Indian Oil Corporation (IOC) posted a consolidated net loss of ₹2,661 crore for the first quarter of FY27, significantly impacted by a collapse in refining margins.
Despite a 26.2% increase in revenue compared to the previous year, the company struggled with rising crude oil prices and lower marketing margins on fuel sales.
This marks the first quarterly loss for the state-run oil major in 15 quarters, prompting the management to initiate a review of operational costs and inventory management.