Indian Oil Corporation Limited (IOCL), India's leading oil and gas company, has announced the appointment of four statutory auditors for the financial year 2025-26. The decision was noted by the company's Board of Directors during a meeting held on October 27, 2025.

Auditor Appointments

The Office of the Comptroller and Auditor General of India (C&AG) has appointed the following firms as statutory auditors for IOCL:

All four firms have been reappointed, indicating a continuation of their auditing services for the company.

About the Appointed Firms

K G Somani & Co. LLP

A third-generation Chartered Accountants firm with over five decades of experience in India. The firm has 17 partners and more than 150 staff members, offering services across various domains including statutory audits, internal audits, and risk advisory.

Khandelwal Jain & Co.

Established in 1967, the firm operates from three locations in India with 15 partners and over 137 professionals. It is registered with significant panels of Chartered Accountants in India and was previously registered with the Public Company Accounting Oversight Board (PCAOB) in the USA.

Komandoor & Co. LLP

Headquartered in Hyderabad with 26 branches across India, the firm comprises 36 Chartered Accountants as partners. They specialize in various fields including accounting, auditing, taxation, and cyber audits.

MKPS & Associates LLP

Founded in 1952, the firm has a multi-disciplinary team of Chartered Accountants, MBAs, Cost Accountants, and Company Secretaries. They provide a range of services from assurance and attestation functions to corporate advisory services.

The Board meeting, which commenced at 1:15 PM and concluded at 3:45 PM, also addressed other matters, including the approval of unaudited financial results for the quarter and half-year ended September 30, 2025.

This appointment of statutory auditors underscores Indian Oil Corporation's commitment to maintaining robust financial oversight and transparency in its operations. The reappointment of these established firms suggests satisfaction with their previous work and continuity in the auditing process for one of India's largest public sector undertakings.

Indian Oil Corporation (IOC) has announced its financial results for the quarter ended September 30, 2025, significantly outperforming market expectations.

Key Financial Highlights

Half-Year Performance

For the six-month period ended September 30, 2025:

• Net profit stood at ₹13,299.05 crore, compared to ₹2,823.19 crore in the previous year.
• The average gross refining margin improved to $6.32 per barrel, up from $4.08 per barrel in the corresponding period of 2024.

LPG Under-recoveries Compensation

The Ministry of Petroleum and Natural Gas has conveyed compensation of ₹14,486 crore towards LPG under-recoveries. This amount is set to be disbursed in 12 monthly installments starting November 2025.

Market Reaction

Prior to the results announcement, IOC shares had climbed nearly 3% in anticipation of a strong performance. The actual results have significantly exceeded the market expectations outlined in a CNBC-TV18 poll, which had projected:

• Revenue of ₹1.77 lakh crore
• EBITDA of ₹13,124 crore
• Net Profit of ₹6,353 crore
• Gross Refining Margins of $6.5 per barrel

Factors Driving Performance

The substantial improvement in IOC's financial performance can be attributed to several factors:

1. Enhanced refining margins: The company's core business operations have shown increased efficiency.
2. Reduced under-recoveries in LPG sales: This improvement is likely due to:
   • Higher cylinder prices
   • Lower propane costs
3. Operational efficiencies: The significant increase in net profit despite a modest rise in revenue suggests successful cost management and operational optimization.

Market Implications

The reported results demonstrate a robust quarter for Indian Oil Corporation, significantly surpassing projections. The dramatic increase in profitability metrics indicates that the company has successfully navigated challenges in the oil and gas sector, potentially through a combination of operational efficiencies, strategic pricing decisions, and favorable market conditions.

Investors and market analysts may reassess their outlook on IOC's future performance and stock valuation in light of these results. The stock, which had already seen a year-to-date increase of 12.6% prior to this announcement, may experience further positive momentum in response to these financial figures.