State-run Indian Oil Corporation (IOCL) on Friday reported a more than doubling of its consolidated net profit on an annual basis to around ₹22,503 crore in Q2 FY27 as lower crude oil prices and higher refining margins helped off-set the losses from selling petrol, diesel and LPG below market rates.
The country’s largest oil marketing company (OMC) had reported a consolidated net loss of roughly ₹1,411 crore on a sequential basis.
IOCL’s consolidated total income stood at around ₹2.69 lakh crore in Q2 FY27, compared to ₹2.82 lakh crore in Q1 FY27 and ₹2.07 lakh crore in Q2 FY26. Total expenses stood at ₹2.41 lakh crore in Q2 FY27 against ₹2.84 lakh crore in Q1 FY27 and ₹1.97 lakh crore in Q2 FY26.
“The current quarter’s profitability was largely driven by temporary decline in crude oil prices from mid-June to mid-August and robust margins from petrochemicals and gas. However, profitability in upcoming quarters may be adversely impacted by inventory losses due to potential fall in crude oil prices with normalization of the situation in West Asia,” IOCL said.
Refineries crude throughput for H1 FY27 is 37.273 million tonnes (mt) with 105.8 per cent capacity utilisation as compared to 36.292 mt in H1 FY26 improving by 3 per cent, it added. IOCL did not report its gross refinery margins (GRMs) for either Q2 FY27 or H1 FY27.
Indian Oil’s cross country pipelines achieved combined throughput of 53.896 mt in H1 FY27 as compared to 50.343 mt in H1 FY26 improving by 7 per cent. Total Sales volume for H1 was 51.439 mt as compared to 50.590 mt, registering a growth of 2 per cent, during the same period.
Its domestic market share rose by 1.2 per cent to 42.7 per cent in H1 FY27 from 41.5 per cent a year-ago. Sale of petrol and diesel rose by 9 per cent and 8 per cent, respectively, during the same period.
In its results filing on the BSE, IOCL said that as its under recoveries from liquefied petroleum gas (LPG) stood at ₹32,505.69 crore as of September 30, 2026.
“Due to non-availability of Independent Directors on the Board of the Company, the Audit Committee has been discontinued with effect from March 28, 2026,” it added.
Published on October 30, 2026
