Indian Oil Corporation Q2 FY27 Results: Consolidated Net Profit ₹22,503 Crore
Earnings
Oil and gas
Blacklitt Research3 min read
Hans Peters for Anefo, via Wikimedia Commons (CC0). Illustrative image.
In a filing on 30 Oct 2026, Indian Oil Corporation reported consolidated net profit of ₹22,502.62 crore for the quarter ended 30 Sep 2026, on total income of ₹2,68,712.94 crore. Standalone net profit was ₹21,630.03 crore, on total income of ₹2,65,636.33 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹2,68,712.94 crore, up 29.8% YoY and down 4.8% QoQ
Net profit and EPS: ₹22,502.62 crore, up 174.7% YoY; basic EPS ₹15.54 against ₹5.68
Finance costs: ₹2,499.31 crore, up 10.1% YoY
Attributable profit: ₹21,407.87 crore to equity holders of the parent, up 173.8% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹2,65,636.33 crore, up 29.9% YoY and down 3.9% QoQ
Net profit and EPS: ₹21,630.03 crore, up 184.2% YoY; basic EPS ₹15.71 against ₹5.53
Other income: ₹2,700.75 crore, up 77.4% YoY and up 601.2% QoQ
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
2,68,039.38
2,06,447.11
+29.8%
2,81,933.07
-4.9%
Other income
673.56
644.33
+4.5%
445.95
+51.0%
22,502.62
8,190.86
+174.7%
-1,241.09
n/a
Profit before tax
28,190.53
12,103.71
+132.9%
-932.59
n/a
Finance costs
2,499.31
2,269.69
+10.1%
1,729.53
+44.5%
Depreciation
4,429.72
4,227.22
+4.8%
4,408.15
+0.5%
Tax expense
5,687.91
3,912.85
+45.4%
n/a
n/a
EPS, basic (₹)
15.54
5.68
+173.6%
-1.18
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit rose 174.7% to ₹22,502.62 crore, against ₹8,190.86 crore a year earlier, while profit before tax rose 132.9% to ₹28,190.53 crore. Tax expense rose 45.4% to ₹5,687.91 crore, which is 20.2% of profit before tax. A year earlier, tax expense of ₹3,912.85 crore was 32.3% of profit before tax of ₹12,103.71 crore.
Revenue from operations rose 29.8% to ₹2,68,039.38 crore, and other income rose 4.5% to ₹673.56 crore, which is 2.4% of profit before tax. The notes say instalments for April 2026 to September 2026 totalling ₹7,243.02 crore of LPG compensation have been recognised as revenue from operations. Against the quarter ended 30 Jun 2026, revenue from operations fell 4.9%, and that quarter showed a net loss of ₹1,241.09 crore.
Finance costs rose 10.1% to ₹2,499.31 crore and depreciation rose 4.8% to ₹4,429.72 crore. The consolidated statement includes a share of profit of associates and joint ventures of ₹648.51 crore. Net profit attributable to non-controlling interest was ₹1,094.75 crore, which is 4.9% of net profit, and profit attributable to equity holders of the parent rose 173.8% to ₹21,407.87 crore.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
2,62,935.58
2,02,992.34
+29.5%
2,75,971.77
-4.7%
Other income
2,700.75
1,522.83
+77.4%
385.15
+601.2%
21,630.03
7,610.45
+184.2%
-2,661.37
n/a
Profit before tax
26,616.62
10,065.57
+164.4%
-3,274.30
n/a
Finance costs
2,364.45
2,169.35
+9.0%
1,609.82
+46.9%
Depreciation
4,017.07
3,871.11
+3.8%
3,996.46
+0.5%
Tax expense
4,986.59
2,455.12
+103.1%
-612.93
n/a
EPS, basic (₹)
15.71
5.53
+184.1%
-1.93
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 184.2% to ₹21,630.03 crore, from ₹7,610.45 crore a year earlier. Profit before tax rose 164.4% to ₹26,616.62 crore, and tax expense rose 103.1% to ₹4,986.59 crore, which is 18.7% of profit before tax.
Revenue from operations rose 29.5% to ₹2,62,935.58 crore. Other income rose 77.4% to ₹2,700.75 crore, against ₹385.15 crore in the quarter ended 30 Jun 2026, and finance costs rose 9.0% to ₹2,364.45 crore.
Physical performance in the filing shows domestic product sales of 23.977 MMT (million tonnes) for the quarter, up 4.9% from 22.851 MMT a year earlier, and refineries throughput of 18.108 MMT, up 2.8% from 17.608 MMT.
Inference
Non-convertible unsecured debentures raised through private placement were ₹17,000 crore outstanding as on 30 Sep 2026. The company says the funds were used for the purpose stated in the issue, refinancing existing borrowings and/or funding capital expenditure, with no deviation or variation. It also reports no default on outstanding loans, revolving facilities or unlisted debt securities.
The notes say the cumulative net negative LPG buffer was ₹32,505.69 crore as on 30 Sep 2026, and that the April to September 2026 instalments reduced it. How the rest of the buffer will be cleared is not stated.
The auditors' conclusion on both statements is not modified. Their other matter notes that the company did not have the minimum number of Independent Directors, including one Woman Independent Director, through the period, and that the Audit Committee, Nomination & Remuneration Committee and CSR Committee were discontinued from 28 Mar 2026 and have not been reconstituted. When those committees will be reconstituted is not stated.
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IOCIndian Oil Corporation Ltd.
