Indian Oil Corporation (IOC), India's largest oil refiner, has announced ambitious revenue targets and a significant reduction in Russian oil processing, highlighting the company's strategic shifts in both financial goals and crude sourcing.

Ambitious Financial Targets and Capex Plans

IOC has set ambitious revenue targets of ₹8.5-9 lakh crore and EBITDA targets of ₹32-35 thousand crore by FY27. To support these goals, the company plans to invest ₹1.1 lakh crore in capital expenditure. This substantial investment will focus on refinery upgrades, doubling petrochemical capacity, and expanding green hydrogen operations.

Russian Oil Processing Declines

IOC processed 19% Russian oil in the September quarter, down from 24% in the June quarter. This 5% reduction indicates a shift in the company's crude sourcing patterns, potentially influenced by changing market conditions and geopolitical factors.

Seeking Clear Guidance on Russian Oil Imports

An IOC executive stated that the company is seeking clear guidance on Russian oil imports. This request for clarity suggests that IOC is navigating complex regulatory and geopolitical landscapes in its crude procurement decisions.

Focus on Profitability

The company emphasized that it will purchase crude based on the best returns, underscoring IOC's commitment to maintaining profitability in its operations. This approach aligns with the company's responsibility to shareholders and its role as a key player in India's energy sector.

Potential U.S. Oil Purchases

In a noteworthy development, the IOC executive indicated that the company may consider buying U.S. oil if profitability conditions are favorable. This openness to diversifying crude sources demonstrates IOC's flexible approach to oil procurement, driven by economic considerations.

Upcoming Analyst Meet and Operational Performance

IOC has scheduled an Analyst or Institutional Investor Meet for August 28 to present its Q2 results. The company's presentation will include standalone financial and operational highlights. Key operational metrics show:

The pipeline operations recorded an increase from 66.7% in the previous period.

Historical Financial Performance

The company's historical financial performance indicates:

Diversified Product Portfolio

IOC's presentation also highlights the company's diversified product portfolio, which includes petroleum products, petrochemicals, and various branded offerings across fuel, lubricants, and energy solutions.

Implications for India's Energy Sector

IOC's decisions regarding crude sourcing and ambitious growth plans have significant implications for India's energy security and the global oil market. As one of the world's fastest-growing oil consumers, India's import patterns and refining capacity expansion can influence global oil trade flows and prices.

The reduction in Russian oil processing, potential increase in U.S. oil purchases, and substantial capex plans could signal a recalibration of India's energy relationships and infrastructure, balancing geopolitical considerations with economic imperatives and long-term growth strategies.

IOC's strategy reflects the complex interplay of factors affecting the global oil market, including sanctions, price caps, shifting trade patterns, and the push towards cleaner energy solutions. As the company navigates these challenges and pursues its ambitious targets, its decisions will be closely watched by industry observers and policymakers alike.

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.