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Indian Oil Corporation Q2 FY27 results: net profit up 174.7% to ₹22,503 crore, revenue up 29.8%
Indian Oil Corporation Limited reported consolidated Q2 FY27 revenue of ₹2,68,039 crore for the July–September 2026 quarter, up 29.8% from a year earlier, with a net profit of ₹22,503 crore and EBITDA margin of 12.6%. The company swung back to profit from a net loss of ₹1,141 crore in Q1 FY27, after profit before tax moved from a loss of ₹1,630 crore to ₹27,542 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹2,68,039 crore, up 29.8% from ₹2,06,447 crore in Q2 FY26.
- EBITDA was ₹33,797 crore, up 108.0% from ₹16,245 crore, and the EBITDA margin rose 4.7 percentage points to 12.6%.
- Net profit was ₹22,503 crore against ₹8,191 crore a year earlier and a net loss of ₹1,141 crore in Q1 FY27.
- Basic EPS was ₹15.54, up from ₹5.68 in Q2 FY26 and ₹1.18 of loss in Q1 FY27.
How did Indian Oil Corporation perform in Q2 FY27?
Indian Oil Corporation reported consolidated revenue of ₹2,68,039 crore in Q2 FY27, up 29.8% from ₹2,06,447 crore in the year-ago quarter. Total income was ₹2,68,713 crore, up 29.8%. EBITDA rose 108.0% to ₹33,797 crore, and the EBITDA margin widened 4.7 percentage points to 12.6% from 7.9%.
Profit before tax was ₹27,542 crore against ₹10,392 crore a year earlier, and the company reported a net profit of ₹22,503 crore against ₹8,191 crore. Basic EPS was ₹15.54, compared with ₹5.68 in Q2 FY26. Profit attributable to owners was ₹21,408 crore against ₹7,818 crore.
Against the previous quarter, revenue fell 4.9% from ₹2,81,933 crore in Q1 FY27. EBITDA rose 732.0% to ₹33,797 crore from ₹4,062 crore, and the margin widened 11.2 percentage points to 12.6% from 1.4%. Profit before tax moved from a loss of ₹1,630 crore to ₹27,542 crore, while net profit moved from a net loss of ₹1,141 crore to ₹22,503 crore. On the standalone basis, revenue was ₹2,62,936 crore and profit after tax was ₹21,630 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,68,039 | 2,81,933 | 2,06,447 | +29.8% | −4.9% |
| Other income | 673.56 | 445.95 | 644.33 | +4.5% | +51.0% |
| Total expenses | 2,41,171 | 2,84,009 | 1,96,699 | +22.6% | −15.1% |
| EBITDA | 33,797 | 4,062 | 16,245 | +108.0% | +732.0% |
| EBITDA margin | 12.6% | 1.4% | 7.9% | +4.7 pp | +11.2 pp |
| Profit before tax | 27,542 | −1,630 | 10,392 | +165.0% | turned to profit |
| Tax | 5,688 | 208.50 | 2,913 | +95.3% | +2628.0% |
| Net profit | 22,503 | −1,141 | 8,191 | +174.7% | turned to profit |
| EPS (₹) | 15.54 | −1.18 | 5.68 | +173.6% | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indian Oil Corporation's costs and profit?
Total expenses were ₹2,41,171 crore, up 22.6% from ₹1,96,699 crore in the year-ago quarter, a smaller increase than the rise in revenue. Cost of materials was ₹1,35,246 crore, up 31.0% by ₹32,000 crore, while employee cost was ₹2,928 crore, up 0.9%.
Finance costs rose 10.1% to ₹2,499 crore and depreciation rose 4.8% to ₹4,430 crore. Other expenses fell 30.5% to ₹29,472 crore, a reduction of ₹12,954 crore, and other income rose 4.5% to ₹673.56 crore from ₹644.33 crore. There was no exceptional item in either the year-ago quarter or Q2 FY27.
