# Indian Oil Corporation (IOC) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/ioc

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹146.25
- Change: +1.21%
- As of: 2026-11-06
- 1D return: +1.21%
- 5D return: +12.37%
- 1M return: +15.84%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

As of 2026-11-06, IOC (₹146.25) exhibits a strong short-term bullish technical setup characterized by high momentum and significant volume participation. The daily trend is established (ADX 26.07), with price trading above all key moving averages (20/50/200 SMA, 20/50 EMA) and the Supertrend indicator. This upward move is corroborated by extreme volume anomalies on 2026-11-02 (+3.4%, volume ratio 2.58) and 2026-11-06 (+1.2%, volume ratio 2.23), suggesting active institutional or large-cap participation rather than retail-driven noise.

However, the stock is positioned at the very upper end of its recent ranges: +95.3% above the 20-day low and +95.3% above the 50-day low. While the monthly trend remains bullish (ADX 32.57), the weekly trend shows developing strength (ADX 22.12) with mixed moving average signals (price below 50-period SMA). The stock still carries a substantial current drawdown of -22.0% from its available high, indicating that the recent rally is a recovery phase within a longer-term downtrend (-13.1% over 1 year).

Near-term resistance is immediate at ₹146.47 (0.15% above) and ₹148.20 (1.33% above). Support rests at ₹145.34 (pivot, -0.62%) and ₹143.36 (low, -1.97%). A sustained break above ₹148.45 would confirm continuation toward higher levels, while a close below the 20-day EMA or the ₹143.36 support level would invalidate the immediate bullish structure.

- Trend Strength: Daily ADX is 26.07 (established uptrend); Monthly ADX is 32.57 (stronger established uptrend); Weekly ADX is 22.12 (developing).
- Momentum & Participation: Extreme volume-price anomalies recorded on 2026-11-02 (volume ratio 2.58) and 2026-11-06 (volume ratio 2.23), confirming strong buying interest.
- Price Positioning: Price (₹146.25) is near the top of 20-day (+95.3%) and 50-day (+95.3%) ranges but only +33.3% above the 252-day low; current drawdown remains -22.0%.
- Key Levels: Immediate resistance at ₹146.47 and ₹148.20; primary support at pivot ₹145.34 and low ₹143.36.
- Monitoring Condition: A daily close above ₹148.45 would signal breakout confirmation; a drop below ₹143.36 would suggest loss of short-term momentum.

- Bullish Engulfing Reversal
- Doji
- Hammer
- Harami

### News Context

Indian Oil Corporation (IOC) shares rallied up to 4% on November 3, 2026, as Brent crude oil dipped below $105 per barrel for a second consecutive session. This price movement benefited downstream crude-sensitive stocks like IOC, BPCL, and HPCL, contrasting with falls in upstream producers such as ONGC and Oil India. The rally occurred amid ongoing US-Iran peace talks, which eased supply concerns. Looking ahead, Indian refiners including IOC reported record refining margins in the September quarter, driven by global supply disruptions and strong demand for diesel, gasoline, and aviation turbine fuel (ATF). While management expects these healthy margins to continue due to tight product supplies and reduced global refining runs, gains may be constrained by higher crude premiums, freight costs, and domestic fuel pricing constraints. Goldman Sachs has revised its oil price forecasts upward, warning that Brent could reach $140 in 2027 if Gulf production remains significantly below average due to geopolitical risks.

- On November 3, 2026, IOC shares rose up to 4% as Brent crude fell below $105/bbl, benefiting from lower input costs typical for downstream refiners.
- IOC and peers reported record refining margins in the September quarter, supported by global supply disruptions and strong cracks for diesel, gasoline, and ATF.
- Management anticipates continued healthy margins due to tight product supplies and reduced global refining runs, though this may be limited by higher crude premiums and domestic pricing constraints.
- Goldman Sachs forecasts Brent could reach $140/bbl in 2027 if Gulf production stays below average, highlighting potential upside risk to crude prices amid geopolitical tensions.

- [Indian oil refiners expect healthy margins amid global supply disruptions](https://economictimes.indiatimes.com/industry/energy/oil-gas/indian-oil-refiners-expect-healthy-margins-amid-global-supply-disruptions/articleshow/135510706.cms)
- [IndiGo, Indian Oil and other crude-sensitive stocks rally up to 4% as oil dips below $105/bbl. Where are prices headed?](https://economictimes.indiatimes.com/markets/stocks/news/indigo-indian-oil-and-other-crude-sensitive-stocks-rally-up-to-4-as-oil-dips-below-105/bbl-where-are-prices-headed/articleshow/135482481.cms)
- [Crude-sensitive stocks gain as oil stays below $105; HPCL, IndiGo rise](https://www.business-standard.com/markets/news/crude-sensitive-stocks-gain-as-oil-stays-below-105-hpcl-indigo-rise-126110300400_1.html)
- [Nifty Outlook for November 3: Can Reliance Industries help Nifty move back to 24,000 in the near-term](https://www.cnbctv18.com/market/nifty-outlook-for-november-3-can-reliance-industries-help-nifty-move-back-to-24000-in-the-near-term-20025310.htm)
- [Reliance fuels Nifty’s best single-day jump in months; Sensex reclaims 75,600](https://www.thehindubusinessline.com/markets/reliance-fuels-niftys-best-single-day-jump-in-months-sensex-reclaims-75600/article71656555.ece)

### Official Filings

Indian Oil Corporation Limited (IOC) reported unaudited financial results for Q2 FY26/27, showing a significant increase in profitability. Standalone net profit rose to ₹21,630.03 crore from ₹7,610.45 crore in Q1, driven by ₹7,243.02 crore in government compensation for LPG under-recoveries. Operational efficiency remained high with refinery capacity utilization at 102.3% and throughput of 18.1 MMT. Concurrently, the company disclosed governance challenges, noting a lack of minimum Independent Directors which led to the discontinuation of key Board committees effective March 28, 2026. Senior management changes occurred on October 31, 2026, with two Executive Directors retiring. Capital expenditure proceeds from ₹17,000 crore in debentures were utilized as planned, though these instruments remain unsecured.

