IOC Q3 Results 2026: 4× Record Profit Jump to ₹12,126 Crore
IOC Q3 results 2026 for the quarter ended December 2025 show a sharp earnings rebound, with standalone net profit rising to ₹12,125.86 crore compared with ₹2,873.53 crore in the same quarter last year, according to the company’s official exchange filing.
The strong quarter in the IOC Q3 results 2026 was supported by higher operating margins, improved segment profitability, and stable balance-sheet metrics, signalling a cyclical rebound in PSU refining earnings.
IOC Q3 Results 2026: Financial Snapshot
| Metric | Q3 FY26 (Dec 2025) | Q3 FY25 (Dec 2024) |
|---|---|---|
| Revenue from operations | ₹2,31,769.04 crore | ₹2,16,649.47 crore |
| Profit before tax | ₹15,991.56 crore | ₹3,470.08 crore |
| Net profit | ₹12,125.86 crore | ₹2,873.53 crore |
| Basic EPS | ₹8.81 | ₹2.09 |
Source: Indian Oil Corporation Q3 FY26 official exchange filing
IOC Q3 Results 2026 Segment Performance
Petroleum Products (Core Business)
- Segment revenue: ₹2,17,890.01 crore
- Segment profit before interest and tax: ₹16,836.08 crore
The petroleum products segment remained the primary earnings driver in the IOC Q3 results 2026, accounting for the bulk of revenue and operating profit.
Petrochemicals
- Segment revenue: ₹6,935.77 crore
- Segment result: Loss of ₹361.51 crore
The petrochemical segment remained under pressure during the quarter.
Gas Segment
- Segment revenue: ₹11,690.82 crore
- Segment profit: ₹596.45 crore
The gas business contributed positively to overall segment earnings.
IOC Q3 Results 2026 Operational Performance
| Metric | Q3 FY26 |
|---|---|
| Domestic product sales | 26.015 MMT |
| Export sales | 1.169 MMT |
| Refinery throughput | 19.427 MMT |
| Pipeline throughput | 27.557 MMT |
IOC Q3 Results 2026: Margin Expansion
- Operating margin: 7.23% (previous year: 1.49%)
- Net profit margin: 5.23% (previous year: 1.33%)
The sharp margin expansion in the IOC Q3 results 2026 was the primary driver behind the strong profit growth in the quarter.
Government LPG Compensation
The company recognized LPG compensation instalments of ₹2,414.34 crore during November and December 2025.
Capital Allocation & Balance Sheet
Nine-Month Financials (April–December 2025)
- Revenue from operations: ₹6,53,369.08 crore
- Net profit: ₹25,424.91 crore
Balance-Sheet Indicators
- Debt-equity ratio: 0.60×
- Interest coverage ratio: 9.63×
- Net worth: ₹1,92,621.30 crore
IOC Q3 Results 2026 Institutional Outlook
- Sharp rise in quarterly net profit.
- Strong improvement in operating margins.
- Core petroleum segment delivering robust earnings.
- High interest coverage ratio and stable leverage.
Related PSU oil earnings: PSU Oil Sector Capital Outlook
Key Risks
- Petrochemical segment loss of ₹361.51 crore.
- Cumulative LPG under-recovery buffer of ₹24,318.60 crore.
- Earnings remain sensitive to margin cycles and compensation policies.
Stock Reaction
Market reaction not included as per the Single-Source Data Lock system.
Earnings Context and Quarter Dynamics
The IOC Q3 results 2026 reflect a sharp recovery in profitability supported by improved operating margins and stronger segment-level performance.
The IOC Q3 results 2026 also highlight the sensitivity of PSU refining earnings to margin cycles and government policy dynamics. During periods of strong refining spreads and stable domestic demand, integrated oil marketing companies tend to report sharp profit expansion.
Operational indicators such as domestic sales, refinery throughput, and pipeline volumes remained stable, suggesting consistent demand across key fuel segments. These metrics are closely tracked by institutional investors as forward signals of earnings sustainability.
Over the nine-month period, the company reported strong cumulative profit and revenue, reflecting improved performance across multiple quarters. Higher internal accruals and stable leverage metrics improve the company’s financial flexibility and support ongoing capital expenditure.
Institutional Verdict
Short-Term: Net profit increased over four times year-on-year with sharp margin expansion.
Medium-Term: Earnings trajectory remains linked to refining margins and government compensation flows.
Capital-Flow Conclusion: IOC Q3 results 2026 confirm a cyclical rebound in PSU refining earnings.
Source: Indian Oil Corporation Q3 FY26 official exchange filing.
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