Indian oil corporation Limited has filed its quarterly compliance certificate with stock exchanges, confirming adherence to regulatory requirements for the quarter ended March 31, 2026. The Maharatna company submitted the mandatory documentation to both the National Stock Exchange of India Limited and BSE Limited on April 2, 2026.

Regulatory Compliance Certificate

The compliance certificate was issued by KFin Technologies Limited, serving as the Registrar & Transfer Agent for Indian Oil Corporation Limited. The certificate confirms compliance with Regulation 74(5) of the Securities and Exchange Board of India (Depositories & Participants) Regulations, 2018.

Dematerialization Process Confirmation

KFin Technologies Limited confirmed that all securities received from depository participants for dematerialization during the quarter were properly processed. The registrar verified that securities comprised in the certificates have been listed on stock exchanges where the company's earlier issued securities are already listed.

The confirmation certificate outlined the following compliance measures:

• Securities received for dematerialization were confirmed or rejected to depositories
• Security certificates were mutilated and cancelled after due verification by depository participants
• Depository names were substituted in the register of members as registered owners within 15 days
• All processes adhered to prescribed regulatory timelines

Corporate Communication

Company Secretary Kamal Kumar Gwalani signed the submission letter to stock exchanges, emphasizing the company's commitment to regulatory compliance. The communication was digitally signed and submitted from the company's registered office at IndianOil Bhavan, Bandra (East), Mumbai.

Bhaskar Roy, Vice President – Corporate Registry (RIS) at KFin Technologies Limited, signed the compliance certificate on behalf of the registrar. The certificate serves as official confirmation of the company's adherence to SEBI's depositories and participants regulations for the specified quarter.

Oil marketing companies in India continue to grapple with substantial losses on aviation turbine fuel sales, according to a recent analysis by Nomura. Despite implementing an 8.5% price increase, the financial strain on these companies remains significant, highlighting ongoing challenges in the domestic fuel pricing mechanism.

ATF Pricing and Loss Analysis

Nomura's research reveals that even after the recent price adjustment bringing ATF rates to ₹1,04,927 per kilolitre, oil marketing companies are still experiencing losses of approximately ₹64 per litre on domestic sales. This translates to roughly $109 per barrel, indicating the substantial gap between cost recovery and current pricing levels.

The analysis focuses on domestic sales, which account for 65% of total ATF demand, with OMCs holding a dominant 90% market share in this segment.

Company-wise Annual Loss Projections

The financial impact varies significantly across the three major oil marketing companies:

Indian Oil Corporation faces the highest projected annual losses at ₹236 billion, reflecting its larger market presence and sales volumes in the ATF segment.

Market Context and Volume Impact

Despite the significant financial implications, Nomura notes that ATF represents a relatively small portion of overall business volumes for these companies. The fuel category accounts for only 2-6% of total volumes across the three major OMCs, which helps explain why these losses, while substantial in absolute terms, may have a more manageable impact on overall operations.

Industry Implications

The continued losses despite price increases highlight the complex dynamics in India's fuel pricing structure. The analysis underscores the ongoing challenges faced by state-owned oil marketing companies in balancing cost recovery with domestic pricing policies, particularly in the aviation fuel segment where international price volatility significantly impacts profitability margins.