Indian Oil Q1 results: Net profit more than doubles annually to ₹5,689 crore; revenue rises 1%

Indian Oil, the country's largest state-run oil refiner, on Thursday, August 14, reported net profit of ₹5,689 crore in the first quarter of current financial year (Q1FY26), marking an increase of 115% from ₹2,643 crore in the same period last year. On a sequential basis, however, its net profit declined 22% from ₹7,265 crore in the previous quarter.

Indian Oil's revenue from operations during the first quarter rose 1% to ₹2.19 lakh crore from ₹2.16 lakh crore in the year-ago period.

The company reported strong operational performance as its EBITDA (earnings before interest, taxes, depreciation, and amortisation) also known as operating profit jumped 46% annually to ₹12,607 crore.

Indian Oil's average gross refining margin (GRM) for April-June period came in at $2.15 per barrel as against $6.39 per barrel in the same period last year. The core GRM or the current price GRM for the first quarter after setting inventory loss/gain came in at $6.91 per barrel, Indian Oil said.

During the quarter, Indian Oil earned ₹2.06 lakh crore from sale of petroleum products, ₹6,764 crore from petrochemicals business, ₹10,309 crore from gas business and other business activities added ₹432 crore towards the revenue.

Meanwhile, Indian Oil became the first company in the country to earn the esteemed ISCC CORSIA certification for producing Sustainable Aviation Fuel (SAF) at its Panipat Refinery.

"The certification, a prerequisite for commercial SAF production, represents a significant advancement in India's capability for the production, certification and distribution of SAF," the company said in a statement.

The milestone was marked by a special ceremony where Cotecna formally handed over the certification to IOC chairman A S Sahney in the presence of Rohit Mathur, Joint Secretary, Ministry of Petroleum and Natural Gas (MoPNG) and Maneesh Kumar, Joint Director General, DGCA.

The ISCC CORSIA certification (International Sustainability and Carbon Certification - ISCC - developed under the Carbon Offsetting and Reduction Scheme for International Aviation - CORSIA - by the International Civil Aviation Organization (ICAO), validates that SAF meets the highest international sustainability and lifecycle carbon emission standards.

As of 2:41 Indian Oil shares traded 1.235 lower at ₹140.65, underperforming the SENSEX which was down 0.09%.