IOC FY26 PAT jumps 184% to Rs 36,802 crore; Q4 profit rises 57%

The country’s largest oil marketing company posted standalone PAT of ₹11,377.51 crore during the January-March quarter of FY26, compared with ₹7,264.85 crore in the corresponding quarter last year. Sequentially, profit moderated from ₹12,125.86 crore in Q3 FY26.

Revenue from operations during FY26 rose 5% to ₹8.86 lakh crore from ₹8.45 lakh crore in FY25, according to audited financial results approved by the board.

IOC’s standalone annual PAT increased from ₹12,962 crore in FY25 to ₹36,802 crore in FY26.

According to the company, FY26 saw strong operational performance across refining, pipelines, petrochemicals, lubricants and fuel marketing businesses.

IOC’s refineries achieved their highest-ever crude throughput of 75.4 million metric tonnes (MMT), while maintaining operational reliability of 99.5%. Pipeline throughput also touched a record 105.3 MMT during the year.

Its consolidated petroleum product sales volume rose to an all-time high of 104.4 MMT, up around 4% from 100.3 MMT in FY25.

Domestic petroleum sales increased 4.8% against industry growth of 4.3%. IOC’s refinery capacity utilisation stood at 107.4%.

In the marketing business, the company commissioned a record 909 retail outlets during FY26, strengthening its network presence across key highway corridors.

The lubricants segment reported record sales of 855 thousand metric tonnes (TMT), registering around 15% growth, significantly higher than the industry growth of nearly 4%.

IOC’s petrochemicals segment also posted its highest-ever performance, with sales reaching 3.22 MMT and production touching 3.4 MMT.

In the gas business, RLNG sales stood at around 5.60 MMT excluding internal consumption.

The company’s operating margin improved to 5.84% in FY26 from 2.11% in the previous year, while net profit margin rose to 4.15% from 1.53%.

The board recommended a final dividend of ₹1.25 per equity share in addition to the interim dividend of ₹7 per share already paid during the year.

According to notes to the financial statements, IOC had three crude oil cargoes worth ₹5,411.83 crore and five LPG cargoes valued at ₹618.64 crore in the Arab Gulf/Persian Gulf region as on March 31, 2026.

The company said all five LPG cargoes had subsequently been received by May 18 and that the shipments were adequately insured.

IOC also stated that FY26 profitability remained “largely insulated” from the impact of the Middle East conflict because inventories had been procured before the escalation in crude prices and shipping disruptions.

The company disclosed a cumulative net negative LPG buffer of ₹23,101.56 crore under the domestic LPG compensation mechanism as of March 31, 2026. During FY26, IOC recognised ₹6,035.85 crore as revenue towards government-approved compensation for domestic LPG under-recoveries.

IOC reduced total borrowings by ₹23,798 crore during FY26 to ₹1.10 lakh crore from ₹1.34 lakh crore a year earlier.