Indian Oil posts ₹2,661 crore June-quarter loss as refining margins collapse despite higher fuel sales
Indian Oil Corporation posted a net loss of ₹2,661 crore in the June 2026 quarter, reversing a ₹11,377 crore profit in the March quarter. The swing was driven by a sharp contraction in refining margins, with EBITDA margin dropping to 1% from 10%. Fuel sales rose, but the deterioration in refining profitability dominated the quarter’s performance. The result weighed on the stock of India’s largest state-run refiner and highlighted pressure on global refining profitability.