Refineries & Oil Marketing: Q1 FY27 results (April-June 2026)

7 companies have declared Refineries & Oil Marketing Q1 FY27 results so far, the latest on 31 Jul 2026.

Across the 7 non-financial companies with a year-ago quarter to compare, sales grew +29.7% and net profit -79.1% year on year, and the combined operating margin narrowed 643 bps to 3.6%.

43% of companies grew net profit; 2 turned a loss into a profit; 20% beat their own profit trend and 80% fell short of it.

Updated 12 Oct 2026, 12:20 IST 7 declared 111 due in the next 3 days →

Refineries & Oil Marketing Q1 FY27 scoreboard

Sales growth
+29.7%
YoY, 7 companies combined; median +41.7%
Net profit growth
-79.1%
YoY combined; median +332.3%
Operating margin
3.6%
-643 bps YoY
Grew profit
43%
2 turnarounds, 3 into loss
Vs own profit trend
20% / 80%
above / below, 0% in line
Price since results
-8.9%
median; 43% of 7 stocks up
Other-income heavy
1
25%+ of pre-tax profit from other income & one-offs

Latest Refineries & Oil Marketing Q1 FY27 results 7

Indian Oil Corporation Limited

IOC · Refineries & Oil Marketing · Q1 FY27 · Consolidated · Filed
M Cap
₹1,78,422 Cr
P/E
5.0
PEG
0.08
Since results
-8.9%
  • Into loss: a profit a year ago
  • Profit -109% below its own trend
  • Operating margin contracted 446 bps YoY
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +20.1%+27.9% 2,66,4072,08,2892,21,849
Operating profit -69.4%-83.6% 4,06224,80413,267
OPM % -446 bps-1038 bps 1.5%11.9%6.0%
Other income -23.5%-81.6% 4462,424583
Net profit to lossto loss -1,14115,1766,808
PAT margin % -350 bps-771 bps -0.4%7.3%3.1%
EPS (₹) to lossto loss -1.1810.244.95

Quality of profit

Pre-tax profit −₹933 Cr: core business −₹2,076 Cr, other income ₹446 Cr, exceptional & other items ₹697 Cr.

Core profit YoY: to loss

Cash & debt

FY26 cash from operations ₹76,142 Cr: 174% of FY26 net profit of ₹43,677 Cr.

Borrowings ₹1,31,822 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹2,27,224₹2,66,407 +17.2% above
Net profit₹12,451−₹1,141 -109.2% below
AI read of the filing IOC Reports Rs 2,662 Cr Net Loss in Q1 FY27; Governance Flagged Over Board Composition Negative
  • Swung to a net loss of Rs 2,662.37 crore from a profit of Rs 5,688.60 crore in the year-ago quarter.
  • Revenue from operations stood at Rs 2,75,971.77 crore, contributing approximately 31.6% of the TTM revenue.
  • Cost of materials consumed spiked to Rs 1,71,135.97 crore compared to Rs 97,441.28 crore in the preceding quarter.
Full analysis →

Chennai Petroleum Corporation Limited

CHENNPETRO · Refineries & Oil Marketing · Q1 FY27 · Consolidated · Filed
M Cap
₹22,154 Cr
P/E
5.3
PEG
—
Since results
+11.9%
  • Turnaround: profit against a loss a year ago
  • Operating margin expanded 463 bps YoY
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +98.2%+74.6% 29,35916,81714,812
Operating profit —-23.6% 1,5552,03698.6
OPM % +463 bps-681 bps 5.3%12.1%0.7%
Other income -31.2%-58.8% 17.743.025.7
Net profit from loss-27.5% 1,0311,422-40.1
PAT margin % +378 bps-494 bps 3.5%8.5%-0.3%
EPS (₹) from loss-27.5% 69.2695.48-2.69

Quality of profit

Core 98%Other income & one-offs 2%

Pre-tax profit ₹1,380 Cr: core business ₹1,348 Cr, other income ₹17.7 Cr, exceptional & other items ₹14.7 Cr.

Core profit YoY: from loss

Cash & debt

FY26 cash from operations ₹2,945 Cr: 95% of FY26 net profit of ₹3,103 Cr.

