New Delhi: Indian Oil Corporation (IOC) reported a sharp turnaround in its September-quarter financial performance, moving from a net loss in the June quarter to a standalone net profit of Rs 21,630 crore in Q2 FY27. The state-run oil marketing company also recorded a significant improvement in operating earnings, with EBITDA rising to Rs 30,297 crore.
The September-quarter net profit was substantially higher than the market estimate of Rs 6,268 crore. In the preceding quarter, Indian Oil had reported a net loss of Rs 2,661 crore.
Revenue from operations stood at Rs 2.50 lakh crore, broadly matching analysts’ estimates. However, it declined 4.6% sequentially from Rs 2.62 lakh crore in the June quarter.
The company’s operating performance also improved considerably. EBITDA increased from Rs 1,947 crore in Q1 FY27 to Rs 30,297 crore in Q2, exceeding the estimated Rs 11,600 crore. The EBITDA margin expanded to 12.1% from just 0.7% in the previous quarter.
Indian Oil Q2 FY27 results: Key financial highlights
The September-quarter results show a substantial improvement across Indian Oil’s profitability indicators compared with the June quarter. While revenue recorded a sequential decline, net profit and operating earnings moved sharply higher.
The key standalone financial figures, on a quarter-on-quarter basis, are:
| Financial metric | Q2 FY27 | Q1 FY27 | Market estimate |
|---|---|---|---|
| Net profit | Rs 21,630 crore | Loss of Rs 2,661 crore | Rs 6,268 crore |
| Revenue | Rs 2.50 lakh crore | Rs 2.62 lakh crore | Rs 2.50 lakh crore |
| EBITDA | Rs 30,297 crore | Rs 1,947 crore | Rs 11,600 crore |
| EBITDA margin | 12.1% | 0.7% | — |
The figures indicate that Indian Oil’s net profit recovered strongly from the loss recorded in the June quarter. Its EBITDA was also substantially above the market estimate, while revenue remained broadly in line with expectations.
The improvement in operating earnings was reflected in the expansion of the company’s EBITDA margin.
Net profit rises sharply after June-quarter loss
Indian Oil reported a standalone net profit of Rs 21,630 crore for the quarter ended September 30, 2026. This marks a significant change from the net loss of Rs 2,661 crore recorded in the preceding quarter.
The profit also exceeded the market estimate of Rs 6,268 crore by a considerable margin.
The turnaround in profitability was one of the key features of the September-quarter results. The company moved from a loss-making position in Q1 FY27 to reporting a substantial profit in the following quarter.
However, the figures provided compare the September quarter with the immediately preceding June quarter. They do not establish how the latest profit compares with the corresponding quarter of the previous financial year.
Revenue declines 4.6% to Rs 2.50 lakh crore
Indian Oil’s revenue for Q2 FY27 stood at Rs 2.50 lakh crore, compared with Rs 2.62 lakh crore in Q1 FY27.
This represents a sequential decline of 4.6%. Despite the reduction, the revenue figure was broadly in line with analysts’ expectations of Rs 2.50 lakh crore.
The difference between the revenue trend and the improvement in profitability is a notable feature of the results. While the company recorded lower revenue compared with the June quarter, its operating earnings increased sharply.
Revenue from operations reflects income generated through the company’s business activities. For an oil marketing company such as Indian Oil, operating performance is influenced by several factors, including refining and marketing activities, product realisations and input costs.
The figures supplied with the quarterly results do not provide a detailed breakdown of the factors behind the sequential revenue movement.
EBITDA jumps to Rs 30,297 crore
Indian Oil’s EBITDA surged to Rs 30,297 crore in the September quarter, compared with Rs 1,947 crore in the June quarter.
The latest figure was also significantly higher than the market estimate of Rs 11,600 crore.
EBITDA, or earnings before interest, tax, depreciation and amortisation, is a measure used to assess a company’s operating profitability before accounting for these expenses.
The sharp increase in EBITDA indicates a substantial improvement in Indian Oil’s operating earnings during the quarter. The rise was particularly notable because revenue declined sequentially over the same period.
The results therefore point to a stronger operating performance in Q2 FY27, although a detailed assessment of the reasons would require additional information about the company’s refining, marketing and other business segments.
EBITDA margin expands to 12.1%
Indian Oil’s EBITDA margin increased to 12.1% in Q2 FY27 from 0.7% in Q1 FY27.
This represents an expansion of 1,140 basis points, or 11.4 percentage points, over the previous quarter.
The EBITDA margin measures operating earnings as a proportion of revenue. A higher margin indicates that a company is generating more operating earnings from each rupee of revenue.
The expansion in Indian Oil’s margin accompanied the sharp rise in EBITDA, highlighting the improvement in operating profitability during the September quarter.
The margin movement is particularly significant given that revenue declined by 4.6% sequentially. It shows that the improvement in operating earnings was not driven by higher revenue alone.
Indian Oil share price: Stock closes 0.2% lower
Indian Oil announced its Q2 FY27 financial results after the stock market closed on Friday, October 30, 2026.
Shares of the company ended the trading session 0.2% lower at Rs 130.15 apiece on the National Stock Exchange (NSE). In comparison, the benchmark Nifty 50 index advanced 0.15% during the day.
The stock’s recent performance across different periods was as follows:
| Period | Share price performance |
|---|---|
| One week | Up 0.82% |
| One month | Down 3.54% |
| Year-to-date | Down 21.54% |
| One year | Down 20.4% |
The shares recorded a marginal decline during Friday’s session, while the quarterly results were released after market hours. Investors will be able to assess the announcement in subsequent trading sessions.
The stock’s performance over the one-month, year-to-date and one-year periods remained negative, despite the improvement in the latest quarterly earnings.
What Indian Oil’s Q2 results mean for investors
Indian Oil’s September-quarter performance reflects a sharp recovery in profitability compared with the June quarter. Net profit rose to Rs 21,630 crore from a loss of Rs 2,661 crore, while EBITDA increased to Rs 30,297 crore.
The expansion in EBITDA margin to 12.1% from 0.7% further highlights the improvement in operating performance. Revenue, meanwhile, declined 4.6% sequentially but remained in line with market expectations.
The results will be closely followed by investors assessing whether the company can sustain its improved operating margins and earnings in the coming quarters. Its share price performance after the announcement will also be watched as the market evaluates the latest financial figures.