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Indian Oil Corporation Limited (IOC)

₹130.38 +1.20% last close, 16 Oct

📊 NSE: IOC 🏢 Refineries 📢 Latest filing: 05 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 30 Oct 2026 (board meeting)

Indian Oil Corporation Limited's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Indian Oil's revenue was ₹2,66,407 Cr (+20.1% year on year, +27.9% on the previous quarter), and net profit ₹-1,141 Cr (against a profit a year earlier); the operating margin was 1.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹2,66,407	+20.1%	+27.9%
Operating profit	₹4,062	-69.4%	-83.6%
Net profit	₹-1,141	to loss	to loss
EPS (₹)	-1.18	to loss	to loss
Operating margin	1.5%	—	—

Full quarterly financials → Results calendar →

IOC delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 56.45% of the IOC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.64%. That is close to its usual level. In IOC futures, open interest fell 0.44% while the futures price rose 0.82%: short covering (shorts closing out).

56.45%Delivery, 16 Oct

54.64%Own 20-session average

1.4×Volume vs its average

-0.44%Futures open interest

₹130.38NSE close · +1.20%

Delivery in the last 5 sessions: 65.5% · 54.5% · 50.1% · 53.3% · 56.5%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

IOC Submits Regulation 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 05 Oct 2026, 04:29 PM

Indian Oil Corporation Limited (IOC) submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September 2026. The certificate issued by Registrar and Transfer Agent KFin Technologies Limited confirms the dematerialisation, mutilation, and cancellation of received share certificates within the mandated 15-day timeline. This is a purely procedural regulatory disclosure with no impact on earnings, cash flows, or business operations.

Compliance certificate filed for the quarter ended 30th September 2026
Confirmation provided by Registrar & Transfer Agent KFin Technologies Limited dated 01-10-2026
Dematerialisation requests confirmed and registers updated within the statutory 15 days

💡 No action required. Investors should track upcoming board meeting announcements regarding the Q2 FY27 financial results.

IOC Clarifies Packaged Drinking Water Initiative Has No Material Financial Impact

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Oct 2026, 02:22 PM

Indian Oil Corporation responded to an exchange query regarding media reports about launching packaged drinking water across 43,000 retail outlets. The company clarified that this is a routine commercial proposal to augment Non-Fuel Revenue and only an Expression of Interest (EoI) has been floated. IOC highlighted that the initiative will have no material financial impact against its consolidated revenue of Rs. 9,01,452 crore and net profit of Rs. 43,667 crore for 2025-26. As a result, the development represents ordinary course operations with negligible bearing on earnings.

Clarified news report regarding packaged drinking water across 43,000 fuel outlets
Only an Expression of Interest (EoI) has been floated to aggregators as part of Non-Fuel Revenue initiatives
Confirmed no material financial impact compared to consolidated FY26 revenue of Rs. 9,01,452 crore
Company consolidated profit cited at Rs. 43,667 crore and net worth at Rs. 2,25,547 crore as of 31.03.2026

💡 Track quarterly Non-Fuel Revenue progress and core refining/marketing margins, as this specific initiative is immaterial to the company's financial profile.

IOC Approves ₹2,448.70 Cr Kochi-Kanyakumari-Thoothukudi Gas Pipeline

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 21 Sep 2026, 01:33 PM

Indian Oil Corporation Limited's Board has granted investment approval for laying, building, and operating the Kochi-Kanyakumari-Thoothukudi Natural Gas Pipeline (KTPL) at an estimated project cost of ₹2,448.70 crore. The 424.65 km pipeline will feature a total system capacity of 6.84 MMSCMD, including at least 1.71 MMSCMD dedicated to common carrier capacity. Relative to IOC's size, the capex represents approximately 1.2% of net worth (₹204,545 crore) and 0.27% of TTM revenue (₹917,401 crore). This project expands IOC's gas transmission infrastructure footprint across southern India.

Board approved estimated project cost of ₹2,448.70 crore for KTPL
Total pipeline length is 424.65 Km along the Kochi to Thoothukudi route
Total system capacity of 6.84 MMSCMD (including common carrier capacity)
Common carrier capacity mandated at at least 1.71 MMSCMD

💡 Track statutory clearances, right-of-way approvals, and construction milestones/commissioning timelines in subsequent operational disclosures.

