Indian Oil Q2 FY27 Results: Standalone Net Profit Jumps 184% To ₹21,630 Crore; Revenue Rises 30%

Mumbai: Indian Oil Corporation Limited (IOC) reported a sharp rise in standalone net profit to ₹21,630.03 crore for the quarter ended September 30, 2026 (Q2 FY27), compared with ₹7,610.45 crore in the corresponding quarter last year, marking a year-on-year increase of 184%.

Revenue from operations rose 30% to ₹2,62,935.58 crore from ₹2,02,992.34 crore in Q2 FY26, according to the company's unaudited financial results filed with the stock exchanges on October 30, 2026.

Q2 FY27 Financial Performance

The company's total income stood at ₹2,65,636.33 crore, compared with ₹2,04,515.17 crore a year earlier. Total expenses increased to ₹2,39,019.71 crore from ₹1,94,449.60 crore in the year-ago quarter. Profit before tax rose to ₹26,616.62 crore from ₹10,065.57 crore. Basic and diluted earnings per share increased to ₹15.71 from ₹5.53.

Sequential Performance

On a quarter-on-quarter basis, Indian Oil returned to profitability after reporting a standalone net loss of ₹2,661.37 crore in Q1 FY27. Revenue from operations declined 4.7% sequentially from ₹2,75,971.77 crore, while total expenses fell from ₹2,79,631.22 crore. Profit before tax swung to ₹26,616.62 crore from a loss of ₹3,274.30 crore in the preceding quarter.

H1 FY27 Performance

For the six months ended September 30, 2026, standalone net profit increased 43% to ₹18,968.66 crore from ₹13,299.05 crore in H1 FY26. Revenue from operations rose 28% to ₹5,38,907.35 crore from ₹4,21,600.04 crore in the corresponding half-year period.

Segment Performance And Key Disclosures

The petroleum products segment reported a profit of ₹24,935.01 crore before specified interest, dividend and other adjustments, compared with ₹11,268.80 crore a year earlier. The company also disclosed recognition of ₹7,243.02 crore towards government compensation for domestic LPG under-recoveries during the first half of FY27.

Auditor's Observations

The statutory auditors issued an unmodified limited review conclusion. However, they highlighted that the company did not have the prescribed number of independent and non-executive directors.

The auditors noted that the Audit Committee and other mandatory committees remained discontinued due to the absence of independent directors.

Disclaimer: This report is based on unaudited financial results filed by the company and does not constitute investment advice.