IOC
I O C L share price & financials
- Price
- ₹143.43
- Market cap
- ₹2.0L Cr
- Sector
- Oil, Gas & Consumable Fuels
- Calls analysed
- 6
I O C L Q1 FY27
What went well
- Revenue from operations grew sequentially to ₹2,75,972 crore from ₹2,32,855 crore in Q4 FY26, driven by higher product prices.
- Refineries achieved 109.4% capacity utilization with 19.2 MMT crude throughput, demonstrating operational efficiency.
- Pipeline operations recorded their highest ever quarterly throughput of 28.5 MMT at 79.9% capacity utilization.
What to watch
- Reported a Net Loss of ₹2,661 crore in Q1 FY27, compared to a Profit after Tax of ₹11,378 crore in Q4 FY26 and ₹5,689 crore in Q1 FY26.
- Experienced significant pressure on marketing margins for retail fuels due to heightened geopolitical tensions and volatility in international crude and product prices.
What I O C L does
Indian Oil Corporation is a Maharatna state-owned energy major operating across the entire hydrocarbon value chain — refining, cross-country pipeline transportation, fuel marketing, petrochemicals, natural gas and exploration & production. It earns primarily by refining crude oil at its refineries and selling petroleum products (petrol, diesel, LPG, ATF and others) through the country's largest fuel-retail and distribution network, supplemented by petrochemicals, gas and upstream operations. It is also building out alternative-energy businesses in biofuels, renewables and green hydrogen.
Segments
- Refining, Pipelines and Marketing
- Petrochemicals
- Natural Gas
- Exploration & Production (E&P)
- Alternative Energy & Other Businesses
- Market position
- No.1 — India's largest refiner and fuel marketer
- Group refining capacity
- 80.75 MMTPA across 10 refineries
- Pipeline network
- Over 20,000 km (crude 5,324 km, product 13,344 km, gas 1,337 km)
- Retail outlets (fuel stations)
- 40,221
- Customer touchpoints
- Over 63,267
- Active LPG customers
- 15.46 crore
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 2 delivered 2 missed 13 open- Renewable Energy Capacity went quiet said Q3 FY25 Promised: 31 GW by 2030 Q1 FY27: No mention of the 31 GW by 2030 target. A new, shorter-term target of 18 GW by FY30/31 was introduced.
- Barauni Refinery Expansion Date delayed said Q3 FY25 Promised: next financial year end (FY26-27) Q1 FY27: Revised to December 2026 from August 2026.
- FY26 CAPEX delivered said Q3 FY25 Promised: INR 33,000 crores Q4 FY26: Achieved: FY26 capex was 31,401 cr, within the 30k-40k cr guidance.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 38.5%, net profit down 116.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,74,976 | 1,94,014 | 1,95,270 | 1,92,341 | 1,78,628 +2% | 2,05,157 +6% | 2,08,289 +7% | 2,66,407 +39% |
| EBITDA | 3,467 | 7,573 | 15,029 | 13,267 | 16,245 +369% | 22,745 +200% | 24,804 +65% | 4,062 −69% |
| Net profit | -449 | 2,147 | 8,368 | 6,808 | 8,191 +1924% | 13,502 +529% | 15,176 +81% | -1,141 −117% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −4.3% 1Y
1Y: ₹141.14 on 10 Sept 2025 → ₹135.11. High ₹187.47 (27 Feb 2026), low ₹131.81 (18 May 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.5%
- 1 Aug
- Q4 FY26
- +2.4%
- 19 May
- Q2 FY26
- −0.4%
- 28 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 2.3% a year over 3 years, FY23 to FY26. Operating margin widened to 9.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹841.8k Cr | ₹776.4k Cr | ₹758.1k Cr | ₹784.4k Cr |
| Operating profit | ₹30.6k Cr | ₹75.6k Cr | ₹36.0k Cr | ₹77.1k Cr |
| Operating margin | 3.6% | 9.7% | 4.7% | 9.8% |
| Interest | ₹7.5k Cr | ₹7.8k Cr | ₹9.3k Cr | ₹8.3k Cr |
| Depreciation | ₹13.2k Cr | ₹15.9k Cr | ₹16.8k Cr | ₹18.4k Cr |
| Net profit | ₹11.7k Cr | ₹43.2k Cr | ₹13.8k Cr | ₹43.7k Cr |
| Net margin | 1.4% | 5.6% | 1.8% | 5.6% |
| Cash from operations | ₹29.6k Cr | ₹71.1k Cr | ₹34.7k Cr | ₹76.1k Cr |
| Free cash flow | ₹-2.5k Cr | ₹34.5k Cr | ₹421 Cr | ₹48.9k Cr |
| ROCE | 8.0% | 21.0% | 7.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9.2k Cr | ₹9.2k Cr | ₹13.8k Cr | ₹13.8k Cr | ₹13.8k Cr | ₹13.8k Cr |
