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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Indian Oil
Indian Oil (IOC) investor relations material
Indian Oil Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary31 Oct, 2026
Executive summary
Q2 FY27 standalone PAT was ₹21,630.03 crore, versus a ₹2,661 crore loss in Q1 and ₹7,610.45 crore profit in Q2 FY26; H1 standalone PAT reached ₹18,968.66 crore.
Q2 consolidated revenue was ₹268,039.38 crore and net profit ₹22,502.62 crore; profit attributable to equity holders was ₹21,407.87 crore.
Q2 profitability benefited from ₹6,948 crore in inventory gains, alongside contributions from gas, petrochemicals, other products, exports and cost controls.
Financial highlights
Q2 standalone revenue from operations was ₹262,935.58 crore, versus ₹275,972 crore in Q1 and ₹202,992.34 crore in Q2 FY26.
Q2 GRM was $18.52/bbl including SAED; SAED-adjusted GRM was $36.67/bbl, versus $36.10/bbl in Q1.
H1 consolidated revenue was ₹549,972.45 crore and net profit ₹21,361.53 crore, versus ₹428,295.13 crore and ₹14,998.98 crore in H1 FY26.
Borrowings declined to ₹1,16,578 crore at September 30, 2026, from ₹1,41,453 crore at June 30; gross debt-to-equity was 0.54 and net debt-to-equity 0.35.
H1 consolidated operating cash flow was ₹10,214.67 crore versus ₹32,567.72 crore YoY; investing cash outflow was ₹11,706.88 crore.
Segment performance
Refinery throughput was 18.1 MMT at 102.3% utilization, versus 19.2 MMT at 109.4% in Q1; distillate yield was 78.9% and fuel and loss 8.5%.
Pipeline throughput was 25.3 MMT at 64.3% utilization, versus 28.5 MMT at 79.9% in Q1; marketing sales were 25.228 MMT versus 26.211 MMT.
Petrochemical sales were 0.858 MMT, up from 0.768 MMT in Q1; gas sales were 1,933 TMT, including 76 TMT CGD, versus 1,873 TMT and 67 TMT in Q1.
CGD contributed ₹90 crore to Q2 PBT and was EBITDA-positive; long-term RLNG contracts supported gas margins, while aviation fuel was positive domestically and internationally.
Q2 consolidated segment revenue included Petroleum Products ₹245,995.64 crore, Petrochemicals ₹10,041.34 crore, Gas ₹1,432.31 crore and Other Business Activities ₹1,755.33 crore, before eliminations.
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Latest events from Indian Oil
- A loss-making startup period laid the groundwork for petroleum imports and refinery distribution.IOC
Q4 59/60 - Competitive diesel pricing drove a first-year loss as refinery and distribution capacity expanded.IOCQ4 60/61
- Sevenfold volume growth, but duties and price pressure drove a Rs. 13.96 lakh loss.IOCQ4 61/62
- First profit accompanied explosive sales growth and a nationwide infrastructure buildout.IOCQ4 62/63
- Sales volume rose 82.24% as infrastructure and refining capacity expanded.IOCQ4 63/64
- Expansion advanced, but price-related under-recoveries sharply constrained reported returns.IOCQ4 64/65
- Expansion lifted turnover and profit, but devaluation and recovery shortfalls weighed on results.IOCQ4 65/66
- Higher sales and refinery output lifted profit, while demand and capacity expansion shaped growth plans.IOCQ4 67/68
- Turnover and profit rose as market share expanded, despite under-recoveries and flood disruptions.IOCQ4 68/69
Next Indian Oil earnings date
Q3 26/275 Feb, 2027
Indian Oil
Next Indian Oil earnings date
Q3 26/275 Feb, 2027
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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.