MUMBAI, February 5, 2026 – Indian Oil Corporation Limited (IOCL), the Maharatna energy giant, reported a robust surge in its Q3 FY2026 standalone profit, posting a net profit of ₹12,126 crore, a more than four-fold increase from ₹2,874 crore in the same period last year.
Q3 FY2026 Financial Snapshot (Standalone)
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Revenue from Operations: ₹2,31,769 crore
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Net Profit: ₹12,126 crore (Up 322% YoY)
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Profit Before Tax (PBT): ₹15,992 crore (Up 361% YoY)
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Earnings Per Share (EPS): ₹8.81 (Basic & Diluted)
Nine-Month Performance (Apr-Dec 2025)
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Revenue from Operations: ₹6,53,369 crore
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Net Profit: ₹25,425 crore (Up 346% YoY)
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PBT: ₹33,462 crore (Up 371% YoY)
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EPS: ₹18.46 (Basic & Diluted)
The stellar performance was primarily driven by a significant improvement in refining margins.
Also Read: NHPC Q3 Results FY26: Profit ₹293 Cr, Declares ₹1.40 Dividend
Key Performance Drivers & Operational Metrics
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Gross Refining Margin (GRM): The average GRM for April-December 2025 stood at $8.41 per barrel, a substantial increase from $3.69 per barrel in the same period last year. The core current-price GRM was even higher at $9.86 per barrel.
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Physical Performance: Domestic product sales for the nine months were 73.84 MMT. Refinery throughput reached 55.72 MMT, while pipeline throughput was 77.90 MMT.
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Government Compensation: The company recognized ₹2,414.34 crore in Q3 as part of the government-approved compensation of ₹14,486 crore for LPG under-recoveries. This is being disbursed in 12 monthly instalments starting November 2025.
Consolidated Results Show Strong Group Health
The consolidated financials mirrored the strong standalone performance:
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Q3 Consolidated Net Profit: ₹13,502 crore (Attributable to equity holders: ₹13,007 crore)
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Nine-Month Consolidated Net Profit: ₹28,501 crore (Attributable to equity holders: ₹27,638 crore)
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Consolidated EPS (9M): ₹20.07
Healthy Financial Ratios
The company maintained a strong financial position:
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Debt-Equity Ratio: 0.60 (Standalone)
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Net Worth: ₹1,92,621 crore (Standalone)
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Interest Service Coverage Ratio: 9.63 times (Standalone, Q3)
Segment-Wise Performance
The Petroleum Products segment was the primary growth driver, contributing a profit before tax and finance costs of ₹16,836 crore in Q3 (Standalone). The Gas segment also showed steady performance.
The results, reviewed by the company's Audit Committee and approved by the Board of Directors, underscore IOCL resilient operational and financial performance in a favorable market environment.