IOC: refining margin rose in Q2 as H1 capital spending reached Rs 12,162 crore
Indian Oil Corporation reported a higher second-quarter gross refining margin of $18.52 per barrel, while H1 capex totaled Rs 12,162 crore, per TradingView.
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what happened
According to TradingView, Indian Oil Corporation (IOC) lifted its gross refining margin to $18.52 per barrel in the second quarter, up from $15.59 in the first. Refinery throughput, pipeline volumes and marketing sales all fell quarter on quarter.
Over the first half, the company spent Rs 12,162 crore on capital projects. For comparison, its fiscal-2027 target is Rs 32,700 crore. Major refinery upgrades are moving ahead.
why it matters
A higher margin signals better profit per barrel processed, which typically supports refiners' earnings. Lower throughput and sales volumes, however, limit how much of that gain reaches the bottom line, so investors will watch the pace and payoff of the spending program.
market impact
Indian Oil shares and Indian refiners: a higher margin supports earnings, though lower volumes cap the gain
- Indian Oil shares pressure up — a wider refining margin lifts profit per barrel
tags
instruments
sources
- IOC: Higher Q2 GRM; H1 capex reached Rs 12,162 crore as major projects advanced — TradingView, 31 October 2026 at 07:22 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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