Indian Oil Corporation: Company Overview

Indian Oil Corporation Limited, popularly known as IndianOil or IOC, is one of India's largest integrated energy companies.

The company operates across several parts of the energy value chain, including crude-oil refining, petroleum-product marketing, pipelines, petrochemicals, natural gas, LPG, aviation fuel and lubricants.

IndianOil is also investing in newer energy areas such as renewable energy, green hydrogen, biofuels, sustainable aviation fuel and electric-vehicle charging infrastructure.

IndianOil Company Details

Particular	Details
Company Name	Indian Oil Corporation Limited
Short Name	IndianOil / IOC
NSE Symbol	IOC
BSE Code	530965
ISIN	INE242A01010
Sector	Oil & Gas / Energy
Industry	Oil Refining & Marketing
Established	1959
Major Businesses	Refining, Marketing, Pipelines, Petrochemicals, Gas, LPG and Lubricants

IndianOil's official investor information confirms IOC as its NSE symbol and 530965 as its BSE code.

IndianOil Business Model

IndianOil's business is diversified across several major areas.

1. Refining Business

IndianOil purchases crude oil and processes it through its refineries.

The crude oil is converted into products including:

Petrol
Diesel
LPG
Aviation Turbine Fuel
Naphtha
Fuel oil
Petrochemical feedstocks
Other petroleum products

Two important numbers investors watch are refinery throughput and Gross Refining Margin (GRM).

Higher refinery throughput means more crude is processed, but higher volume does not automatically mean higher profit. Refining margins and crude costs are equally important.

2. Fuel Marketing

IndianOil markets petroleum products across India.

Its major products include:

Petrol
Diesel
LPG
Aviation fuel
Lubricants
Industrial fuels
Other petroleum products

The company operates a very large retail and distribution network.

During FY2025-26, IndianOil commissioned 2,597 retail outlets, taking its total retail-outlet count to 42,818, according to management's FY26 earnings presentation. (IndianOil)

3. Pipeline Business

Pipelines are an important part of IndianOil's integrated business model.

The company transports crude oil and petroleum products through its pipeline network.

For FY2025-26, IndianOil reported record pipeline throughput of approximately 105.6 MMT, with capacity utilisation of 73.7%. (IndianOil)

4. Petrochemical Business

IndianOil also operates in petrochemicals.

Petrochemical margins depend on global supply and demand, crude prices and international product prices.

During FY2025-26, IndianOil reported its highest-ever petrochemical sales volume of 3.396 MMT, compared with 3.236 MMT in FY2024-25. (IndianOil)

5. Natural Gas Business

Natural gas is another growing part of IndianOil's portfolio.

The company is involved in gas sales and related infrastructure.

In FY2025-26, total gas sales were 7,276 TMT, including 188 TMT of CGD sales. (IndianOil)

6. LPG Business

IndianOil's LPG business operates under the well-known Indane brand.

The company serves domestic and commercial LPG customers across India.

LPG remains an important consumer-facing business for IndianOil.

7. Lubricants

IndianOil markets lubricants under the SERVO brand.

The lubricant business is another source of diversification for the company.

IndianOil reported record lubricant sales of 905 TMT during FY2025-26, representing approximately 16% growth. (IndianOil)

IndianOil Q1 FY27 Results – June 2026

IndianOil's Q1 FY2026-27 results provide an interesting picture.

Revenue increased strongly, but the company moved from profit to loss.

Q1 FY27 Financial Results

Metric	Q1 FY27	Q1 FY26
Revenue from Operations	₹2,75,972 crore	₹2,18,608 crore
Net Profit / Loss	₹2,661 crore Loss	₹5,689 crore Profit
Crude Throughput	19.165 MMT	18.683 MMT
Refinery Capacity Utilisation	109.4%	—
Pipeline Throughput	28.548 MMT	26.256 MMT
Total Sales Volume	26.211 MMT	26.328 MMT
MS Sales	4.522 MMT	—
HSD Sales	10.866 MMT	—
Natural Gas Sales	1.873 MMT	1.685 MMT

IndianOil's Q1 FY27 performance included record Q1 crude throughput of 19.165 MMT and record quarterly pipeline throughput of 28.548 MMT.

However, profitability deteriorated sharply.

Revenue increased by around 26%, but the company reported a ₹2,661 crore net loss, compared with a ₹5,689 crore net profit in Q1 FY26.

