{"id":183481,"date":"2026-05-19T06:31:36","date_gmt":"2026-05-19T10:31:36","guid":{"rendered":"https:\/\/alphastreet.com\/india\/indian-oil-corporation-limited-ioc-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-19T06:34:53","modified_gmt":"2026-05-19T10:34:53","slug":"indian-oil-corporation-limited-ioc-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/indian-oil-corporation-limited-ioc-q4-2026-earnings-call-transcript\/","title":{"rendered":"Indian Oil Corporation Limited (IOC) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Indian Oil Corporation Limited (NSE: IOC) Q4 2026 Earnings Call dated May. 19, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Anuj Jain<\/strong> \u2014 Director of Finance<\/em><\/p>\n

Nitin Kumar<\/strong> \u2014 CGM, Corporate Finance and Treasury<\/em><\/p>\n

Analysts:<\/h2>\n

Varatharajan Sivasankaran<\/strong> \u2014 Analyst<\/em><\/p>\n

Vivekanand<\/strong> \u2014 Analyst<\/em><\/p>\n

Sumeet Rohra<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Vikash Kumar Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to Q4NFY 26 earning conference call of Indian Oil Corporation Limited hosted by Antique Stockbroking. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant line will be in the listen only mode and there will be opportunity for you to ask question after the presentation conclude.<\/p>\n

Should you need assistant during the conference call please signal an operator by pressing star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Bharatrajan Sivasankaran. Thank you. And over to you sir.<\/p>\n

Varatharajan Sivasankaran<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you, Dhanish. A very good afternoon to all the participants and the management of the Royal Corporation. I’d like to extend a very warm welcome to all the participants and the management of Indian Oil Corporation for this conference call to discuss the fourth quarter FY26 numbers. We have with us management of Indian Oil Corporation Represented by Mr. Anu Jain, Director Finance Mr. Nitin Kumar, ED, Corporate Finance and Treasury. Mr. Pramod Jain, CGM Treasury. Without much ado, I would like to hand over the call to Mr.<\/p>\n

Anu Jain for his opening remarks. The floor is your. Sir.<\/p>\n

Anuj Jain<\/strong> \u2014 Director of Finance<\/em><\/p>\n

Yes. Thank you. Good afternoon everyone. Dear investors and analysts, a very good afternoon to all of you. I take this opportunity to welcome all of you to the conference call organized by us post announcement of the fourth quarterly results of financial year 2025 26. I thank each one of you for joining the call. I trust you have had an opportunity to review the results we have posted on our website exchanges and the updates that have been shared with all of you in today’s call. We would like to walk you through our performance for the quarter gone by, provide some insights on the broader macroeconomic context and also share with you the strategic initiatives we are pursuing to strengthen our position as India’s largest energy company.<\/p>\n

Before I move to the operational and financial highlights, let me briefly touch upon the evolving geopolitical developments and their implications for the global energy markets. The ongoing conflict between the United States and Iran and the consequent disruption in the state of Hormuz have created significant uncertainties across the global hydrocarbon supply chain. As you are aware, the state of hormones normally handles nearly one fifth of the global oil trade and remains one of the most critical energy transit corridors in the world.<\/p>\n

Due to the escalation in the regional tensions, vessel movement through the Strait has witnessed a severe contraction resulting in heightened volatility in crude oil, LPG and natural gas markets. The last refrain LNG complex in Qatar, which accounts for approximately 20% of global LNG supply, has been subjected to attacks compelling the operator to decrease a force measure resulting in acute supply disruption and significant tightening of gas availability globally. These developments have created headwinds of an extraordinary nature, not merely a market challenge, but a structural supply disruption of global consequence.<\/p>\n

In response, Internal, in close coordination with government has acted swiftly and decisively to navigate this situation and to ensure uninterrupted energy availability across the country. We have ensured comprehensive supply continuity including diversifying our crude and gas sourcing across alternate geographies and trade routes, optimization of crude procurement strategies and ramping up of domestic LPG productions. Now turning to our operational performance for financial year 2526, notwithstanding the turbulence in the external environment, I am proud to report that this has been a landmark year for Indian Oil on virtually every operational dimension.<\/p>\n

During the year we recorded the highest ever annual refining throughput in the company’s history, achieved record consolidated annual sales volume, achieved highest ever lubricant sales and also registered the highest petrochemical sales volume for the year. This year from the perspective of profit after tax is rupees 36,802 crore in financial year 2526 as against rupees 12962 crore in financial year 2024 25. This quarter we have registered a PAT of rupees 11378 crore visa vis preceding quarter which was rupees 12126 crore.<\/p>\n

Revenue from operations during this quarter stood at Rs. 232855 crore against rupees 231769 crore in the immediately preceding quarter of this year. The sequential increase in revenue was primarily driven by a significant improvement in sales volume across key business segments during the quarter. The revenues for the corresponding quarter of financial year 25 was rupees 217725 crore on yearly basis. The revenue for the financial year 2526 is rupees 886224 crore versus rupees 845513 crore for the preceding financial year financial year 2425.<\/p>\n

These achievements reflect the strengthen the the strength of our integrated business model, robust infrastructure, network, operational excellence and the unwavering commitment of our employees across the country. I would like to reiterate that despite the challenging global environment, Indian Oil remains fully committed to ensure uninterrupted energy supply to the nation while maintaining operational resilience across the value chain. We continue to maintain strong focus on project execution and long term strategic growth initiatives.<\/p>\n

