Revenue from operations (excluding excise duty) rose 5.43% YoY to Rs 2,04,424.39 crore in Q3 FY26 as against Rs 1,93,899.5 crore reported in Q3 FY25.
Profit before tax jumped 360.84% to Rs 15,991.56 crore in Q3 FY26, up from Rs 3,470.08 crore reported in the same period a year ago.
Domestic sales increased 4.98% to 26.015 million metric tons (MMT), while export sales fell 13.66% to 1.169 MMT in Q3 FY26 over Q3 FY25.
During the quarter, the refineries' throughput was 19.427 MMT (up 7.27% YoY), and the pipelines' throughput was 27.557 MMT (up 10.65% YoY).
The company's revenue from petroleum products stood at Rs 217,890.01 crore (up 7.31% YoY), income from petrochemicals revenue was at Rs 6,935.77 crore (down 3.69% YoY), and revenue from gas stood at Rs 11,690.82 crore (up 6.01% YoY) during the period under review.
The average gross refining margin (GRM) for the year April-December 2025 is $8.41 per bbl (April-December 2024: $3.69 per bbl). The core GRM, or the current price GRM for the year April–December 2025 after offsetting inventory loss/gain, comes to $9.86 per bbl.
On the margins front, the operating margin improved to 7.23% in Q3 FY26, as compared to 1.49% in Q3 FY25. Similarly, net profit margin increased to 5.23%, up from 1.33% in the corresponding quarter of the previous fiscal year, indicating improved operational performance.
Indian Oil Corporation is a Maharatna PSU under the Government of India, with operations spanning the entire hydrocarbon value chain, including refining, pipeline transportation, and marketing of petroleum products, as well as exploration and production, natural gas, and petrochemicals.