Borrowings ₹1,964 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹15,038₹29,359 +95.2% above
AI read of the filing Rs 1,031 Cr Net Profit: CHENNPETRO Reports Strong YoY Turnaround in Q1 FY27 Positive
  • Net Profit of Rs 1,031.35 Cr in Q1 FY27 vs a loss of Rs 40.10 Cr in Q1 FY26.
  • Revenue from operations increased to Rs 29,358.75 Cr, up 57% from Rs 18,683.49 Cr YoY.
  • Earnings Per Share (EPS) reached Rs 69.26 for the quarter, a sharp recovery from negative Rs 2.69 YoY.
Full analysis →

Gandhar Oil Refinery (India) Limited

GANDHAR · Refineries & Oil Marketing · Q1 FY27 · Consolidated · Filed
M Cap
₹2,903 Cr
P/E
9.2
PEG
—
Since results
+23.8%
  • Profit +309% above its own trend
  • Operating margin expanded 1115 bps YoY
  • Core business grew faster than reported profit (core profit +796%)
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +91.8%+58.5% 1,7321,093903
Operating profit +512.1%+339.6% 28164.046.0
OPM % +1115 bps+1039 bps 16.2%5.9%5.1%
Other income +12.1%-24.5% 3.04.02.7
Net profit +689.2%+456.5% 20637.026.1
PAT margin % +900 bps+850 bps 11.9%3.4%2.9%
EPS (₹) +633.2%+372.4% 19.654.162.68

Quality of profit

Core 99%Other income & one-offs 1%

Pre-tax profit ₹264 Cr: core business ₹261 Cr, other income ₹3.0 Cr.

Core profit YoY: +796.5% · reported profit +689.2%

Cash & debt

FY26 cash from operations ₹128 Cr: 94% of FY26 net profit of ₹137 Cr.

Borrowings ₹315 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹1,025₹1,732 +69.0% above
Net profit₹50.3₹206 +309.2% above
AI read of the filing Rs 178.8 Cr PAT in Q1 FY27; Gandhar Oil Reports 582% YoY Profit Surge and Rs 2 Interim Dividend Positive
  • Standalone Revenue from operations grew 113.4% YoY to Rs 1,591.05 Cr from Rs 745.44 Cr.
  • Net Profit (PAT) surged 582% YoY to Rs 178.82 Cr, compared to Rs 26.22 Cr in the same quarter last year.
  • Interim Dividend of Rs 2 per equity share (100% of face value) declared for FY 2026-27.
Full analysis →

Hindustan Petroleum Corporation Limited

HINDPETRO · Refineries & Oil Marketing · Q1 FY27 · Consolidated · Filed
M Cap
₹69,367 Cr
P/E
41.5
PEG
0.63
Since results
-16.0%
  • Into loss: a profit a year ago
  • Profit -249% below its own trend
  • Operating margin contracted 1820 bps YoY
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +26.9%+22.3% 1,40,5841,14,9371,10,825
Operating profit to lossto loss -16,1229,2117,461
OPM % -1820 bps-1948 bps -11.5%8.0%6.7%
Other income +22.1%-67.6% 6191,910507
Net profit to lossto loss -12,2656,0654,111
PAT margin % -1243 bps-1400 bps -8.7%5.3%3.7%
EPS (₹) to lossto loss -57.6428.5019.32

Quality of profit

Pre-tax profit −₹18,170 Cr: core business −₹18,818 Cr, other income ₹619 Cr, exceptional & other items ₹29.4 Cr.

Core profit YoY: to loss

Cash & debt

FY26 cash from operations ₹36,111 Cr: 200% of FY26 net profit of ₹18,046 Cr.

Borrowings ₹55,964 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹1,10,451₹1,40,584 +27.3% above
Net profit₹8,222−₹12,265 -249.2% below
AI read of the filing Rs 1,46,407 Cr Total Income in Q1; Visakh Refinery Reports Rs 2,636 Cr Net Loss Watch
  • Total Income reached Rs 1,46,407.30 Cr, representing a 21.3% growth compared to the same quarter last year (Rs 1,20,657.65 Cr).
  • Visakh Refinery incurred a net loss of Rs 2,635.96 Cr, significantly impacting overall profitability despite contributing 25% to total revenue.
  • Cost of materials consumed surged by 68% QoQ to Rs 63,562.06 Cr, indicating higher crude procurement costs or inventory adjustments.
Full analysis →