We remain committed to timely completion of these projects to support India’s growing energy demand and the nation’s energy transition objectives. Now the operational and financial highlights will be briefed by Shiri Nitin Kumar, Executive Director, Corporate Finance and Treasury Internal to you. Thank you.<\/p>\n

Nitin Kumar<\/strong> \u2014 CGM, Corporate Finance and Treasury<\/em><\/p>\n

Thank you sir. Dear investors and Analysts, Good afternoon. Kindly note that today’s discussion may include forward looking statements which are based on currently available information, assumptions and expectations and are subject to uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied. Participants are advised to refer to the Company’s latest filings and regulatory authorities for a more detailed discussion on risks and uncertainties.<\/p>\n

The past quarter witnessed important developments both globally and domestically. On the global monetary front, the US Fed has kept the interest rate unchanged in the range of 3.5 to 3.75%. RBI has also kept interest rate unchanged at 5.25% maintaining a neutral stance, Energy prices have increased globally due to supply disruption in Middle east on account of U S Iran war which will put pressure on inflation globally. This may keep the interest rate higher for longer period. Coming to the Forest market Rupee has experienced pronounced volatility with the Indian rupee depreciating by about 11% during the year against the USD from 85, 48 to 94.<\/p>\n

84 rupee per dollar and continues to remain under pressure in the current fiscal driven by global geopolitical developments. As per PPIC report, HLG consumption witnessed 4% growth, Ms. Consumption witnessed 6% growth and overall petroleum product consumptions have also grown by 2% in financial year 2526. On a year on year basis, IOC has achieved overall domestic petroleum sales volume growth of about 4.8% due to the positive increase in market share. Now let me briefly touch upon the quarterly performance highlights.<\/p>\n

Talking about the numbers, the average price of crude I.e. Indian basket during this quarter increased from 63.87 per barrel to 83.01 dollar per barrel which is increase of about 30% from the immediately preceding quarter I.e. Quarter three of financial year 26 due to ongoing U S Iran conflict leading to supply disruption. Urja Bharat Private Limited a 50:50 joint venture of Indian Oil has announced the oil discovery in operated onshore block 1 Abu Dhabi on the 30th of January 26th. The exploration concession was awarded to this company in March 2019.<\/p>\n

Now let me briefly touch upon the major verticals Refineries during the year. Refineries achieved highest ever crude throughput of 75.5 million metric ton with a capstry utilization of 107.4% in comparison to throughput of 71.6 MMT and capstone utilization of 151.9% during the previous year. For Q4 2526 the throughput was at 19.7 MMT with a capstone utilization of 113.9% in comparison to throughput of 19.4 MMT and a capstone utilization of 109.7% during Q3 of financial year 2526. Pipeline during the year pipeline throughput reached a record 105.6 MMT with capstone utilization of 73.7% vis a vis 100.5 MMD.<\/p>\n

During financial year 25 with capstre utilization of 71.7%. During the quarter the capstone utilization was about 78.3% the throughput of 27.7 MMT compared to 76.3% with throughput of 27.6 MMT in the immediate preceding quarter. Marketing I am pleased to share that Indian Oil has recorded highest ever total sales volume of 105.117 MMT recording growth of about 5% financially at 25. That number was 100.292 MMT during Q4 2526 sales volume of 27.343 MMT was achieved as compared to sale of 27.184 MMT in Q3 2526.<\/p>\n

During 25262597 retail outlets were commissioned taking the total number to 42,818. We have commissioned a record 909 retail outlets in D1 class market which is national highways leading to positive market share. Our loop business achieved record sales of 905tmt during the year reflecting a 16% growth. Petrochemicals for 2526 Petrochemical reported highest ever sales of 3.396 MMT financially at 25. This figure was 3.236 MMT for Q4 2526 sale of 0.901 MMT was achieved as compared to 0.893 MMT in the preceding quarter.<\/p>\n

Gas for 2526 total gas sale was 7276 GMT including CGD sales of 188tmt visa vis sale of 6892tmt including CGD sale of 113tmt for 2425. During the quarter we registered gas sales of 1814tmt which includes CGD sale of 54tmt as compared to total gas sale of 1937tmt which includes CGT sales of 51tmt during the preceding quarter. In a milestone development, Indian Oil commenced India’s first ever export of liquefied natural gas LNG by road to Nepal. Indian Oil has established cryogenic storage and regasification facilities at Samara, Nepal, laying the foundation for the nation’s industrial LNG ecosystem and promoting cleaner fuel adoption, biofuels and renewable energy.<\/p>\n

We have achieved ethanol blending percentage of 19.97% on all India basis up to March 2026. Our wholly owned green subsidiary company Terra Clean Limited has achieved connectivity approvals of 2.6 gigawatt capacity on Central transmission utility and state transmission utility project activities including land aggregation tenders for long term tenders for long lead items like transformers, end to end, wind tender etc are in progress though Terra Clean limited Through Terraglean Limited we are progressively exploring commercial and industrial customers across India for providing reliable green power through long term power purchase agreements under the group captive open access mode.<\/p>\n

Indian Oil aims to develop 31 gigawatt of renewable energy by 2030. Hydrogen the green hydrogen plant of 10 KTA at Panipat Refinery is expected to be completed by December 2027. Indian Oil is developing in house green hydrogen ecosystem which includes indigenous technology for generation of low cost green hydrogen production. ISO qualified type 3 composite hydrogen storage cylinder for onboard hydrogen storage which are lighter and cheaper than imported cylinders. Range of hydrogen fuel cell applications across retail outlets Two wheelers indigenously developed hydrogen powered drones enabling enhanced endurance mobile hydrogen refiller for hydrogen dispensing in remote locations.<\/p>\n