Tax expense was ₹5,688 crore against ₹2,913 crore a year earlier, an increase of ₹2,775 crore, or 95.3%. The net profit margin stood at 8.4% against 4.0% in Q2 FY26, a rise of 4.4 percentage points. Against the previous quarter, cost of materials fell 30.8% to ₹1,35,246 crore from ₹1,95,318 crore, and other expenses fell 0.8% to ₹29,472 crore, while finance costs rose 44.5% to ₹2,499 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,35,246 | 1,03,246 | +32,000 | +31.0% |
| Employee cost | 2,928 | 2,903 | +25.23 | +0.9% |
| Finance costs | 2,499 | 2,270 | +229.62 | +10.1% |
| Depreciation | 4,430 | 4,227 | +202.50 | +4.8% |
| Other expenses | 29,472 | 42,427 | −12,954 | −30.5% |
| Total expenses | 2,41,171 | 1,96,699 | +44,472 | +22.6% |
| Other income | 673.56 | 644.33 | +29.23 | +4.5% |
| Tax | 5,688 | 2,913 | +2,775 | +95.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹5,49,972 crore, up 28.4% from ₹4,28,296 crore in H1 FY26. Total income was ₹5,51,092 crore, up 28.3% from ₹4,29,524 crore. Profit before tax rose 44.0% to ₹25,912 crore from ₹17,994 crore.
Net profit for the half year was ₹21,362 crore, up 42.4% from ₹14,999 crore, and basic EPS was ₹14.36 against ₹10.62. The rise in profit after tax was ₹6,363 crore, against a ₹7,918 crore increase in profit before tax, as the tax charge also rose.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,49,972 | 4,28,296 | +28.4% |
| Profit before tax | 25,912 | 17,994 | +44.0% |
| Net profit | 21,362 | 14,999 | +42.4% |
| EPS (₹) | 14.36 | 10.62 | +35.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹5,77,161 crore as of 30 September 2026, against ₹5,28,955 crore as of 31 March 2026. Total equity rose to ₹2,40,455 crore from ₹2,25,547 crore, while borrowings were ₹1,39,960 crore against ₹1,31,822 crore. Cash and cash equivalents fell to ₹619.16 crore from ₹1,833.08 crore.
Inventories rose to ₹1,54,779 crore from ₹1,17,133 crore and trade receivables to ₹24,970 crore from ₹14,635 crore. Trade payables stood at ₹73,251 crore against ₹57,369 crore. For the first half of FY27, operating cash flow was ₹10,215 crore against ₹32,748 crore in H1 FY26, and capital expenditure was ₹11,664 crore against ₹15,800 crore. Investing cash flow was negative ₹11,707 crore against negative ₹17,326 crore, and financing cash flow was ₹278 crore against negative ₹15,535 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,77,161 | 5,28,955 |
| Total equity | 2,40,455 | 2,25,547 |
| Borrowings | 1,39,960 | 1,31,822 |
| Cash and equivalents | 619.16 | 1,833 |
| Inventories | 1,54,779 | 1,17,133 |
| Trade receivables | 24,970 | 14,635 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 10,215 | 32,748 |
| Cash from investing | −11,707 | −17,326 |
| Cash from financing | 278.29 | −15,535 |
| Capital expenditure | 11,664 | 15,800 |
Source: Company's results filing (XBRL).
How has Indian Oil Corporation done over the last 8 quarters?
Revenue rose in each of the last six quarters on a year-on-year basis. Over the last eight quarters, revenue was lowest in Q2 FY26 at ₹2,06,447 crore and highest in Q1 FY27 at ₹2,81,933 crore, before easing to ₹2,68,039 crore in Q2 FY27.
Net profit bottomed at a loss of ₹1,141 crore in Q1 FY27 and was highest at ₹22,503 crore in Q2 FY27. The EBITDA margin followed the same shape, falling to 1.4% in Q1 FY27 from 7.9% in the year-ago quarter and rising to 12.6% in Q2 FY27, its highest level in the series shown, above 10.5% in Q4 FY26.
Which businesses drove the quarter?
Petroleum Products was the largest segment in Q2 FY27, with revenue of ₹2,45,996 crore, up 27.9% from ₹1,92,311 crore in the year-ago quarter. Segment EBIT was ₹27,627 crore against ₹12,329 crore, with an EBIT margin of 11.2%.
Petrochemicals reported revenue of ₹10,041 crore, up 57.1% from ₹6,391 crore, and EBIT of ₹528 crore against ₹168 crore, with an EBIT margin of 5.3%. Gas revenue rose 50.5% to ₹16,755 crore from ₹11,135 crore, with EBIT of ₹1,238 crore against ₹243 crore and an EBIT margin of 7.4%. Other Business Activities reported revenue of ₹1,432 crore, up 55.0% from ₹924 crore, and EBIT of ₹376 crore against ₹246 crore, with an EBIT margin of 26.2%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Petroleum Products | 2,45,996 | +27.9% | 27,627 | 11.2% |
| Petrochemicals | 10,041 | +57.1% | 528.40 | 5.3% |
| Gas | 16,755 | +50.5% | 1,238 | 7.4% |
| Other Business Activities | 1,432 | +55.0% | 375.72 | 26.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
In the filing made on 30 October 2026, the board approved the unaudited standalone and consolidated financial results with a limited review report for the quarter and half year ended 30 September 2026. The board meeting ran from 1:00 PM to 3:45 PM.