Bharat Petroleum Corporation Limited

BPCL · Refineries & Oil Marketing · Q1 FY27 · Consolidated · Filed
M Cap
₹1,22,965 Cr
P/E
7.2
PEG
0.07
Since results
-9.5%
  • Into loss: a profit a year ago
  • Profit -114% below its own trend
  • Operating margin contracted 1114 bps YoY
  • Exceptional items of ₹1,885 Cr in the quarter
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +41.7%+34.4% 1,59,5271,18,7011,12,551
Operating profit to lossto loss -4,0559,6349,678
OPM % -1114 bps-1066 bps -2.5%8.1%8.6%
Other income -32.1%+32.9% 1,2499401,840
Net profit to lossto loss -1,8735,6256,839
PAT margin % -725 bps-591 bps -1.2%4.7%6.1%
EPS (₹) to lossto loss -4.3812.9615.76

Quality of profit

Pre-tax profit −₹3,216 Cr: core business −₹6,751 Cr, other income ₹1,249 Cr, exceptional & other items ₹2,286 Cr.

Core profit YoY: to loss

Cash & debt

FY26 cash from operations ₹50,769 Cr: 196% of FY26 net profit of ₹25,843 Cr.

Borrowings ₹54,424 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹1,10,091₹1,59,527 +44.9% above
Net profit₹13,678−₹1,873 -113.7% below

Reliance Industries Limited

RELIANCE · Refineries & Oil Marketing · Q1 FY27 · Consolidated · Filed
M Cap
₹15,83,705 Cr
P/E
18.0
PEG
3.59
Since results
-12.5%
  • Profit -31% below its own trend
  • Operating margin contracted 202 bps YoY
  • Core business grew faster than reported profit (core profit +9%)
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +25.4%+6.1% 3,11,8502,94,0592,48,660
Operating profit +10.7%+7.6% 47,51744,14142,905
OPM % -202 bps+23 bps 15.2%15.0%17.3%
Other income -56.7%+47.3% 6,5504,44715,119
Net profit -24.6%+12.7% 23,19620,58930,783
PAT margin % -494 bps+44 bps 7.4%7.0%12.4%
EPS (₹) -22.4%+23.4% 15.4812.5419.95

Quality of profit

Core 79%Other income & one-offs 21%

Pre-tax profit ₹30,630 Cr: core business ₹24,080 Cr, other income ₹6,550 Cr.

Core profit YoY: +9.3% · reported profit -24.6%

Cash & debt

FY26 cash from operations ₹1,92,113 Cr: 201% of FY26 net profit of ₹95,808 Cr.

Borrowings ₹4,02,962 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹2,74,091₹3,11,850 +13.8% above
Net profit₹33,489₹23,196 -30.7% below
AI read of the filing ₹1,66,013 Cr Standalone Revenue in Q1; PAT Drops 58% YoY on Lower Other Income Negative
  • Standalone Revenue from Operations rose 36.8% YoY to ₹166,013 cr
  • Standalone Profit After Tax (PAT) declined to ₹7,422 cr from ₹17,904 cr in the year-ago period
  • O2C segment revenue contributed ₹1,31,414 cr, representing a 12.7% YoY growth
Full analysis →

Mangalore Refinery and Petrochemicals Limited

MRPL · Refineries & Oil Marketing · Q1 FY27 · Consolidated · Filed
M Cap
₹30,167 Cr
P/E
9.6
PEG
—
Since results
+9.8%
  • Turnaround: profit against a loss a year ago
  • Operating margin expanded 259 bps YoY
  • 46% of pre-tax profit came from other income and one-off items
  • Exceptional items of ₹-472 Cr in the quarter
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +82.3%+59.7% 38,25423,95020,988
Operating profit +633.7%-26.0% 1,3181,781180
OPM % +259 bps-399 bps 3.4%7.4%0.9%
Other income +80.2%+20.2% 70.959.039.3
Net profit from loss+708.3% 946117-271
PAT margin % +376 bps+198 bps 2.5%0.5%-1.3%
EPS (₹) from loss+706.0% 5.400.67-1.54

Quality of profit

Core 54%Other income & one-offs 46%

Pre-tax profit ₹1,246 Cr: core business ₹672 Cr, other income ₹70.9 Cr, exceptional & other items ₹503 Cr.

Core profit YoY: from loss

Cash & debt

FY26 cash from operations ₹2,531 Cr: 132% of FY26 net profit of ₹1,925 Cr.