Notably, Indian Oil is the only company in the country dispensing hydrogen through our fuel stations at R and D Center in Vaidavad and Gujarat refinery and undertaking field trials on hydrogen fuel cell buses and viability study for Hyundai Nexus hydrogen fuel cell electric vehicle through two year real world tests under the National Green Hydrogen Emission Policy. We have partnered with Tata Motors limited to undertake trials on hydrogen fuel cell bases across four major highways. We will also develop two new hydrogen dispensing stations along Mumbai, Pune and Jamshedpur Balasore corridor CAPEX During April to March 26 the company incurred a total capex of 31,401 crore encompassing investments across all verticals.<\/p>\n

The budgeted Capex target for 2627 is 32,700 crores. These investments are aligned with our long term strategic roadmap and national energy priorities. The major refining and trend petrochemical expansion project across Panipat, Baroni, Gujarat and Paradeep are at advanced stages of execution and are targeted for completion during 2026. Phase wise commissioning of process units, utilities and official and off site facilities is being undertaken in a structured manner to enable progressive capacity buildup and integration.<\/p>\n

As you are aware that currently we are working on three major expansion programs in refineries. Panipat refinery expansion is expected to be completed by December 26, Barony by August 26 and Gujarat by November 26. Borrowings with respect to the borrowing levels, the borrowing as on 31st March 26th has moderated by about 5280 crores during the quarter and about rupees 23,798 crore during the year and was at 110,668 crore level. The reduction in the borrowings was mainly on account of higher profitability and working capital changes.<\/p>\n

As on 31 March 26, 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 0.32 positioning us well to pursue growth opportunities, absorb market volatilities and maintain financial strength across cycles. With these words I take a pause here and request Director of Finance for his further remarks.<\/p>\n

Anuj Jain<\/strong> \u2014 Director of Finance<\/em><\/p>\n

Thank you Nitin. I would like to extend my sincere appreciation to our investors and all stakeholders for their continued confidence and support. The progress achieved during the year underscores the dedication of our teams and the strength of our operating model. As we move forward, we remain focused on sustaining momentum, strengthening our core business and delivering consistent long term value to our stakeholders. With that, I will end my briefing here. We would now be happy to take your questions over to you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you so much. Ladies and gentlemen, we will now begin with the question and answer. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue you may press star and two participants are request to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question assembles. Our first question comes from the line of Vivekanand from Ambit Capital. Please go ahead.<\/p>\n

Vivekanand<\/strong><\/p>\n

Yeah, thank you for the opportunity. I have two questions. The first one is on Project Sprint. Now that you have completed one year of this project. What, what is the progress that you want to share on this both on the CAPEX and the OPEX front? And if you could quantify and help us understand how to track this in the context of the dislocation that has happened due to the war, that would be Great. That’s question one. The second one is on the CapEx priorities beyond the current expansion phase. I do understand that several of your refining expansion programs are nearly drawing to a close.<\/p>\n

So in terms of how you are looking at aligning yourself with the national priorities in view of the recent turn of events, how should one think about the CapEx allocation for the next three years and also any major projects that you want to call out? Thank you.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Thank you. I will take the first question as we have shared in the opening remarks that the company has achieved the highest level sales in all the physical parameters, whether it is refining, whether it is marketing. So I think the Sprint has given us the good outcomes which is noticed in our results. Also, as far as the CAPEX and OPEX is concerned, I would like to share that on overall basis we have achieved measurable savings of approximately rupees 2,200 crore during financial year 2526. On the count of Project Sprint, this 2,200 crores were saved on account of various initiatives like reduction in repairs and maintenance expenditure, our energy efficiency parameters and supply chain optimization.<\/p>\n

So many factors contributed to almost 2,200 crores. And for next year 2627 we are targeting a savings of 2,500 crores from this initiative. As far as CAPEX is concerned, this entire strategy was to continue our momentum to meet all our plan expenditure while simultaneously reducing our non earning CapEx or what we call maintenance CapEx. So I’m happy to share that all our projects which have been planned are going in line with our management expectations and we have also optimized our CapEx on the maintenance portfolio.<\/p>\n

Now coming to your second question which was on the CAPEX allocation going forward. See, Internal is a very very diversified company. We do investments in our refining, marketing, petrochemical gas, renewables and company has a very robust capital allocation policy to ensure that the momentum to take this company forward is maintained. While we continue to invest in our existing business, we are also investing into new and new businesses in renewable sector and the exact numbers I will be able to share through our corporate finance team.<\/p>\n

Thank you.<\/p>\n

Vivekanand<\/strong><\/p>\n

Okay Anuj, thank you for the explanation. So you are saying that the other expenses line item is where the take out of the 2200 crore is likely to have happened, right?<\/p>\n

Anuj Jain<\/strong><\/p>\n

Yes, to a major extent, yes.<\/p>\n

Vivekanand<\/strong><\/p>\n

Okay. But<\/p>\n

Anuj Jain<\/strong><\/p>\n

The nature of energy efficiency which are not exactly coming in other expenses it comes part of my operating margins. So everything I would say 50, 50, 50% would be coming in my other expenses or you would say revenue expenditure side and another 1,000 would be coming in my margin site.<\/p>\n

