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Indian Oil Corporation Ltd

Q2 FY26Petroleum Products

Indian Oil Corporation Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹136
Market cap₹2.0L Cr
P/E5.9
Updated23 Aug 2026
Read5 min read

The short version

Sales volumes improved in H1 FY ’25-’26 to 50.590 MMT from 48.213 MMT in H1 FY ’24-’25. - Expect significant performance improvement in Q3 and Q4 of FY ’25-’26. - Refinery throughput for Indian Oil standalone expected around 72-73 MMTPA for FY ’25-’26, higher than 71.6 MMTPA in the previous year. - New refinery expansions (Panipat by June ’26, Gujarat by June ’26, Barauni starting commissioning August ’26) will increase capacity. - Incremental refinery utilization expected to be ~60% in the first year post commissioning, improving beyond 80% in the second year. - Petrochemical sales rising with positive EBIT and improved margins expected to continue. - Marketing expansion includes adding retail outlets (597 commissioned in Q2) boosting volume growth. - Growth supported by Government policies, Project Sprint cost optimization, and ongoing CAPEX of Rs. Strong and sustained demand for petroleum products is expected to significantly improve performance in Q3 and Q4 of FY '25-'26. - Q2 PAT was Rs.

From Indian Oil Corporation Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Sales volumes improved in H1 FY ’25-’26 to 50.590 MMT from 48.213 MMT in H1 FY ’24-’25.
  • Expect significant performance improvement in Q3 and Q4 of FY ’25-’26.
  • Refinery throughput for Indian Oil standalone expected around 72-73 MMTPA for FY ’25-’26, higher than 71.6 MMTPA in the previous year.
  • New refinery expansions (Panipat by June ’26, Gujarat by June ’26, Barauni starting commissioning August ’26) will increase capacity.
  • Incremental refinery utilization expected to be ~60% in the first year post commissioning, improving beyond 80% in the second year.
  • Petrochemical sales rising with positive EBIT and improved margins expected to continue.

2 more points from Indian Oil Corporation Ltd's call on revenue

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Profitability & Margins

See what Indian Oil Corporation Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Total CAPEX for FY 2025-26 is budgeted at Rs. 33,494 crores (Page 6).
  • Refining CAPEX: Approximately Rs. 14,000 crores (Page 12).
  • Marketing and pipelines: About Rs. 10,000 crores (Page 12).
  • Petrochemicals (PetChem): Around Rs. 2,500 crores (Page 12).
  • Renewables: Equity contribution of about Rs. 2,000 crores to JVs and subsidiaries, including a JV with NTPC targeting 30 GW by 2030 (Pages 12, 10).
  • Major projects:
  • PX-PTA plant at Paradip refinery (~Rs. 14,000 crores), commissioning expected Q3 FY 26-27 (Page 17).
  • Poly Butadiene Rubber plant at Panipat (~Rs. 3,000 crores), commissioning expected June 2026 (Page 17).
  • Mundra-Panipat pipeline (~Rs. 10,000 crores) (Page 17).

2 more points from Indian Oil Corporation Ltd's call on capex

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Top-ranked in Petroleum Products

Ranked on what management guided this quarter

Guidance-ranked
1Continental Petroleums Ltd
Rev 2Mar 1
2Arabian Petrol.
Rev 2Mar 2
3
Rev 3Mar 2
4
Rev 3Mar 3
5
Rev 3Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what Indian Oil Corporation Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The focus during the call and in the report is primarily on operational performance, financial highlights, project updates (such as refinery expansions), LNG purchase agreements, CAPEX plans, and compliance with sanctions.

Indian Oil Corporation Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26
Jun 2026Q1 FY27
Sep 2026Q2 FY27

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹2.5L Cr, net profit ₹22.5K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What I O C L's management said in earlier quarters

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  • Savita Oil Technologies Ltd (Q2 FY26)

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  • Arabian Petrol. (Q2 FY26)

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Frequently Asked Questions

What were Indian Oil Corporation Ltd Q2 FY26 results?

Sales volumes improved in H1 FY ’25-’26 to 50.590 MMT from 48.213 MMT in H1 FY ’24-’25. - Expect significant performance improvement in Q3 and Q4 of FY ’25-’26. - Refinery throughput for Indian Oil standalone expected around 72-73 MMTPA for FY ’25-’26, higher than 71.6 MMTPA in the previous year. - New refinery expansions (Panipat by June ’26, Gujarat by June ’26, Barauni starting commissioning August ’26) will increase capacity. - Incremental refinery utilization expected to be ~60% in the first year post commissioning, improving beyond 80% in the second year. - Petrochemical sales rising with positive EBIT and improved margins expected to continue. - Marketing expansion includes adding retail outlets (597 commissioned in Q2) boosting volume growth. - Growth supported by Government policies, Project Sprint cost optimization, and ongoing CAPEX of Rs. Strong and sustained demand for petroleum products is expected to significantly improve performance in Q3 and Q4 of FY '25-'26. - Q2 PAT was Rs.

What is Indian Oil Corporation Ltd share price analysis?

Indian Oil Corporation Ltd currently shows a neutral. The stock trades at a P/E of 5.8 with a market cap of ₹196,850 Cr. Investors should review the full earnings analysis for detailed insights.

Is Indian Oil Corporation Ltd planning capital expenditure?

Total CAPEX for FY 2025-26 is budgeted at Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.