Why Did IndianOil Report a Loss Despite Higher Revenue?

This is one of the most important points for IOC investors.

A higher revenue number does not automatically mean higher profit.

IndianOil's business is heavily influenced by:

Crude oil prices
Refining margins
Product cracks
Marketing margins
Inventory effects
Foreign-exchange movements
Geopolitical developments

According to IndianOil's official Q1 FY27 communication, the decline in profitability was mainly associated with higher crude costs related to the West Asia conflict.

Therefore, the Q1 loss should not be interpreted simply as a decline in demand.

The company continued to report strong operational volumes.

IndianOil Last Five Quarters

IndianOil's official investor centre provides presentations for Q1 FY27, Q4 FY26, Q3 FY26, Q2 FY26 and Q1 FY26. (IndianOil)

PAT Trend

Quarter	PAT / Loss
Q1 FY27	₹2,661 crore Loss
Q4 FY26	Approximately ₹11,378 crore Profit
Q3 FY26	₹12,126 crore Profit
Q2 FY26	₹7,610 crore Profit
Q1 FY26	₹5,689 crore Profit

The Q4 FY26 figure is approximately ₹11,378 crore based on IndianOil's FY26 earnings-call disclosure. (IndianOil)

GRM Trend

Quarter	Reported GRM
Q1 FY27	Verify latest official presentation before publication
Q4 FY26	Verify latest official presentation
Q3 FY26	US$12.22/bbl
Q2 FY26	US$10.66/bbl
Q1 FY26	US$2.15/bbl

The large improvement in GRM from Q1 FY26 to Q2 and Q3 FY26 helps explain the significant improvement in profitability during FY26.

Important: Where a particular five-quarter metric is not separately confirmed from the official material, it is better to leave it as "Not separately disclosed" rather than estimate it.

Five-Quarter Profit Trend

IndianOil's quarterly profitability can move significantly even when sales volumes remain strong.

The main reasons include:

Crude Oil Prices

Crude oil is one of IOC's biggest input costs.

A significant increase in crude prices can increase procurement costs.

Refining Margins

The difference between crude costs and petroleum-product prices is critical.

When refining margins improve, IOC's refining profitability can increase.

Inventory Effects

Oil companies maintain inventories of crude and petroleum products.

Changes in prices can produce inventory gains or losses.

Marketing Margins

Retail fuel economics can change depending on international prices, domestic prices and government policy.

Foreign Exchange

Crude oil is internationally traded and therefore currency movements can affect costs.

IndianOil FY2025-26 Results

FY2025-26 was significantly stronger than FY2024-25 in terms of profitability.

Metric	FY26	FY25
Revenue from Operations	₹8,86,224 crore	₹8,45,513 crore
Net Profit	₹36,802 crore	₹12,962 crore
Crude Throughput	75.451 MMT	71.564 MMT
Sales Volume	105.117 MMT	100.292 MMT
Pipeline Throughput	105.556 MMT	100.477 MMT

IndianOil's FY26 management commentary reported record annual refining throughput of approximately 75.5 MMT and record annual sales volume of 105.117 MMT. (IndianOil)

The company attributed the improvement in profitability mainly to better refining and marketing margins.

IndianOil Refinery Business

Refining is at the heart of IndianOil's integrated energy model.

The company purchases crude oil from various sources and processes it into multiple petroleum products.

For investors, three important refinery indicators are:

Throughput
Capacity utilisation
Gross Refining Margin

In FY2025-26, IndianOil reported:

Crude throughput: approximately 75.5 MMT
Capacity utilisation: 107.4%

For Q4 FY26, refinery throughput was approximately 19.7 MMT, with capacity utilisation of 113.9%, according to the company's earnings presentation. (IndianOil)

What Is IndianOil GRM?

GRM means Gross Refining Margin.

In simple terms, GRM indicates the approximate margin a refinery earns from processing crude oil into petroleum products.

For example, if crude oil costs $70 per barrel and the resulting petroleum products are worth more than the crude cost, the difference contributes to refining margin.

However, GRM should not be treated as the company's final profit.

Other factors include:

Operating costs
Inventory effects
Product mix
Depreciation
Interest
Taxes
Foreign exchange
Other business segments

Therefore, investors should look at GRM + throughput + marketing margins + overall financial results.

IndianOil Marketing Business

IndianOil has a very large petroleum marketing network.

