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Indian Oil Q3 Profit Soars 60%, Shares Jump on Strong Refining Margins

Indian Oil Corporation reported a massive 59.3% sequential jump in net profit for the December quarter of FY26, reaching Rs 12,126 crore. Revenue for the quarter also grew strongly by 14.3% to Rs 2.04 lakh crore. The company's performance was bolstered by a significant improvement in Gross Refining Margins, which averaged $8.41 per barrel for the April-December 2025 period. Following the results, the company's stock closed higher, extending its strong one-year gain of over 39%.

Key Points: Indian Oil Q3 Net Profit Surges 60%, Stock Rises

  • 59.3% profit surge to Rs 12,126 cr
  • Revenue up 14.3% to Rs 2.04 lakh cr
  • EBITDA climbs 42.8% sequentially
  • Stock gained 39% in one year
2 min read

Indian Oil's net profit surges nearly 60 pc in Q3 FY26, stock jumps

Indian Oil Corporation's Q3 FY26 net profit jumps nearly 60% to Rs 12,126 crore as revenue and refining margins improve significantly.

"Average Gross Refining Margin (GRM) for the period April - December 2025 is $8.41 per barrel - Indian Oil Statement"

Mumbai, Feb 5

Shares of Indian Oil Corporation rose on Thursday after the state‑owned refiner reported close to 60 per cent surge in profits during the December quarter of FY26.

Indian Oil posted a 59.3 per cent increase in net profit to Rs 12,126 crore for the quarter, up from Rs 7,610.5 crore in the September quarter. Revenue during the reported quarter increased to Rs 2.04 lakh crore, up about 14.3 per cent from Rs 1.78 lakh crore in the prior quarter.

Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 42.8 per cent sequentially to Rs 20,824.8 crore from Rs 14,584 crore. The EBITDA margin expanded by 200 basis points to 10.2 per cent from 8.2 per cent in the prior quarter.

"Average Gross Refining Margin (GRM) for the period April - December 2025 is $8.41 per barrel (April - December 2024: $3.69 per bbl)," the statement said.

The core GRM or the current price GRM for the period April - December 2025 after offsetting inventory loss or gain stood at $9.86 per bbl, the company said.

IOC's stocks have gained 6.58 per cent over the past month and 39.10 per cent in one year.

An international consortium comprising ONGC Videsh Limited (OVL), Indian Oil Corporation (IOC), Oil India Limited (OIL), Repsol of Spain and Petronas of Malaysia was declared the winner of an international bidding process in April 2008 to develop a multi‐million-dollar oil project integrated in Carabobo in the Orinoco belt of Venezuela.

Indian Oil Corporation (IOC) had in January announced that it has taken an important step forward in India's upstream energy journey with the commencement of first domestic production from the Jyoti-1 well in Gujarat.

IOC's shares rose 1.79 per cent on an intra-day basis to close at Rs 175.87, up Rs. 3.09 on the day.

- IANS

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Reader Comments

P
Priya S
Great news for the stock market and the economy. But I have a question - when a PSU makes such huge profits, shouldn't there be more direct benefit to the public? Petrol and diesel prices are still so high. The profit is welcome, but the purpose of a state-owned company should also be public welfare.
V
Vikram M
The Venezuela project and domestic production in Gujarat are strategic wins. Reducing import dependency is key for our energy security. Kudos to the IOC team! 🚀 The 39% yearly stock gain shows investor confidence.
R
Rohit P
Rs 12,126 crore profit in one quarter! That's massive. Hope the government uses these dividends wisely for infrastructure development. Also good to see the EBITDA margin expansion.
S
Sarah B
As an investor following Indian markets, these are stellar numbers. The sequential growth across all metrics is very strong. The international consortium win is a positive long-term play. Well managed.
K
Karthik V
Profit is good, but let's not forget these are our natural resources. I hope a significant portion is reinvested in green energy research. We need to prepare for the future, not just celebrate quarterly numbers. Jai Hind.

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