- Q2 FY26/27 standalone net profit increased to ₹21,630.03 crore (up from ₹7,610.45 crore in Q1), supported by ₹7,243.02 crore in LPG under-recovery compensation.
- Refinery operations recorded 102.3% capacity utilization and 18.1 MMT throughput; expansions at Panipat, Gujarat, and Barauni are nearing completion with expected commissioning in December 2026.
- Board-level governance impact: Audit, Nomination & Remuneration, and CSR Committees were discontinued effective March 28, 2026, due to insufficient Independent Directors.
- Two Executive Directors (Subrat Kar and Alex C Pulikottil) ceased roles on October 31, 2026, via superannuation.

- [Indian Oil Corporation Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IOC_04112026164607_2026_11_04_Transcripts_of_Analyst_Concall_for_Q2_26_27_S.pdf)
- [INDIAN OIL CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_854_WebXMLFile_20261101_103253855.xml)
- [Indian Oil Corporation Limited has informed the Exchange regarding 'Change in Senior Management Personnel'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/IOC_01112026104625_2026_11_01_Reg_30_Change_in_Senior_management_S.pdf)
- [Indian Oil Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IOC_30102026155653_2026_10_30_Reg_30_Integrated_filing_financial_Q2_26_27_S.pdf)
- [Statement of deviation/variation in use of Issue proceeds |SUBJECT: Statement of deviation/variation in use of Issue proceeds](https://nsearchives.nseindia.com/content/debt/WDM/IOC_30102026160602_Statement_of_deviation_Reg52_7_30092026_Final_S.pdf)
- [Security Cover |SUBJECT: Security Cover](https://nsearchives.nseindia.com/content/debt/WDM/IOC_30102026160658_Securities_Cover_Nil_Report_30092026_Final_S.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750285_30102026064816_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750292_30102026064915_WEB.xml)
- [Indian Oil Corporation Limited has informed the Exchange regarding 'Investors handout for unaudited financial results for the quarter and half year ended 30th September 2026.'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/IOC_30102026185045_2026_05_19_Investor_Handouts_Q4_2025_26_S.pdf)
- [Indian Oil Corporation Limited has informed the Exchange regarding 'Revised Investors handout for unaudited financial results for the quarter and halfyear ended 30th September 2026'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/IOC_30102026212756_2026_10_30_Investor_Handouts_Q2_2026_27_Revised_S.pdf)

### Fundamentals

Indian Oil delivered a sharp earnings recovery in Q2 FY2026-27, with Net Profit surging to ₹22,503 crore compared to a ₹1,141 crore loss in Q1. This turnaround was driven by a significant sequential drop in Expenses (₹2,84,009 crore to ₹2,41,171 crore) despite a slight decrease in Revenue from Operations (₹2,81,933 crore to ₹2,68,039 crore). On a trailing twelve-month (TTM) basis, the company’s financial strength is evident: Sales grew 23% to ₹9,33,821 crore, and Net Profit jumped 94% to ₹50,040 crore. Earnings quality remains robust, with Cash from Operating Activity reaching ₹76,142 crore in FY2026, supported by a CFO/EBITDA ratio of 114%. Balance-sheet health improved as Borrowings fell to ₹1,39,960 crore by Sep 2026, while Equity rose to ₹2,40,455 crore. However, inventory levels increased substantially to ₹1,54,779 crore, and finance costs rose sequentially to ₹2,499 crore in Q2.

- Q2 FY2026-27 Net Profit rebounded to ₹22,503 crore from a Q1 loss of ₹1,141 crore, driven by a ₹42,838 crore reduction in expenses.
- TTM metrics show strong momentum: Sales up 23% to ₹9,33,821 crore and Net Profit up 94% to ₹50,040 crore.
- Operating cash flow strengthened significantly to ₹76,142 crore in FY2026, indicating high earnings conversion quality.
- Borrowings declined to ₹1,39,960 crore by Sep 2026, though inventories expanded to ₹1,54,779 crore.

### Bull Case

Indian Oil (IOC) presents a conditional upside case driven by favorable refining economics and technical momentum, contingent on sustained low crude prices. In the September quarter, Indian refiners including IOC reported record margins due to global supply disruptions and tight product supplies, despite potential headwinds from higher crude premiums and domestic pricing constraints. This operational strength is supported by market dynamics where lower input costs benefit downstream players; shares of crude-sensitive stocks like IOC rallied up to 4% when Brent crude dipped below $105 per barrel. Technically, the stock shows bullish signals across daily, weekly, and monthly timeframes as of November 6, 2026, with a closing price of ₹146.25 and strong short-term performance (+13.3% over 10 days). However, this constructive view is balanced against a significant year-to-date decline of -11.8% and an annualized volatility of +26.1%, indicating that the near-term technical recovery must overcome longer-term bearish trends.

- Record refining margins in the September quarter driven by global supply disruptions and tight product supplies, though gains may be limited by higher crude premiums and domestic fuel pricing constraints.
- Shares rallied up to 4% when Brent crude fell below $105 per barrel, reflecting the typical dynamic where lower input costs benefit downstream refiners while pressuring upstream producers.
- Technical indicators show a bullish supertrend direction across daily, weekly, and monthly timeframes as of November 6, 2026, with the stock trading at ₹146.25 and gaining +13.3% over the past 10 days.
- The constructive case is conditional on contained crude prices, as the stock remains under pressure with a year-to-date return of -11.8% and a current drawdown of -22.0%.