Its products include:

Motor Spirit (Petrol)
High-Speed Diesel
LPG
Aviation Turbine Fuel
Lubricants
Industrial products

In Q1 FY27, IndianOil reported:

Domestic market share: 43.1%

This was higher than:

41.5% in Q1 FY26

That represents an increase of 1.6 percentage points.

The company also reported Q1 FY27 motor-spirit sales of 4.522 MMT and HSD sales of 10.866 MMT.

IndianOil LPG Business – Indane

Indane is one of India's best-known LPG brands.

IndianOil supplies LPG to domestic and commercial customers through its distribution network.

The company is also introducing new LPG products and delivery services.

Indane XTRALITE NOW

On July 25, 2026, IndianOil announced Indane XTRALITE NOW, a composite LPG cylinder available in 10 kg and 5 kg formats.

The company said the new service initially launched in:

Pune
Gurugram
Indore
Coimbatore

The company also announced express delivery features.

The 10 kg and 5 kg composite cylinders are designed to be lightweight and translucent, allowing users to see the LPG level.

This is primarily a product and customer-service initiative. Its exact financial impact on IndianOil cannot be confirmed from the announcement.

Latest IndianOil News – August 2026

E20 Petrol Testing

One of the important IndianOil developments in August 2026 concerned additional testing of E20 petrol.

On 7 August 2026, IndianOil reported that oil marketing companies had conducted nationwide additional intensive testing following media reports concerning moisture and chloride in E20 petrol. (IndianOil)

IndianOil stated that claims concerning 500 ppm chloride and the presence of moisture were not validated by the testing reported in its release. (IndianOil)

The company said more than 100 randomly selected petrol samples from refineries had chloride levels at or below 1 ppm.

The company also reported additional testing covering ethanol, depots, terminals and retail outlets.

IndianOil stated that four isolated instances of elevated chloride were identified and were suspended for investigation and corrective action.

The company also said approximately 90,000 retail outlets had commenced inspection and monitoring of underground storage tanks for water ingress. (IndianOil)

What Is E20?

E20 petrol refers to petrol containing up to 20% ethanol blended with petrol.

Ethanol blending is part of India's broader fuel and energy policy.

Fuel quality is important because petroleum products need to meet applicable specifications throughout the supply chain.

For investors, the August announcement is primarily relevant as a fuel-quality and operational-monitoring development. It should not be interpreted beyond the testing results and statements actually provided by IndianOil.

IndianOil Future Projects

IndianOil continues to invest in traditional energy infrastructure while also developing alternative-energy businesses.

Major areas include:

Refinery expansion
Petrochemical capacity
Pipeline infrastructure
Renewable energy
Green hydrogen
Biofuels
Sustainable aviation fuel
Hydrogen mobility
EV charging
New LPG products

Green Hydrogen

Green hydrogen is an important part of IndianOil's long-term energy-transition strategy.

According to management's FY26 earnings presentation, the 10 KTA green hydrogen plant at Panipat Refinery is expected to be completed by December 2027. (IndianOil)

IndianOil is also developing hydrogen-related technologies and infrastructure.

The company has conducted hydrogen fuel-cell vehicle trials and is developing hydrogen dispensing infrastructure.

Renewable Energy

IndianOil's green subsidiary Terra Clean Limited has been developing renewable-energy capacity.

Management said Terra Clean had received connectivity approvals for 2.65 GW through central and state transmission systems.

IndianOil has stated an ambition to develop 31 GW of renewable energy capacity by 2030. (IndianOil)

Refinery Expansion

IndianOil is also expanding and modernising its refinery and petrochemical infrastructure.

Management's FY26 earnings call indicated that major projects involving:

Panipat
Barauni
Gujarat
Paradip

were at advanced stages.

The company stated timelines for major expansion projects, including Panipat, Barauni and Gujarat, but project schedules can change and investors should verify the latest company update before relying on a completion date. (IndianOil)

How Crude Oil Prices Affect IndianOil

Crude oil is one of the most important factors affecting IOC.

When Crude Prices Rise

Possible effects include:

Higher crude procurement cost
Higher working-capital requirement
Inventory valuation changes
Possible pressure on marketing margins
Changes in refining economics

But higher crude prices do not automatically mean lower IOC profits.

If refining margins and product prices also increase significantly, the refining business can benefit.

