Below is a structured extraction and summary of the relevant and actionable financial information from the provided Indian Oil Corporation Limited (IOCL) results filing for the quarter ended 30 June 2025.

1. Auditor’s Note

• Standalone and Consolidated Results have been reviewed (not audited) by four Chartered Accountant firms.
• The review reports express unmodified conclusions with no qualifications or concerns.
• Some subsidiaries, associates, and joint ventures’ interim results included in consolidation were not reviewed by auditors but are management-certified and considered not material.
• No material misstatements or deviations reported.
• Conclusion: Auditor’s notes are standard with no qualifications or issues.

2. Financial Performance

A. Standalone Financials (₹ Crore)

• Margins:

  • Operating Margin (Standalone): 4.01% (Q1 FY26), 4.44% (Q4 FY25), 2.26% (Q1 FY25), 2.11% (FY25)
  • Net Profit Margin (Standalone): 2.60% (Q1 FY26), 3.34% (Q4 FY25), 1.22% (Q1 FY25), 1.53% (FY25)

• Refining Margin:

  • Average Gross Refining Margin (GRM) for Q1 FY26: $2.15/bbl (down from $6.39/bbl in Q1 FY25)
  • Core GRM (after inventory adjustments): $6.91/bbl for Q1 FY26

B. Consolidated Financials (₹ Crore)

• Margins:
  • Operating Margin (Consolidated): 4.61% (Q1 FY26), 4.96% (Q4 FY25), 2.91% (Q1 FY25), 2.44% (FY25)
  • Net Profit Margin (Consolidated): 3.07% (Q1 FY26), 3.78% (Q4 FY25), 1.69% (Q1 FY25), 1.60% (FY25)

3. Detailed Notes / Management Commentary

• LPG Buffer Account:

  • As of 30 June 2025, IOCL has a cumulative net negative LPG buffer of ₹23,644.98 crore due to market-determined LPG prices being lower than effective cost to customers.
  • The Union Cabinet approved compensation of ₹30,000 crore to Public Sector OMCs (including IOCL), but IOCL has not recognized any compensation in Q1 FY26 pending communication from MoPNG.

• Price Differential Claims:

  • PCDA and Indian Air Force have deducted ₹621.25 crore and ₹68.78 crore respectively for price differentials on supplies (Jan 2022 - Mar 2023).
  • IOCL is contesting these claims; financial impact is uncertain and will be addressed upon resolution.

• Exceptional Item in FY25:

  • Reversal of VAT Input Tax Credit provisions amounting to ₹1,838.02 crore due to favorable Supreme Court and Gujarat VAT Tribunal rulings.

• Accounting Policies:

  • No changes in accounting policies reported.
  • Comparative figures have been regrouped for consistency.

• Refining Margin:

  • Significant decline in average GRM in Q1 FY26 compared to Q1 FY25, indicating margin pressure.

4. Segment Information (Standalone & Consolidated)

Standalone Segment Revenue & Profit Before Tax (₹ Crore)

• Inter-segment revenue deducted to arrive at Revenue from Operations.

Consolidated Segment Revenue & Profit Before Tax (₹ Crore)

5. Capex, Projects, Corporate Activity & Other Disclosures

• No deviations or variations in the use of funds raised through Non-Convertible Debentures (total outstanding ₹20,290.20 crore as on 30 June 2025).
• No defaults reported on loans or debt securities.
• No new acquisitions, disposals, or restructuring efforts disclosed.
• No material impairments or write-downs reported in Q1 FY26.
• Security cover certificate for debt securities indicates all Non-Convertible Debentures are unsecured.
• No capital redemption or bond redemption reserves created.
• Debt Equity ratio improved slightly from 0.75 (Q4 FY25) to 0.66 (Standalone) and 0.65 (Consolidated) in Q1 FY26.
• Debt Service Coverage Ratio improved significantly in Q1 FY26 compared to Q4 FY25.
• Current ratio stable at ~0.66-0.67.
• Trade Receivables Turnover and Inventory Turnover indicate efficient working capital management.

6. Standalone vs Consolidated

• Both Standalone and Consolidated results are provided and reviewed.
• Consolidated revenue and profit are slightly higher than standalone, reflecting contributions from subsidiaries, associates, and joint ventures.
• Segment-wise revenue and profit broadly consistent between standalone and consolidated, except for "Other Business Activities" which is higher in consolidated due to inclusion of subsidiaries.

Summary for Investment Analysis Team

This summary provides a clear, actionable snapshot of IOCL’s financial health and operational performance for Q1 FY26, suitable for investment decision-making and further analysis.