Vivekanand<\/strong><\/p>\n

Got it. Anuj, appreciate the color on Capex. Just a broad breakup maybe percentage wise in terms of the key heads like refining, marketing, pet chem over the next three years that will help. And if you have any number in mind at an aggregate level even that will very helpful. Thank you. Yeah<\/p>\n

Anuj Jain<\/strong><\/p>\n

I will be able to share my next year’s capex. Next year I am going to spend almost 32,700 crores in the financial year 2627 and I can also share that this expenses, the broad bifurcation should be majorly in refining and existing pipeline setup and major expenses are doing going to this segment and maybe 5,000 crore will be going to the renewable segment out of that.<\/p>\n

Vivekanand<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question come from the line of Sumit Rohra from Smart Sun Capital Private Limited.<\/p>\n

Vivekanand<\/strong><\/p>\n

Yeah<\/p>\n

Sumeet Rohra<\/strong><\/p>\n

Hi sir, have a very good afternoon to you and your entire team at Indian Oil. So firstly I mean you know, very well done on the financial performance of last financial year. So excellent performance from all of you. So my question and sir firstly my question to you is now as an Indian citizen is that you know, hats off to you guys are in a very challenging environment globally where countries are really not getting fuel. You know, you all three have done a fantastic job so great stuff for that. Now sir, my question to you would be now as an investor point of view is that you know, what’s the thought process you know, you’re seeing today, you know, on you know, pricing because I mean the only reason I check on this is because you know we are a very high volume company and you know have earned recoveries today.<\/p>\n

Like the way we have, you know is obviously very alarming for us as investors. Right? Because I mean today for example whatever losses we report in Q1 to recover that we would need a couple of quarters. So as an investor our financial metric could obviously come off for this financial year and today the matter of fact is that we’ve seen a 95 increase in fuel prices. So can we now think on the grounds that we could go back to the daily pricing regime which was existent in the past. So if you can just share some thoughts of how you look at the situation as well because you’ve handled the supply side extremely well.<\/p>\n

But now you know, you know, how do you look at the pricing point of view and are we looking to get prices aligned, you know, to market prices in the very near term? It’d be very nice to get your thoughts, sir.<\/p>\n

Anuj Jain<\/strong><\/p>\n

See Sumit, you have already stated that today the priority is to ensure the energy security to our citizens. And Indian Oil remains one of the company which has that responsibility and we are trying our best to fulfill that. As we have stated in the beginning, we are trying to manage our entire supply chain and realign that in the most optimum way. Because of these disruptions we have diversified our crude sourcing, LPG sourcing countries. We have changed our refinery diets. But at the end we have ensured that the product is available at all retail outlets, at all LPG distributors at all point of time.<\/p>\n

Now as far as how to mitigate the situation is concerned, situation is very uncertain and unstable. We are working on day to day basis to manage that crisis and the right decisions are being taken at appropriate levels to ensure that both energy security, the company’s viability remains. As far as specific numbers are concerned, we have stated that we will not be able to give some specific forward looking guidance as of now as we are in the midst of a quarter which is going on still we are on 19th of May.<\/p>\n

Things change every day. So. But one thing is sure that we are monitoring the situation very closely and taking appropriate decisions. Thank you.<\/p>\n

Sumeet Rohra<\/strong><\/p>\n

Okay sir, thanks for that.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Mayank Maheshwari from Morgan Stanley. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you sir for the call. Despite the challenging quarters that you are in right now. My first question was more related to the plans that we talked about around refining expansion. I think you have kind of highlighted by December of this year you would be kind of starting pretty much most of the refineries. Now can you just give us a bit of a idea around where, what is the status now for all the three refineries? Where is the ramp up stages and can we expect full utilization rate of the three refineries by end of this year?<\/p>\n

Anuj Jain<\/strong><\/p>\n

Yes, the Pandipat refinery which is being expanded from 15 million metric tons to 25 mm TPA. See the approved cost is around 38,000 crores and out of that we have already spent approximately 27,000 crores as on date and we expect our completion to happen in December 26. The second one, Gujarat refinery which is being expanded from 13.7 mmtpa to 18 mmtpa the total cost, expected cost is 19,000 crores and we have already spent 13,500 crores as on date. And we also expect this to come in the similar time frame in November, December and Brownie also which is expected to, you know which we are expanding from 6 mmtp to 9 mmtpa.<\/p>\n

Our approved cost is 18,000 crores. And out of that we have already spent 13,000 crores. And this is also expected to come near the same time frame. So you are correct to say that all the three refineries extension are coming within the same time and our teams are working day and night to achieve these commissioning dates.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And so when we talk about commissioning we are basically saying that is when you will get your first crude in and then you kind of ramp up from there. Or is it like a ramp up stage? We are talking about the<\/p>\n

Anuj Jain<\/strong><\/p>\n

First crude in we take and we start our operations on that date and over the year of<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Stabilization from there.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Generally we say 60% capacity should come in the first year and 80% next year and hundred percent in the third year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it, sir. And I think the second question was more related to the question around the last quarter. Can you talk about a bit around what were your refining margins or whatever margins you want to kind of give us and to give get a perspective to reflect basis how things have moved. Obviously things are volatile, we completely understand that. And also if you can just highlight of how much was the impact in the month of March because of the situation that evolved around the conflict.<\/p>\n

