Indian Oil Corporation · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Recent military escalations have brought Red Sea and Strait of Hormuz security into focus. Crude prices have already started trending upward again after July moderation. Any supply disruption would directly impact India's energy security given 84% spot procurement reliance.
A bill advancing in the US Senate could target Russian and Iranian oil exports. IOC currently sources significant volumes from Russia (~50%+), Venezuela, and other non-Middle East regions. Implementation timeline remains unclear but poses supply diversification risk.
LPG under-recovery per cylinder swung from Rs 665 in June to Rs 475 in July to expected Rs 250 in Q2, highly dependent on Saudi CP movements. Government compensation timing and quantum remain uncertain despite past support.
Borrowings jumped Rs 31,000 crore in one quarter to Rs 1,41,453 crore as of June 30. While debt-equity remains manageable at 0.71, the interest cost has increased versus pre-war levels, creating margin pressure.
