Indian Oil Corporation, India's largest refiner and fuel retailer, heads into its Q2 FY 2026-2027 print after posting a standalone net loss of Rs. 2,661.37 crore in Q1, with crude prices surging past $100 during the July-September window. The results will speak to whether refining margins and inventory gains offset compressed Russian crude discounts and retail-fuel marketing pressure, and how the Rs. 29,729.95 crore LPG under-recovery buffer is being addressed.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,75,971.77 crore (+26.24% YoY) |
| Previous quarter PAT | Net loss of Rs. 2,661.37 crore (vs PAT of Rs. 5,688.60 crore in Q1 FY26) |
| Previous quarter EBITDA margin | 0.84% |
| Market cap | Rs. 182,234.62 Cr |
| CMP | Rs. 129.05 |
Per the board-meeting intimation dated 13 Oct 2026, the Board is scheduled to meet on Friday, 30 Oct 2026, to consider and approve unaudited financial results for the quarter and half year ended 30 Sep 2026 (Regulation 29(1)/(2) and 50(1), SEBI LODR). The insider trading window remains closed till 1 Nov 2026.
The quarter's central test is whether strong July-August refining cracks of roughly $20-25/bbl and inventory gains on crude bought at ~$83/bbl (30 Jun) against an Indian basket that crossed $100 in September can offset the compression of the Russian crude discount, which went from evaporated in July to premiums of more than $10/bbl for November barrels. Demand entered the quarter constructively, with PPAC prints showing MS growth of +9.2% in July and +8.2% in August and HSD +6.8% in August, while the LPG volume drag moderated from -17.1% in August to about -9% in September. Margin pressure points remain: the mid-quarter SAED hike (diesel to Rs. 15.5/L from Rs. 8.5 effective Jul 16), a rupee trading in the Rs. 95-96.7 band against dollar crude liabilities, and borrowings of Rs. 1,41,453 crore at Jun'26 after a Rs. 31,000 crore QoQ jump pointing to a higher interest-cost line. On LPG, the implicit subsidy fell from Rs. 721/cylinder in June to about Rs. 210 in September, directionally consistent with management's ~Rs. 250 August expectation, though the Rs. 29,729.95 crore buffer remains unextinguished with any fresh MoPNG quantum still open-ended. The call is also expected to confirm the commissioning window for the five expansion projects totalling about Rs. 90,000 crores, including Paradip PX-PTA's Aug'26 date.
Guidance scorecard tracking into Q2 results: Key FY27 guidance items and their status as of the Q1 FY27 disclosures.
Debt, GRM disclosure and petchem profitability: Financial items management flagged or analysts probed after the Q1 loss.
Governance and board reconstitution: Regulatory and board items outstanding since March 2026.
IOC reported a GRM (net of SAED) of $15.59/bbl in Q1 FY27. Management stated that if SAED was included, the GRM would have been around $36 per barrel.
Standalone borrowings rose 27.82% QoQ to Rs. 1,41,453 crore at Jun'26, an increase of about Rs. 31,000 crores in one quarter, mainly on higher working-capital requirement. Management said the D/E still remains 0.7 but interest cost went up after the conflict.
Management expects refining margins to remain high for the next 1-2 years due to geopolitical disruptions, but declined to give forward GRM guidance. The company has also paused routine GRM disclosure, saying EBITDA and PAT are better indicators of integrated performance.
IOC guided capex of Rs. 32,700 crore for FY26-27, and Q1 deployment of Rs. 6,461 crore was 19.76% of the target versus 25% pro-rata for one quarter. Capex of Rs. 30,000-40,000 crores annually is expected over the next 2-3 years, with refining capex declining starting FY28.