- [Indian oil refiners expect healthy margins amid global supply disruptions](https://economictimes.indiatimes.com/industry/energy/oil-gas/indian-oil-refiners-expect-healthy-margins-amid-global-supply-disruptions/articleshow/135510706.cms)
- [IndiGo, Indian Oil and other crude-sensitive stocks rally up to 4% as oil dips below $105/bbl. Where are prices headed?](https://economictimes.indiatimes.com/markets/stocks/news/indigo-indian-oil-and-other-crude-sensitive-stocks-rally-up-to-4-as-oil-dips-below-105/bbl-where-are-prices-headed/articleshow/135482481.cms)
- [Crude-sensitive stocks gain as oil stays below $105; HPCL, IndiGo rise](https://www.business-standard.com/markets/news/crude-sensitive-stocks-gain-as-oil-stays-below-105-hpcl-indigo-rise-126110300400_1.html)
- [Nifty Outlook for November 3: Can Reliance Industries help Nifty move back to 24,000 in the near-term](https://www.cnbctv18.com/market/nifty-outlook-for-november-3-can-reliance-industries-help-nifty-move-back-to-24000-in-the-near-term-20025310.htm)
- [Reliance fuels Nifty’s best single-day jump in months; Sensex reclaims 75,600](https://www.thehindubusinessline.com/markets/reliance-fuels-niftys-best-single-day-jump-in-months-sensex-reclaims-75600/article71656555.ece)
- [Indian Oil Corporation Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IOC_04112026164607_2026_11_04_Transcripts_of_Analyst_Concall_for_Q2_26_27_S.pdf)
- [INDIAN OIL CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_854_WebXMLFile_20261101_103253855.xml)
- [Indian Oil Corporation Limited has informed the Exchange regarding 'Change in Senior Management Personnel'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/IOC_01112026104625_2026_11_01_Reg_30_Change_in_Senior_management_S.pdf)
- [Indian Oil Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IOC_30102026155653_2026_10_30_Reg_30_Integrated_filing_financial_Q2_26_27_S.pdf)
- [Statement of deviation/variation in use of Issue proceeds |SUBJECT: Statement of deviation/variation in use of Issue proceeds](https://nsearchives.nseindia.com/content/debt/WDM/IOC_30102026160602_Statement_of_deviation_Reg52_7_30092026_Final_S.pdf)

### Bear Case

Indian Oil (NSE: IOC) faces significant headwinds from macroeconomic volatility and structural pricing constraints. While the stock rallied recently on easing Brent crude prices (below $105/bbl), Goldman Sachs warns that geopolitical risks could push prices to $140 by 2027, threatening refiner margins through higher input costs. Domestically, IOCL’s potential gains are capped by government fuel pricing controls. Technically, the stock remains in a deep correction, with a current drawdown of -22.0% and a maximum drawdown of -33.1%. Year-to-date performance is negative at -11.8%, and the one-year return stands at -13.1%. Although short-term momentum indicators like the ADX (26.07) suggest strengthening trend intensity, the high annualized volatility of 26.1% underscores persistent price instability.

- Geopolitical risk: Goldman Sachs forecasts Brent crude could reach $140/bbl by 2027, raising input cost pressures for refiners despite recent dips below $105.
- Regulatory constraint: Domestic fuel pricing limits may cap margin expansion even if global refining cracks remain healthy.
- Technical weakness: The stock trades with a -22.0% current drawdown and -11.8% YTD return, indicating a prolonged downtrend despite recent technical bullish signals.
- High volatility: Annualized volatility sits at 26.1%, reflecting elevated price sensitivity to crude oil fluctuations.

- [Indian oil refiners expect healthy margins amid global supply disruptions](https://economictimes.indiatimes.com/industry/energy/oil-gas/indian-oil-refiners-expect-healthy-margins-amid-global-supply-disruptions/articleshow/135510706.cms)
- [IndiGo, Indian Oil and other crude-sensitive stocks rally up to 4% as oil dips below $105/bbl. Where are prices headed?](https://economictimes.indiatimes.com/markets/stocks/news/indigo-indian-oil-and-other-crude-sensitive-stocks-rally-up-to-4-as-oil-dips-below-105/bbl-where-are-prices-headed/articleshow/135482481.cms)
- [Crude-sensitive stocks gain as oil stays below $105; HPCL, IndiGo rise](https://www.business-standard.com/markets/news/crude-sensitive-stocks-gain-as-oil-stays-below-105-hpcl-indigo-rise-126110300400_1.html)
- [Nifty Outlook for November 3: Can Reliance Industries help Nifty move back to 24,000 in the near-term](https://www.cnbctv18.com/market/nifty-outlook-for-november-3-can-reliance-industries-help-nifty-move-back-to-24000-in-the-near-term-20025310.htm)
- [Reliance fuels Nifty’s best single-day jump in months; Sensex reclaims 75,600](https://www.thehindubusinessline.com/markets/reliance-fuels-niftys-best-single-day-jump-in-months-sensex-reclaims-75600/article71656555.ece)
- [Indian Oil Corporation Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IOC_04112026164607_2026_11_04_Transcripts_of_Analyst_Concall_for_Q2_26_27_S.pdf)
- [INDIAN OIL CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_854_WebXMLFile_20261101_103253855.xml)
- [Indian Oil Corporation Limited has informed the Exchange regarding 'Change in Senior Management Personnel'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/IOC_01112026104625_2026_11_01_Reg_30_Change_in_Senior_management_S.pdf)
- [Indian Oil Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IOC_30102026155653_2026_10_30_Reg_30_Integrated_filing_financial_Q2_26_27_S.pdf)
- [Statement of deviation/variation in use of Issue proceeds |SUBJECT: Statement of deviation/variation in use of Issue proceeds](https://nsearchives.nseindia.com/content/debt/WDM/IOC_30102026160602_Statement_of_deviation_Reg52_7_30092026_Final_S.pdf)