| Reserves | ₹102.7k Cr | ₹124.4k Cr | ₹125.9k Cr | ₹169.6k Cr | ₹183.3k Cr | ₹205.7k Cr |
| Borrowings | ₹116.6k Cr | ₹132.0k Cr | ₹149.0k Cr | ₹132.6k Cr | ₹146.7k Cr | ₹131.8k Cr |
| Other liabilities | ₹126.7k Cr | ₹145.3k Cr | ₹153.3k Cr | ₹166.6k Cr | ₹172.7k Cr | ₹178.0k Cr |
| Total liabilities | ₹355.1k Cr | ₹410.9k Cr | ₹442.0k Cr | ₹482.7k Cr | ₹516.5k Cr | ₹529.4k Cr |
| Fixed assets | ₹157.1k Cr | ₹160.5k Cr | ₹180.0k Cr | ₹196.0k Cr | ₹209.8k Cr | ₹208.6k Cr |
| Capital work in progress | ₹36.3k Cr | ₹47.5k Cr | ₹51.1k Cr | ₹61.0k Cr | ₹77.2k Cr | ₹86.0k Cr |
| Investments | ₹44.7k Cr | ₹52.4k Cr | ₹52.2k Cr | ₹65.5k Cr | ₹70.9k Cr | ₹73.3k Cr |
| Other assets | ₹117.1k Cr | ₹150.5k Cr | ₹158.6k Cr | ₹160.1k Cr | ₹158.5k Cr | ₹161.4k Cr |
| Total assets | ₹355.1k Cr | ₹410.9k Cr | ₹442.0k Cr | ₹482.7k Cr | ₹516.5k Cr | ₹529.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +1.60 pp while the public trimmed −0.83 pp. The shareholder count shrank 7% to 28,59,833.
- Promoters
- 51.5%
- FIIs
- 9.1%
- DIIs
- 9.5%
- Government
- 19.6%
- Public
- 10.3%
Since Jun 2025
- FIIs +1.60 pp
- Public −0.83 pp
- DIIs −0.77 pp
How it drifted, 12 quarters
Over this window FIIs went from 7.8% to 9.1% — +1.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 51.5%, FIIs 7.8%, DIIs 10.7%, Government 19.6%, Public 10.4%.Dec '23: Promoters 51.5%, FIIs 8.8%, DIIs 9.9%, Government 19.6%, Public 10.1%.Mar '24: Promoters 51.5%, FIIs 8.5%, DIIs 10.2%, Government 19.6%, Public 10.2%.Jun '24: Promoters 51.5%, FIIs 7.8%, DIIs 10.0%, Government 19.6%, Public 11.1%.Sep '24: Promoters 51.5%, FIIs 7.9%, DIIs 10.4%, Government 19.6%, Public 10.6%.Dec '24: Promoters 51.5%, FIIs 7.4%, DIIs 10.1%, Government 19.6%, Public 11.4%.Mar '25: Promoters 51.5%, FIIs 7.4%, DIIs 10.0%, Government 19.6%, Public 11.6%.Jun '25: Promoters 51.5%, FIIs 7.5%, DIIs 10.3%, Government 19.6%, Public 11.2%.Sep '25: Promoters 51.5%, FIIs 7.7%, DIIs 10.4%, Government 19.6%, Public 10.8%.Dec '25: Promoters 51.5%, FIIs 8.6%, DIIs 10.0%, Government 19.6%, Public 10.3%.Mar '26: Promoters 51.5%, FIIs 9.8%, DIIs 9.1%, Government 19.6%, Public 10.0%.Jun '26: Promoters 51.5%, FIIs 9.1%, DIIs 9.5%, Government 19.6%, Public 10.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of I O C L above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 51.50% | unchanged |
| Oil And Natural Gas Corporation Limited | 14.20% | unchanged |
| Life Insurance Corporation Of India Insurer | 6.01% | unchanged |
| Oil India Limited | 5.16% | unchanged |
| Ioc Shares Trust | 2.48% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in IOC
Filings to Aug 2026
0 new, 17 added, 2 trimmed, 0 sold out — net −123.62 L shares (−8.6%).
- Held by funds
- ₹1.8k Cr
- 24 schemes
- Biggest holder
- SBI Contra Fund
- ₹502 Cr · 1.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Contra Fund SBI Mutual Fund | ₹502 Cr | held | Sep '22 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹299 Cr | +57.18 L | Aug '21 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹246 Cr | held | Feb '24 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹183 Cr | +4.24 L | Mar '22 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹140 Cr | +18.67 L | Apr '24 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹139 Cr | held | Apr '25 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹108 Cr | −205.38 L | Aug '22 |
| SBI Nifty Next 50 ETF SBI Mutual Fund | ₹63 Cr | +0.10 L | Mar '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
17 added, 2 trimmed — net −1.24 cr shares (−8.6%)
- Funds are sitting on
- +12%
- vs est. average cost
- Held by funds
- ₹1.8k Cr
- 24 schemes · ≈ 0.93% of the company
- Biggest holder
- SBI Contra Fund
- ₹502 Cr · 1.1% of that fund
- Longest holder
- Nippon India ETF Nifty 100
- 10y 11m · since Oct '15
Shares held by these funds +12%
Aug '23 14.48 cr shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse I O C L
Guides on how to read this kind of business and the numbers that matter.