Indian Oil Corporation Limited returned to a ₹21,630.03 crore standalone profit in Q2 FY27 after a first-quarter loss, while warning that another fall in crude prices could weigh on later earnings.
The unaudited figures cover the quarter ended Sept. 30. Profit compared with a loss of ₹2,661.37 crore in Q1 FY27 and earnings of ₹7,610.45 crore in Q2 FY26. The board approved the results Oct. 30, according to Indian Oil’s filing.
Revenue from operations reached ₹262,935.58 crore in Q2, down 4.72% from ₹275,971.77 crore in the preceding quarter. It was higher than ₹202,992.34 crore a year earlier. Earnings per share came to ₹15.71, versus a loss of ₹1.93 per share in Q1.
Indian Oil attributed the quarter’s profitability to a temporary decline in crude prices between mid-June and mid-August, as well as robust petrochemical and gas margins. The company said an easing of conditions in the Middle East could push crude prices lower again, leaving it exposed to inventory losses that hurt earnings in future quarters.
The company reported 37.273 million metric tons of crude throughput in the first half of FY27, its highest first-half total. That compared with 36.292 million metric tons in H1 FY26. Capacity utilization in the current first half was 105.8%, while the second quarter alone accounted for 18.108 million metric tons, according to the company’s H1 release.
Standalone first-half net profit was ₹18,968.66 crore on revenue from operations of ₹538,907.35 crore. That six-month profit was lower than the Q2 figure because the period included the ₹2,661.37 crore loss in Q1. Indian Oil did not estimate the size of possible inventory losses in H2 FY27. The standalone figures are separate from the company’s consolidated results.