### FAQs

**How did Indian Oil's profitability change in the quarter ended September 30, 2026?**

Indian Oil reported a standalone net profit of ₹21,630.03 crore for Q2 FY26/27, a significant increase from ₹7,610.45 crore in Q1. The company attributed part of this performance to recognizing ₹7,243.02 crore as revenue from operations related to government compensation for LPG under-recoveries.

**What governance changes occurred at Indian Oil recently?**

Effective October 31, 2026, two Executive Directors—Subrat Kar and Dr. Alex C Pulikottil—ceased their roles through superannuation. Additionally, the company disclosed that it lacked the minimum required number of Independent Directors throughout the reporting period, leading to the discontinuation of its Audit Committee, Nomination & Remuneration Committee, and CSR Committee effective March 28, 2026.

- [Indian oil refiners expect healthy margins amid global supply disruptions](https://economictimes.indiatimes.com/industry/energy/oil-gas/indian-oil-refiners-expect-healthy-margins-amid-global-supply-disruptions/articleshow/135510706.cms)
- [IndiGo, Indian Oil and other crude-sensitive stocks rally up to 4% as oil dips below $105/bbl. Where are prices headed?](https://economictimes.indiatimes.com/markets/stocks/news/indigo-indian-oil-and-other-crude-sensitive-stocks-rally-up-to-4-as-oil-dips-below-105/bbl-where-are-prices-headed/articleshow/135482481.cms)
- [Crude-sensitive stocks gain as oil stays below $105; HPCL, IndiGo rise](https://www.business-standard.com/markets/news/crude-sensitive-stocks-gain-as-oil-stays-below-105-hpcl-indigo-rise-126110300400_1.html)
- [Nifty Outlook for November 3: Can Reliance Industries help Nifty move back to 24,000 in the near-term](https://www.cnbctv18.com/market/nifty-outlook-for-november-3-can-reliance-industries-help-nifty-move-back-to-24000-in-the-near-term-20025310.htm)
- [Reliance fuels Nifty’s best single-day jump in months; Sensex reclaims 75,600](https://www.thehindubusinessline.com/markets/reliance-fuels-niftys-best-single-day-jump-in-months-sensex-reclaims-75600/article71656555.ece)
- [Indian Oil Corporation Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IOC_04112026164607_2026_11_04_Transcripts_of_Analyst_Concall_for_Q2_26_27_S.pdf)
- [INDIAN OIL CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_854_WebXMLFile_20261101_103253855.xml)
- [Indian Oil Corporation Limited has informed the Exchange regarding 'Change in Senior Management Personnel'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/IOC_01112026104625_2026_11_01_Reg_30_Change_in_Senior_management_S.pdf)
- [Indian Oil Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IOC_30102026155653_2026_10_30_Reg_30_Integrated_filing_financial_Q2_26_27_S.pdf)
- [Statement of deviation/variation in use of Issue proceeds |SUBJECT: Statement of deviation/variation in use of Issue proceeds](https://nsearchives.nseindia.com/content/debt/WDM/IOC_30102026160602_Statement_of_deviation_Reg52_7_30092026_Final_S.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹145.34
- Risk regime: Price Risk Requires Attention

### Support levels
- 140.0625
- 136.58249999999998
- 130.375

### Resistance levels
- 148.197841796875
- 154.96625
- 158.365

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +1.21% |
| return_10 | +13.29% |
| return_1m | +11.13% |
| return_1y | -13.14% |
| return_20 | +15.84% |
| return_3m | +2.52% |
| return_5 | +12.37% |
| return_6m | -1.32% |
| return_since_start | +6.72% |
| return_ytd | -11.83% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -33.14% |
| annualized_volatility | +26.07% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Indian Oil Corporation Limited FY2026-27 Q2: Profit rebounds to ₹22,503 crore

Indian Oil Corporation Limited (IOC) reported consolidated profit of ₹22,503 crore in Q2 FY2026-27, compared with a loss of ₹1,141 crore in Q1 FY2026-27 and profit of ₹8,191 crore in Q2 FY2025-26. Revenue from operations declined 4.9% quarter on quarter, while expenses fell 15.1%; profit before tax rose to ₹27,542 crore from a loss in the preceding quarter. Finance costs and tax expense were also higher than in Q1.

## Revenue, expenses and profit before tax

Revenue from operations was ₹2,68,039 crore in Q2 FY2026-27, down from ₹2,81,933 crore in Q1 FY2026-27 and up from ₹2,06,447 crore in Q2 FY2025-26. Expenses were ₹2,41,171 crore, compared with ₹2,84,009 crore in Q1 and ₹1,96,699 crore a year earlier.

Profit before tax was ₹27,542 crore, versus a loss of ₹1,630 crore in Q1 FY2026-27 and ₹10,392 crore in Q2 FY2025-26. The quarter-on-quarter recovery in pre-tax profit came alongside lower revenue and lower expenses.

## Earnings, finance costs and tax

Profit for the period was ₹22,503 crore, compared with a loss of ₹1,141 crore in Q1 FY2026-27 and profit of ₹8,191 crore in Q2 FY2025-26. Profit from continuing operations was ₹21,854 crore, while comprehensive income for the period was ₹22,006 crore.

