Indian Oil Corporation Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 31 May 2026 | Petroleum Products | Market Cap: ₹2.0L Cr
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.
Price
₹136
Market Cap
₹2.0L Cr
P/E Ratio
5.8
How does Indian Oil Corporation Ltd rank in Petroleum Products?
Compare Indian Oil Corporation Ltd against every Petroleum Products company this quarter on revenue, margins and earnings-call signals.
Indian Oil Corporation Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹2.1L Cr, net profit ₹15.2K Cr.
Full financials →📊 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.
- →Refining margins expected to remain high next 1-2 years due to global uncertainties, supporting revenue growth.
- →Overall, Indian Oil aims continued volume growth across refining, petrochemicals, gas, and renewable segments aligned with robust capex and operational efficiencies.
📈 Profitability & Margins
- →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. 32,700 crore planned for FY27 with majority in refining and pipeline; capex expected to reduce in refining post-FY27 (Pages 7, 6).
- →Savings from Project SPRINT to continue, with INR 2,500 crore targeted in FY27 adding to margin improvement (Page 7).
- →Overall strong PAT in FY26 (Rs. 36,802 crore) signals a robust baseline for future growth (Page 3).
🏗️ 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.
- →Future capex allocations maintain robust capital allocation policy balancing existing business growth and new renewable ventures.
- →FY 27 capex breakdown expected majorly towards refining, marketing, and petrochemical segments.
💰 Fundraising & Capital Structure
- →As of March 31, 2026, Indian Oil's borrowings have reduced by about Rs. 5,280 crore during the quarter and Rs. 23,798 crore during the year, standing at Rs. 1,10,668 crore.
- →The company has a comfortable leverage profile with a gross debt-to-equity ratio of 0.54 and net debt-to-equity ratio of 0.32 after adjusting for financial investments.
- →No specific mention of new fundraising through debt or equity during the call.
- →The company plans to spend approximately Rs. 32,700 crore as capex in FY 26-27, primarily funded through internal accruals, given the strong profitability and reduction in borrowings.
- →Indian Oil maintains financial strength to pursue growth and absorb market volatility but did not explicitly indicate new debt or equity issuance in this period.
📋 Order Book & Pipeline
Key Metrics
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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.