The July-September earnings surged 68.3 percent year-on-year, propelled largely by Indian Oil Corporation's record net performance and approximately Rs 7,000 crore in inventory gains. Even though Bharat Petroleum and Hindustan Petroleum witnessed annual profit drops, both entities maintained elevated refining margins exceeding USD 32 per barrel. Meanwhile, delayed government compensation has worsened marketing losses, with diesel under-recoveries running as high as Rs 18 to Rs 20 per litre.
Key points
Refining performance and inventory gains have temporarily masked heavy losses within stat…: Refining performance and inventory gains have temporarily masked heavy losses within state-run retail fuel operations.
Subsidies remain delayed from the government, driving cylinder cooking gas under-recoveri…: Subsidies remain delayed from the government, driving cylinder cooking gas under-recoveries up to an estimated Rs 370 by December.
Future downstream profitability remains at risk if Middle East tensions stabilize and tri…: Future downstream profitability remains at risk if Middle East tensions stabilize and trigger sudden crude inventory devaluations.
Sources checked by our analysis pipeline: 1
The combined profit of Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) is 68.3 per cent more than their earnings in the same period last year and a swing from a combined loss of about Rs 18,150 crore in the previous April-June quarter, according to company filings.
The July-September quarter alone equals about 39 per cent of the three companies' combined FY26 (April 2025 to March 2026 financial year) profit of Rs 77,281 crore.
The boost in earnings came despite petrol and diesel prices remaining on freeze since May and unchanged domestic LPG rates since March, despite a surge in benchmark prices and input crude oil rates.
The three companies were till last month losing Rs 4-5 a litre on petrol and Rs 18-20 on diesel, industry sources said.
IOC Director (Finance) Anuj Jain at an investor call on Saturday said under-recoveries or losses on LPG were Rs 184 per cylinder in September, which rose to Rs 229 in October and are expected to further go up to Rs 309 in November and…
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