IOC (INDO) Reports 4x Q3 Net Profit Surge Amid Sliding Crude Prices

IndianOil Corporation (INDO) reported a standalone net profit of $1.34 billion (121.26 billion rupees) for the October-December 2025 quarter, a fourfold increase from $318 million in the same period of 2024. Falling crude prices and cheaper Russian inputs more than doubled its average gross refining margin to $8.41 per barrel in April-December 2025. Fuel demand hit record levels in November and December 2025 as construction and agriculture activity rebounded post-monsoon. Looking ahead, refiners may face higher import prices for crude if India reduces its reliance on Russian oil, per terms of the U.S.-India trade deal.