Indian Oil, the country’s largest state-run oil refiner, on Thursday, August 14, reported a net profit of ₹5,689 crore for the current financial year (Q1FY26), up 115% from ₹2,643 crore in the same period last year. However, on a sequential basis, its net profit was down 22% from ₹7,265 crore in the previous quarter.
Indian Oil’s operating revenue during the first quarter rose 1% to ₹2.19 lakh crore from ₹2.16 lakh crore in the same quarter a year ago.
The company reported strong operating performance as its EBITDA (earnings before interest, tax, depreciation and amortisation), also called operating profit, grew 46% year-on-year to ₹12,607 crore.
IndianOil’s average gross refining margin (GRM) for the April-June period stood at $2.15 per barrel as against $6.39 per barrel in the same period last year. IndianOil said core GRM or current price GRM for the first quarter after adjusting for inventory loss/gain stood at $6.91 per barrel.
During the quarter, IndianOil earned revenues of ₹2.06 lakh crore from sale of petroleum products, ₹6,764 crore from petrochemical business, ₹10,309 crore from gas business and ₹432 crore from other business activities.
Meanwhile, Indian Oil became the first company in the country to receive the coveted ISCC CORSIA certification for production of Sustainable Aviation Fuel (SAF) at its Panipat refinery.
This certification, which is a prerequisite for commercial production of SAF, represents a significant advancement in India’s capability to produce, certify and distribute SAF, the company said in a statement.
The achievement was celebrated at a special ceremony where Cotecna formally presented the certification to IOC Chairman A.S. Sawhney in the presence of Rohit Mathur, Joint Secretary, Ministry of Petroleum and Natural Gas (MoPNG), and Manish Kumar, Joint Director General, DGCA.
The ISCC CORSIA certification (International Sustainability and Carbon Certification – ISCC), developed under the Carbon Offsetting and Reduction Scheme for International Aviation – CORSIA – by the International Civil Aviation Organisation (ICAO), certifies that SAF meets the highest international sustainability and lifecycle carbon emissions standards.
As of 2:41 pm, Indian Oil shares were trading down ₹1,235 to ₹140.65, lower than the Sensex which was down 0.09%.
