Highlights

• Jefferie has issued a ‘Buy’ rating on IndianOil with a target price of ₹180.
• IndianOil reported record H1 sales volumes of 50.590 MMT, up 4% year-on-year.
• The company posted net profit of ₹13,299 crore for H1 FY26, marking a rise from ₹2,823 crore in the previous year.

Indian Oil Corporation Limited (NSE:IOC) has received a ‘Buy’ recommendations from Jefferies with a price target of ₹180. During the first half of the financial year (H1 FY26), IndianOil achieved its highest-ever sales volume of 50.590 million metric tonnes (MMT), compared to 48.213 MMT in the corresponding period last year. Domestic petroleum product sales rose by 4%, outpacing the overall industry growth rate of 3.9%.

Institutional High-Speed Diesel (HSD) sales volumes grew significantly by 35.7%, outperforming the industry increase of 12.8%. The company’s domestic petrochemical sales also saw a 5% rise, reaching 1.544 MMT during the half year.

IndianOil recorded its highest-ever quarterly gas sales of 1.840 MMT in Q2 FY26.

Refining and Infrastructure Performance

IndianOil’s refineries operated at 103% capacity utilisation, with throughput of 36.292 MMT in H1 FY26 compared to 34.906 MMT in H1 FY25, reflecting a 4% improvement.
Its extensive pipeline network achieved a throughput of 50.343 MMT, slightly higher than the 49.796 MMT recorded during the same period last year.

The company reported a gross refining margin (GRM) of USD 6.32 per barrel for H1 FY26, up from USD 4.08 per barrel in H1 FY25. The normalised GRM stood at USD 7.89 per barrel, substantially higher than USD 2.97 per barrel in the prior year period.

Financial Performance

For the half-year ended 30 September 2025, IndianOil reported revenue from operations of ₹4,21,600 crore, an increase from ₹4,11,138 crore in H1 FY25. Net Profit for the same period rose sharply to ₹13,299 crore, compared to ₹2,823 crore in the previous year, supported by improved refining and marketing margins.

At the group level, consolidated revenue from operations stood at ₹4,28,297 crore, with a Net Profit of ₹14,999 crore, compared to ₹3,274 crore in H1 FY25.

About IndianOil

IndianOil operates one of the most extensive energy networks in India, spanning from Jammu & Kashmir to Kanyakumari and from Arunachal Pradesh to Jaisalmer. The company plays a pivotal role in powering industries, transport, and households across the nation.

As a key contributor to India’s energy security, IndianOil continues to align its operations with the nation’s growth vision of Viksit Aatmanirbhar Bharat, ensuring accessibility, reliability, and sustainability in energy supply.

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