Indian Oil (IOC) Q1 26/27 earnings summary

Executive summary

• Reported a standalone net loss of INR 2,661 crore for Q1 FY 2026/2027, compared to a profit of INR 11,378 crore in the previous quarter and INR 5,689 crore in Q1 FY 2025/2026, mainly due to geopolitical tensions impacting margins.

• Unaudited standalone and consolidated financial results for the quarter ended 30 June 2026 were reviewed and approved by the Board on 31 July 2026.

• Statutory auditors issued unmodified review reports for both standalone and consolidated results, with no material misstatements identified.

• Total sales volume reached 26.211 MMT, slightly down from 27.343 MMT in the previous quarter, with inland sales and exports both showing minor declines.

• Maintained uninterrupted energy supplies by diversifying crude sourcing, with spot imports rising to 84% from 51% year-over-year.

Financial highlights

• Standalone revenue from operations for Q1 FY27 was INR 275,972 crore, up from INR 218,608 crore in Q1 FY26.

• Standalone net loss for Q1 FY27 was INR 2,661 crore, compared to net profit of INR 5,689 crore in Q1 FY26.

• Consolidated revenue from operations for Q1 FY27 was INR 281,933 crore, up from INR 221,849 crore in Q1 FY26.

• Consolidated net loss for Q1 FY27 was INR 1,631 crore, compared to net profit of INR 6,814 crore in Q1 FY26.

• Reported GRM was $15.59/bbl; excluding SAED, normalized GRM would be around $36/bbl.

Outlook and guidance

• CapEx guidance remains at INR 30,000–40,000 crore annually for the next 2–3 years, with major expansions completing in 2026.

• Capex target for FY 2026-27 is INR 32,700 crore, with INR 6,461 crore incurred in Q1.

• Petrochemical intensity targeted to rise from 6.5% to 15% over five to six years, with INR 100,000 crore CapEx planned.

• Renewable energy capacity target of 18GW in the next 3–4 years.

• Throughput expected to reach 85 MMTPA in FY 2027/2028 and 90 MMTPA by FY 2028/2029.