Indian Oil Q2 FY26 Profit Soars, Driven by Better Refining Margins
Indian Oil Corporation Ltd (IOCL) reported a massive turnaround in its Q2 financial performance for the quarter ended September 30, 2025 (Q2 FY26). The consolidated net profit soared to ₹8,190.86 crore compared to a consolidated net loss of ₹448.78 crore in the corresponding quarter of the previous fiscal year (Q2 FY25). This substantial swing from a loss to a high profit is the basis for the headline's "more than 40-times" increase.
The impressive result was primarily attributed to better refining margins (Gross Refining Margins or GRMs) and a stable performance in its marketing segment. The year-ago period's loss (Q2 FY25) served as a lower base, magnifying the year-on-year growth figure.
Key Financial Highlights (Consolidated, ₹ in crore)
| Metric | Q2 FY26 (Jul-Sep 2025) | Q2 FY25 (Jul-Sep 2024) | Change |
| Revenue from Operations | ₹2,06,447.11 | ₹1,98,615.80 | +3.9% YoY |
| Net Profit / (Loss) | ₹8,190.86 | (₹448.78) | Massive Turnaround |
| Total Income | ₹2,07,091.44 | ||
| Total Expenses | ₹1,96,699.02 | ||
| Profit Before Tax | ₹11,103.71 | (₹588.71) |
The company's total income from operations for Q2 FY26 increased by 3.9% year-on-year. However, on a sequential basis, the income was lower than the previous quarter (Q1 FY26) due to weaker crude and product realizations.
The strong half-yearly performance for H1 FY26 also reflects this trend:
Revenue from operations: ₹4,28,296.13 crore (up 2.4% YoY)
Net profit: ₹14,998.98 crore (vs ₹3,273.85 crore in H1 FY25)