Anuj Jain<\/strong><\/p>\n

See if you have seen our results, if you have seen our results. We have given a very categorically statement there for the benefit of our investors that in the end of February 26th conflict arose in Middle east region leading to surprise uncertainties and resultant volatility in the price of crude oil and petroleum products in the international market. The profitability for the year 2526 was largely incubated from the impact of these developments due to inventory procured at normal prices before the conflict.<\/p>\n

So 2526 results have not got impacted to a major extent. Now coming to your first question of the refining margins. See, refining margins have been quite volatile and unstable during the particularly this quarter. Last year was quite stable for the full year. So. But what we felt that internal is an integrated energy company and gross refining margins reflect only the performance of refinery segment. Therefore, using this GRM alone as a benchmark of overall performance may not give the correct picture to our investors.<\/p>\n

And now we are focusing that let us focus on EBITDA and Pat to see the overall performance of the company. This statement becomes much more important given the situation which is prevailing today in Q1 where the refining margins are extraordinarily high but our marketing margins are intact. So that way we are we have not disclosed our GRMs during this quarter in our financial results.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it sir. I will also add to<\/p>\n

Anuj Jain<\/strong><\/p>\n

Say that there is no standard practice methodology for calculating GRMs and each company is having its own methodology. So that also added to the our decision that the pattern EBITDA should be the better, you know, showcase of our performance.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. We normally compare for each company like to like quarter on quarter yoy. But okay, I get your point and in terms of the capex the last question I had was like you are still maintaining your guidance for spending around 50% of fiscal 27 capex on refining.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Considering<\/p>\n

Unidentified Participant<\/strong><\/p>\n

These three projects are kind of done, is there anything specific that this money would be spent on?<\/p>\n

Anuj Jain<\/strong><\/p>\n

Whenever the commissioning happens the payments take some time. So there’s a difference between the commissioning and physical progress in the payment cycles. So that is why the cash there would be a substantial cash out go on account of these completed projects in the next in this financial year 2728.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So we should be seeing lower capexes on refining starting fiscal 28 is what you’re kind of.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Yes,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes,<\/p>\n

Anuj Jain<\/strong><\/p>\n

Yes, yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it very clear. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Hardik from ICICI Bank. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

As you mentioned that the GRM we are not disclosing it is just for the quarter or the going forward. This will be the policy. How is it<\/p>\n

Anuj Jain<\/strong><\/p>\n

See till the time so much unstability and whatever it take means. I think giving grants would not be a correct way of disclosing our financial statements because at one point of time you may find GRMs excessively high which doesn’t get reflected in my profitability. So till that time we are making the pause but we again we may consider once again once the situation normalizes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay answer. May I know how is the LPG under recovery in April and May?<\/p>\n

Anuj Jain<\/strong><\/p>\n

Yeah, I can share with you. Just give me one minute.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And also, also can you just highlight there hasn’t been a substantial increase in the operating cost. So if you can just help us, you know the breakup or where the incremental cost has been there<\/p>\n

Anuj Jain<\/strong><\/p>\n

See the under recovery per cylinder was rupees 100 in the quarter four of financial year 2526 which went high to 171 in April 2026 which has further increased to 617 May 2026. LPG buffer position as on 31st March 26th is rupees 23,102 crore. I would also like to share that LPG loss incurred during quarter four. 2526 is rupees 2405 crore. And for full financial year 2526 is rupees 9211 crore. Which is without registering any subsidy which is being received by the company.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Or why there’s a substantial increase in operating cost other expenditure.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Sir, you are talking about the. Okay, give me one minute please. Okay, I just. I will give you this answer by the time I get this information. If you have any other question or I will come back to you for this answer.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, yeah,<\/p>\n

Anuj Jain<\/strong><\/p>\n

But I can always share that. Exchange loss was a major factor of this increase in the other expenses. As you know that the rupee depreciated by almost 9% during this financial year 25, 26. So the exchange losses had been the major contributor in other expenses. But I have a specific information I will be able to give you again.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. That’s all from my side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Vineet Banka from Nomura. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir. Thanks for the opportunity. So regarding the refining margin. So do you think that the world is entering a refining super cycle and GRM will average at a much higher level than what we have observed the number before the war and this is especially true for Indian refiners where the output of diesel is much higher than say Singapore GRM and the cracks have been very high. So I’m asking this because much of the upside for IOCL will be coming from the refinery expansion. So 25% of capacity is being added.<\/p>\n

So what is your view on the GRN going for maybe for FY 27 28?<\/p>\n

Vikash Kumar Jain<\/strong><\/p>\n

Yeah, see<\/p>\n

Anuj Jain<\/strong><\/p>\n

Although I have said again and again that I will refrain from forward looking statement. But yes, I have. I can share that world if definitely will be, you know, facing some, you know, cycles of higher refining margins going forward. Because whatever has happened, whether in Russia, Ukraine or in U. S Iran, it has disrupted the refining and upstream assets also. So in all, in all, because of the various uncertainties, refining margins are expected to remain on the higher side till this geopolitical situation normalizes.<\/p>\n

And if you see for the past five years itself, refining margins have been quite high as compared to the refining margins if you see the previous five year period. So yes, refining margins are expected to remain high in next one or two years because of these uncertainties.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you sir. And my second question is regarding after the increase in capacity for refining, will IOCL have surplus petrol and diesel production compared to the marketing volume and what will be you will be exporting these volumes or selling to say other OMCs?<\/p>\n

