IOC · Oil Gas & Consumable Fuels
Indian Oil Corporation Ltd. reported revenue of ₹1.95 lakh cr for January to March 2025, −1.7% on the year and +0.6% on the quarter. Over the last four quarters revenue comes to ₹7.58 lakh cr, −2.4% on the four before.
Operating profit (EBITDA) was ₹15,029 cr, a margin of 7.7%, +167 bps on the year and +379 bps on the quarter. Over the last 8 quarters the margin has ranged from 2.0% to 12.9%, averaging 7.2%. Operating costs grew −3.4% against revenue growth of −1.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹8,368 cr, +52.5% on the year and +289.8% on the quarter, with earnings per share of ₹5.75. Profit before other income, one-offs and tax grew 48.7%, so 4 points of the headline growth came from outside the core business. The tax rate was 17% against an average of 24% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹13,789 cr, −68.1% on the four before.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹9.63 over the last four quarters, the stock at ₹129.68 trades at 13.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.79 lakh cr | ₹2.00 lakh cr | ₹1.99 lakh cr | ₹1.94 lakh cr | ₹1.75 lakh cr | ₹1.94 lakh cr | ₹1.95 lakh cr | ₹1.92 lakh cr | ₹1.79 lakh cr | ₹2.05 lakh cr | ₹2.08 lakh cr | ₹2.66 lakh cr |
| YoY | — | — | — | −2% | −2% | −3% | −2% | −1% | +2% | +6% | +7% | +39% |
| EBITDA margin | 12.9% | 8.4% | 6.0% | 5.1% | 2.0% | 3.9% | 7.7% | 6.9% | 9.1% | 11.1% | 11.9% | 1.5% |
| Other income, % of PBT | 5% | 16% | 23% | 23% | — | 70% | 15% | 20% | 12% | 9% | 12% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 23% | 26% | 23% | — | 22% | 17% | 22% | 26% | 24% | 23% | — |
| Net profit | ₹13,713 cr | ₹9,225 cr | ₹5,488 cr | ₹3,723 cr | −₹449 cr | ₹2,147 cr | ₹8,368 cr | ₹6,808 cr | ₹8,191 cr | ₹13,502 cr | ₹15,176 cr | −₹1,141 cr |
| YoY | — | — | — | −75% | −103% | −77% | +52% | +83% | — | +529% | +81% | −117% |
| Core profit YoY | — | — | — | −80% | −118% | −92% | +49% | +88% | — | +1,852% | +104% | −130% |
| EPS | ₹9.29 | ₹6.39 | ₹3.65 | ₹2.50 | −₹0.12 | ₹1.50 | ₹5.75 | ₹4.83 | ₹5.54 | ₹9.21 | ₹10.24 | −₹1.15 |
| Flags | · | · | · | 1 | 2 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Indian Oil Corporation Ltd. reported revenue of ₹1.95 lakh cr (−1.7% on the year) and net profit of ₹8,368 cr (+52.5% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +48.7% on the year, against +52.5% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.