Due to increased profitability and better operational performance, Indian Oil Corporation (IOC) reported a 78% year-over-year increase in consolidated net profit to Rs 14,458 crore in the March quarter (Q4FY26) from Rs 8,124 crore in the same quarter of the prior fiscal year.
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While revenue from operations increased 7% to Rs 2,36,899 crore in Q4FY26 from Rs 2,21,360 crore in the same period last year, the parent company’s profit attributable to equity shareholders improved significantly throughout the quarter.
In Q4, Revenue Growth and Margins Improve
Sequentially, IOC’s revenue increased by just 0.27 percent from Rs 2,36,257 crore in the October–December quarter of FY26, while its profit after tax (PAT) increased by 11% from Rs 13,007 crore reported in Q3FY26.
A final dividend of Rs 1.25 per equity share was also suggested by the company’s board, subject to shareholder approval at the next Annual General Meeting (AGM). The record date for payment will be notified separately, however the dividend will be paid within 30 days of its declaration at the AGM.
Compared to Rs 17,827 crore in Q3FY26 and Rs 10,044 crore in Q4FY25, IOC’s profit before tax (PBT) was Rs 19,791 crore in Q4FY26, indicating higher profitability.
In comparison to Rs 2.20 lakh crore in Q3FY26 and Rs 2.12 lakh crore in the comparable quarter of the prior fiscal year, the state-run oil marketing company posted expenses of Rs 2.19 lakh crore for the period. Among other operating expenses, the spending included costs for materials used, excise tax, stock purchases, employee benefits, and financing.
Focus on Financial Health and Middle East Volatility
The Middle East crisis, which started in February, caused supply uncertainty and volatility in the price of crude oil and petroleum products worldwide, according to IOC’s exchange report. However, the company claimed that because inventories were purchased at regular prices before to the conflict intensifying, its profitability in Q4FY26 remained mainly unaffected by these disruptions.
The debt-to-equity ratio improved to 0.53 in Q4FY26 from 0.60 in Q3FY26 and 0.75 in Q4FY25, according to the company’s balance sheet.
Over the course of the quarter, profitability ratios also improved. The profit margin increased from 5.72 percent in Q3FY26 and 3.78 percent in Q4FY25 to 6.41 percent in Q4FY26. Comparably, operating margin increased to 8.40 percent from 7.94 percent in Q3FY26 and 4.96 percent in Q4FY25.
As of March 31, 2026, the company’s total assets were Rs 5,28,956 crore, up from Rs 5,07,200 crore as of March 31, 2025. This shows that its operations and scale have continued to grow.
