Indian Oil (IOC) Q3 25/26 earnings summary

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.