Indian Oil Q2 profits surge 174% YoY to ₹21,408 crore as operating margins improve 500 bps; petroleum revenues up 28%

Indian Oil shares are set to be in focus of investors next week on Monday, November 2, after the company recorded a 174% year-on-year (YoY) increase in its consolidated net profits during the July to September quarter of FY27, due to healthy revenues and operating margin growth in the period.

As per the latest NSE filing, Indian Oil recorded a 174% growth in its consolidated net profit (attributable to owners) to ₹21,408 crore in the second quarter of FY27, in comparison to ₹7,818 crore in the corresponding quarter of the previous fiscal year.

The company’s overall revenue from core operations advanced 29.8% YoY to ₹2,68,039 crore in the period under review, from ₹2,06,447 crore in the same quarter of the previous year, as per the consolidated statements.

Data also showed that Indian Oil’s operating profit or earnings before interest, tax, depreciation, and amortisation (EBITDA) improved significantly by 175% YoY to ₹26,868 crore in the Q2 results, from ₹9,948 crore in the same period a year ago.

Indian Oil posted its Q2 earnings after the market operating hours on Friday, October 30, 2026.

Operating margins improve 500 bps

NSE filings disclosed that Indian Oil’s operating margins expanded 503 basis points to touch 11.2% in the second-quarter results, from earlier 6.7% levels in the same period of the previous financial year.

The net profit margins also improved to 8.4% in the second quarter of FY27.

The consolidated numbers also showed that Indian Oil’s EBITDA margins surged to 10% levels in the September quarter, from 4.7% levels in the same period a year earlier, as per the exchange data.

Segmental performance

Q2 earnings data showed that Indian Oil’s petroleum products revenues increased around 28% in the September quarter to ₹2,45,996 crore, from earlier ₹1,92,283 crore levels in the previous year.

Other segments like the petrochemicals business and the natural gas segment also recorded healthy growth in revenues in the period under review.

Indian Oil’s petrochemicals business revenues increased 57%, while the natural gas segment revenues advanced 50.4% year-on-year in the Q2 earnings report for FY27, as per the exchange filing.

Indian Oil share performance

Shares of Indian Oil have delivered more than 52% returns to investors in the last five years and have gained 47% in the last three years, according to NSE data. However, the stock has lost 20% in the past one-year period.

On a YTD basis, the stock has declined 21.5% and was down 3.5% in the last one-month period. The exchange data also showed that Indian Oil’s stock has risen 0.8% in the last five market sessions.

The State-owned oil marketing company’s market capitalisation (m-cap) was at over ₹1.83 lakh crore as of the stock market close on Friday, October 30, 2026.