The same filing stated there was no deviation or variation in the use of proceeds of listed non-convertible unsecured debentures for the quarter ended 30 September 2026, and filed a nil report on security cover. The company also stated that there was no default in the payment of outstanding loans, revolving facilities and unlisted debt securities.
An investor presentation filed on 19 May 2026 set out FY26 standalone profit after tax of ₹28,488 crore and a FY27 capital expenditure target of ₹32,700 crore. It also reported the highest ever crude throughput of 75.5 MMT and the highest ever sales volume of 105.1 MMT for FY26. The auditors' review report noted that the company did not have the minimum number of independent directors and non-executive directors required during the reporting period, and that the Audit Committee, Nomination and Remuneration Committee and CSR Committee had been discontinued and not reconstituted.
What did Indian Oil Corporation's management say?
The company disclosed on 4 November 2026 that transcripts of the analyst conference call held on 31 October 2026, covering the financial performance for Q2 FY27, were available on its website. The filing did not set out any guidance, priorities, risks or analyst concerns from the call, and the company made no change to guidance.
How did Indian Oil Corporation shares react?
The filing was made after market hours on 30 October 2026. From the price when the filing appeared, the stock was up 0.7% after 5 minutes, 0.6% after 15 minutes and 0.2% after 30 minutes. On the reaction day, the stock closed up 3.4% from its pre-results close of ₹130.15, against a base price of ₹133.38.
By the next day's close, the stock was up 5.4% from its pre-results close. The Refineries & Marketing sector's median move was up 2.0% on the reaction day and 2.6% by the next day's close, so the stock's excess return was 1.4 percentage points and 2.8 percentage points over those closes. The Nifty 100 was up 1.7% on the reaction day.
On earlier results days, the stock rose 2.7% on 31 July 2026, 2.3% on 18 May 2026, 1.9% on 5 February 2026 and 1.1% on 30 April 2025. It fell 0.4% on 27 October 2025, 1.6% on 14 August 2025, 3.6% on 27 January 2025 and 0.6% on 28 October 2024.
| After the filing | Stock | Refineries & Marketing median |
|---|---|---|
| 5 minutes | +0.7% | |
| 15 minutes | +0.6% | |
| 30 minutes | +0.2% | |
| Reaction day | +3.4% | +2.0% |
| Next day | +5.4% | +2.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 31 July 2026 | +2.7% |
| 18 May 2026 | +2.3% |
| 5 February 2026 | +1.9% |
| 27 October 2025 | −0.4% |
| 14 August 2025 | −1.6% |
| 30 April 2025 | +1.1% |
| 27 January 2025 | −3.6% |
| 28 October 2024 | −0.6% |
Source: MarketPing price-reaction measurement.
How did other Refineries & Marketing companies do?
Seven other Refineries & Marketing companies filed for the quarter as of 4 November 2026, and their median revenue growth was 26.0%. Of those peers, five grew slower than Indian Oil Corporation and one grew faster than the company. Indian Oil Corporation's revenue growth of 29.8% was above the peer median.
Of the six peers compared for profit, three reported higher profit.
| Indian Oil Corporation revenue growth (YoY) | +29.8% |
|---|---|
| Median of 7 other Refineries & Marketing companies | +26.0% |
| Companies with slower revenue growth than Indian Oil Corporation | 5 of 7 |
| Companies with faster revenue growth than Indian Oil Corporation | 1 of 7 |
| Companies whose net profit rose | 3 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Indian Oil Corporation's revenue in Q2 FY27?
Revenue from operations was ₹2,68,039 crore, up 29.8% from ₹2,06,447 crore in Q2 FY26 (consolidated).
Did Indian Oil Corporation make a profit in Q2 FY27?
Yes. Net profit was ₹22,503 crore, against a net profit of ₹8,191 crore in Q2 FY26.
What was Indian Oil Corporation's EPS in Q2 FY27?
Basic earnings per share were ₹15.54, against ₹5.68 in Q2 FY26.
How did Indian Oil Corporation shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.4% from the previous close; the median Refineries & Marketing stock moved +2.0%.
When did Indian Oil Corporation announce its Q2 FY27 results?
On 30 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Unaudited Financial Results For The Quarter And Half Year Ended 30Th September 2026. (BSE, 13 October 2026) · PDF
- Outcome of Board Meeting (NSE, 30 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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