State-run Indian Oil Corporation’s (IoCL’s) annual capital expenditure for its expansion across the refinery and petrochemicals segment will remain elevated at ₹33,000 crore l in FY26 and around ₹40,000 crore for the next three years, said S&P Global Ratings.

“IoCL’s capex will remain elevated over the next five years at ₹33,000 crore in fiscal 2026 and closer to ₹40,000 crore over the subsequent three years. This includes about ₹35,000 crore on refinery capacity expansions in fiscals 2026-2028. Thereafter, the company will focus on petrochemical investments totalling about ₹68,500 crore over the next three subsequent years,” S&P said on Tuesday.

The ratings agency expects IoCL’s operating cash flows will be sufficient to fund its growth capital expenditure (capex) over the next 12-24 mo

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