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IOC - I O C L

📊 NSE: IOC 🏢 Refineries 📅 Last Updated: 12/14/2025 7:50

📢 Recent Corporate Announcements

IOCL Announces New Oil and Gas Discovery in Libya Exploration Block Area 95/96

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 27 Apr 2026, 04:58 PM

Indian Oil Corporation (IOCL) has reported a fresh hydrocarbon discovery in the onshore exploration Block Area 95/96 in Libya's Ghadames Basin. IOCL holds a 25% participating interest in the consortium, which is exploring a block spread over approximately 6,600 sq. km. The discovery was made during the drilling of the 6th exploratory well out of a planned 8-well program. The National Oil Corporation (NOC) of Libya has formally recognized the find, and appraisal activities are now planned to determine the commercial potential of the reservoir.

IOCL holds a 25% participating interest in the 6,600 sq. km exploration block in Libya.
The discovery was made in the 6th exploratory well; 5 wells were previously drilled in the same block.
National Oil Corporation (NOC), Libya, has formally recognized the well as an additional hydrocarbon discovery.
The consortium has an approved exploration program consisting of 8 exploratory wells in total.
Detailed appraisal and evaluation are underway to firm up resource estimates and commercial viability.

💡 This is a positive development for IOCL's upstream portfolio and long-term energy security. Investors should monitor future updates regarding the commerciality and production timelines of this discovery.

IOC Announces Cessation of Ms. Esha Srivastava as Director Effective April 20, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 20 Apr 2026, 11:03 AM

Indian Oil Corporation Limited (IOCL) has informed the exchanges that Ms. Esha Srivastava has ceased to be a Director on the company's Board. This change became effective on April 20, 2026, following the completion of her central deputation tenure at the Ministry of Petroleum & Natural Gas (MoP&NG). As a Public Sector Undertaking, such movements of government-nominated directors are routine administrative procedures. The company has complied with SEBI (LODR) Regulations 2015 in making this disclosure.

Ms. Esha Srivastava (DIN: 08504560) ceased to be a Director effective April 20, 2026.
The cessation is due to the completion of her central deputation tenure at MoP&NG on April 19, 2026.
The disclosure was filed under Regulation 30 of SEBI (LODR) Regulations 2015.
This is a routine administrative change common in Indian Public Sector Undertakings.

💡 No immediate action is required as this is a routine board movement. Investors should continue to monitor for the appointment of a new government nominee to the board.

IOC Submits SEBI Compliance Certificate for Quarter Ended March 31, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Apr 2026, 04:07 PM

Indian Oil Corporation Limited (IOC) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Transfer Agent KFin Technologies Limited, confirms that all dematerialization requests for the quarter ended March 31, 2026, were processed correctly. It verifies that physical security certificates were mutilated and cancelled after due verification and that the names of depositories were substituted in the register of members. This is a standard administrative filing ensuring the integrity of the company's shareholding records.

Compliance certificate issued for the quarter ended March 31, 2026
Dematerialization requests were processed and confirmed within the mandated 15-day period
Physical certificates were mutilated and cancelled after verification by KFin Technologies Limited
Securities involved in the dematerialization process are listed on the relevant stock exchanges

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial results for fundamental performance indicators.

IOC Announces Superannuation of Three Senior Management Personnel

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Apr 2026, 10:07 AM

Indian Oil Corporation (IOC) has informed the exchanges about the superannuation of three senior management personnel effective March 31, 2026. The outgoing executives held positions one level below the Board of Directors, covering key areas such as the Tamil Nadu State Office, Corporate Office (PAG), and Refineries HR. These retirements are part of the company's routine administrative cycle. The company has not yet named the immediate successors in this specific filing.

Three senior management personnel retired from the company on March 31, 2026.
Mr. M Annadurai retired as Executive Director & State Head of the Tamil Nadu State Office.
Mr. Arvind Acharya superannuated from the position of Executive Director (PAG) at the Corporate Office.
Ms. Piyali Chakraborty retired as Executive Director-I/c (HR) at the Refineries Headquarters.

💡 This is a routine regulatory disclosure regarding retirements and does not require any immediate action from investors. Focus should remain on the company's upcoming quarterly earnings and energy transition projects.

