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Indian Oil Corporation
SectorEnergy
Indian Oil Corporation (IOC) is India's national oil company with operations spanning the entire hydrocarbon value chain. Its core activities include refining, pipeline transportation, marketing of petroleum products, exploration and production of crude oil and gas, petrochemicals, and alternative energy. IOC operates refineries across India and has a network of retail outlets, LPG distributorships, and aviation fuel stations. The company also has international operations and subsidiaries. IOC is expanding into new areas like compressed biogas, electric vehicle charging, and renewable energy. It has joint ventures in fertilizer production and is involved in pipeline projects. The company continues to upgrade its facilities to produce higher quality fuels and expand its retail and distribution network.
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Refining margins and transport fuel sales stay strong, but a sharp drop in EBITDA and a swing to losses highlight mounting financial pressure.
Gross refining margin expanded from $2.15 in Q1 FY26 to $15.59 in Q1 FY27, showing stronger refining economics.
Profit after tax swung from ₹5,689 Cr in Q1 FY26 to -₹2,661 Cr in Q1 FY27, marking a sharp profitability reversal.
HSD sales volume grew from 10.095 MT in Q1 FY26 to 10.866 MT in Q1 FY27, reflecting steady transport demand.
EBITDA dropped from ₹13,220 Cr in Q1 FY26 to ₹2,332 Cr in Q1 FY27, signaling severe margin compression.
MS sales volume rose from 4.186 MT in Q1 FY26 to 4.522 MT in Q1 FY27, indicating resilient petrol consumption.
Debt rose from ₹121,547 Cr in Q1 FY26 to ₹141,453 Cr in Q1 FY27, increasing financial leverage.
Refinery capacity utilization increased from 106.7% in Q1 FY26 to 109.4% in Q1 FY27, maintaining high operational efficiency.
LPG sales volume fell from 3.664 MT in Q1 FY26 to 3.085 MT in Q1 FY27, pointing to weaker household demand.
Interest expenditure fell from ₹1,973 Cr in Q1 FY26 to ₹1,610 Cr in Q1 FY27, reducing overall borrowing costs.
Petroleum exports declined from 1.323 MT in Q1 FY26 to 0.939 MT in Q1 FY27, reflecting soft overseas demand.
Company insights, generated from the most recent coverage.
Spot purchases reached as much as 84% of IOC's crude buying as it added West African, Latin American and Venezuelan grades. Heavy spot reliance makes its input cost far more exposed to sudden premium spikes than term-heavy peers.
IOC's Russian share has been volatile — 22% in FY25, 24% in Q1 FY26, 18–19% in Q2 FY26 — and management's cited 50–54% for Q1 FY27 uses a different measure. Investors cannot track its crude-origin exposure from disclosures alone.
IOC's Q1 FY27 reported GRM of $15.59/bbl becomes about $36/bbl after adding back SAED export tax — reported refining economics understate true profitability by more than 2x.