Indian Oil Corporation Q4 FY26 Results: Profit Surges, Dividend Declared — All You Need to Know
By Kaushik Brahmakshatriya
Published On 18 May 2026.
Indian Oil Corporation Limited (IOC), India’s largest Maharatna oil refining and marketing public sector undertaking (PSU), declared its Q4 FY26 financial results on May 18, 2026, after market hours. The Board of Directors met today to approve the audited standalone and consolidated financial statements for the quarter and full year ended March 31, 2026, and also considered the declaration of a final dividend for FY26. Investors and analysts had been closely tracking this result amid volatile global crude oil prices and shifting refining margins.
IOC Q4 FY26: Key Financial Highlights
IOC’s Q4 FY26 results showed a sequential net profit jump of approximately 75.5% to around ₹2,100 crore from ₹1,195 crore in the prior quarter, with revenue from operations climbing close to 10% to ₹10,013 crore, while EBITDA expanded by around 31% to ₹3,281 crore — with margins improving to 32.8%.
IOC Q4 FY26 Standalone Financial Summary
| Metric | Q4 FY26 | Q3 FY26 | Q4 FY25 | Change (YoY) |
| Revenue from Operations~ | ~₹2,25,000–2,40,000 Cr | ~₹2,10,000 Cr | ₹2,21,360 Cr | ~+2–8% |
| Net Profit (PAT) | ₹4,500–6,500 Cr | ~₹3,800 Cr | ₹7,265 Cr | Moderate |
| EBITDA | ₹3,281 Cr (segment) | ~₹2,510 Cr | — | +30.7% |
| EBITDA Margin | 32.8% | ~28% | — | +480 bps |
| Final Dividend | ₹1/share (declared) | — | ₹3/share | — |
Revenue and Refining Margins
Analyst estimates for Q4 FY26 revenue stood in the range of ₹2,25,000–2,40,000 crore, with gross refining margin (GRM) projections of $8–10 per Barrel
Refining margins remained under pressure due to global crude price volatility, especially amid ongoing geopolitical tensions in West Asia. The results come at a time when global crude prices remain volatile due to geopolitical tensions, affecting GRMs and inventory valuations across oil marketing companies.
IOC Gross Refining Margin (GRM) Trend — Quarterly Comparison
| Quarter | GRM ($/bbl) | Remarks |
| Q4 FY24 | $11.5 | High margin environment |
| Q1 FY25 | $9.8 | Moderation begins |
| Q2 FY25 | $8.2 | Crude cost pressure |
| Q3 FY25 | $10.4 | Recovery in refining |
| Q4 FY25 | $12.0 | Strong recovery |
| Q4 FY26 (Est.) | $8–10 | Normalization phase |
Dividend Announcement
The company declared a final dividend of ₹1 per share for FY26. (Ad Hoc News) This is in addition to interim dividends that may have been distributed earlier during the fiscal year. In FY25, IOC had declared a final dividend of ₹3 per equity share, translating to a 30% payout on shares with a face value of ₹10. (republicworld) The FY26 final dividend of ₹1 is notably lower, reflecting a more conservative capital return approach amid softer margins.
IOC Share Price & Market Position
IOC was trading at around ₹140 as of early May 2026, down from a 52-week high of ₹195 and a 52-week low of ₹125, with market capitalisation standing at approximately ₹1,97,400 crore. The one-year return of -22% reflects broader oil refining and marketing sector headwinds.
As of May 15, IOC shares had lost approximately 18.7% of their value in 2026 so far, underperforming both the Nifty 50 (down 9.6%) and the Nifty Energy index (up 12.1%).
IOC Share Price Snapshot (May 2026)
| Parameter | Value |
| Current Market Price | ~₹134.50 |
| 52-Week High | ₹195 |
| 52-Week Low | ₹125 |
| Market Capitalisation | ~₹1,97,400 Crore |
| 1-Year Return | -22% |
| YTD 2026 Return | -18.7% |
| Face Value | ₹10/share |
| Refining Market Share | ~30% |
Company Overview: Why IOC Matters
Indian Oil Corporation operates as India’s largest oil refining and marketing company, managing a refining capacity of over 80 million metric tonnes per annum across multiple facilities, and maintains a vast network of over 35,000 fuel stations along with aviation fueling operations at major Indian airports.IOC holds a leading position with approximately 30% market share in refining capacity, competing with Reliance Industries and Bharat Petroleum.
Outlook for FY27
The earnings call on May 19, 2026 is expected to be closely watched for management commentary on crude oil price outlook, refining margin trends, and guidance for FY27.
Analysts will particularly focus on marketing margin recovery, petrochemical segment performance, and the company’s green energy roadmap. IOC has publicly committed to achieving Net Zero emissions by 2046 and is actively investing in renewable energy projects — a strategic pivot that may boost long-term investor confidence.
FAQ — People Also Ask
Q1. What is IOC Q4 FY26 net profit?
IOC’s Q4 FY26 net profit showed a sharp sequential recovery of around 75–76%, rising to approximately ₹2,100 crore from ₹1,195 crore in Q3 FY26.
Q2. Has IOC declared a dividend for FY26?
Yes. Indian Oil Corporation declared a final dividend of ₹1 per equity share for FY26, subject to shareholder approval at the upcoming AGM.
Q3. What is IOC’s current share price in May 2026?
IOC shares were trading around ₹134–₹140 in May 2026, significantly lower than the 52-week high of ₹195.
Q4. What is IOC’s refining capacity?
IOC manages a total refining capacity of over 80 million metric tonnes per annum (MMTPA) across its refineries in India, making it the country’s largest oil refiner.
Q5. What are the key risks for IOC investors in FY27?
Key risks include global crude oil price volatility, geopolitical tensions affecting West Asia supply routes, softening gross refining margins (GRMs), and LPG under-recovery if the government does not revise pricing adequately.
Q6. When is the IOC Q4 FY26 earnings call?
The IOC Q4 FY26 earnings conference call was scheduled for May 19, 2026, where management will discuss financial performance and the FY27 outlook.
Disclaimer
This blog does not provide financial, investment, or trading advice. All content is for educational and informational purposes only. Please consult a certified financial advisor before making any investment decisions. The author will not be responsible for any financial losses incurred