IOC Announces Cessation of Three Independent Directors on Tenure Completion

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 28 Mar 2026, 09:28 AM

Indian Oil Corporation Limited (IOC) has reported the cessation of three Independent Directors from its Board effective March 28, 2026. The directors, Shri Prasenjit Biswas, Shri Krishnan Sadagopan, and Dr. Dattatreya Rao Sirpurker, have stepped down following the completion of their respective tenures. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations 2015. The company will need to appoint new independent directors to ensure compliance with board composition norms.

Three Independent Directors ceased to be on the board effective March 28, 2026.
Outgoing directors include Shri Prasenjit Biswas, Shri Krishnan Sadagopan, and Dr. Dattatreya Rao Sirpurker.
The cessation is due to the natural completion of their designated tenures.
Compliance filing made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

💡 This is a routine administrative change; investors should monitor for future announcements regarding the appointment of new independent directors to the board. No immediate action is required as this does not impact the company's operations or financial health.

IOC Declares 2nd Interim Dividend of Rs 2.00 Per Share; Sets Record Date for March 12, 2026

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 06 Mar 2026, 01:38 PM

Indian Oil Corporation (IOC) has declared its second interim dividend of Rs 2.00 per equity share for the financial year 2025-26, which is 20% of the face value of Rs 10. The company has designated March 12, 2026, as the record date to identify eligible shareholders for this payout. The dividend is scheduled to be paid to eligible investors on or before April 5, 2026. This move continues the Maharatna PSU's trend of providing regular income to its shareholders through interim payouts.

Declared 2nd interim dividend of Rs 2.00 per equity share (20% of face value)
Record date for dividend eligibility fixed as March 12, 2026
Payment to be completed for eligible shareholders on or before April 5, 2026
Decision finalized during the Board Meeting held on March 6, 2026

💡 Investors interested in the dividend should ensure they hold the stock before the ex-dividend date to be eligible for the Rs 2.00 per share payout. This remains a solid pick for dividend-yield focused portfolios.

IOC Announces Superannuation of Two Senior Management Personnel Effective February 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Mar 2026, 09:28 AM

Indian Oil Corporation Limited (IOCL) has reported the superannuation of two senior management personnel effective February 28, 2026. The outgoing officials include Mr. Pitamber Tripathy, Executive Director I/c for the Western Region Office, and Mr. Saurabh Dutt, Executive Director I/c for Corporate Communications & Branding. These positions are one level below the Board of Directors. Such retirements are part of the routine administrative cycle in large Public Sector Undertakings and are not expected to disrupt operations.

Two senior management personnel retired from the company on February 28, 2026.
Mr. Pitamber Tripathy served as Executive Director I/c of the Western Region Office.
Mr. Saurabh Dutt served as Executive Director I/c (CC & Branding) at the Corporate Office.
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations 2015.

💡 Investors should treat this as a routine administrative update. No immediate action is required as these retirements do not impact the company's core financials or strategic outlook.

IOC Board to Meet on March 6 to Consider 2nd Interim Dividend for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 26 Feb 2026, 06:04 PM

Indian Oil Corporation (IOC) has scheduled a Board of Directors meeting on March 6, 2026, to consider and potentially declare a second interim dividend for the financial year 2025-26. In accordance with SEBI insider trading regulations, the trading window for company insiders will be closed from February 27, 2026, until 48 hours after the dividend declaration is made public. This announcement signals a continuation of the company's policy to distribute profits to shareholders. Investors should monitor the outcome of the meeting for the specific dividend amount and the subsequent record date.

Board meeting scheduled for March 6, 2026, to consider the 2nd interim dividend for FY 2025-26
Trading window for insiders closed from February 27, 2026, until 48 hours after the board meeting
The proposal is being made under Regulation 29(2) of SEBI (LODR) Regulations 2015
This follows the company's established trend of providing regular dividend payouts to its shareholders

💡 Income-focused investors should track the March 6 announcement for the dividend per share and record date. Existing shareholders may consider holding the stock to qualify for the upcoming payout.