IOC Notes Appointment of Four Statutory Auditors by C&AG for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Sep 2026, 01:30 PM

Indian Oil Corporation Limited (IOC) announced that its Board of Directors met on September 21, 2026, to note the appointment of Statutory Auditors for FY 2026-27 by the Office of the Comptroller and Auditor General of India (C&AG). The appointed firms include three new appointments—M/s Rama K Gupta & Co, M/s Borkar & Muzumdar, and M/s S Guha & Associates—and one reappointment, M/s MKPS & Associates LLP. This is a routine annual regulatory requirement applicable to Public Sector Undertakings. Given the purely procedural nature of statutory auditor rotation, there is zero direct financial or operational impact on IOC's revenue or margins.

C&AG appointed/reappointed 4 statutory audit firms for the financial year 2026-27.
Three new appointments: M/s Rama K Gupta & Co (established 1989), M/s Borkar & Muzumdar (established 1946), and M/s S Guha & Associates (established 1960).
One reappointment: M/s MKPS & Associates LLP (established 1952).
The Board of Directors meeting commenced at 11:00 AM and concluded at 1:15 PM on September 21, 2026.

💡 Track the upcoming Q2 FY27 financial results for operational performance, GRMs (Gross Refining Margins), and marketing margin trends.

Indian Oil Independent Director Alka Mundra Resigns Citing SEBI LODR Independence Criteria

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 18 Sep 2026, 05:38 PM

Indian Oil Corporation Limited (IOC) announced that Dr. Alka Mundra has resigned as an Independent Director with effect from 18th September 2026. The resignation was tendered voluntarily due to a breach of SEBI LODR independence criteria (Regulation 16(1)(b)(v)(D)) concerning a pecuniary relationship, as her son has operated an IOC retail outlet dealership in Udaipur since 2020. Dr. Mundra was not a member of any Board committees and confirmed there are no other material reasons. Given the administrative nature and lack of operational involvement, the impact on IOC's operations and financial performance is negligible.

Resignation effective immediately from 18th September 2026
Pecuniary relationship cited under Regulation 16(1)(b)(v)(D) due to son operating an IOC dealership since 2020
Director held zero memberships in any Board Committees of the Company
Confirmation provided that no other material reasons exist for the resignation

💡 Track the appointment of a replacement Independent Director to ensure ongoing compliance with SEBI LODR board composition norms.

IOC Independent Director Dr. Alka Mundra Resigns Due to Independence Conflict

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 18 Sep 2026, 04:46 PM

Indian Oil Corporation Limited announced the immediate resignation of Dr. Alka Mundra from her role as Independent Director effective September 18, 2026. The resignation stems from a potential conflict with SEBI LODR criteria of independence, as her son has operated an IOC retail outlet dealership (Swarn Ganga KSK in Udaipur) since 2020. The company confirmed that Dr. Mundra was not part of any board committees and that no other material reasons exist for her departure. Given the administrative nature of this board adjustment, it poses no disruption to IOC's core operations or financials.

Resignation effective date: September 18, 2026
Dealership conflict: Son has operated an IOC retail outlet (Swarn Ganga KSK) since 2020
Committee roles held: Nil (was not a member of any Board Committees)

💡 Track subsequent filings for the appointment of a new independent director to ensure the Board maintains compliance with statutory composition requirements under SEBI LODR.

IOC Shareholders Approve MOA & AOA Amendments for Green Energy and New Tech Ventures

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Sep 2026, 06:10 PM

Indian Oil Corporation Limited (IOC) announced that its shareholders approved amendments to the Memorandum of Association (MoA) and adoption of new Articles of Association (AoA) at its 67th AGM held on August 31, 2026. The MoA Object Clause has been updated to include emerging business segments such as Bio-refineries, Hydrogen & Ammonia, Critical Minerals, Carbon Credits, Data Centers, and Software Services. The AoA was updated to align with the Companies Act 2013. These amendments serve as statutory enablers for IOC's long-term energy transition and diversification initiatives.

Shareholder approval obtained at the 67th Annual General Meeting on August 31, 2026
MoA Object Clause bifurcated into Main Objects and Ancillary Objects under the Companies Act 2013
New business domains added including Hydrogen & Ammonia, Bio-refineries, Critical Minerals, Carbon Markets, and Data Centers
New set of Articles of Association adopted in substitution of existing articles

💡 Track future capex allocations and project announcements in new business areas like Green Hydrogen, Bio-refineries, and Critical Minerals during upcoming quarterly disclosures.

