Indian Oil Q1 Profit Misses Estimates Amid Inventory Losses and Margin Pressure
Indian Oil Corporation (IOC) , the country’s leading oil refiner, reported a first-quarter standalone profit of ₹56.89 billion (approx. US $649 million) for the quarter ended June 30, 2025—an impressive year-on-year increase, but still notably below analysts’ expectations of ₹74.…
Indian Oil Corporation (IOC), the country’s leading oil refiner, reported a first-quarter standalone profit of ₹56.89 billion (approx. US $649 million) for the quarter ended June 30, 2025—an impressive year-on-year increase, but still notably below analysts’ expectations of ₹74.66 billion. Reuters
Revenue growth was modest, with operations revenue rising about 1.2% to ₹2.19 trillion, indicating a steady demand environment despite broader margin pressures. Reuters
A key factor behind the earnings miss was a sharp drop in gross refining margin (GRM)—from $6.39 per barrel last year to just $2.15 this quarter. This steep contraction was largely driven by inventory losses, which heavily compressed IOC’s profitability. Reuters+8Reuters+8marketscreener.com+8
IOC and its subsidiary, Chennai Petroleum, together account for roughly one-third of India’s 5 million barrels-per-day refining capacity—making IOC’s performance an important indicator for the sector. Reuters+1
In contrast, peer refiners painted a rosier picture:
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Written by
Tom Whitmore
Senior correspondent · Real Estate & Private Companies
Tom has interviewed most of the operators reshaping the Gulf skyline — and a few of the ones who tried and didn't. His beat is real estate, commodities, manufacturing, and the founder-led private companies that never bother to list. He knows which buildings and balance sheets survive a downturn before the spreadsheet does. Based in Dubai. Reach out at tom.whitmore@theplatinumcapital.com.
