Indian Oil Corporation Ltd(IOC)

NSE: IOCBSE: 530965

₹ 129-1.15%refreshed 23 Oct, 03:56 pm ISTMarket cap: ₹ 1.82 L crNext results: 30 Oct 2026Website: www.iocl.comUpdated: 24 Oct 2026

About

Indian Oil Corporation is a Maharatna energy company under the Ministry of Petroleum and Natural Gas, working across refining, pipelines, marketing, E&P, petrochemicals, natural gas and alternative energy. As of FY25 it ran 10 group refineries with 80.75 MMTPA capacity and held 41.58% of India's retail outlets, 51% of LPG distributorships and 47.3% of aviation fuel stations. FY26 revenue was ₹901452.7 crore, and total domestic petroleum product sales reached a record 105.117 MMT.^[1][2][3]

Business segments

Petroleum Products made up 91.5% of segment revenue in FY26 (₹842195.3 crore). Its share fell 3.4 percentage points over FY2019-FY2026.^[4]
Gas made up 4.8% of segment revenue in FY26 (₹44512.15 crore), with a segment EBIT of -₹254.91 crore.^[4]
Petrochemicals made up 3.1% of segment revenue in FY26 (₹28102.02 crore). Its share fell 0.3 percentage points over FY2019-FY2026.^[4]

Refining and pipelines

As of FY25, IOC had 10 group refineries with a combined capacity of 80.75 MMTPA.^[1]
Crude throughput in FY26 was a record 75.5 MMT at 107.4% capacity utilisation, up from 71.6 MMT at 101.9% in FY25.^[3]
Crude throughput in Q1 FY27 was 19.2 MMT at 109.4% utilisation, vs 18.7 MMT at 106.7% in Q1 FY26. Fuel and loss fell to 8.04%, the lowest since BS-VI.^[5]
Reported gross refining margin (net of SAED) was $15.59/bbl in Q1 FY27.^[5]
Distillate yield was 80.4% in Q3 FY26, vs a 9M FY26 average of 79.9%.^[6]
Pipeline throughput in Q1 FY27 was a quarterly record of 28.5 MMT at 79.9% utilisation, up from 26.3 MMT at 73.5% in Q1 FY26.^[5]

Marketing and distribution

As of FY25, IOC held 41.58% of India's retail outlets, 51% of LPG distributorships and 47.3% of aviation fuel stations.^[1]
The retail outlet network stood at 43,138 as of Q1 FY27, with 320 outlets commissioned during the quarter.^[5]
Domestic petroleum product sales in FY26 were a record 105.117 MMT, vs 100.292 MMT in FY25. IOC's growth of ~4.8% compared with industry consumption growth of 2%.^[3]
Marketing sales volume in Q1 FY27 was 26.211 MMT, vs 26.328 MMT in Q1 FY26.^[5]
LPG sales in FY25 were 15.40 MMT (including exports), up 8.6%, with a 45.23% market share.^[1]
Lubricant sales in FY26 were a record 905 TMT, up ~16% YoY. IOC holds about 48% of the PSU lubricants segment, and as of FY25 its SERVO brand was present in 45 countries.^[3][1]
All-India ethanol blending was 19.85% for April-September 2025, vs an industry average of 19.83%.^[7]

Petrochemicals and gas

Petrochemical sales in FY26 were a record 3.396 MMT, vs 3.236 MMT in FY25. In Q1 FY27 they were 0.768 MMT, vs 0.901 MMT in Q4 FY26.^[3]
As of FY25, IOC was the second-largest player in Indian petrochemicals.^[1]
Natural gas sales in FY25 rose 20% to 9.45 MMTPA, giving a 14.2% market share. Q1 FY27 gas sales volume was 1,873 TMT.^[1][5]
As of FY25, IOC had 13.18 MMTPA of LNG terminal capacity. Its city gas business, with JVs, covered 49 geographical areas across 115 districts.^[1]
City gas volumes grew from 113 TMT in FY25 to 188 TMT in FY26, and the business was profitable before tax by Q4 FY26.^[5]
Long-term LNG deals signed as of FY25: ADNOC (1.2 MMTPA for 14 years), TotalEnergies (0.8 MMTPA for 10 years), and a term sheet with ADNOC Ruwais (1 MMTPA for 15 years).^[1]
IOC signed a 0.4 MMTPA LNG deal with Trafigura covering July 2025 to December 2029. The first cargo arrived at Dahej on 10 August 2025.^[7]

