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Indian Oil Corporation Ltd

Q4 FY26Petroleum Products

Indian Oil Corporation Q4 FY26 earnings call: Revenue & Margins

Q4 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

Indian Oil reported highest-ever annual refining throughput of 75.5 MMT with 107.4% capacity utilization in FY 2025-26, expecting similar throughput (~75 MMTPA standalone; 85 MMTPA including CPCL) in FY27. Indian Oil expects continued strong performance in petrochemicals with higher sales volumes and good returns in FY27 (Page 13). - Gas segment to improve as standalone CGD (City Gas Distribution) business turned PBT positive in Q4 FY26; volumes expected to grow in FY27 (Page 13). - Refining throughput guidance for FY27 is about 75 MMT standalone, with steady throughput expected, considering some planned shutdowns (Page 12). - Refining margins expected to remain high for 1-2 years due to geopolitical uncertainties, potentially supporting earnings growth (Page 11). - Focus on EBITDA and PAT rather than GRM for overall performance, given volatility (Page 10). - Capex of around Rs.

From Indian Oil Corporation Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Indian Oil reported highest-ever annual refining throughput of 75.5 MMT with 107.4% capacity utilization in FY 2025-26, expecting similar throughput (~75 MMTPA standalone; 85 MMTPA including CPCL) in FY27.
  • Marketing volumes grew ~4.8% with record sales volume of 105.117 MMT in FY25-26, indicating positive volume growth momentum.
  • Petrochemical segment achieved highest-ever sales of 3.396 MMT in FY25-26 with expectations to sustain higher sales volumes and good returns.
  • Gas sales increased to 7,276 TMT in FY25-26; City Gas Distribution (CGD) business turned PBT positive with rising volumes expected next year.
  • Biofuels achieved 19.97% ethanol blending; Indian Oil targets 31 GW renewable energy capacity by 2030 indicating diversification growth.

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

  • Indian Oil incurred a total capex of Rs. 31,401 crores in FY 25-26 with a budgeted capex of Rs. 32,700 crores for FY 26-27.
  • Major investments focus on refining, petrochemical expansions (Panipat, Barauni, Gujarat, Paradip), and renewables.
  • Refinery expansion projects targeted for completion in 2026: Panipat (Dec '26), Barauni (Aug '26), Gujarat (Nov '26).
  • Approximately INR5,000 crores of FY 26-27 capex allocated to renewable energy.
  • Capex emphasis mainly on refining and pipeline infrastructure.
  • Project SPRINT resulted in measurable annual savings of INR2,200 crores (FY25-26) and targets INR2,500 crores savings in FY26-27.

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

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Order Book & Pipeline

The discussion primarily focuses on operational performance, capacity utilization, supply chain management, pricing, crude and LPG inventory, capex plans, and overall financial results for FY 2025-26 and expectations for FY 2026-27. Key related points: - Capex for FY 2026-27 is expected to be around INR 32,700 crores, with major spending in refining, existing pipeline setups, and around INR 5,000 crores in renewable energy. - Projects relating to refinery expansions are Brownfield and expected to ramp up throughput to full utilization over 2-3 years. Please refer to official filings or contact the corporate finance team for detailed order book or pending order information.

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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Frequently Asked Questions

What were Indian Oil Corporation Ltd Q4 FY26 results?

Indian Oil reported highest-ever annual refining throughput of 75.5 MMT with 107.4% capacity utilization in FY 2025-26, expecting similar throughput (~75 MMTPA standalone; 85 MMTPA including CPCL) in FY27. Indian Oil expects continued strong performance in petrochemicals with higher sales volumes and good returns in FY27 (Page 13). - Gas segment to improve as standalone CGD (City Gas Distribution) business turned PBT positive in Q4 FY26; volumes expected to grow in FY27 (Page 13). - Refining throughput guidance for FY27 is about 75 MMT standalone, with steady throughput expected, considering some planned shutdowns (Page 12). - Refining margins expected to remain high for 1-2 years due to geopolitical uncertainties, potentially supporting earnings growth (Page 11). - Focus on EBITDA and PAT rather than GRM for overall performance, given volatility (Page 10). - Capex of around 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?

Indian Oil incurred a total capex of 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.