Indian Oil (IOC) Q4 25/26 earnings summary

Executive summary

• Achieved record operational performance across refineries, pipelines, lubricant, petrochemical, and gas sales for FY 2025-26, with highest-ever crude throughput of 75.5 MMT and pipeline throughput of 105.6 MMT.

• 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 despite global supply disruptions and geopolitical tensions.

• Record retail outlet commissioning on national highways and highest ever sales volume.

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; 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 ₹171 in April and ₹670 in May 2026; LPG loss for FY 2025-26 was ₹9,211 crore (pre-subsidy).

• 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 about ₹5,000 crore to renewables.

• Refinery expansions at Panipat, Barauni, and Gujarat expected to commission by end of 2026, with ramp-up to full utilization over three years.

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

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

• Government compensation of ₹14,486 crore for LPG under-recoveries to be disbursed in 12 monthly instalments starting November 2025; ₹6,036 crore recognized as revenue for FY 2025-26.