Refinery expansion projects

Panipat refinery: expansion from 15 to 25 MMTPA at ₹38,000 crore. It was 94% complete as of the Q1 FY27 call, with commissioning targeted for December 2026.^[5]
Gujarat refinery: expansion from 13.7 to 18 MMTPA at ₹19,000 crore. It was 90% complete as of the Q1 FY27 call, with commissioning targeted for November 2026.^[5]
Barauni refinery: expansion from 6 to 9 MMTPA at ₹18,000 crore. It was 92% complete as of the Q1 FY27 call, with commissioning targeted for December 2026.^[5]
Refinery throughput is guided to reach ~77 MMTPA in FY27, ~85 MMTPA in FY28 and ~90 MMTPA in FY29.^[5]
A polybutadiene rubber plant at Panipat (~₹3,000 crore) is targeted for commissioning by December 2026.^[5]

Capex and longer-term build-out

FY27 capex is budgeted at ₹32,700 crore, including about ₹5,000 crore for renewable energy.^[3]
Annual capex for IOC, its JVs and subsidiaries is guided at ₹30,000-40,000 crore over the next 2-3 years, with petrochemicals and renewables becoming the largest categories.^[5]
About 5 MMTPA of additional petrochemical capacity is planned at ~₹1,00,000 crore, targeting FY29-30. Petrochemical integration is targeted to rise from 6.5% to 15%.^[5]
Paradip petrochemical complex: ₹61,077 crore project (FY25 annual report).^[1]
Terra Clean Limited targets 18 GW of renewables in the next 3-4 years, and 4-5 GW are already in development.^[5]
A 10 KTA green hydrogen plant at Panipat Refinery is expected to be complete by December 2027.^[3]
FY25 annual report: target of net zero by 2046 with an estimated ₹2.5 lakh crore investment.^[1]

Recent developments

Q1 FY27 net loss was ₹2,661 crore after a geopolitical crude price spike. The Indian crude basket averaged $100.74/bbl, and spot purchases rose to 84% of crude intake.^[5]
LPG under-recovery is expected to average ~₹250 per cylinder in Q2 FY27. Government compensation is expected, but its timing is uncertain.^[5]
Project SPRINT 2 targets ₹2,000-2,500 crore of additional savings in FY27, on top of ₹2,000 crore saved in FY26.^[5]
In Q1 FY27, IOC launched Indane XTRALITE NOW, a 10 kg composite LPG cylinder with four-hour home delivery, initially in four cities.^[5]
The Vadodara acrylics and oxo-alcohol plant (₹6,000 crore) was commissioned in July 2025 and inaugurated on 20 September 2025.^[7]
India's first LNG export by road, to Nepal, started in FY26. IOC set up cryogenic storage and regasification facilities at Simara, Nepal.^[3]
A shipping JV with SCI and other oil PSUs is progressing. Tenders have been issued for the first 4 MR vessels, following a non-binding MoU in September 2025.^[5]
FY25 annual report: the board gave in-principle approval to disinvest Hindustan Urvarak & Rasayan Limited.^[1]

Market Cap

₹1,82,164 Cr

High / Low

₹189 / 125

Stock P/E

5.4

Price / Book

0.8

Book Value

₹155

EPS

₹29.8

No. of Shares

1,412.12 Cr

ROCE

18.8%

ROE

20.7%

OPM

6.9%

Debt / Equity

0.60

Sales

₹9,01,453 Cr

Net Profit

₹43,677 Cr

Promoter holding

51.5%

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Indian Oil Corporation Ltd(IOC)

About

Business segments

Refining and pipelines

Marketing and distribution

Petrochemicals and gas

Refinery expansion projects

Capex and longer-term build-out

Recent developments

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