IOC Q2 FY27: consolidated PAT surges 174% YoY to ₹21,408 Cr on refining margin rebound

Indian Oil's consolidated net profit attributable to equity holders jumped 173.8% year-on-year to ₹21,407.87 Cr in Q2 FY27 (quarter ended 30 September 2026), from ₹7,817.55 Cr a year ago, and swung from a ₹1,630.74 Cr loss in Q1 FY27. Revenue from operations grew 29.8% YoY to ₹2,68,039.38 Cr but slipped 4.9% quarter-on-quarter from ₹2,81,933.07 Cr. Standalone PAT was ₹21,630.03 Cr (EPS ₹15.71) against consolidated EPS of ₹15.54 — standalone and consolidated basis track closely this quarter (~1% gap), so there is no material divergence in the story between the two. The entire swing is a refining-and-marketing-margin story. Net profit margin expanded to 8.40% from 3.97% a year ago and from -0.40% in Q1 FY27; operating margin rose to 11.20% from 6.17% YoY and from -0.74% in Q1. Segment data shows the Petroleum Products business swung to a ₹27,626.82 Cr PBT from a ₹1,705.02 Cr loss in Q1 FY27 and more than doubled the ₹12,308.02 Cr posted a year ago, while Petrochemicals (₹528.40 Cr) and Gas (₹1,237.67 Cr, up from ₹243.49 Cr YoY) added smaller gains. Finance costs rose about 10% YoY to ₹2,499.31 Cr on higher borrowings, a drag core refining profitability comfortably absorbed. Revenue was also supported by ₹7,243.02 Cr of MoPNG LPG under-recovery compensation recognised as revenue for H1 FY27 (April-September), though the company still carries a cumulative net negative LPG buffer of ₹32,505.69 Cr as of 30 September 2026. Pre-result brokerage estimates (ICICI Securities, cited by psuconnect.in) had pegged IOCL's standalone Q2 FY27 PAT at roughly ₹7,303 Cr, recovering from the ₹2,661.37 Cr Q1 FY27 standalone loss; the actual ₹21,630.03 Cr print is close to three times that estimate, a large beat. On management's own FY27-29 refining throughput roadmap (77→85→90 MMTPA) flagged on the Q1 call, standalone refineries processed 18.108 MMT this quarter and 37.273 MMT for H1 FY27 — an annualised run-rate of about 74.5 MMT, tracking modestly behind the 77 MMTPA FY27 pace. No update was given this quarter on the ₹90,000 Cr capex programme (94-95% complete, targeted for Q4 CY26) or the petrochemical/renewable capex plans discussed on the Q1 call; management gives no formal numeric guidance beyond these roadmap figures and no company press release was available in the filing to independently frame the quarter. Separately, the Gas segment's PBT improvement to ₹1,237.67 Cr (from ₹243.49 Cr YoY) comes in the same quarter the company received approval for a ₹2,449 Cr gas pipeline investment (21 September 2026); the company also changed its Corporate Identification Number (26 October 2026) and saw a senior-management superannuation (1 October 2026), both administrative and unrelated to the operating print. This is the first concrete print validating the 'cautiously optimistic' short-term outlook management gave on the Q1 FY27 call after that quarter's loss, when tone was described as cautious amid high flagged risk; the refining-margin-led recovery materialised broadly as indicated, with H2 FY27 throughput pace against the 77 MMTPA target the key marker to watch next.