IOC to Participate in Kotak Securities 'Chasing Growth 2026' Investor Conference

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Feb 2026, 12:44 PM

Indian Oil Corporation Limited (IOC) has announced its participation in the 'Chasing Growth 2026' conference organized by Kotak Securities. Scheduled for February 25, 2026, the event will involve physical group and one-on-one meetings with institutional investors in Mumbai. The company has explicitly stated that no unpublished price-sensitive information (UPSI) or new presentations will be shared during these interactions. This is a routine regulatory disclosure under SEBI (LODR) Regulations, 2015.

Investor meeting scheduled for February 25, 2026, in Mumbai.
Participation in the 'Chasing Growth 2026' conference hosted by Kotak Securities.
Format includes both physical group and one-on-one investor interactions.
Company confirmed no unpublished price-sensitive information (UPSI) will be disclosed.
No new corporate presentations are proposed for the event.

💡 Investors should treat this as a routine corporate event; however, they may look for post-conference analyst notes for qualitative insights into management's outlook.

IOC Reports Q3 FY26 PAT of 12,126 Crore; Refinery Utilization at 109.7%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 05:47 PM

Indian Oil Corporation (IOC) reported a standalone Profit After Tax (PAT) of 12,126 crore for the third quarter of FY 2025-26. The company demonstrated strong operational efficiency with refinery capacity utilization reaching 109.7% and a throughput of 19.4 MMT. For the nine-month period ending December 2025, the cumulative PAT stood at 25,425 crore on an EBITDA of 51,373 crore. The company is on track with its expansion plans, having utilized 24,336 crore of its 34,701 crore annual capex target.

Standalone Profit After Tax (PAT) for Q3 FY26 recorded at 12,126 crore.
Refinery throughput for the quarter was 19.4 MMT with a high capacity utilization of 109.7%.
Total marketing sales volume (Domestic + Exports) reached 25.254 MMT in Q3 FY26.
Incurred 24,336 crore in capital expenditure during 9M FY26, representing 70% of the annual target.
Major expansion projects at Panipat (91.6% progress) and Gujarat (85.8% progress) are nearing completion.

💡 Investors should view the high refinery utilization and robust PAT as signs of strong operational health. The significant progress in refinery expansions suggests future capacity growth, supporting a positive long-term outlook for the stock.

IOC Cancels Scheduled Analyst Conference Call Set for February 6, 2026

🔵 WATCH ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 05:34 PM

Indian Oil Corporation Limited (IOC) has announced the cancellation of its conference call with analysts and institutional investors originally scheduled for February 6, 2026, at 11:30 AM IST. The company cited unavoidable circumstances for this decision in a filing dated February 5, 2026. This follows an earlier notification issued on February 2, 2026, regarding the event. No alternative date or time for the meeting has been provided in the current disclosure.

Conference call scheduled for February 6, 2026, at 11:30 AM IST stands cancelled.
The cancellation is attributed to unspecified unavoidable circumstances.
The original meeting was announced via a communication dated February 2, 2026.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations 2015.

💡 Investors should monitor for any future announcements regarding a rescheduled date for the analyst meet to gain insights into the company's performance. No immediate portfolio action is required based on this administrative update.

IOC Q3 Net Profit Surges 322% YoY to ₹12,126 Crore; GRM Improves to $8.41/bbl

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 05 Feb 2026, 01:30 PM

Indian Oil Corporation (IOC) reported a robust standalone net profit of ₹12,125.86 crore for Q3 FY26, a massive jump from ₹2,873.53 crore in the year-ago period. Revenue from operations grew to ₹2,31,769 crore, driven by higher domestic sales volumes of 26.015 MMT and improved refinery throughput. A significant boost came from the recognition of ₹2,414.34 crore in LPG subsidy compensation out of a total approved ₹14,486 crore. The average Gross Refining Margin (GRM) for the nine-month period ending December 2025 stood at $8.41 per bbl, significantly higher than $3.69 per bbl in the previous year.

Standalone Net Profit increased 322% YoY to ₹12,125.86 crore in Q3 FY26.
Average Gross Refining Margin (GRM) for Apr-Dec 2025 rose to $8.41/bbl from $3.69/bbl YoY.
Recognized ₹2,414.34 crore as revenue following government approval for ₹14,486 crore LPG compensation.
Domestic product sales volume reached 26.015 MMT compared to 24.780 MMT in the same quarter last year.
Quarterly Earnings Per Share (EPS) improved to ₹8.81 from ₹2.09 in Q3 FY25.

