Shares of Indian Oil Corporation Ltd. opened higher but soon erased early gains and were trading with losses on Tuesday, October 28, after the state-run refiner reported its September quarter earnings.

Indian Oil's revenue came in at ₹1.79 lakh crore, slightly above Street estimates of ₹1.77 lakh crore, while net profit stood at ₹7,610 crore, beating the forecast of ₹6,353 crore.

EBITDA rose to ₹14,583 crore, higher than the expected ₹13,124 crore, with the EBITDA margin improving to 8.2% versus 7.4% estimated.

The company's gross refining margin (GRM) was $10.7 per barrel, higher than the projected $6.5 per barrel.

According to Jefferies, marketing margins on diesel and petrol averaged ₹7.4 and ₹11.6 per litre, respectively.

While margins have moderated so far in Q3FY26, the brokerag

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