Borrowings ₹15,341 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹18,567₹38,254 +106.0% above
AI read of the filing ₹945.68 Cr Net Profit in Q1 FY27; MRPL Returns to Profitability with 98% Revenue Growth Positive
  • Revenue from operations increased 98.2% YoY to ₹41,608.96 Cr compared to ₹20,988.53 Cr in Q1 FY26.
  • Net profit of ₹945.68 Cr marks a sharp recovery from the ₹270.66 Cr loss reported in the same quarter last year.
  • Recognized an exceptional income of ₹471.76 Cr (net) due to retrospective petroleum product price revisions.
Full analysis →

Standouts so far

Biggest profit growth

  1. Gandhar Oil+689.2%
  2. Reliance Industries-24.6%

Biggest profit declines

  1. Reliance Industries-24.6%
  2. Gandhar Oil+689.2%

Best price reaction

  1. Gandhar Oil+23.8%
  2. Chennai Petroleum+11.9%
  3. Mangalore Refinery+9.8%
  4. Indian Oil-8.9%
  5. Bharat Petroleum-9.5%

Among companies with a market cap of ₹1,000 Cr or more, so a tiny base does not top the list. Price reaction: last close against the close before the filing.

Reporting in the next three days

HCL Technologies (Mon 12 Oct), ICICI Prudential (Mon 12 Oct), RBL Bank (Mon 12 Oct), Swan Defence (Mon 12 Oct), Gujarat State (Mon 12 Oct), Swaraj Engines (Mon 12 Oct), Plastiblends India (Mon 12 Oct), UMIYA BUILDCON (Mon 12 Oct), Alkali Metals (Mon 12 Oct), Gradiente Infotainment (Mon 12 Oct), Agri-Tech (India) (Mon 12 Oct), Abhishek Integrations (Mon 12 Oct), Rudra Ecovation (Mon 12 Oct), Newtrac Foods (Mon 12 Oct), Inani Securities (Mon 12 Oct), Neil Industries (Mon 12 Oct), Adroit Industries (Mon 12 Oct), TYPHOON (Mon 12 Oct), UNIVARTS (Mon 12 Oct), VERONICAPRO (Mon 12 Oct), ICICI Prudential (Tue 13 Oct), Tata Elxsi (Tue 13 Oct), Transformers And Rectifiers (Tue 13 Oct), Anand Rathi (Tue 13 Oct) and 87 more. Full results calendar →

How to read this page

The numbers. Each card is one company's Q1 FY27 results as filed with NSE or BSE, read from the filing within hours of its release, in ₹ crore. We show the consolidated statement, or the standalone one when the consolidated figures are a copy of it or have no year-ago quarter to compare with. YoY compares with the same quarter a year earlier and QoQ with the quarter before (the previous half-year for companies that report every six months). A swing between profit and loss is described in words: a percentage across it would mislead.

Margins. Operating margin (OPM) is operating profit, before depreciation, interest and other income, as a share of sales; PAT margin is net profit as a share of sales. Their changes are in basis points (100 bps = 1 percentage point).

Quality of profit. Core profit is operating profit minus interest and depreciation: what the business itself earned before tax. The rest of pre-tax profit is other income (interest on cash, dividends, gains on investments) and exceptional or one-off items. We flag a quarter when that share is 25% or more, and when reported profit grew much faster than core profit. For banks we compare pre-provision profit with net profit, since a fall in provisions can lift profit without the business growing.

Against its own trend. We do not have analyst consensus estimates, and we do not make them up. Instead each company is measured against the path it was on: the same quarter last year, grown at the median of its last four year-on-year growth rates (held between −50% and +100%; at least two growth rates needed). Sales 5% or more above that, or net profit 10% or more above, is "above trend"; as far below is "below trend". It answers "was this quarter better or worse than the company's own recent run?", which consensus does not.

Cash and debt. Profit is an accounting figure; cash is harder to dress up. For each company we show its operating cash flow for the last financial year as a share of that year's net profit (flagged under 50%, or when it is negative despite a profit), and its borrowings at the latest balance sheet against the one six months earlier (flagged at a 25% move). Balance sheets come with the September and March results, cash-flow statements with the March results.

Price since results. The latest close against the last close before the filing (a filing after 3:30 pm counts from the next session). It is a fact about the market's reaction, not advice.

Market cap groups. Large cap is the 100 largest companies by market value and mid cap the next 150 (SEBI's ranking); below that, small cap is ₹5,000 Cr or more, micro cap ₹500 Cr or more, nano cap below.

⚠️ How this site is made: Market data pages are computed automatically from NSE/BSE publications and company filings; news articles and announcement analyses are written with AI assistance, with a human in the loop: our editors review what the AI produces. Both can contain errors. Verify with the original sources before any investment decision. Not investment advice; Flash Finance is not SEBI-registered. How we use AI