EL7.AI
StocksMedium•2 November 2026•
2 min read

Indian Oil shares rise 3% as quarterly profit nearly triples

Key Facts

1Indian Oil shares rose 3% on the morning of 2 November after quarterly profit nearly tripled year on year.
2Compensation for liquefied petroleum gas losses recognized as operating revenue amounted to 7,243.02 crore rupees, and the cumulative negative balance stood at 32,505.69 crore rupees on 30 September.
3Brent’s average price during the quarter was about 40% higher than a year earlier.
4The Nifty 50 rose 1.08% to 23,304.90 points, and the Sensex gained 1.27% to 75,404.64 points at 9:42 a.m. India time on 2 November.

Indian Oil shares rose 3% on the morning of 2 November after the company’s profit for the quarter ended in September nearly tripled year on year, according to Reuters. The stock advanced in a session when Indian market indexes rose as oil prices fell from a six-month high. Reuters linked the market move to talks to end the Iran war and the decline in crude. The quarterly consolidated results were unaudited, according to a filing with the National Stock Exchange of India. The filing said the company’s board approved them on 30 October.

The company recorded in operating revenue a compensation installment for liquefied petroleum gas losses for the period from April to September, amounting to 7,243.02 crore rupees, according to the exchange filing. The filing said the amount was recognized as operating revenue. Meanwhile, the cumulative negative balance for liquefied petroleum gas stood at 32,505.69 crore rupees on 30 September. This places the compensation among the factors associated with the quarterly result, which Reuters described as nearly three times its level a year earlier. The cumulative balance remains an indicator of the losses still recorded under this item at the end of the period.

Brent crude’s average price during the quarter was about 40% higher than a year earlier, according to Reuters. The agency attributed the increase to the ongoing Iran war and geopolitical tensions linked to the Russia-Ukraine war. In its disclosure on profit drivers, the company said the temporary decline in crude from mid-June to mid-August, along with strong petrochemical and gas margins, supported quarterly profitability. In the 2 November session, Brent fell to 110 dollars a barrel from a high of 118 dollars on the previous Friday, Reuters reported. The agency linked the price decline to talks to end the Iran war.

At 9:42 a.m. India time on 2 November, the Nifty 50 rose 1.08% to 23,304.90 points, while the Sensex gained 1.27% to 75,404.64 points, according to Reuters. In this context, Indian Oil’s 3% gain came during a rising session for the Indian market. But lower crude prices could have the opposite effect on the company’s profits in coming periods. Reuters warned that a decline in global oil prices could weigh on profitability because of potential inventory losses. The agency linked this risk to lower crude, while the company said its temporary decline supported profitability in the quarter under review.