Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹1,92,341 Cr
verified against source
Revenue YoY
1.2%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indian Oil reported Q1 FY26 PAT of ₹5,689 crore, up 115% YoY from ₹2,643 crore, driven by robust operational performance and highest-ever quarterly sales of 26.328 MMT. Revenue from operations grew marginally to ₹2,18,608 crore. However, PAT declined sequentially due to inventory losses of ₹6,500 crore from falling crude prices. Normalized GRM improved to $6.91/bbl vs $5.39/bbl in Q4 FY25. Management highlighted strong demand, refining expansions on track for mechanical completion by 2026, and strategic initiatives like Project Sprint. Key risks include volatile crude prices, petrochemical margin pressure from global oversupply, and uncertainty around LPG compensation timing.
Colored figures show movement against the previous available record.
Guidance to track
- Three major expansion projects (Panipat, Gujarat, Barauni) on track for mechanical completion by 2026, adding ~17.3 MMTPA capacity.
- Aims to raise petrochemical integration from current 6% to 15%, with focus on niche chemicals and a $1 billion dual feed cracker at Paradip.
- Total capex for the year budgeted at ₹33,494 crore, with ~₹14,000-15,000 crore on refining and balance on petrochemicals, marketing, pipelines, and CGD.
- Investing in renewable energy through subsidiary Terracle Limited, targeting 30 GW capacity by 2030.
Risks flagged
- Q1 FY26 saw ₹6,500 crore inventory loss due to falling crude prices; similar volatility could impact future earnings.
- Petrochemical spreads remain subdued due to weak global demand and new capacity additions, especially from China, pressuring margins.
- Government approved ₹30,000 crore compensation for LPG under-recoveries, but modalities and timing of receipt are unclear, impacting cash flows.
- Analyst highlighted that market cap has stagnated at ~₹2 lakh crore despite asset base exceeding ₹5 lakh crore, reflecting lack of investor confidence in earnings stability.
Key quotes
- This quarter we have registered a profit after tax of rupees 5689 cr which was rupees 7265 cr in the preceding quarter and rupees 2643 cr in the corresponding quarter of financial year 25.
- Our sales for the quarter were highest ever and many other operational achievements were made.
- We have set ourselves the goal of increasing our share of the national energy basket from 9% today to 12 to 12.5% by 2050.
Research modules