💡 The strong recovery in refining margins and clarity on LPG subsidy compensation are major positives for the stock. Investors may consider holding or accumulating on dips given the improved cash flow visibility and healthy dividend potential.

IOC Schedules Q3 FY26 Earnings Conference Call for February 6, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Feb 2026, 01:03 PM

Indian Oil Corporation (IOC) has announced a group conference call scheduled for February 6, 2026, at 11:30 AM IST to discuss its financial performance for the third quarter of FY 2025-26. The management team, including the Director of Finance and senior treasury officials, will represent the company. This call is a standard procedure following the quarterly results to provide clarity to analysts and institutional investors on operational metrics. Investors should look for insights regarding refining margins and marketing performance during this session.

Conference call to discuss Q3 FY 2025-26 results scheduled for February 6, 2026, at 11:30 AM IST.
Management representation includes Mr. Anuj Jain, Director (Finance) and Mr. Nitin Kumar, ED (Corporate Finance & Treasury).
The call is hosted by Antique Stock Broking Limited with universal access numbers +91 22 6280 1342 and +91 22 7115 8243.
International toll-free numbers provided for major regions including USA, UK, Singapore, and Hong Kong.

💡 Investors should monitor the call for management commentary on Gross Refining Margins (GRMs) and future CAPEX plans. The discussion may provide critical outlook on marketing margins amidst global crude oil price volatility.

IOC Announces Superannuation of 6 Senior Management Personnel

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Feb 2026, 09:55 AM

Indian Oil Corporation (IOC) has announced the superannuation of six senior management personnel, all at the Executive Director level, effective January 31, 2026. The retirements span critical functions including Marketing, Operations, Quality Control, and Refinery management. Notably, the list includes the Refinery Head of the Haldia unit and the ED of Human Resources. As these are routine retirements based on age, they are expected to be part of the company's standard succession planning process.

6 senior management personnel at the Executive Director level retired on January 31, 2026
Key departures include the Executive Director & Refinery Head of the Haldia Refinery
Three retiring officials held leadership roles in the Marketing Head Office (HR, Quality Control, and Operations)
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations 2015
The retirements represent a transition in leadership one level below the Board of Directors

💡 This is a routine administrative update regarding superannuations and does not require any immediate portfolio action. Investors should focus on upcoming quarterly results and any news regarding the appointment of successors to these operational roles.

IOC Signs LOI with Akasa Air for Sustainable Aviation Fuel (SAF) Supply

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 29 Jan 2026, 02:48 PM

Indian Oil Corporation (IOC) has signed a Letter of Intent (LOI) with Akasa Air at Wings India 2026 to explore the supply of Sustainable Aviation Fuel (SAF). This strategic partnership aims to establish a framework for reducing lifecycle greenhouse gas emissions in the aviation sector. Both companies will collaborate to evaluate potential supply volumes, delivery locations, and production timelines. This initiative aligns with IOC's broader commitment to scaling low-carbon fuels and supporting the industry's transition toward net-zero emissions.

Signed Letter of Intent (LOI) with Akasa Air at Wings India 2026 for SAF supply
Collaboration focuses on the supply and logistics of Sustainable Aviation Fuel to reduce emissions
Aims to support the aviation sector's transition to net-zero emissions targets
Framework includes evaluating supply volumes, delivery locations, and production timelines

💡 Investors should view this as a positive long-term strategic move into the green energy space. Watch for future announcements regarding concrete supply contracts and the scaling of SAF production capacity.

View All IOC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations was INR 757,312 Cr in FY25, a decline of 2.35% from INR 775,551 Cr in FY24. Q2 FY26 revenue stood at INR 202,992 Cr, down 7.14% from Q1 FY26 (INR 218,608 Cr) due to monsoon-related sales volume impacts.

Geographic Revenue Split

Not disclosed in available documents, though the company holds a 42% domestic market share for petroleum products in India.

Profitability Margins

PAT margin fell from 5.4% in FY24 to 1.6% in FY25. Operating profit (OPBDIT/OI) margin declined from 9.9% in FY24 to 4.8% in FY25 due to lower gross refining margins (GRMs) and LPG under-recoveries.