IOC Shareholders Approve Rs 1.25/Share Final Dividend and All 9 AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Sep 2026, 05:59 PM

Indian Oil Corporation Limited (IOC) announced the voting results of its 67th Annual General Meeting held on August 31, 2026. All 9 ordinary and special resolutions were approved by shareholders with the requisite majority. Key approvals included the adoption of FY26 financial statements (99.24% assent) and declaration of a final dividend of Rs 1.25 per equity share (99.54% assent). A total of 2,929,529 shareholders were on record as of August 24, 2026.

All 9 resolutions passed with requisite majority at the 67th AGM held on August 31, 2026
Final dividend of Rs 1.25 per equity share approved with 99.54% votes in favour
Adoption of FY26 Standalone and Consolidated Financial Statements approved with 99.24% assent
Total number of registered shareholders stood at 2,929,529 as of the record date of August 24, 2026
Approval of Material Related Party Transactions passed with 98.08% assent from non-related voting shares

💡 Track payout timelines for the approved final dividend of Rs 1.25 per share and monitor upcoming Q2 FY27 earnings for refining and marketing margin trends.

IOC Announces Superannuation of Two Senior Executive Directors on August 31, 2026

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 01 Sep 2026, 10:59 AM

Indian Oil Corporation Limited (IOC) has disclosed changes in its Senior Management Personnel (one level below the Board of Directors) pursuant to SEBI Listing Regulations. Shri Rajesh Nambiar, Executive Director (Quality Control), Marketing Head Office, and Shri Rajeev Mohan, Executive Director (CA & Law), Corporate Office, superannuated from the company on August 31, 2026. These departures represent regular administrative retirements and have no material impact on IOC's broader operations or financials.

2 Senior Management personnel (one level below Board) superannuated on August 31, 2026
Shri Rajesh Nambiar retired from the role of Executive Director (Quality Control), Marketing Head Office
Shri Rajeev Mohan retired from the role of Executive Director (CA & Law), Corporate Office
Filing submitted under Regulation 30 of SEBI LODR Regulations on September 1, 2026

💡 Track standard operational continuity and succession appointments in ordinary course; no direct action needed.

IOC Concludes 67th AGM; Votes on 9 Resolutions Including ₹1.25/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 03:52 PM

Indian Oil Corporation Limited (IOC) completed its 67th Annual General Meeting on August 31, 2026. Shareholders considered nine agenda items, including the declaration of a final dividend of ₹1.25 per equity share for FY 2025-26 and approval of material related party transactions with Petronet LNG Ltd. Key appointments placed for member approval included Shri Saumitra P. Srivastava as Director (Marketing) and Shri A. Amarnath as Government Nominee Director. Formal voting results scrutinized by CS Umesh S. Pawaskar will be filed separately.

Concluded 67th AGM on August 31, 2026 covering 9 ordinary and special resolutions
Considered declaration of a final dividend of ₹ 1.25/- per equity share for FY 2025-26
Tabled approval for material Related Party Transactions with Joint Venture entity Petronet LNG Ltd.
Proposed appointment of Saumitra P. Srivastava as Director (Marketing) and A. Amarnath as Government Nominee Director

💡 Track the upcoming stock exchange filing containing scrutinizer results to confirm formal approval of all 9 resolutions.

IOC Fined ₹14.2 Lakh Each by BSE and NSE for Board Composition Shortfalls in Q1 FY27

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 26 Aug 2026, 01:28 PM

BSE and NSE have levied a fine of ₹14,19,540 each (inclusive of GST) on Indian Oil Corporation for non-compliance with SEBI LODR norms during the quarter ended June 30, 2026. The shortfall relates to board composition, specifically the lack of required Independent Directors including a Woman Independent Director. IOC has requested a waiver from both exchanges, citing that director appointments for government companies vest with the Ministry of Petroleum and Natural Gas (MoP&NG). Given IOC's TTM revenue of ₹9,17,401 crore, the total fine of ~₹28.4 lakh has zero material financial impact.

BSE and NSE imposed fines of ₹14,19,540 each (inclusive of GST) for SEBI LODR non-compliance.
Non-compliance pertained to the quarter ended 30th June, 2026 regarding Independent and Woman Independent Director positions.
IOC submitted waiver representations to both exchanges on 26th August 2026 citing MoP&NG appointment jurisdiction.

💡 Track subsequent exchange responses on the fine waiver requests and monitor notifications from MoP&NG regarding board appointments to resolve governance shortfalls.

