Indian Oil Q2 Results: Profit Jumps 184% to ₹21,630 Crore After Q1 Loss

Indian Oil Corporation (IOC) made a net profit of ₹21,630 crore on a standalone basis in the quarter ended September 2026. The company disclosed this in its filing with the stock exchanges on October 30. In its Indian Oil Q2 results, profit was up 184% from ₹7,610 crore in the same period last year.

The result reverses a standalone net loss of ₹2,661 crore that the state-owned oil refiner posted in April–June. Net profit on a consolidated basis jumped 174.7% to ₹22,503 crore, as against ₹8,191 crore in the previous year.

Indian Oil Q2 results: key numbers

On a standalone basis, revenue from operations stood at ₹2,62,936 crore, up 29.5% year-on-year from ₹2,02,992 crore. On a quarter-on-quarter basis, it declined around 4.7% from ₹2,75,972 crore in the June quarter.

Its profit before tax was ₹26,617 crore, compared with ₹10,066 crore in the same period last year. Earnings per share increased to ₹15.71 from ₹5.53, as per the company filing. The quarter’s performance helped it recover from the loss in the first quarter.

Net profit on a standalone basis for the first half of FY27 stood at ₹18,969 crore, an increase of 43% over ₹13,299 crore in the first half of FY26. The company’s consolidated revenue from operations increased by 29.8% to ₹2,68,039 crore for the September quarter.

Consolidated net profit for the first half stood at ₹21,362 crore, a growth of 42.4%. The company posted consolidated revenue of ₹5,49,972 crore for the half year, up 28.4%. This indicates that the September quarter played a major role in the company’s results.

Volumes remained steady. There was an increase of 4.9% in domestic sales to 23.977 million metric tonnes (MMT), while export sales decreased by 11.3% to 1.251 MMT. Refinery throughput rose 2.8% to 18.108 MMT and pipeline throughput increased 5.2% to 25.348 MMT.

What drove the IOC net profit swing

The company stated that a temporary fall in crude oil prices from mid-June to mid-August was the main factor. It also benefited from higher margins in its petrochemical and gas businesses.

Things were much worse during the June quarter. According to IOC’s Q1 performance statement, profits had fallen mainly because of an increase in crude prices linked to the West Asia conflict. This pushed IOC into a loss for that quarter.

The refiner posted its best-ever operational performance for the first half. It processed 37.273 MMT of crude at a capacity utilisation of 105.8%. Sales volumes rose 2% to an all-time high of 51.439 MMT, while its market share in India stood at 42.7%, up from 41.5%.

Pipeline throughput increased by 7% to 53.896 MMT in the first half. The volume figures show that demand for products remained stable during a period of high volatility in the crude market. The increase in earnings came primarily from margins, not volumes.

Why it matters for investors and oil marketing companies

IOC is watched very closely as a gauge of how government-run fuel companies handle swings in oil prices. Its move from a loss to a profit in just one quarter shows how volatile its income can be, depending on crude prices.

The IndianOil Q2 FY27 results show a recovery in profits for investors after weak numbers at the beginning of the year. Its peer Hindustan Petroleum also reported good numbers for the September quarter on high refining margins, indicating the trend was not limited to one company.

Business leaders will look at the results beyond the share price. Because these firms are fuel retailers, their performance can affect pump prices. It also affects dividends to the government and future spending, as the industry builds out refining capacity, petrochemical plants and pipelines.

What happens next

IOC has issued a warning about its upcoming quarters. If the situation in the Middle East normalises and oil prices decline, it may face inventory losses, which would hurt its profits.

Investors will watch crude prices, refining margins and any government decision on retail fuel prices. These factors will decide whether the company can sustain the growth that its Indian Oil Q2 results delivered.

EDITOR NOTES — REMOVE BEFORE PUBLISHING

Meta title: Indian Oil Q2 Results: Profit Jumps 184% to ₹21,630 Crore (57 characters)

Meta description: Indian Oil Q2 results: standalone net profit jumped 184% to ₹21,630 crore as crude prices eased, reversing a ₹2,661 crore loss in the June quarter. (147 characters)

Focus keyword: Indian Oil Q2 results

Secondary keywords: IOC net profit, IndianOil Q2 FY27, oil marketing companies

Slug: indian-oil-q2-results-profit

Tags: Indian Oil Corporation, Q2 Results, Oil and Gas, PSU Stocks, Crude Oil

Category: Business News + Company Spotlight

Schema: NewsArticle (Rank Math)

Internal links used: https://ceoreviewmagazine.com/news/hpcl-q2-results-profit-grm/ (anchor: Hindustan Petroleum)

Featured image: to be added by editor

Note: Fact & grammar check done — 93 corrections. Q2 standalone, consolidated and H1 figures cross-checked against two reports of the October 30 exchange filing (Indian Masterminds, ANI); Q1 loss of ₹2,661 crore verified against IOC’s own Q1 release. External link points to IOC’s Q1 statement because the Q2 press release/exchange filing PDF could not be located online at the time of writing; editor may swap in the BSE/NSE filing link. Gross refining margin (GRM) and management quotes were not available in sources read and are not included. One report noted governance concerns (absence of independent directors) in the filing; not used as it could not be independently verified.

Sources (fact-check):

• https://indianmasterminds.com/news/indian-oil-ioc-q2-fy27-results-net-profit-rises-184-percent-revenue-246856/
• https://www.aninews.in/news/business/indianoil-returns-to-profit-in-q2-with-rs-21630-crore-earnings20261030192752/
• https://iocl.com/NewsDetails/59426