EBITDA Margin

PBILDT was INR 35,515 Cr in FY25, a 52.7% decline from INR 75,112 Cr in FY24. Q1 FY26 PBILDT was INR 13,267 Cr.

Capital Expenditure

IOCL is executing 160 projects with a cumulative cost of over INR 2.6 lakh Cr. Annual capex is expected to range between INR 33,000-34,000 Cr over the next 4-5 years.

Credit Rating & Borrowing

Ratings reaffirmed at CARE AAA; Stable and [ICRA]AAA (Stable). Borrowing costs are minimized due to sovereign ownership (51.5% GoI stake), providing access to funds at attractive rates.

⚙️ Operational Drivers

Raw Materials

Crude oil is the primary raw material, representing the bulk of procurement costs which are largely dollarized.

Import Sources

Sourced from domestic entities like ONGC and Oil India, and imported from international markets including the Middle East.

Key Suppliers

ONGC, Oil India, and various global crude suppliers.

Capacity Expansion

Current refining capacity is 80.8 MMTPA (31% of India's total). Planned expansions include a 9-MMTPA greenfield refinery at Cauvery Basin (currently stalled for modifications) and various brownfield refinery expansions.

Raw Material Costs

Profitability is highly sensitive to crude oil prices and crack spreads. LPG sourcing costs and range-bound crude prices are expected to support near-term margins.

Manufacturing Efficiency

Refineries characterized by high Nelson Complexity Index (NCI); pipeline infrastructure ensures stable cash generation.

Logistics & Distribution

Operates 40,666 retail outlets as of June 2025 and a network of 12,924 LPG distributors with 101 bottling plants.

📈 Strategic Growth

Growth Strategy

Growth is driven by brownfield refinery expansions, setting up pipeline infrastructure, and expanding the petrochemical portfolio. The company is also transitioning toward green energy with a Net Zero target by 2046.

Products & Services

Petrol (Motor Spirit), Diesel (High Speed Diesel), LPG, Superior Kerosene Oil (SKO), Petrochemicals (HDPE, PP), and Naphtha.

Brand Portfolio

IOCL, Indane (LPG).

New Products/Services

Green Hydrogen (10-kta plant in Panipat), EV charging infrastructure (13,614 stations commissioned), and Ethanol blending/Compressed Bio Gas (CBG).

Market Expansion

Targeting increased presence in alternative/renewable energy with a current RE portfolio of 247 MW (168 MW wind, 79 MW solar).

Market Share & Ranking

Largest refiner in India (31% capacity) and largest OMC with 40-45% market share in HSD, MS, and LPG.

Strategic Alliances

Joint Venture with Chennai Petroleum Corporation Limited (CPCL) for the Cauvery Basin refinery project.

🌍 External Factors

Industry Trends

Shift toward electric vehicles and green technologies like hydrogen. Industry currently faces weak global demand for end products but expanding fuel retailing margins due to lower crude prices.

Competitive Landscape

Key competitors include other PSU OMCs (BPCL, HPCL) and private players like Reliance Industries.

Competitive Moat

Moat is derived from 51.5% sovereign ownership, dominant market position (42% product share), and massive integrated infrastructure which are highly sustainable due to high entry barriers.

Macro Economic Sensitivity

Highly sensitive to global crude oil price volatility and GDP growth, as India remains heavily dependent on fossil fuels.

Consumer Behavior

Ongoing shift toward a future less dependent on fossil fuels, necessitating business model adaptation.

Geopolitical Risks

Geopolitical tensions impacting Brent crude prices and global demand for end products.

⚖️ Regulatory & Governance

Industry Regulations

Strict compliance required for Bharat Stage VI (BS-VI) product specifications and Government pricing/subsidy sharing policies on sensitive products.

Environmental Compliance

Invested INR 56 Cr in tree plantation under the Green Credit Program; targeting Net Zero by 2046 to comply with tightening regulations.

Taxation Policy Impact

Subject to windfall taxes, duties, cess, and dividend payments which significantly impact profitability.

Legal Contingencies

Board composition was not in conformity with Listing Regulations due to the absence of adequate independent directors and at least one woman independent director during various periods in FY25.