Indian Oil Corporation 's board of directors has officially declared a second interim dividend of ₹2.00 per share for the financial year 2025-26. The dividend, representing 20% of the face value of ₹10 per equity share, was approved during a board meeting held on March 6, 2026.

Board Meeting Outcome

The board meeting, which commenced at 1:00 PM and concluded at 1:30 PM on March 6, 2026, approved the second interim dividend distribution in accordance with Regulation 30 of SEBI (LODR). This follows the company's earlier communication dated February 26, 2026, which had intimated the board meeting date for considering the dividend declaration.

Record Date and Payment Schedule

Pursuant to Regulation 42 of SEBI (LODR), the board has fixed Thursday, March 12, 2026, as the record date for determining shareholder eligibility. The second interim dividend will be paid to eligible shareholders on or before April 5, 2026.

Tax Deduction at Source (TDS) Provisions

The company has issued comprehensive guidelines regarding tax deduction at source on the dividend payment. For resident shareholders, TDS will be applicable as follows:

Key TDS Exemptions

Resident individual shareholders can avoid TDS by submitting Form 15G (below 60 years) or Form 15H (60 years and above) along with self-attested PAN copy, provided their total dividend for the financial year does not exceed ₹10,000. The company has clarified that final dividend for 2024-25 and first interim dividend 2025-26 will be considered for calculating the threshold exemption limit.

Non-Resident Shareholders

For non-resident shareholders, tax will be deducted at 20% plus applicable surcharge and cess, or at rates specified under Double Tax Avoidance Agreements (DTAA), whichever is more beneficial. Non-residents must submit required documentation including Tax Residency Certificate, Form 10F, and beneficial ownership declarations to avail treaty benefits.

Regulatory Compliance

The dividend declaration has been communicated to both the National Stock Exchange of India Limited and BSE Limited, with Indian Oil Corporation trading under the symbol IOC (NSE) and security code 530965 (BSE). The company secretary, Kamal Kumar Gwalani, has digitally signed the official communication to the stock exchanges, ensuring full regulatory compliance.

Document Submission Deadline

Shareholders seeking TDS exemptions or reduced rates must upload required documents with KFin Technologies Limited, the Registrar and Transfer Agent, at https://ris.kfintech.com/form15 on or before March 12, 2026. No communications regarding TDS will be accepted after this date.

Indian Oil Corporation has stepped up its procurement of Russian crude oil, expanding its sourcing operations to include cargoes from vessels positioned near Indian waters. This development marks an acceleration in the company's Russian oil buying activities.

Enhanced Procurement Strategy

The state-owned oil refiner has broadened its acquisition approach to include crude oil cargoes from ships located in proximity to India. This strategy allows the company to access available Russian crude supplies through vessels already positioned near Indian waters.

Operational Developments

Indian Oil Corporation's accelerated buying pattern demonstrates the company's active engagement with Russian energy suppliers. The inclusion of cargoes from nearby ships represents an expansion of the company's sourcing methodology, utilizing vessels already positioned strategically near Indian coastal areas.

Market Positioning

This procurement acceleration reflects Indian Oil Corporation's continued participation in the Russian crude oil market. The company's approach of including nearby ship cargoes indicates a comprehensive strategy to secure energy resources through available supply channels and optimize its crude oil acquisition operations.