Indian Oil's Q3 profit jumps a whopping 528% to ₹13,500cr
What's the story
Indian Oil Corporation (IOCL), the state-run oil major, has reported a massive jump in its consolidated net profit for the third quarter of FY26. The company's net profit touched ₹13,502.26 crore, a whopping 528% increase from ₹2,147.35 crore in the same period last fiscal year. The surge is primarily due to improved refining margins during this period.
Financial growth
Revenue from operations surges for IOCL
Along with the net profit, IOCL also witnessed a significant jump in its revenue from operations. The company's revenue stood at ₹2.36 lakh crore for the third quarter of FY26, a 7.6% increase from ₹2.19 lakh crore in Q3 of FY25. IOCL's average Gross Refining Margin (GRM) for the period from April to December 2025 was $8.41 per barrel, up from $3.69 per barrel in the same period last year.
Sequential growth
Sequential growth in operating margin and net profit
Sequentially, IOCL's net profit increased by 64.8% from ₹8,190.86 crore in Q2 of FY26. The company's operating margin also improved to 7.94% during the third quarter of FY26 as compared to 1.60% in the same period last year. This sequential growth further underscores IOCL's strong performance and financial stability amid fluctuating market conditions and industry challenges over time.
Operational growth
Domestic market sales and refinery throughput up for IOCL
IOCL's domestic market sales also witnessed a 4.9% growth to 26.015 million tons in Q3 of FY26, up from 24.780 million tons in the same period last fiscal year. The company's refinery throughput also increased to 19.427 million tons during this period, as compared to 18.110 million tons a year ago. This operational growth highlights IOCL's continued dominance in the Indian oil and gas sector despite global challenges and competition over time.