Basic and diluted earnings per share from continuing operations were ₹15.54, compared with a loss of ₹1.18 per share in Q1 FY2026-27 and earnings of ₹5.68 per share in Q2 FY2025-26.

Finance costs increased 44.5% quarter on quarter to ₹2,499 crore from ₹1,730 crore. Tax expense was ₹5,688 crore, up from ₹209 crore in Q1. Both were higher as profit before tax returned to positive territory.

## Balance sheet at 30 September 2026

Total assets were ₹5,77,161 crore at 30 September 2026, compared with ₹5,28,955 crore at 31 March 2026. Total liabilities increased to ₹3,36,706 crore from ₹3,03,408 crore, and equity rose to ₹2,40,455 crore from ₹2,25,547 crore.

Inventories increased to ₹1,54,779 crore from ₹1,17,133 crore at 31 March. Trade receivables rose to ₹24,970 crore from ₹14,635 crore, while trade payables increased to ₹73,251 crore from ₹57,369 crore. Current assets were ₹2,03,853 crore and current liabilities ₹2,40,718 crore at the September quarter-end.

Cash and cash equivalents were ₹619 crore, down from ₹1,833 crore at 31 March 2026. Current borrowings stood at ₹73,557 crore and noncurrent borrowings at ₹66,403 crore at 30 September.

## Key Takeaway

IOC moved from a Q1 loss to substantial profit in Q2 FY2026-27 as expenses declined more sharply than revenue quarter on quarter. The period-end balance sheet also showed higher inventories, receivables and borrowings alongside lower cash than at 31 March 2026.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +51.50%
- FII holding: +9.08%
- DII holding: +9.52%
- Mutual fund holding: +2.71%
- Retail holding: +5.38%
- Promoter pledged: +0.00%

### Major reported shareholders

- President of India — +51.50%
- OIL AND NATURAL GAS CORPORATION LIMITED — +14.20%
- LIFE INSURANCE CORPORATION OF INDIA — +6.01%
- OIL INDIA LIMITED — +5.16%
- IOC SHARES TRUST — +2.48% (Trusts)

## Official filings

- 2026-11-04 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_04112026164607_2026_11_04_Transcripts_of_Analyst_Concall_for_Q2_26_27_S.pdf)
- 2026-11-01 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_854_WebXMLFile_20261101_103253855.xml)
- 2026-11-01 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_01112026104625_2026_11_01_Reg_30_Change_in_Senior_management_S.pdf)
- 2026-10-30 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_30102026155653_2026_10_30_Reg_30_Integrated_filing_financial_Q2_26_27_S.pdf)
- 2026-10-30 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/IOC_30102026160602_Statement_of_deviation_Reg52_7_30092026_Final_S.pdf)
- 2026-10-30 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/IOC_30102026160658_Securities_Cover_Nil_Report_30092026_Final_S.pdf)
- 2026-10-30 — Financial Results Filing: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750285_30102026064816_WEB.xml)
- 2026-10-30 — Financial Results Filing: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750292_30102026064915_WEB.xml)
- 2026-10-30 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_30102026185045_2026_05_19_Investor_Handouts_Q4_2025_26_S.pdf)
- 2026-10-30 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_30102026212756_2026_10_30_Investor_Handouts_Q2_2026_27_Revised_S.pdf)
- 2026-10-27 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_27102026170121_2026_10_27_Analyst_Concall_Intimation_for_Q2_26_27_S.pdf)
- 2026-10-26 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_26102026151944_2026_10_26_CIN_updation_Intimation_S.pdf)
- 2026-10-23 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/IOCL_23102026122839_Qtrly_CP_Cert_30092026_NSE.pdf)
- 2026-10-15 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/IOC_15102026115407_2026_10_15_Record_date_intimation_XXV_Interest_2026_SE_S.pdf)
- 2026-10-15 — Shareholding Disclosure: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1738964_15102026043209_WEB.xml)
- 2026-10-13 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_854_WebXMLFile_20261013_165728196.xml)
- 2026-10-13 — Board Meeting Notice: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_13102026165847_2026_10_13_Reg_29_Intimation_of_BM_Q2_26_27_S.pdf)
- 2026-10-13 — Board Meeting Notice: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_854_WebXMLFile_20261013_165728196.xml)
- 2026-10-07 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/IOC_07102026172020_Half_yearly_certificate_debt_30_09_2026_S.pdf)
- 2026-10-01 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_01102026100346_2026_10_01_Reg_30_Change_in_Senior_management_S.pdf)
- 2026-10-01 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_854_WebXMLFile_20261001_100449809.xml)
- 2026-10-01 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_01102026142156_2026-10-01__Clarification_to_NSE_mail_on_News_Article__S.pdf)
- 2026-09-30 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/content/RSS/Online_announcements.xml)
- 2026-09-25 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IOC_25092026130322_Window_Closure_Notice_Q2_2026_27_S.pdf)
- 2026-09-25 — Generic Announcement: Indian Oil Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_854_WebXMLFile_20260925_130437567.xml)