Anuj Jain<\/strong><\/p>\n

See the kind of demand we are seeing in India, we feel that we may not have major exportable surplus on a sustained basis from our refining systems, but from seasonal to season because India also faces a seasonal demand in the monsoon period, in the winters, in the summers. So from the seasonal point of view, yes, we would be exporting but on a sustained basis. We don’t anticipate major exports coming except for<\/p>\n

Nitin Kumar<\/strong><\/p>\n

Few<\/p>\n

Anuj Jain<\/strong><\/p>\n

Products like maybe NAFTA for some point of time or sunless oil, but not to a major extent we see any exportable services.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir. And the refinery throughput for FY27, shall we assume it will be higher than FY26? Because the utilization has been around 108% and assuming that there is some normalization there and we will be adding some capacity towards the end of the year. So what should we think about throughput for the refinery?<\/p>\n

Anuj Jain<\/strong><\/p>\n

See, I would not like to comment on the additional capacities which will come on account of extensions. But for my existing refining setup I expect similar refining throughput next year also because if you see this year has been one of the highest throughput and current year we are having few shutdowns, planned shutdowns. So and few shutdowns which were planned this year will come back next year. So we are expecting that next year we should be having almost a 75mm TPA of refining throughput on a standalone basis.<\/p>\n

If you add CPCI that will be another 10 from Indian Oil we would be having 75 mm TPA of refining throughput.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you sir. I’ll get back in the queue.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of srmish and individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good evening and thank you very much. So if you look at your petroleum segment results, can you share what is the impact of the inventory accounting included in this petroleum segment result for the fourth quarter?<\/p>\n

Anuj Jain<\/strong><\/p>\n

Actually, because of various factors I would say that 25, 26 as a whole year was a very stable year for us. And as far as specific inventory numbers are concerned, I would like to refrain from the specific numbers as on date. But if you want you can get in touch with my corporate finance team to help you out on this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So on the petrochemical segment and the gas segment, can you share some thoughts on what are the drivers for the petrochemical turnaround with due to inventory gains or is there a sustainable improvement in the spread? And do you expect this trend to sustain? And on the gas segment what has resulted in the laws? Is it from your LNG business or in the standalone cgt? And how do you expect the gas business to shape up over the next one two years in terms of the profitability?<\/p>\n

Anuj Jain<\/strong><\/p>\n

See, I have shared that we had the highest petrochemical sales during the year financial 2526. And if you see the March, the fourth quarter was very good for the petrochemical segment. So that was additional margins what we earned in the Q4 in Petcamp. But as far as gas is concerned, gas prices remained on elevated levels and that has impacted the quantity of sales and to the margins to some extent. So we are also watching the situation on gas front, how it will turn out because of this now geopolitical and situation the gas prices have gone up significantly.<\/p>\n

So it’s a situation we are monitoring. And let’s see how the gas volumes take shape in the current financial year. As far as petrochemicals are concerned, we expect to continue have a higher sales volume and also give reasonable good returns on from this business segment.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So just one more follow up question on the gas segment. So in terms of the progress on the standalone CityCare distribution network, what is the kind of ramp up you expect this year? When do you see the CGD business turning profitable? Because just to understand if this entire loss is on the LNG trading or is there some loss on the standalone CGD stations which are commercialized which you expect to, you know, eventually make it profitable, how do you see the standalone CGD business shaping up in the next 12 years?<\/p>\n

Anuj Jain<\/strong><\/p>\n

See, as far as CGD business is concerned, we are having a, we are having a ebitda positive in 2526 Q1 itself and we have become PBT positive by the end of the financial year 2526. So as far as CGD business is concerned, it is not a net positive contributor in my P and L. And going forward we expect our volumes to go up in next financial year from this segment as well.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

In terms of the gas supply chain for the CDD business apart from the, you know, new oil gas and the gas, are you able to source enough LNG for the kind of ramp up plans for the standalone CDDs and how are you managing the supply chain for the natural gas there for this business?<\/p>\n

Anuj Jain<\/strong><\/p>\n

See, there’s no constraints in the availability of gas as such it is only the pricing issues actually. So you have to whenever it’s a more of a decision whether you will be able to pass on this higher gas to your customers or your internal system. So based on various factors we are definitely. But as a CGD business is going up, volumes are going up. As I have shown to you that it is a PBT positive for me now from 25, 26 Q4 onwards. And going forward also we expect that we. And I will also share with you that we many of the suppliers decrease force major due to closure of State of Palomo.<\/p>\n

So that affected our business. But we also diversified our spot procurement from Indonesia, Nigeria, Angola, Oman. So we have now diversified our import sources also. All in all I will just say that it’s a pricing issue not a supply constraint.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you very much and wish you all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Ajit Darda from Nizar Securities. Please go ahead.<\/p>\n

Vivekanand<\/strong><\/p>\n

Hello sir. Am I audible?<\/p>\n

Anuj Jain<\/strong><\/p>\n

Yeah.<\/p>\n

Vivekanand<\/strong><\/p>\n

Yes. Thanks for the opportunity, sir. Sir, my question is around the proposed JV between SCI and the oil psu. In light of the current energy security concerns when this JV is expected to be finalized and operational? Sir,<\/p>\n

Anuj Jain<\/strong><\/p>\n

I see. I was under the ages of MOP engine Ministry of Shipping. A non binding MOU was signed between the oil CPS and Shipping Corporation of India for formulation of a joint venture company for ownership and maintenance of vessels which focus that some of them should be built in India. Indian oil is exposing to purchase four MRI vessels to start with, it is established that the CPSCs have complementary capabilities and jointly acquire and manage the operation of vessels and thereby excise better control on the petroleum supply chain.<\/p>\n

