New Delhi: Here is a clean, structured overview of IndianOil’s standalone financial performance for the first nine months (April–December) from FY2019-20 to FY2025-26, along with key insights investors should track.

FY2019-20 (9M Ended Dec 2019)

Revenue: ₹4,27,331 crore
Net Profit: ₹6,499 crore
GRM: $3.34 per barrel
Product Sales: 67.490 MMT
Refinery Throughput: 52.316 MMT
Pipeline Throughput: 64.562 MMT

Profit declined mainly due to lower refining margins.

FY2020-21 (9M Ended Dec 2020)

Revenue: ₹3,51,285 crore
Net Profit: ₹13,055 crore
GRM: $2.96 per barrel
Product Sales: 58.436 MMT
Refinery Throughput: 44.759 MMT
Pipeline Throughput: 54.170 MMT

Higher inventory gains and petrochemical margins supported profitability despite lower revenue.

FY2021-22 (9M Ended Dec 2021)

Revenue: ₹5,21,999 crore
Net Profit: ₹18,162 crore
GRM: $8.52 per barrel
Product Sales: 63.097 MMT
Refinery Throughput: 49.400 MMT
Pipeline Throughput: 61.187 MMT

Strong refining margins significantly improved earnings.

Also Read: Indian Oil to Announce 2nd Interim Dividend on March 6 – What Investors Should Know

FY2022-23 (9M Ended Dec 2022)

Revenue: ₹7,08,461 crore
Net Loss: ₹1,817 crore
GRM: $21.08 per barrel
Product Sales: 71.382 MMT
Refinery Throughput: 53.231 MMT
Pipeline Throughput: 72.085 MMT

Despite elevated GRM, lower marketing margins and exchange losses led to a net loss.

FY2023-24 (9M Ended Dec 2023)

Revenue: ₹6,46,470 crore
Net Profit: ₹34,781 crore
GRM: $13.26 per barrel
Product Sales: 72.272 MMT
Refinery Throughput: 55.026 MMT
Pipeline Throughput: 74.033 MMT

Earnings rebounded sharply compared to the previous year.

FY2024-25 (9M Ended Dec 2024)

Revenue: ₹6,27,787 crore
Net Profit: ₹5,697 crore
GRM: $3.69 per barrel
Product Sales: 74.347 MMT
Refinery Throughput: 53.016 MMT
Pipeline Throughput: 74.700 MMT

Lower cracks, inventory losses and exchange losses impacted margins.

FY2025-26 (9M Ended Dec 2025)

Revenue: ₹6,53,369 crore
Net Profit: ₹25,425 crore
GRM (Reported): $8.41 per barrel
GRM (Normalized): $9.86 per barrel
Total Sales Volume: 77.774 MMT
Refinery Throughput: 55.719 MMT
Pipeline Throughput: 77.900 MMT

Highest-ever 9M sales volumes and throughput supported earnings recovery.

9M Financial Trend Summary (FY20–FY26)

FY	Revenue (₹ Cr)	Net Profit/Loss (₹ Cr)	GRM ($/bbl)
FY20	4,27,331	6,499	3.34
FY21	3,51,285	13,055	2.96
FY22	5,21,999	18,162	8.52
FY23	7,08,461	(1,817)	21.08
FY24	6,46,470	34,781	13.26
FY25	6,27,787	5,697	3.69
FY26	6,53,369	25,425	8.41

What Investors Should Know

1.Earnings Are Highly Margin-Driven

IndianOil’s profitability is closely linked to Gross Refining Margin (GRM) and marketing margins. Even with high revenue (FY23), profits can decline if marketing margins weaken.

2.Cyclical Nature of Business

The company operates in a cyclical refining environment. Profits can swing sharply year-to-year depending on crude prices, crack spreads, inventory gains/losses, and exchange fluctuations.

3. Volume Growth Is Steady

From 67.490 MMT in FY20 to 77.774 MMT in FY26 (9M), sales volumes show structural demand growth. Higher throughput improves operating leverage.

4.Inventory Impact Matters

Inventory gains boosted profits in some years (FY21, FY26), while inventory losses weighed on FY25 earnings. Investors should separate operational GRM from inventory-driven volatility.

5.Marketing Margins Are Critical

FY23 demonstrates that even high refining margins cannot offset weak marketing margins. Monitoring retail fuel pricing policies and global trends is essential.

6.Capacity Utilisation & Efficiency

Higher refinery utilisation (above 100% in FY26 9M) indicates operational efficiency, which supports margin resilience.

Bottom Line for Investors

IndianOil’s earnings are volatile but cyclical, driven primarily by GRM and marketing margins.
Operational volumes continue to grow steadily.
FY26 shows a recovery phase after margin compression in FY25.
Long-term investors should track margin cycles, government policy impact, crude trends, and refining spreads rather than revenue alone.