When Crude Prices Fall

Possible effects include:

Lower crude procurement costs
Changes in refining margins
Possible inventory losses
Changes in marketing economics

This is why investors should look at the complete operating picture rather than only crude prices.

West Asia and Geopolitical Risk

Geopolitical developments in West Asia can affect oil companies through:

Crude supply
Shipping routes
Freight costs
Insurance costs
LPG availability
Natural-gas availability
International oil prices

IndianOil's FY26 management commentary discussed the impact of geopolitical disruption on global hydrocarbon supply chains and said the company responded by diversifying crude and gas sourcing and optimising procurement. (IndianOil)

For Q1 FY27, the company attributed the decline in profitability mainly to higher crude costs associated with the West Asia conflict.

IndianOil Dividend

Dividend income is an important consideration for many IOC shareholders.

For FY2025-26:

Interim dividend: ₹7 per share
Recommended final dividend: ₹1.25 per share

Therefore, the FY26 dividend amount would be ₹8.25 per share if the recommended final dividend is approved and paid.

Investors should check the official company announcement for the applicable record date, payment date and final approval status before making decisions based on dividend eligibility.

Indian Oil Share Price

IndianOil shares trade on both NSE and BSE.

NSE Symbol: IOC

The latest market session before this article's date was Friday, 21 August 2026, because 23 August 2026 falls on a Sunday.

Market data available for the 21 August session showed IOC around ₹135.90.

Important

This is not a live August 23 price.

Share prices change continuously during market hours, and investors should check the latest NSE/BSE price before making any investment decision.

For current valuation metrics such as P/E, P/B, EPS and dividend yield, readers should verify the latest market data because these figures change with the share price and reporting period.

IndianOil Valuation

Investors commonly consider the following metrics when analysing IOC:

P/E Ratio

Price-to-Earnings compares the share price with earnings per share.

P/B Ratio

Price-to-Book compares market value with the company's book value.

EPS

Earnings per share indicates how much profit is attributable to each equity share.

Dividend Yield

Dividend yield compares annual dividend with the share price.

ROE

Return on Equity measures profitability relative to shareholders' equity.

ROCE

Return on Capital Employed measures returns generated from the capital used in the business.

For IOC, valuation should be considered together with the oil-price cycle and refining-margin cycle.

A low P/E does not automatically mean a stock is undervalued.

IndianOil Strengths

Some important strengths to monitor include:

Large refining capacity
Strong domestic fuel marketing network
Large pipeline infrastructure
Strong LPG presence
Large retail network
Integrated business model
Petrochemical diversification
Natural-gas business
SERVO lubricant brand
Strong FY26 profitability
Record FY26 sales volume
Investment in renewable energy
Green-hydrogen initiatives
Biofuel and SAF initiatives

IndianOil Risks

IOC investors should also understand the risks.

1. Crude Oil Price Volatility

Changes in crude prices can significantly affect costs and inventory valuation.

2. Refining Margin Volatility

GRM can change significantly depending on global petroleum-product demand and supply.

3. Government Pricing Policy

Fuel pricing and government policy can affect marketing margins.

4. Geopolitical Risk

Wars and supply disruptions can affect crude prices, freight and availability.

5. Currency Risk

Crude oil is internationally priced, making currency movements relevant.

6. Petrochemical Cycle

Weak petrochemical demand can reduce margins.

7. Energy Transition

The move toward electric vehicles, renewable energy and alternative fuels could gradually change petroleum demand patterns.

8. Large Capital Expenditure

Large refinery, petrochemical and clean-energy projects require substantial capital.

IndianOil vs Major Competitors

IndianOil competes with other major Indian energy companies.

Company	Main Strength
IndianOil	Large integrated refining and marketing network
Bharat Petroleum	Refining and fuel marketing
Hindustan Petroleum	Refining and fuel marketing
Reliance Industries	Refining, petrochemicals and diversified businesses

A proper peer comparison should use the same financial period and comparable accounting measures.

IndianOil Future Outlook

IndianOil's future performance will depend on several factors.

Positive Factors

India's long-term energy demand
Refinery utilisation
Fuel sales growth
Pipeline throughput
Refining margins
Petrochemical expansion
LPG demand
Renewable-energy investment
Green hydrogen
Biofuels
Sustainable aviation fuel

Negative Factors

Crude price volatility
Weak GRM
Geopolitical disruption
Government pricing decisions
Petrochemical margin weakness
Large capital expenditure
Energy-transition costs

The company's future share price cannot be reliably predicted from these factors alone.

