Indian Oil (IOC) Q4 24/25 earnings summary

Executive summary

• Profit after tax for Q4 FY25 was INR 7,265 crore, up from INR 2,874 crore in the previous quarter and INR 4,838 crore in Q4 FY24; full-year FY25 PAT was INR 12,962 crore versus INR 3,619 crore in FY24.

• Board approved audited standalone and consolidated financial results for the quarter and year ended 31 March 2025, with a recommended final dividend of Rs. 3.00 per share for FY 2024-25, subject to AGM approval.

• Statutory auditors issued unmodified opinions on both standalone and consolidated financial statements.

• Achieved highest-ever sales volumes and pipeline throughput, reflecting operational strength despite market volatility.

Financial highlights

• Q4 FY25 revenue: INR 2,17,725 crore (Q3 FY25: INR 2,16,649 crore; Q4 FY24: INR 2,19,876 crore).

• FY25 standalone revenue: INR 8,45,513 crore (FY24: INR 8,66,345 crore); consolidated revenue: INR 8,59,362.73 crore (FY24: INR 8,81,235.45 crore).

• Q4 FY25 PAT: INR 7,265 crore (Q3 FY25: INR 2,874 crore; Q4 FY24: INR 4,838 crore).

• FY25 PAT: INR 12,962 crore (FY24: INR 3,619 crore); consolidated PAT: INR 13,788.83 crore (FY24: INR 43,161.15 crore).

• Q4 FY25 GRM: $7.85/bbl (Q3 FY25: $2.95/bbl); average GRM for FY25: $4.80/bbl (FY24: $12.05/bbl).

Outlook and guidance

• Focus on operational excellence, prudent capital allocation, and strategic investments to strengthen business and lead in the evolving energy landscape.

• Expectation of good profitability in FY26, with refining and marketing margins remaining positive; petrochemical margins expected to recover in 2-3 years.

• Capex projected at INR 33,494 crore for FY26, with a shift towards petrochemicals and alternate energy.

• Board recommended a final dividend of Rs. 3.00 per share for FY25, to be paid within 30 days of AGM approval.