## News and market events

- 2026-11-07 — DECCANCHRONICLE.COM: **OMCs Reject Karnataka's Excess Ethanol Claim, Cite Testing Procedures** — Public sector oil marketing companies have rejected Karnataka's claim that petrol contained up to 31 per cent ethanol, asserting the findings were not based on testing under prescribed statutory procedures. IOCL, BPCL, and HPCL stated their E20 fuel conforms to Indian Standards and cited concerns regarding the sampling methodology used in the October 2026 exercise, noting a lack of OMC participation and retention samples. — [Source](https://www.deccanchronicle.com/southern-states/karnataka/omcs-reject-karnatakas-excess-ethanol-claim-cite-testing-procedures-2002479)
- 2026-11-07 — DECCANCHRONICLE.COM: **Rahul Gandhi Questions Centre Over Alleged Excess Ethanol in Petrol** — Leader of Opposition Rahul Gandhi alleged that laboratory tests conducted by the Karnataka government found ethanol content in petrol samples from seven districts exceeding the prescribed 20 per cent limit, with some samples recording over 30 per cent. While Gandhi claimed this discrepancy harms consumers through reduced mileage and increased maintenance costs, the three major public sector oil marketing companies rejected the findings, citing non-compliance with statutory sampling procedures and asserting their fuel conforms to Bureau of Indian Standards specifications. — [Source](https://www.deccanchronicle.com/nation/current-affairs/rahul-gandhi-questions-centre-over-alleged-excess-ethanol-in-petrol-2002468)
- 2026-11-03 — Economic Times: **Indian oil refiners expect healthy margins amid global supply disruptions** — Indian oil refiners, including Reliance Industries, BPCL, HPCL, and IOCL, reported record refining margins in the September quarter driven by global supply disruptions and strong diesel, gasoline, and ATF cracks. While these companies expect healthy margins to continue due to tight product supplies and reduced global refining runs, their gains may be limited by higher crude premiums, freight costs, and domestic fuel pricing constraints. — [Source](https://economictimes.indiatimes.com/industry/energy/oil-gas/indian-oil-refiners-expect-healthy-margins-amid-global-supply-disruptions/articleshow/135510706.cms)
- 2026-11-03 — Economic Times: **IndiGo, Indian Oil and other crude-sensitive stocks rally up to 4% as oil dips below $105/bbl. Where are prices headed?** — Shares of downstream crude-sensitive stocks including IndiGo, Indian Oil, BPCL, and HPCL rallied up to 4% as Brent crude dipped below $105 per barrel for a second consecutive session, driven by ongoing US-Iran peace talks. Conversely, upstream producers ONGC and Oil India fell up to 2%, reflecting the typical market dynamic where lower input costs benefit refiners while pressuring exploration companies. Goldman Sachs has revised its oil price forecasts upward, warning that Brent could reach $140 in 2027 if Gulf production remains significantly below average due to geopolitical risks. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/indigo-indian-oil-and-other-crude-sensitive-stocks-rally-up-to-4-as-oil-dips-below-105/bbl-where-are-prices-headed/articleshow/135482481.cms)
- 2026-11-03 — BUSINESS: **Crude-sensitive stocks gain as oil stays below $105; HPCL, IndiGo rise** — Crude-sensitive stocks on Dalal Street rose as Brent crude remained below $105 per barrel, boosting investor sentiment despite a marginal uptick in prices. Oil marketing companies such as HPCL and BPCL gained significantly, while InterGlobe Aviation also saw gains due to the sector's high sensitivity to oil costs for aviation turbine fuel. — [Source](https://www.business-standard.com/markets/news/crude-sensitive-stocks-gain-as-oil-stays-below-105-hpcl-indigo-rise-126110300400_1.html)
- 2026-11-02 — CNBC-TV18: **Nifty Outlook for November 3: Can Reliance Industries help Nifty move back to 24,000 in the near-term** — Indian equity markets extended their recovery with the Nifty reclaiming 23,400, driven by easing crude oil prices, positive global cues, and strong corporate earnings that boosted investor sentiment. Analysts from HDFC Securities, LKP Securities, and Religare Broking view the underlying trend as sharply positive, identifying key resistance levels between 23,500 and 23,700 that could pave the way for a rally toward 24,000 if sustained. Market participants are expected to monitor developments in West Asia, crude price movements, and the outcome of the November 3 US midterm elections for further — [Source](https://www.cnbctv18.com/market/nifty-outlook-for-november-3-can-reliance-industries-help-nifty-move-back-to-24000-in-the-near-term-20025310.htm)
- 2026-11-02 — The Hindu: **Reliance fuels Nifty’s best single-day jump in months; Sensex reclaims 75,600** — Reliance Industries’ strongest single-day gain since April 2020 fueled India’s best Nifty jump in months, helping the Sensex reclaim 75,600 and extend its winning streak to three sessions. The rally was supported by easing crude oil prices, positive corporate earnings surprises across sectors like metals and oil & gas, and robust domestic consumption data reflected in October GST collections. While market breadth remained positive with broad-based gains, analysts cautioned that sustaining the recovery requires continued institutional inflows and contained crude prices amid upcoming US economic — [Source](https://www.thehindubusinessline.com/markets/reliance-fuels-niftys-best-single-day-jump-in-months-sensex-reclaims-75600/article71656555.ece)
- 2026-11-02 — MONEYCONTROL: **Accumulate Indian Oil Corporation; target of Rs 140: Prabhudas Lilladher** — Brokerage firm Prabhudas Lilladher has issued an 'Accumulate' recommendation for Indian Oil Corporation with a target price of Rs 140. — [Source](https://www.moneycontrol.com/news/business/earnings/accumulate-indian-oil-corporation-target-of-rs-140-prabhudas-lilladher-14066117.html)
- 2026-11-02 — CNBC-TV18: **Indian Oil shares rise over 3% after results beat; Nomura sees 42% upside** — Indian Oil Corporation reported Q2 FY27 standalone net profit of ₹21,630 crore, significantly beating market estimates driven by strong gross refining margins and inventory gains. Nomura maintained a 'Buy' rating on the stock with a target price of ₹185, citing these factors as drivers for the earnings beat. — [Source](https://www.cnbctv18.com/market/indian-oil-share-price-nomura-sees-42-pc-upside-strong-q2-earnings-beat-target-price-20024522.htm)
- 2026-11-02 — Mint: **Top stocks to watch today: Reliance Industries, Jio Platforms, NTPC, ITC shares in focus on Monday, 2 Nov | Full list** — Shares of ITC, Marico, NALCO, NLC India, Container Corporation of India, and Tata Investment Corporation are scheduled to release their Q2 FY2026 financial results on Monday, November 2, 2026. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-reliance-industries-jio-platforms-ntpc-itc-shares-in-focus-on-monday-2-nov-full-list-11793583063816.html)
- 2026-11-02 — Economic Times: **Stocks in news: Reliance Industries, Jio Platforms, M&M, CDSL, ITC, NTPC, IOCL and Hero MotoCorp** — Several major Indian companies reported their quarterly earnings results, with Reliance Industries, Jio Platforms, NTPC Green Energy, CDSL, NTPC, Bank of Baroda, GAIL, Bharat Electronics, and Mahindra & Mahindra showing profit growth, while Sun Pharma reported a decline due to exceptional charges. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-reliance-industries-jio-platforms-mm-cdsl-itc-ntpc-iocl-and-hero-motocorp/articleshow/135432220.cms)
- 2026-11-01 — The Hindu: **Oil PSUs clock ₹30,106 cr Q2 profit, near 39% of last year’s earnings** — Oil PSUs post ₹30,106 cr Q2 net, led by refining margins despite LPG subsidy under-recoveries and unchanged fuel prices. — [Source](https://www.thehindubusinessline.com/companies/oil-psus-clock-30106-cr-q2-profit-near-39-of-last-years-earnings/article71652288.ece)
