Indian Oil Corporation Limited Earnings Summary — Q4 FY2026

• IOC achieved a record consolidated net profit of ₹15,176 crore in Q4 FY2026, marking an 81% year-on-year increase.
• Operating margins expanded to 12% in the latest quarter, up significantly from 8% in the same quarter last year.
• Quarterly revenue saw a healthy sequential growth to ₹208,289 crore, reflecting strong throughput and volume sales.
• The company demonstrated excellent cost control as expenses rose only marginally (0.6%) despite a 1.5% revenue increase QoQ.
• Interest costs declined by 10% sequentially to ₹1,880 crore, aiding the margin expansion in the fourth quarter.
• Depreciation charges spiked to ₹5,557 crore this quarter, likely reflecting the commissioning of new infrastructure assets.
• IOC maintains its dominant market position with 42% of the POL market share and 31% of India's refining capacity.

Management remains focused on maintaining energy security while navigating the long-term transition to green hydrogen and sustainable energy solutions.

Improving

Earnings have recovered sharply from the volatility of FY2025, with consistent QoQ improvement in OPM and profitability over the last four quarters.

The outlook remains positive as refining margins stabilize and marketing margins recover. While high CAPEX for green energy transitions persists, the current profitability levels and debt reduction provide a strong cushion for the next fiscal year.