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Indian Oil
Indian Oil (IOC) investor relations material
Indian Oil Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary6 Feb, 2026
Executive summary
Achieved strong financial performance in Q3 and 9M FY 2025-26, with significant year-over-year growth in profit before and after tax, and robust standalone and consolidated net profit increases.
Operational throughput and sales volumes remained robust across refinery, pipeline, and marketing operations.
Revenue from operations (standalone) for Q3 FY26 was ₹2,31,769.04 crore, up from ₹2,16,649.47 crore in Q3 FY25; consolidated revenue was ₹2,36,257.24 crore, up from ₹2,19,522.35 crore year-over-year.
Board approved unaudited financial results on 5 February 2026.
Financial highlights
Profit Before Tax for Q3 FY 25-26 was ₹15,992 Cr; for 9M FY 25-26, ₹33,462 Cr.
Profit After Tax for Q3 FY 25-26 was ₹12,126 Cr; for 9M FY 25-26, ₹25,425 Cr.
EBITDA for Q3 FY 25-26 was ₹22,046 Cr; for 9M FY 25-26, ₹51,373 Cr.
Standalone EBITDA for Q3 FY26 was significantly higher, with operating margin at 7.23% versus 1.49% in Q3 FY25.
Gross Refining Margin (GRM) was $12.22/bbl for Q3 and $8.41/bbl for 9M FY 25-26.
Outlook and guidance
Major refinery and pipeline expansion projects are progressing, with key commissioning dates set for 2025-26.
Capex target for FY 2025-26 is ₹34,701 Cr, with significant investments in refinery, pipelines, and marketing.
Government approved compensation of ₹14,486 crore for LPG under-recoveries, to be disbursed in 12 monthly instalments starting November 2025; ₹2,414.34 crore recognized in Q3 FY26.
No material liability expected from new labour codes as of reporting date; impact to be reviewed once rules are notified.
Remaining LPG under-recovery buffer
Core GRM for April-Dec 2025
New labor codes: financial impact assessment
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Next Indian Oil earnings date
Q4 25/261 May, 2026
Indian Oil
Next Indian Oil earnings date
Q4 25/261 May, 2026
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Frequently asked questions
Indian Oil Corporation Limited, together with its subsidiaries, engages in the refining, pipeline transportation, and marketing of petroleum products in India. It operates through Refineries, Pipelines and Marketing segments. The company refines crude oil into petroleum products comprising liquefied petroleum gas (LPG), naphtha, kerosene oil/aviation turbine fuel, superior kerosene oil, high speed diesel (HSD)/motor spirit/high octane blending component (MS/HOC), low sulphur heavy stock (LSHS)/furnace oil heavy stock (FOHS), bitumen, lube oils and others. The company was incorporated in 1959 and is based in New Delhi, India.
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