Indian Oil Corporation has released its audited financial results for the quarter and year ended 31 March 2026. The company reported a net profit of 113.78B rupees for Q4 2025-26, while the full-year net profit stood at 368.02B rupees. Revenue from operations for the fiscal year 2025-26 reached 8.86T rupees, compared to 8.45T rupees in the previous year.

Financial Performance Summary

The financial highlights for Q4 and FY 2025-26 indicate a strong operational performance. The Profit Before Tax (PBT) for the year was recorded at 487.84B rupees. The EBITDA contribution for the full year was 737.18B rupees, with 223.45B rupees generated in Q4 alone. The company maintained a healthy dividend payout ratio of 31% for FY26.

Operational Achievements

Indian Oil Corporation achieved record operational milestones during FY 2025-26. The company reported its highest ever crude throughput at 75.5 Million Metric Tonnes (MMT) and pipeline throughput at 105.6 MMT. Marketing sales volume also reached a peak of 105.1 MMT. Additionally, the company commissioned a record 909 retail outlets on National Highways.

Refinery throughput for Q4 was 19.7 MMT with a capacity utilization of 113.9%. Pipeline operations for the quarter stood at 27.7 MMT. The company also recorded its highest ever petrochemical sales at 3.4 MMT and gas sales at 7.3 MMT for the fiscal year.

Strategic Initiatives and Capex

The company continues to expand its footprint with significant progress in major projects. The Panipat Refinery Expansion project is 92.8% complete, while the Gujarat Refinery Expansion is 87.8% complete. The total capital expenditure incurred during FY 25-26 was 324.05B rupees, with a target of 327B rupees set for FY 2026-27. The debt level remained stable at 1,106.68B rupees as of 31 March 2026.

Indian Oil Corporation's refineries are currently running at maximum capacity, with the company's crude oil inventory reported to last over a month, according to a company executive. The operational update signals a robust supply position for India's largest state-owned oil refiner as it manages both domestic demand and international sourcing strategies.

LNG Import Diversification

Indian Oil Corporation has expanded its liquefied natural gas (LNG) import base by adding supplies from multiple geographies. The company is now sourcing LNG from the following countries:

• Nigeria
• Oman
• Indonesia

This diversification of LNG supply sources reflects the company's strategy to broaden its energy procurement network across Africa, the Middle East, and Southeast Asia.

FY27 Refinery Output and Margin Outlook

A company executive has outlined key projections related to refinery performance and the broader global refining environment. The following table summarizes the key highlights shared by the executive:

The executive projected that Indian Oil Corporation's refinery output would reach 85 million tons in FY27. Additionally, the executive anticipates that global refining margins will remain high for a period of one to two years, citing geopolitical issues as the primary driver behind this expectation.

Key Takeaways

• Refineries are currently at maximum operational capacity
• Crude oil inventory provides a buffer of over one month
• LNG imports have been expanded to include Nigeria, Oman, and Indonesia
• FY27 refinery output target set at 85 million tons
• Global refining margins expected to stay elevated for 1-2 years due to geopolitical factors