Indian Oil Q3 results: Net profit drops 77% to Rs 2,115 cr, revenue down 5%

Indian Oil Q3FY25 results: Drop in profits was attributed to lower refining margins and rising expenses during the quarter

Public-sector undertaking Indian Oil Corporation on Monday reported 76.57 per cent drop in its consolidated net profit at Rs 2,115 crore for the third quarter (Q3) of the financial year 2024-25 (FY25) from Rs 9,029.56 crore reported during the same period last year. The sharp drop in profits was attributed to lower refining margins and rising expenses during the quarter.

 

Consolidated revenue from operations fell marginally by 5 per cent to Rs 2,15,522 crore, from Rs 2,26,892 reported in the year-ago period. 

Expenses for the refinery remained flat Y-o-Y at Rs 2.19 trillion, compared to Rs 2.17 trillion. Sequentially, however, expenses rose by 8.4 per cent from Rs 2.02 trillion.  

 

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Indian Oil's current market capitalisation stands at Rs 1.75 trillion, according to BSE data. 

Drop in GRM 

Indian Oil’s average gross refining margin (GRM) for the April–December period dropped significantly to $3.69 per barrel, compared to $13.26 per barrel in the same period of the previous year. The drop in GRM highlights the pressure on IOC’s profitability due to volatile crude prices and tighter global refining spreads, the company said. 

Indian Oil Q3 standalone performance

On a standalone basis, Indian Oil  reported a 64 per cent year-on-year decline in standalone net profit for the quarter ended December 31, 2025, at Rs 2,873.53 crore, compared to Rs 8,063.39 crore in the same period last year.  

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The company's revenue from operations fell 3 per cent to Rs 2.17 lakh crore in Q3 FY25 from Rs 2.23 trillion in Q3 FY24. Total expenses, however, rose marginally to Rs 2.16 trillion, compressing margins further. The earnings per share (EPS) for the quarter stood at Rs 2.09.

   

Shares of Indian Oil Corporation were trading at Rs 124.35 on the BSE a 2:45 pm, down more than 3 per cent after the Q3FY25 financial results were released. The stock is just 2 per cent above its 52-week low of Rs 121.25, recorded earlier in FY25, and remains 37 per cent below its 52-week high of Rs 196.80.