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.…
By
Tom Whitmore
Published
Aug 14, 2025
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1 min
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 · Technology & Energy
Tom trained as an electrical engineer, which makes him unusually patient with infrastructure stories. He reports on AI, cloud, the energy transition, and the businesses turning frontier engineering into real cash flow. Previously he covered the chip supply chain from Taipei. Skeptical of slide decks; comfortable in a substation. Based in Singapore. Reach out at tom.whitmore@theplatinumcapital.com.
