Q2 FY27 handout: profit after tax Rs 21630 crore, refinery throughput 18.1 MMT
Indian Oil's investor handout for the quarter and half year ended 30 September 2026 is out.
By ScoutQuest · · 4 min read
- Profit after tax
- Rs 21630 crore
- GRM (net of SAED)
- US$ 18.52/bbl, against US$ 15.59 in the previous quarter
- Refinery throughput
- 18.1 MMT at 102.3% capacity use
This communication is an investor handout that summarises key figures from Indian Oil's unaudited standalone results for the quarter and half year ended 30 September 2026. It carries both financial and operating numbers, along with a project and capex update as on 30.09.2026. The figures below are standalone unless stated otherwise, and are unaudited.
Profit and cost figures
- Profit before tax of Rs 26617 crore and profit after tax of Rs 21630 crore for the quarter.
- EBITDA contribution of Rs 32998 crore.
- Gross refining margin, net of SAED, at US$ 18.52 per barrel, against US$ 15.59 in the previous quarter.
- Interest expenditure of Rs 2364 crore and interest income of Rs 386 crore, against Rs 1610 crore and Rs 252 crore respectively in the previous quarter.
- Debt level of Rs 116578 crore at the end of the quarter, compared with Rs 141453 crore in the previous quarter.
- Exchange fluctuation loss shown on crude liability at Rs (159) crore and on other than crude liability at Rs (507) crore, against Rs (182) crore and Rs 81 crore in the previous quarter.
For a novice reader: profit before tax is what the company earned from its business before tax; profit after tax is what remains after tax. EBITDA is a rough measure of operating earnings before interest, tax and depreciation. Gross refining margin is what a refiner earns on turning crude oil into fuels, so a higher number generally points to better refining economics. The debt level shows how much the company owes, and a lower figure than the previous quarter means borrowings came down.
Refining and pipeline operations
- Refinery throughput of 18.1 MMT, with capacity utilisation at 102.3%, against 19.2 MMT and 109.4% in the previous quarter.
- Fuel and loss at 8.5%, against 8.0%, and use of high sulphur crude at 54.6%, against 48.9%.
- Pipeline throughput of 25.3 MMT with 64.3% capacity utilisation, against 28.5 MMT and 79.9%.
Sales volumes
- Total sales of 25.228 MMT, against 26.211 MMT in the previous quarter.
- Inland petroleum product sales of 21.140 MMT, including diesel (HSD) 8.996 MMT, petrol (MS) 4.424 MMT, LPG 3.470 MMT, ATF 1.168 MMT, fuel oil and low sulphur heavy stock 1.002 MMT and lubricants and greases 0.261 MMT.
- Petroleum product exports of 1.227 MMT, taking the petroleum sub-total to 22.367 MMT.
- Gas sales of 1.933 MMT and petrochemicals of 0.858 MMT in total (domestic 0.834 MMT and exports 0.024 MMT), with the other products sub-total at 2.861 MMT.
Capex and major projects
- Capex incurred in the first half of FY 2026-27 was Rs 12162 crore on a provisional basis, against a full-year target of Rs 32700 crore. Of this, refinery accounted for Rs 6083 crore, marketing Rs 3396 crore, petrochemicals Rs 1306 crore, pipelines Rs 582 crore, gas Rs 133 crore, R&D Rs 109 crore, exploration and production Rs 121 crore and others Rs 432 crore.
- Panipat Refinery Expansion from 15 MMTPA to 25 MMTPA, gross approved cost Rs 38231 crore, is 95.0% complete and expected in Dec'26.
- Gujarat Refinery Expansion from 13.7 MMTPA to 18 MMTPA, cost Rs 18936 crore, is 90.1% complete and expected in Dec'26.
- Barauni Refinery Expansion from 6 MMTPA to 9 MMTPA, cost Rs 18113 crore, is 92.5% complete and expected in Dec'26.
- The PX-PTA complex at Paradip Refinery, cost Rs 13805 crore, is under commissioning, mechanically completed in Sep'26. The new Mundra-Panipat crude oil pipeline, cost Rs 9028 crore, is also under commissioning, mechanically completed in Jul'26.
- The poly butadiene rubber plant at Panipat, cost Rs 2949 crore, is 92.2% complete with Dec'26 expected, and the new R&D campus-II at Faridabad, cost Rs 3220 crore, is 65.6% complete with Jul'27 expected.
Why an investor may watch this
- The handout links profitability to refining margins and operating rates, so the refining margin, throughput and capacity utilisation figures show how the core fuel business performed in the quarter.
- The project list shows how far large refinery expansions have progressed and their expected completion timelines, which are the capacity additions the company has been spending on.
- The capex incurred so far this year against the full-year target indicates the pace of that spending.
All the numbers above are as reported in the handout for the quarter and half year ended 30 September 2026 and are unaudited.
Also from Indian Oil Corporation
IOC reported a strong refining-led beat with profit swinging from a loss last quarter
2 Nov 2026
Indian Oil delivered a massive earnings beat with EBITDA over Rs 30,000 crore, nearly three times estimates, on a sharp margin recovery
2 Nov 2026
Two senior management personnel superannuate from service on 31 October 2026
1 Nov 2026
More numbers
- Profit Before Tax (PBT), Q2 FY 2026-2726617
- Profit After Tax (PAT), Q2 FY 2026-2721630
- EBITDA Contribution, Q2 FY 2026-2732998
- GRM (US$/bbl) - net of SAED, Q2 FY 2026-2718.52
- Debt Level, Q2 FY 2026-27116578
- Refinery Throughput (MMT), Q2 FY 2026-2718.1
- Total Sales (a+b+c) (MMT), Q2 FY 2026-2725.228
- Capex Target for FY 2026-2732,700
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