- 2026-11-01 — Economic Times: **IOC, BPCL, HPCL clock Rs 30,106 cr Q2 profit, nearly 39 pc of last year's annual earnings** — India's three state-run fuel retailers posted a combined Q2 net profit of Rs 30,106 crore, driven by high refining margins and inventory gains despite frozen domestic fuel prices. The companies face mounting financial pressure from unpaid LPG subsidies, with total under-recoveries reaching Rs 67,900 crore at the end of September. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/ioc-bpcl-hpcl-clock-rs-30106-cr-q2-profit-nearly-39-pc-of-last-years-annual-earnings/articleshow/135420177.cms)
- 2026-10-31 — The Hindu: **IOC says crude Q2 price volatile as procurement swings between discounts and premiums** — Indian Oil Corporation's net profit more than doubled year-on-year to ₹21,630 crore in the second quarter, supported by improved refining margins and a brief decline in benchmark crude oil prices. The company sourced crude with significant price volatility, including discounts of up to $5 per barrel and premiums of as much as $12, while LPG under-recoveries are projected to rise through December. — [Source](https://www.thehindu.com/business/Economy/crude-oil-prices-very-volatile-in-q2-carried-both-discounts-premium-at-varying-intervals-iocl-official/article71650317.ece)
- 2026-10-30 — Times of India: **IOC profit surges 2.7x in Q2 on crude price decline** — Indian Oil Corporation reported a record net profit of Rs 22,503 crore for the September quarter, a 2.7-fold increase year-on-year, driven by declining crude oil prices between July and mid-August and robust margins in its petrochemical and gas segments. The company also warned that future profitability could be negatively impacted by inventory losses if crude prices decline further following the normalization of the situation in West Asia. — [Source](https://timesofindia.indiatimes.com/business/india-business/ioc-profit-surges-2-7x-in-q2-on-crude-price-decline/articleshow/135378707.cms)
- 2026-10-30 — The Hindu: **IOC Q2 profit soars 184% on higher refining margins** — Indian Oil Corporation announced plans to launch its own brand of packaged drinking water across its 43,000 fuel outlets using an aggregator-led revenue sharing model to boost non-fuel revenue. — [Source](https://www.thehindu.com/business/Industry/ioc-q2-profit-soars-184-on-higher-refining-margins/article71646254.ece)
- 2026-10-30 — CNBC-TV18: **IOC Q2 Results: Net profit swings to ₹21,630 crore QoQ; revenue at ₹2.50 lakh crore** — Indian Oil Corporation Ltd reported a swing to a net profit of ₹21,630 crore in Q2 from a loss in Q1, with EBITDA surging to ₹30,297 crore despite a 4.6% decline in revenue. — [Source](https://www.cnbctv18.com/market/stocks/ioc-share-price-q2-results-net-profit-swings-to-rs-21630-crore-qoq-revenue-at-rs-2-50-lakh-crore-20023488.htm)
- 2026-10-30 — FEEDS: **Q2 Results Live: Varun Beverages Q3 Net Profit Rises 14% YoY; Reliance Slips, Sun Pharma Gains Ahead Of Earnings** — Reliance Industries, Jio Platforms, Sun Pharmaceutical Industries, Bharat Electronics, Indian Oil Corporation, and Dixon Technologies, are among the 213 companies scheduled to announce their Q2 results today, October 30. Track the latest earnings announcements, financial performance, management commentary and stock market reaction live on NDTV Profit. — [Source](https://www.ndtvprofit.com/markets/q2-results-live-updates-october-30-ril-sun-pharma-bel-jio-platforms-varun-beverages-among-213-companies-to-announce-earnings-today-12257417)
- 2026-10-30 — CNBC-TV18: **Q2 Results Live Updates: Suzlon, Trent react to numbers; RIL, Sun Pharma, BEL, report today** — Reliance Industries, Sun Pharma, Bharat Electronics, Max Healthcare, Bank of Baroda, Dixon Technologies, Delhivery, GAIL, Engineers India, and Indian Oil Corporation are among the companies reporting their Q2 financial results today. — [Source](https://www.cnbctv18.com/market/q2-results-live-updates-reliance-industries-jio-sun-pharma-bel-gail-dixon-bob-ioc-eil-suzlon-trent-max-health-share-price-liveblog-20022987.htm)
- 2026-10-28 — Times of India: **Food safety dept suspends Zepto store operations over hygiene lapses before Diwali** — Food safety checks in Gautam Budh Nagar ahead of Diwali found hygiene lapses at online grocery stores; 16 served notices, Zepto Sector 135 shut. — [Source](https://timesofindia.indiatimes.com/city/noida/food-safety-dept-suspends-zepto-store-operations-over-hygiene-lapses-before-diwali/articleshow/135279382.cms)
- 2026-10-28 — CNBC-TV18: **AI products, subscriber renewals key to IndiaMART’s growth oultook, says CEO** — Dinesh Agarwal, CEO and Founder of IndiaMART InterMESH Ltd, said the company is taking steps to improve subscriber renewals, particularly among silver-tier customers. Since most subscriptions are annual, the impact of these measures will take time to show. — [Source](https://www.cnbctv18.com/market/earnings/indiamart-q2-results-arpu-expected-to-grow-8-as-gold-platinum-subscribers-remain-engaged-alpha-article-20021152.htm)
- 2026-10-27 — Mint: **Top dividend stocks to buy: PTC India, CESC, Vedanta, Coal India, HPCL offer up to 24% yield. Check full list here** — Axis Securities' dividend-yield report highlights PTC India at 24% and CESC at 10% among small-cap stocks. Vedanta and Coal India each yielded 7% among large caps, while HPCL led the PSU category at 7%. Dividend yield can fluctuate and should not be treated alone as an investment measure. — [Source](https://www.livemint.com/market/stock-market-news/top-dividend-stocks-to-buy-ptc-india-cesc-vedanta-coal-india-hpcl-offer-up-to-24-yield-check-full-list-here-11793085342244.html)
- 2026-10-27 — BUSINESSTODAY: **Top dividend yield stocks: Vedanta, Coal India, Indian Oil, BPCL among brokerage's list of companies** — Vedanta, Coal India, Indian Oil Corporation and Bharat Petroleum Corporation Ltd (BPCL) are among the companies featuring in Axis Direct's list of high dividend-yield stocks.The domestic brokerage, in its recent report, has identified companies across the large-cap, mid-cap, small-cap and PSU categories with dividend yields of up to 24 per cent over the past 12 months.Large-cap stocks with high dividend yieldsVedanta and Coal India top the large-cap list, with dividend yields of 7 per cent each over the last 12 months, according to the report. — [Source](https://www.businesstoday.in/markets/stocks/story/top-dividend-yield-stocks-vedanta-coal-india-indian-oil-bpcl-among-brokerages-list-of-companies-563855-2026-10-27)
- 2026-10-25 — REDIFF.COM: **US Fed rate decision, corporate earnings, crude oil to steer market sentiment** — Indian stock markets are set to be influenced this week by a confluence of factors including quarterly corporate earnings, the US Federal Reserve's interest rate decision, fluctuations in crude oil prices, and ongoing geopolitical developments in West Asia. — [Source](https://www.rediff.com/business/report/us-fed-interest-rate-decision-q3-earnings-crude-oil-prices-to-dictate-market-trends/20261025.htm)
- 2026-10-24 — Mint: **High dividend, low price: 4 stocks under ₹200 with high yield - IOCL, PTC India, Central Bank, PTL Enterprises | Stock Market News** — Indian Oil Corporation, PTC India, Central Bank of India, and PTL Enterprises are highlighted as stocks priced below ₹200 with dividend yields of 5.5%, 19%, 2.53%, and 6.25%, respectively. Dividend yield estimates annual dividend income relative to a stock’s market price. — [Source](https://www.livemint.com/market/stock-market-news/high-dividend-low-price-4-stocks-under-rs-200-with-high-yield-iocl-ptc-india-central-bank-ptl-enterprises-11792860259451.html)

