Indian Oil reports ₹7,817 cr net profit in Q2FY26, revenue up 3.9%

In Q2FY25, IOCL recorded a net loss of ₹169.58 crore on the back of a drop in average gross refining margins (GRMs)-the revenue refiners accrue from transforming each barrel of crude oil into refined

The state-run Indian Oil Corporation (IOCL) on Monday reported a consolidated net profit of ₹7,817.55 crore in the second quarter of the financial year 2025-26 (Q2 FY26). During the same period last year, IOCL recorded a net loss of ₹169.58 crore, due to a drop in average gross refining margins (GRMs)—the revenue refiners accrue from transforming each barrel of crude oil into refined fuel products. On a sequential basis, profit jumped 14.7 per cent from 6,813.71 crore.

 

The uptick was driven by stronger refining margins amid a decline in international crude oil prices. It earned $19.6 on every barrel of crude oil it processed in Q2, compared to $2.15 gross refining margin in Q1 and $1.59 in Q2 last year. The average GRM for April–September rose to $6.32 per barrel from $4.08 a year earlier, while the September-quarter margin stood at $10.6 per barrel.

 

The refiner's revenue from operations for the quarter stood at ₹2.06 trillion, up 3.9 per cent year-on-year from ₹1.98 trillion. Sequentially, however, it dropped from ₹2.2 trillion.

 

IOCL reported total expenses of ₹1.96 trillion in Q2FY26, down from ₹2.01 trillion in the same quarter last year and ₹2.14 trillion in Q1FY26.

 

The company refined 17.609 million metric tons (MMT) of crude oil in Q2 FY26, compared with 16.738 MMT during the same period last year.

 

Indian Oil Q2FY26 result highlights

 

• Revenue: ₹2.06 trillion
• Profit:  ₹7,817.55 crore
• Earnings per share (EPS): ₹5.68 (basic and diluted)