IndianOil: What Investors Should Watch

If you are following IOC regularly, these are some of the most important numbers to monitor every quarter:

Crude throughput
Refinery utilisation
GRM
Pipeline throughput
Petrol sales
Diesel sales
Total sales volume
Marketing margin
Petrochemical margins
Natural-gas sales
Crude prices
Inventory gains/losses
Capital expenditure
Debt
Dividend

14 Frequently Asked Questions About IndianOil

1. What is Indian Oil Corporation?

Indian Oil Corporation Limited is a major Indian integrated energy company involved in refining, fuel marketing, pipelines, petrochemicals, gas, LPG and other energy businesses.

2. What is IndianOil's NSE symbol?

IndianOil's NSE symbol is IOC.

3. What is IndianOil's BSE code?

The BSE code is 530965.

4. What was IndianOil's Q1 FY27 result?

IndianOil reported revenue from operations of ₹2,75,972 crore and a net loss of ₹2,661 crore.

5. Why did IndianOil report a loss in Q1 FY27?

IndianOil attributed the decline in profitability mainly to higher crude costs related to the West Asia conflict.

6. What was IndianOil's FY26 profit?

IndianOil reported FY26 net profit of ₹36,802 crore.

7. What was IndianOil's FY26 revenue?

FY26 revenue from operations was ₹8,86,224 crore.

8. What is IndianOil's GRM?

GRM means Gross Refining Margin. It measures the approximate margin generated from processing crude oil into petroleum products.

9. What was IndianOil's Q1 FY27 refinery throughput?

Q1 FY27 crude throughput was 19.165 MMT.

10. What was IndianOil's domestic market share?

IndianOil reported domestic market share of 43.1% in Q1 FY27, compared with 41.5% in Q1 FY26.

11. Does IndianOil pay dividends?

Yes. For FY26, IndianOil had distributed a ₹7 interim dividend per share and recommended a ₹1.25 final dividend per share.

12. What are IndianOil's major risks?

Major risks include crude-price volatility, refining-margin changes, government policy, geopolitical disruption, currency movements, inventory effects and energy-transition costs.

13. What is IndianOil's latest major August 2026 update?

IndianOil reported additional nationwide testing of E20 petrol following claims regarding moisture and chloride. The company said the claims of 500 ppm chloride and moisture presence were not validated by its reported testing. (IndianOil)

14. Is IndianOil a government company?

Yes. IndianOil is a public-sector energy company with the Government of India as its majority shareholder.

Final Takeaway

Indian Oil Corporation remains one of India's major integrated energy companies, with operations spanning refining, fuel marketing, pipelines, petrochemicals, LPG, natural gas and lubricants.

The company's FY26 performance was strong, with net profit increasing to ₹36,802 crore and annual sales volume reaching 105.117 MMT.

However, Q1 FY27 showed the cyclical nature of the business. Revenue increased to ₹2,75,972 crore, but the company reported a ₹2,661 crore loss.

The most important factors for investors to monitor are therefore not just revenue and sales volumes, but also crude prices, GRM, refinery utilisation, marketing margins, inventory effects, geopolitical developments and capital expenditure.

IndianOil's investments in hydrogen, renewable energy, biofuels, sustainable aviation fuel and other transition technologies could become increasingly important over the longer term.

However, no article can reliably predict IOC's future share price. Investors should always check the latest company filings and market data before making an investment decision.

Sources

IndianOil official investor information and financial results
IndianOil Q1 FY27 financial results
IndianOil Q1 FY27 investor presentation
IndianOil FY2025-26 results and earnings presentation
IndianOil official August 7, 2026 E20 testing release
IndianOil official company announcements
NSE/BSE market information
Ministry of Petroleum & Natural Gas
SEBI disclosures

IndianOil's official website maintains its investor and financial-information sections, while its August 7 release provides the company's detailed E20 testing statement. (IndianOil)

Disclaimer

Disclaimer: This article is provided for educational and informational purposes only. It is not investment advice, financial advice, or a recommendation to buy or sell Indian Oil Corporation Limited shares. Investors should verify the latest company filings, financial results and market data and consult a qualified financial adviser before making investment decisions.

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Indian Oil Corporation Share Price, Q1 FY27 Results, 5-Quarter Analysis & Latest News