Indian Oil (IOC) Q2 26/27 earnings summary

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.