Indian Oil Corporation’s latest fundamental picture is mixe

Indian Oil Corporation’s latest fundamental picture is mixed in the near term but positive from a long-term capacity and volume perspective. In Q1 FY27, IOC reported a consolidated net loss of ₹1,141 crore, compared with a profit of ₹6,808 crore a year earlier, mainly because elevated crude prices and suppressed marketing margins hurt profitability; however, revenue from operations increased 27% YoY to ₹2.82 lakh crore. Operationally, the company delivered a strong quarter, with record Q1 crude throughput of 19.165 MMT, refinery utilisation of 109.4%, record pipeline throughput of 28.548 MMT and domestic market share improving to 43.1% from 41.5%. Natural-gas sales also increased 11% YoY to 1.873 MMT, while IOC is targeting a 1.5x increase in gas sales by 2030, creating another potential growth avenue beyond traditional refining and fuel marketing. A major positive is IOC’s large expansion programme: refinery projects at Gujarat, Panipat and Barauni are nearing completion, which is expected to take its refining capacity toward around 98 MMT annually, strengthening its position in India's refining market