Indian Oil Corporation Ltd Q2 FY26 Concall Decoded: “From Crude Drama to Clean Fuel Karma”
1. Opening Hook
When the world fretted about OPEC cuts and climate targets, Indian Oil calmly lit its Diwali lamps with a ₹7,610 crore PAT — up 34% QoQ. While others cried “rainfall impact,” IOCL called it a “minor drizzle.” The nation’s refiner-in-chief is now juggling crude discounts, hydrogen dreams, and government handouts like an overworked barista pouring energy lattes. But here’s the twist — from $10.66 GRMs to hydrogen buses and SAF deals, IOCL’s call was half refinery talk, half sci-fi movie. Keep reading — because when India’s biggest energy player says it’s “green,” it might just mean money green.
2. At a Glance
Revenue ₹2,02,992 crore (↓7%) – Blame monsoon, not margins.
PAT ₹7,610 crore (↑34% QoQ) – Rain or shine, profits pumped up.
GRM $10.66/bbl (↑54%) – Diesel cracks did the heavy lifting.
Borrowings ₹1.28 lakh crore (↑6,700 crore) – Working capital said “hello.”
CAPEX ₹15,890 crore (H1) – Sprinting hard, not jogging.
Stock steady – Investors too busy counting LPG installments to care.
3. Management’s Key Commentary
“Profit after tax stood at ₹7,610 crores, higher than ₹5,689 crores last quarter.” (Translation: Monsoon couldn’t drown our margins — we floated on diesel. 😏)
“IOC’s share of LPG compensation is ₹14,486 crores, disbursed over 12 months.” (Translation: Government EMI plan activated — one crore per month keeps stress away.)
“GRM at $10.66, normalized at $8.91 — diesel cracks saved the day.” (Translation: Diesel is our hero, petrol’s just along for the ride.)
“Refinery utilization at 99.5%, pipelines at 67% due to Gujarat shutdown.” (Translation: Gujarat took a nap, others ran a marathon.)
“We achieved 19.85% ethanol blending; target 31 GW renewables by 2030.” (Translation: Old oil, new karma — burn less, brag more.)
“Hydrogen buses launched, SAF deal with Air India signed.” (Translation: Now boarding — Flight IOCL 2030, powered by used cooking oil. ✈️)
“Borrowings rose due to forex and working capital changes; D/E at 0.68.” (Translation: Debt’s in check — unlike global crude prices.)
