Indian Oil Corporation

“EBITDA positive, I would say, financial year 2029-2030 should be the year where we become EBITDA positive.”

“In September 2026, Paradip PX-PTA project has been mechanically completed. Commissioning activities are in progress.”

“Actually, after the major expansion of these 3 major refining projects, next would be the Paradip refinery, naphtha cracker.”

“See, as you know that Stage 1 approval was already given by the Board. So now how to make best use of the configuration studies are going on.”

“I will tell you that in the medium term, we are also augmenting our PBR unit at Panipat refinery, Butyl Acrylate project at Gujarat refinery, integrated PX-PTA plant at Paradip Refinery.”

“Board of Indian Oil has already given go ahead to buy a few vessels now, which Indian Oil will start owning up in time to come.”

“Further, the company has been allotted 423 acres of land in the State of Uttar Pradesh for development of solar power plant of around 100 megawatt.”

“As you know that its capacity is 5 MMTPA. And today, the utilization is almost 28%.”

“During the quarter, refineries achieved crude throughput of 18.1 MMT with a capacity utilization of 102.3%”

“During the quarter, pipeline throughput was 25.3 MMT with a capacity utilization of 64.3%”

“During the quarter, 126 retail outlets were commissioned, taking the total number to 43,245.”

“We expect that in Panipat, HSD production will go up from 46% to 49% and distillate yield will go from 83.4% to 85.2%.”

“As far as Gujarat is concerned, yield is expected to go from 79.3% to 82.5% and HSD production remains almost the same.”

“In Barauni, HSD will go from 48% to 50% and yield remains in the range bound manner.”

“But whatever we are targeting through our subsidiary company, Terra Clean, it is predominantly for the competitive market.”

“But with the kind of gas demand we are witnessing and multiple pipelines coming into commissioning, we expect the utilization to go up in times to come in the next 2, 3 years.”

“Marketing: The total sales volume during the quarter was 25.228 MMT as compared to 26.211 MMT during the preceding quarter and 24.262 MMT in Q2 of financial year 25-26.”

“See, the Industrial segment, I gave you a 15% figure, exact is 13% actually in the half year of '26-'27, okay?”

“As per PPAC data, domestic consumption of petrol (MS) and diesel (HSD) grew by 8.5% and 7.5%, respectively, in Q2 of financial year FY 26-27 compared with Q2 of financial year FY 25-26.”

“During quarter 2 FY 26-27, we had a gross refining margins of $18.52 per barrel, which is excluding SAED and considering the SAED impact, the GRM is $36.67 per barrel.”

“But I would say that my refining margins are remaining range bound. It is the marketing margins which are affecting me in a major way.”

“Cumulative basis last year, it was $4.45, which has come down to $3.93 during this year because of the various cost-effective measures we have taken.”

“But I will give you a broad number that premium on benchmark for crude oil in Q2 has ranged from even minus $5 to plus $12 per barrel.”

“And coming to the second question, from Russia, we have bought 55% during the half year.”

“With respect to the borrowing levels, the borrowing as on 30th September 2026 was at Rs. 1,16,578 crores level compared to Rs. 1,41,453 crores as on 30th June 2026.”

“As of 30th September 2026, the company's gross debt-to-equity ratio stood at 0.54, reflecting a comfortable leverage profile after adjusting for financial investments, the net debt-to-equity ratio further strengthens to 0.35”

“But because of geopolitical situation going on, today, my crude inventory is almost 39 days.”

“We have reduced our borrowing that is resulting into the lower cost of capital.”

“And as far as my finished goods are concerned, HSD and MS, I generally maintain almost 25 days of inventory, which today also I'm able to maintain 23 to 25 days of inventory.”

“And I would also like to add that we are targeting both from organic and inorganic route.”

“We are also going to invest into the battery business, which we're already doing in a major way by way of battery swapping business.”

“I would give the exact figure, it is INR6,948 crores inventory gain in Q2.”

“High inventory gains and other multiple factors have contributed towards the profitability for the period.”

“But because of the expansion, we don't expect any major reduction in our volumes.”

“you know that in September, it was Rs. 184 per cylinder, which went up to Rs. 229 per cylinder in the month of October.”

“And going forward in the month of November, we see that it would be somewhere in the range of Rs. 309. In the month of December, and it may go to INR370 per cylinder.”

“And we are very confident even in quarter 3, we will be able to manage these things.”

“The spot imports for the half year stood at about 87% against 50% during the last financial year.”

“As regards to our performance for Q2 financial year 26-27, we reported a net profit of Rs. 21,630 crores compared to net loss of Rs. 2,661 crores in the preceding quarter”

“From a half year perspective, the PAT is Rs. 18,969 crores as against Rs. 13,299 crores in H1 financial year FY 25-26.”

“Revenue from operations during this quarter stood at Rs. 2,62,936 crores against Rs. 2,75,972 crores in the preceding quarter for this year.”

“So Indian Oil is having 3 numbers of crude oil vessels and 9 numbers of LPG vessels.”

“Pursuant to this, Indian Oil will meet 100% requirement of Motor gas (MS) and gas oil (HSD) and Jet A-1 (ATF) of Mauritius on delivered basis for next 5 years.”