## Business profile

**Strategic vision:** Oil and gas company involved in refining, transportation, and marketing.

### Business segments
- **Refining Operations:** Operates a network of refineries across India, producing various petroleum products like petrol, diesel, LPG, and petrochemical feedstocks.
- **Pipeline Transportation:** Operates an extensive network of crude oil and product pipelines for efficient transportation of petroleum.
- **Fuel Marketing & Distribution:** Markets petrol, diesel, LPG, and lubricants through a large dealer network of retail outlets and bottling plants.
- **Petrochemicals & Specialties:** Produces specialty chemicals, petrochemicals, and bitumen supplied to industrial buyers and contractors.
- **Exploration & International Operations:** Participates in upstream oil and gas exploration blocks domestically and internationally through subsidiaries and joint ventures.

### Competitive strengths
- Government ownership
- Extensive pipeline network
- Large dealer and distributor network

## Related stocks

- [ABB India Limited (Energy)](https://faxioms.com/stocks/abb) — +2.20%
- [Adani Energy Solutions Limited (Energy)](https://faxioms.com/stocks/adaniensol) — +0.74%
- [Adani Green Energy Limited (Energy)](https://faxioms.com/stocks/adanigreen) — +0.65%
- [Adani Power Limited (Energy)](https://faxioms.com/stocks/adanipower) — +0.14%
- [Bharat Heavy Electricals Limited (Energy)](https://faxioms.com/stocks/bhel) — +0.17%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/ioc
Markdown representation: https://faxioms.com/stocks/ioc?render=md