The companies, whether it is both oil PhD and SEI have agreed in principle to work together and collaborate on acquisition and operation of vessels on mutually beneficiary basis. The JV formulation structure is known to everybody. So over to you.<\/p>\n

Vivekanand<\/strong><\/p>\n

And sir, with vessel acquisitions happening at peak of the cycles, what minimum, you know, benchmarks or ROC is you know, targeted by this jv? I mean<\/p>\n

Anuj Jain<\/strong><\/p>\n

Today I will not be able to give you the exact numbers but these issues are being discussed between the companies and the SCI and we will arrive at a very, you know, due diligence is going on as on date, I can say. And<\/p>\n

Vivekanand<\/strong><\/p>\n

Sir, will that JV be a nodal agency going forward for the oil PSUs or it will be still on competitive basis for other players as well?<\/p>\n

Anuj Jain<\/strong><\/p>\n

All these things are under discussion as on date.<\/p>\n

Vivekanand<\/strong><\/p>\n

Okay. Okay. Thank you so much. I’ll get Back in.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Aja, an individual investor please. Correct.<\/p>\n

Vivekanand<\/strong><\/p>\n

Yeah. Thank you so much for the opportunity. Sir. Just following up to the earlier participants question. How will we ensure, sir, in this, you know, shipping business because it’s a very cyclical business. So how will we ensure profitability of the jv? Because there are up cycle, there are abnormally high rate cycles and it’s a very long capex intensive business. So how will we ensure that, you know, there are no losses in the jail.<\/p>\n

Anuj Jain<\/strong><\/p>\n

As I said, all these issues are under deliberation. But I can just share with you that Indiana is the end user of the shipping business. What we are talking about and we are in a continuous business for the past more than five to six decades. And this is going to continue. So any arrangement which gives me the shipping security will be beneficial to the company. And which is very much evident over in the past two years that whichever company had a very strong shipping connection, it made best of use of that during this crisis.<\/p>\n

Vivekanand<\/strong><\/p>\n

That was really helpful, sir. At present, what is the estimated annual spend by us on shipping freight charges and what percentage we are expecting that it will go through the proposed jv.<\/p>\n

Anuj Jain<\/strong><\/p>\n

These numbers will be able to. I will tell the corporate finance team to give it to you through the coordinated visa. I don’t have the ready numbers with me.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No problem, sir. And it will be primarily a very long time, long term arrangement. 5, 10, 15 years.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Yes, yes. It is going to be a long term joint venture company because the shipping business is a long distribution period.<\/p>\n

Vivekanand<\/strong><\/p>\n

What is the expected timeline, sir? When? When are we expecting this to be operationalized?<\/p>\n

Anuj Jain<\/strong><\/p>\n

Things are under discussion and the due diligence is going on. So we are quite focused on this joint venture company.<\/p>\n

Vivekanand<\/strong><\/p>\n

All right sir. Thank you so much. I’ll get back in the queue.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Vikas Jain from clsa. Please go ahead.<\/p>\n

Vikash Kumar Jain<\/strong><\/p>\n

Yeah, thanks for taking my questions. Anuji, if you could also give a sense of the ramp up of these reasonably large capacities which are coming in the sense of not just throughput but also the upgraded units by when do you think they will get to full utilization? Should we assume that everything to get at full utilization will be 3, 4\/4 from the time they start? So maybe more like towards the end of 2027 is all of these units will be fully stabilized.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Actually as you know that Indanar is already managing 10 refineries and handled refinery expansion in the past. As a thumb rule, in our company we say the first year we will achieve 60%. Next year, 80% minimum. And by the end of, by the third year we achieved 100%. Percentages can go little bit here and there, but on the broad basis this is what we have seen in the past and this is how we make our profitability metrics. Also when we take management approvals on any extension<\/p>\n

Vikash Kumar Jain<\/strong><\/p>\n

And all<\/p>\n

Anuj Jain<\/strong><\/p>\n

These are blown field extensions and they’re expected to be take a lesser turnaround time. So this 60, 80, 100 is on the outer scale. We expect it to turn around much faster.<\/p>\n

Vikash Kumar Jain<\/strong><\/p>\n

So FY29 should be the number, should be the time when we should have more or less. Hopefully given that these are brownfield<\/p>\n

Anuj Jain<\/strong><\/p>\n

Year. But I would definitely say that being a brown feed expansion, we expect them to come on board very quickly.<\/p>\n

Vikash Kumar Jain<\/strong><\/p>\n

Okay. Okay. Thank you so much. That’s the only question.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question come from the line of Dwanit with Saula family office. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, I have only one question. I heard previously that you were saying that the pricing is an issue on the gas side, not the supply. Does it apply to the supply of petroleum products as well? And, and till what time are we confident about this situation? So we are like 30 days, 40 days, 50 days of stock with us or is there some point where we might actually not be able to supply the petrol or diesel at the pumps? And in terms of pricing, I know you cannot elaborate much on it, but is it fair to say that since the oil price of oil has gone up by like 50% or it’s doubled, then probably the pump prices should also double for us to be able to, you know, break even.<\/p>\n

