Indian Oil's Q2 profit rises 174% to ₹21,408 crore as operating margin widens to 11.2%

What happened

• Upstox reported Indian Oil's profit for the September 2026 quarter as ₹21,408 crore against ₹7,818 crore a year earlier, up 174%, on revenue of ₹2,68,039 crore against ₹2,06,447 crore. It put EBITDA at ₹26,868 crore against ₹9,948 crore and the operating margin at 11.2% against 6.7%, an expansion of about 500 basis points. Petrochemicals revenue rose 57% and natural gas revenue 50.4%.
• Free Press Journal gave standalone net profit as ₹21,630.03 crore against ₹7,610.45 crore, up 184%, on revenue from operations of ₹2,62,935.58 crore, up 30%. It said the company returned to profit after a standalone net loss of ₹2,661.37 crore in the June quarter, and that the first half included ₹7,243.02 crore of government compensation for domestic LPG under-recoveries. Its first-half standalone profit was ₹18,968.66 crore, up 43%.
• Free Press Journal's report is timed at 4:49 PM and Upstox's at 5:33 PM, both after the close. The shares closed at ₹128.82 against ₹130.41 on Thursday on Kite data, a fall of 1.22% by my calculation.

Why it matters

Good to know: LPG under-recovery is the gap between what it costs to supply cooking gas and the price at which it is sold. Government compensation for that gap is booked as income when it is recognised.

Key facts

Net profit, per Upstox

₹21,408 crore (₹7,818 crore a year earlier), up 174%

Standalone net profit, per Free Press Journal

₹21,630.03 crore (₹7,610.45 crore), up 184%

EBITDA, per Upstox

₹26,868 crore (₹9,948 crore)

Operating margin, per Upstox

11.2% (6.7%)

LPG compensation in first half, per Free Press Journal

₹7,243.02 crore

Read the source

• Indian Oil Q2 profits surge 174% YoY to ₹21,408 crore as operating margins improve 500 bpsUpstox
• Indian Oil Q2 FY27 results: standalone net profit jumps 184% to ₹21,630 crore; revenue rises 30%Free Press Journal