Board approves audited Q2/H1 FY27 results, declares Rs. 25 interim dividend; auditors' opinion unmodified
Board approved audited results for Q2/H1 FY27 and declared an interim dividend of Rs. 25/- per equity share (face value Rs. 10/-), record date 30th October 2026, payment on or before 21st November 2026.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 22055.45 | 20033.62 | +10.1% | 29358.75 | −24.9% |
| Total income | 22074.34 | 20039.86 | +10.2% | 29376.45 | −24.9% |
| Profit before tax | 3007.31 | 981.93 | +206% | 1380.24 | +118% |
| Profit after tax | 2247.03 | 719.19 | +212% | 1031.35 | +118% |
| Total comprehensive income | 2261.64 | 727.31 | +211% | 1026.32 | +120% |
| Basic EPS | 150.90 | 48.30 | +212% | 69.26 | +118% |
- Profit after tax YoY growth
- +212%
- Period
- QUARTER ENDED 30.09.2026
Also decided at the meeting
- Declared interim dividend of Rs.25/- per equity share of face value Rs.10/- each for FY 2026-27, to be paid on or before 21st November 2026.
- Fixed Friday, 30th October 2026 as the record date for ascertaining eligibility for the interim dividend.
Auditor's review
Conclusion: Unmodified
- Other matter: two jointly controlled entities and an associate (share of net profit Rs. 10.62 crores for the quarter) are unaudited and furnished by management; opinion not modified.
- Other matter: Parent lacked minimum Independent Directors including one Woman Independent Director throughout the reporting period; opinion not modified.
Notes to the results
- Retrospective price revision w.e.f. 16th March 2026 led to additional revenue of ₹385.21 crore for March 2026 supplies recognised in Q1 2026-27.
- GRM for Q2 2026-27 is US$20.41 per bbl (Q2 2025-26: US$ 9.04 per bbl), including inventory gain of US$ 3.82 per bbl.
Dividend and record date
The board declared an interim dividend of Rs. 25/- per equity share of face value Rs. 10/- for FY 2026-27. The record date for deciding eligible shareholders is Friday, 30th October 2026, and payment is to be made on or before 21st November 2026.
How the quarter looked (standalone)
- Revenue from operations: Rs. 22055.45 crore, against Rs. 20033.62 crore a year earlier.
- Total income: Rs. 22109.22 crore, against Rs. 20069.09 crore.
- Profit for the period: Rs. 2271.29 crore, against Rs. 731.55 crore.
- Earnings per share: Rs. 152.53, against Rs. 49.13.
Half year (standalone)
- Revenue from operations: Rs. 51414.20 crore, against Rs. 38716.98 crore.
- Profit for the period: Rs. 3287.96 crore, against Rs. 674.93 crore.
- Earnings per share: Rs. 220.80, against Rs. 45.32.
What stood behind the numbers
Crude throughput was 2.590 MMT for the quarter, against 3.013 MMT in the same quarter a year earlier. Average Gross Refining Margin was US$ 20.41 per bbl for Q2 2026-27, against US$ 9.04 per bbl a year earlier. For April-September 2026 it was US$ 14.34 per bbl, against US$ 6.17 per bbl. The Q2 GRM includes an inventory gain on crude and products of US$ 3.82 per bbl (Q2 2025-26: US$ 1.38 per bbl). An additional revenue of Rs. 385.21 crore, relating to supplies made during March 2026, was recognised in Q1 2026-27 following retrospective price revisions; the GRM excludes this amount as it pertains to the previous financial year.
Auditor's view
The statutory auditors issued an unmodified opinion on the standalone and consolidated financial statements. Under Other Matters, they noted that the company did not have the minimum number of independent directors, including one woman independent director, required during the reporting period. The requirement of two-thirds independent directors on the Audit Committee and the Nomination & Remuneration Committee was complied with after the reporting period, and the appointment of a woman independent director is in consideration of the Government of India. The opinion is not modified on this matter.
Other points from the update
- There is no default in payment of outstanding loans, revolving facilities or debt securities.
- No listed Non-Convertible Debentures were outstanding as on the reporting date.
- The Debt Equity Ratio was 0.16 as at 30.09.2026.
What a retail investor can read into this
The update combines three things: a declared dividend with a fixed record date, a quarter and half year where Profit for the period is higher than the year-earlier period, and an auditor opinion that is unmodified. Refining margins and throughput are the two operating levers quoted, so the mix of a lower throughput with a higher margin is worth reading together rather than in isolation. The Other Matters note on board composition is a governance observation to be aware of, though the auditors state it does not change their opinion.
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More numbers
- Interim dividend per equity shareRs. 25/-
- Face value per equity shareRs. 10/-
- Profit for the period, quarter (standalone)2271.29
- Profit for the period, six months (standalone)3287.96
- Earnings per share (basic and diluted), quarter152.53
- Average Gross Refining Margin, Q2 2026-27US$20.41 per bbl
- Crude throughput, quarter2.590
- Total income, latest quarter22074.34 (₹ in crore)
- Total income, year-ago quarter20039.86 (₹ in crore)
- Total income, previous quarter29376.45 (₹ in crore)
- Total comprehensive income, latest quarter2261.64 (₹ in crore)
- Total comprehensive income, year-ago quarter727.31 (₹ in crore)
- Total comprehensive income, previous quarter1026.32 (₹ in crore)
- Profit after tax, latest quarter2247.03 (₹ in crore)
- Profit after tax, year-ago quarter719.19 (₹ in crore)
- Profit after tax, previous quarter1031.35 (₹ in crore)
- Revenue from operations, latest quarter22055.45 (₹ in crore)
- Revenue from operations, year-ago quarter20033.62 (₹ in crore)
- Revenue from operations, previous quarter29358.75 (₹ in crore)
- Profit before tax, latest quarter3007.31 (₹ in crore)
- Profit before tax, year-ago quarter981.93 (₹ in crore)
- Profit before tax, previous quarter1380.24 (₹ in crore)
- interim_dividend_per_shareRs.25/-
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