IOC Appoints Dr. Alka Mundra as Independent Director Effective 15th August 2026

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 15 Aug 2026, 02:28 PM

Indian Oil Corporation Limited announced the appointment of Dr. Alka Mundra as an Independent Director on its Board, effective August 15, 2026. The appointment follows a communication from the Ministry of Petroleum and Natural Gas (MOP&NG) dated August 12, 2026. Dr. Mundra, aged 52, has a multidisciplinary background in law, public policy, governance, and social development. This is a routine board-level appointment to comply with corporate governance guidelines.

Dr. Alka Mundra (DIN: 01581040) appointed as Independent Director with effect from 15th August 2026
Appointment executed in terms of MOP&NG letter ref. no. CA-31033/1/2026-CA-PNG (55708) dated 12th August 2026
Dr. Mundra, aged 52 years, holds an LL.B. and a Ph.D. in Political Science
Confirmation recorded that the appointee is not related to any existing Director and is not debarred by SEBI

💡 Track subsequent board committee appointments and standard governance updates; no financial or operational adjustments are required.

IOC Proposes 1.25 Final Dividend; Seeks to Expand Business into Hydrogen & Rare Earth Minerals

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Aug 2026, 04:58 PM

Indian Oil Corporation (IOC) has issued a notice for its 67th AGM scheduled for August 31, 2026. The company is seeking shareholder approval for a final dividend of 1.25 per share for FY 2025-26. A significant agenda item includes setting a material Related Party Transaction limit with Petronet LNG Ltd at 10% of consolidated turnover (approx. 87,284 Cr based on TTM revenue). Additionally, IOC is proposing to amend its Memorandum of Association to include new business lines such as Green Hydrogen, Rare Earth Minerals, Carbon Markets, and Data Centres, signaling a long-term strategic pivot.

Proposed final dividend of 1.25 per equity share for the financial year 2025-26.
Approval sought for material Related Party Transactions with Petronet LNG Ltd up to 10% of consolidated turnover for FY 2027-28.
Proposed expansion of business objects to include Bio-refineries, Hydrogen, Ammonia, Rare Earth Minerals, and Carbon Credit trading.
Ratification of 26.85 lakh aggregate remuneration for Cost Auditors for the financial year ending March 31, 2027.
Appointment of Saumitra P. Srivastava as Whole-time Director (Marketing) and A. Amarnath as Government Nominee Director.

💡 Investors should monitor the voting results of the AGM on August 31, 2026, particularly the approval of new business objects which will define the company's diversification strategy beyond traditional refining.

IOC Releases Transcript for Q1 FY27 Analyst Call Held on August 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Aug 2026, 04:14 PM

Indian Oil Corporation (IOC) has released the formal transcript of its earnings conference call held on August 1, 2026, regarding its Q1 FY27 financial performance. The document provides a detailed record of management's responses to analyst queries following the quarter ended June 30, 2026. As India's largest refiner with a TTM revenue of Rs 8,72,842 Cr, these transcripts are essential for understanding operational nuances like Gross Refining Margins (GRMs) and marketing spreads. The filing is a standard compliance procedure under SEBI LODR Regulations.

Official transcript released for the analyst call conducted on August 1, 2026.
Relates to the financial results for the first quarter ended June 30, 2026.
IOC maintains a dominant 31% share of India's total refining capacity at 80.8 MMTPA.
Company reported a TTM PAT of Rs 43,677 Cr against a massive debt of Rs 1,22,603 Cr.
Promoter holding remains stable at 51.5% as per the latest available records.

💡 Investors should review the transcript for management's outlook on crude price volatility and the status of the 10-kta Green Hydrogen plant in Panipat.

IOC Announces Superannuation of 3 Senior Management Personnel

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Aug 2026, 11:45 AM

Indian Oil Corporation Limited (IOC) has informed the exchanges regarding the superannuation of three senior management personnel effective July 31, 2026. The retiring officials held Executive Director positions in Construction (Pipelines), Business Development, and Health, Safety & Environment (HSE), all one level below the Board of Directors. As a large-cap PSU with TTM revenue of Rs 8,72,842 Cr, such retirements are routine administrative events. There is no immediate financial impact, though these roles are critical for operational oversight.

3 Senior Management Personnel (one level below the Board) retired from service.
Superannuation was effective as of 31st July 2026.
Retiring officials include the Executive Director (Construction) for the Pipeline Head Office.
The Executive Director for Business Development (CP & ES) also superannuated.
The Executive Director-I/c for Health, Safety & Environment (HSE) retired from the Corporate Office.

💡 No action is required as these are routine retirements. Investors may monitor for subsequent appointments to these key operational roles, particularly in the Pipeline and Business Development divisions.

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.