Anuj Jain<\/strong><\/p>\n

I will reply to your first question first. See, as far as the supply of crude oil and other petroleum products are concerned, we saw, we have consistently seen that particularly crude oil there are very diversified sources are available and all our refineries are operating on a full capacity since the crisis have started. So we are making the crude oils available other lpg. Yes, LPG had a constraint, but we have managed to diversify our sources of LPG and reasonable good quantity of LPG has been made available.<\/p>\n

And that is why if you see constant supply availability of LPG is being issued pan India basis from all over distribution channels. Now coming to your second question about the inventory levels. We don’t have any shortage of either crude oil and lpg. But yes, crude oil number of days inventory is still being maintained for over a month. LPG inventory has come down but still it is being managed so that we have enough LPG availability, Pan India basis. Now coming to your third question about the pricing.<\/p>\n

As I have said that the situation continues to be very, you know, uncertain and unstable. We are monitoring the situation and appropriate decisions are being taken at appropriate level to mitigate the situation. Thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So I, I know you can’t. I agree with your statement on pricing. What I was trying to understand is, is my assumption correct when we say that if the size of crude has moved up by 100 by $50 or double, then probably for us to be able to make a decent margin, the price at the pump should also go up by that same quantum or is there, is there a lot more calculation which goes within it?<\/p>\n

Anuj Jain<\/strong><\/p>\n

See, it depends upon number of the factors prevailing in the country, outside the country and as I said, many number of times. We will not be able to give any specific guidance on this matter. Thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. That was the last question for today. I now hand the conference over to the management for the closing remarks. Thank you. And over to you.<\/p>\n

Anuj Jain<\/strong><\/p>\n

Thank you all for your time and insightful questions. On behalf of the entire internal team, I deeply appreciate your continued trust, confidence and support. We value our engagement and look forward to future interaction and keeping you updated on our progress. Stay safe and take care. Jai Hind.<\/p>\n

Operator<\/strong><\/p>\n

Thank you so much, sir. On behalf of Antique Stock Broken Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Indian Oil Corporation Limited (NSE: IOC) Q4 2026 Earnings Call dated May. 19, 2026 Corporate Participants: Anuj Jain \u2014 Director of Finance Nitin Kumar \u2014 CGM, Corporate Finance and Treasury Analysts: Varatharajan Sivasankaran \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":170189,"url":"https:\/\/alphastreet.com\/india\/indian-oil-corporation-q1-fy26-earnings-results\/","url_meta":{"origin":183481,"position":0},"title":"IOCL Q1 FY26 Earnings Results","author":"Divyansh_Kasana","date":"August 14, 2025","format":false,"excerpt":"Indian Oil Corporation Limited (IOCL), a Maharatna company under the Government of India, operates across the entire hydrocarbon value chain, including refining, pipeline transportation, petroleum product marketing, research and development, exploration and production, natural gas marketing, and petrochemicals. It holds a leadership position in India\u2019s oil refining and petroleum marketing\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"IOC Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/co.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/co.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/co.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/co.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/co.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/co.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":139577,"url":"https:\/\/alphastreet.com\/india\/indian-oil-corporation-limited-q3-fy23-consolidated-pat-declines-by-87\/","url_meta":{"origin":183481,"position":1},"title":"Indian Oil Corporation Limited Q3 FY23; Consolidated PAT Declines By 87%","author":"Hardik Bhandare","date":"January 31, 2023","format":false,"excerpt":"Indian Oil Corporation Limited (NSE: IOC) reported a Revenue from Operations of \u20b92,32,303.20 Crores, a significant boost of 17% growth from the previous year. The Consolidated Net Profit for the business declined by -87.4% year over year, to \u20b9773.23 Crore from \u20b96,143.08 Crore. 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Q2 FY26 Financial Summary Revenue grew 2.09% year on year to \u20b91,78,628 crore, up from \u20b91,74,976 crore, supported by\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Q2 FY26","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/IO.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/IO.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/IO.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/IO.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/IO.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/IO.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":142801,"url":"https:\/\/alphastreet.com\/india\/earnings-summary-of-indian-oil-corporation-limited-for-q3-fy23\/","url_meta":{"origin":183481,"position":3},"title":"Earnings Summary Of Indian Oil Corporation Limited For Q3 FY23","author":"Hardik Bhandare","date":"February 24, 2023","format":false,"excerpt":"Indian Oil Corporation Limited (NSE: IOC) is a Maharatna company and the largest commercial enterprise in India with a turnover of over $85 billion. It is engaged in refining, pipeline transportation, and marketing of petroleum products. The company has a refining capacity of 80.7 million metric tonnes per annum (MMTPA)\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":183481,"position":4},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":174609,"url":"https:\/\/alphastreet.com\/india\/indian-railway-finance-corp-irfc-q4-2025-earnings-call-transcript\/","url_meta":{"origin":183481,"position":5},"title":"INDIAN RAILWAY FINANCE CORP (IRFC) Q4 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"INDIAN RAILWAY FINANCE CORP (NSE: IRFC) Q4 2025 Earnings Call dated Apr. 29, 2025 Corporate Participants: Manoj Kumar Dubey \u2014 Chairman and Managing Director and Chief Executive Officer Shelly Verma \u2014 Director, Finance Analysts: Parth Jariwala \u2014 Analyst Mohit Jain \u2014 Analyst Abhishek Law \u2014 Analyst Kamal Mulchandani \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=183481"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183481\/revisions"}],"predecessor-version":[{"id":183483,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183481\/revisions\/183483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=183481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=183481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=183481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}