State-run Indian Oil Corporation (IOC) reported a standalone net loss of Rs 2,661 crore for the first quarter of FY27, compared with a net profit of Rs 5,689 crore in the corresponding quarter last year, as higher crude oil prices triggered by the West Asia conflict impacted the company’s profitability.
Despite the decline in earnings, the oil marketing major reported strong revenue growth during the quarter.
Revenue Rises 26% Year-on-Year
Indian Oil’s revenue from operations increased 26 percent year-on-year to Rs 2,75,972 crore in the April-June quarter, up from Rs 2,18,608 crore in the same period of FY26.
Explaining the fall in profitability, the company said:
“Decrease in Profitability is mainly on account of rise in crude cost due to West Asia conflict.”
Refining Operations Hit Record Levels
Operational performance remained strong during the quarter, with Indian Oil recording its highest-ever first-quarter crude throughput of 19.165 million metric tonnes (MMT), compared with 18.683 MMT a year earlier, registering a 3 percent increase.
The company also reported:
- Refinery capacity utilisation improved to 109.4 percent, up from 106.7 percent last year.
- Fuel and loss declined to a record low of 8.04 percent in the post-BS VI era.
Pipeline Throughput Reaches New High
Indian Oil’s cross-country pipeline network also achieved its highest-ever quarterly throughput, transporting 28.548 MMT, a 9 percent increase from 26.256 MMT in the corresponding quarter of the previous financial year.
Domestic Market Share Improves
Petroleum product sales increased 1 percent year-on-year to 22.542 MMT during the quarter. The company said its domestic market share rose to 43.1 percent, compared with 41.5 percent a year ago.
Quarterly sales of key transport fuels also reached record levels:
- Petrol (Motor Spirit): 4.522 MMT
- Diesel (High-Speed Diesel): 10.866 MMT
Gas and Petrochemicals Businesses Perform Well
Indian Oil’s natural gas sales increased 11 percent year-on-year to 1.873 MMT, compared with 1.685 MMT in the same quarter last year.
The company also reported improved profitability in its petrochemicals business, supported by higher sales of products including:
- Linear Alkyl Benzene (LAB)
- Benzene (BA)
- Purified Terephthalic Acid (PTA)
- Butadiene
In addition, the company’s gas segment delivered a significant improvement in profitability during the quarter.
