30th September 2025 were approved by the Board on 27th October 2025.
The company received approval for INR 14,486 crore compensation for LPG under-recoveries, to be recognized as revenue in 12 monthly installments starting November 2025.
Project Sprint, a cost and capex optimization initiative, is underway with a target to reduce costs by 20% of budgeted numbers over three years.
Financial highlights
Q2 reported GRM was $10.66/bbl, with normalized GRM at $8.90/bbl, both higher than the previous quarter.
Standalone revenue from operations for Q2 was INR 202,992 crore, down from INR 218,608 crore in Q1, but up from INR 195,149 crore year-over-year.
Standalone net profit for Q2 FY26 was INR 6,753.77 crore, up from INR 2,849.23 crore in Q2 FY25; consolidated net profit for Q2 FY26 was INR 7,705.25 crore, up from INR 1,999.30 crore in Q2 FY25.
Pipeline throughput for Q2 was 24.1 MMT, down from 26.3 MMT in Q1, impacted by the Gujarat refinery shutdown.
Total product sales in Q2 were 24.262 MMT, down from 26.32 MMT in Q1; H1 sales improved to 50.590 MMT from 48.213 MMT year-over-year.
Outlook and guidance
Expecting significant improvement in Q3 and Q4 performance due to strong demand for petroleum products.
Panipat refinery expansion expected to commission by June 2026, with 60% throughput in the first year.
Gujarat refinery expansion to commission in June 2026; Barauni expansion to start commissioning from August 2026.
Capex target for FY 2025/2026 is INR 33,494 crore, with major investments in refining, pipelines, marketing, and renewables.
Compensation of INR 14,486 crore for LPG under-recoveries to be accrued monthly from November 2025, impacting future revenue recognition.
LPG compensation: future revenue recognition?
GRM: factors driving the significant increase?
NCDs: are all outstanding debentures unsecured?
LPG compensation accounting and future impact?
Refinery expansion throughput guidance FY26/27?
Quantify Project SPRINT cost savings by Q3 end.
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Next Indian Oil earnings date
Q3 25/2627 Jan, 2026
Next Indian Oil earnings date
Q3 25/2627 Jan, 2026
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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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