New Delhi, India — February 5, 2026
State-owned energy major Indian Oil Corporation (IOC) on Thursday reported a sharp rebound in profitability for the October–December 2025 quarter, posting a more than fourfold jump in standalone net profit driven by stronger refining and marketing margins.
For the third quarter of FY26, IOC’s standalone net profit rose to ₹12,125.86 crore, compared with ₹2,873.53 crore recorded in the same quarter last year, according to the company’s financial statement.
Refining, Marketing Strength Offset Petrochemical Weakness
The company said improved performance in its refining and marketing businesses more than compensated for weakness in the petrochemicals segment. Lower crude oil prices during the quarter supported higher refining margins, while fuel demand remained steady.
IOC reported a 5% year-on-year increase in fuel sales, reflecting resilient consumption across transportation and industrial sectors.
Gross Refining Margin Improves Sharply
During the April–December 2025 period, IOC earned an average of USD 8.41 per barrel by converting crude oil into fuel, a significant improvement from USD 3.69 per barrel in the corresponding period last year. The rise in gross refining margin played a key role in boosting overall profitability.
Earnings Season Focus on PSU Oil Companies
IOC’s strong Q3 performance comes amid an active earnings season for public sector oil companies, with investors closely monitoring refining margins, fuel demand trends, and global crude price movements.
The company did not announce any change to its operational or financial outlook following the release of its quarterly results.
