IOC attributed the sharp rise in profitability largely to lower crude oil prices between mid-June and mid-August, coupled with robust margins in petrochemicals and gas
| Photo Credit: Reuters
State-owned Indian Oil Corporation’s (IOC) standalone net profit more than doubled to ₹21,630 crore in the September quarter, buoyed by improved refining margins and a temporary decline in benchmark crude oil prices.
The Delhi-headquartered oil marketing major attributed the sharp rise in profitability largely to lower crude oil prices between mid-June and mid-August, coupled with robust margins in petrochemicals and gas.
However, it cautioned that earnings in the coming quarters could face pressure. “Profitability in upcoming quarters may be adversely impacted by inventory losses due to potential fall in crude oil prices with normalisation of situation in Middle East,” the company said.
Indian Oil’s gross refining margin (GRM), after subtracting special additional excise duty (SAED), rose to $18.52 per barrel during the quarter, against $10.66 a barrel in the corresponding period last year.
Revenue increased nearly 30% to over ₹2.62 lakh crore. Domestic petroleum product sales grew about 5% to 23.98 million metric tonnes (MMT).
Refinery throughput rose 2.8% to 18.1 MMT, while capacity utilisation stood at 102.3%.
Published – October 30, 2026 09:33 pm IST
