Indian Oil (IOC) Q4 25/26 earnings summary

Executive summary

• Achieved record operational and financial performance in FY 2025-26, including highest-ever refining throughput, consolidated sales, and net profit, despite global supply disruptions and geopolitical tensions.

• PAT for FY 2025-26 reached ₹36,802 crore, up from ₹12,962 crore in the previous year; Q4 PAT was ₹11,378 crore.

• Audited standalone and consolidated financial results for the year ended 31 March 2026 were approved, with an unmodified audit opinion.

• Maintained uninterrupted energy supply through diversified sourcing and operational resilience.

• Record retail outlet commissioning and highest ever sales volume achieved.

Financial highlights

• Standalone revenue from operations for FY 2025-26 was ₹8,86,224 crore, up from ₹8,45,513 crore year-over-year; consolidated revenue was ₹9,01,453 crore.

• Standalone net profit for FY 2025-26 was ₹36,802 crore, up from ₹12,962 crore; consolidated net profit was ₹43,677 crore.

• EBITDA for FY 2025-26 stood at ₹73,718 crore.

• LPG underrecovery per cylinder rose from ₹100 in Q4 to ₹670 in May 2026; annual LPG loss was ₹9,211 crore.

• Exchange losses due to rupee depreciation and interest expenditure of ₹4,876 crore impacted costs.

Outlook and guidance

• CapEx for FY 2026-27 is planned at ₹32,700 crore, with major allocation to refining, pipelines, and ₹5,000 crore to renewables.

• Targeting ₹2,500 crore in savings from Project SPRINT in FY 2026-27, after ₹2,200 crore saved in FY 2025-26.

• Major refinery and pipeline expansion projects are scheduled for progressive commissioning from June 2025 through December 2026.

• Refining margins expected to remain high in the next 1-2 years due to ongoing geopolitical uncertainties.

• Profitability for FY 2025-26 was largely insulated from Middle East conflict due to inventory procured at normal prices before the conflict.