IOC, BPCL, HPCL clock Rs 30,106 cr Q2 profit, nearly 39 pc of last year's annual earnings
Indian Oil moved higher in a quarterly results development.
· ET Stocks, Economic Times Markets, BS Companies
In the third quarter, spanning July to September, India's three major state-run fuel retailers announced a combined net profit of Rs 30,106 crore, reversing a previous loss of Rs 18,150 crore. This profitability surge defied the ongoing freeze on petrol and diesel prices since May.
The analysis
Indian Oil reported Rs 30,106 cr, Rs 30,106 crore and Rs 18,150 crore. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -0.2% on the day at ₹130.15, and has returned -7.0% over three months. It sits 31% below its 52-week high, which means a good deal of bad news was already in the price. The oil & energy sector has moved -5.7% over the same period, so Indian Oil is running 1.3 points behind its peers.
With Indian Oil, Bharat Petroleum and Hindustan Petroleum all implicated, this reads as a Oil & Energy-level move rather than a company-specific one, which is the more durable kind of signal.
Why it matters
- Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Market context
- 3 of the 3 companies named are in Oil & Energy, so the story reads across that sector rather than for one company.
- On the day, 0 of 3 are higher: Indian Oil leads at -0.2% and Bharat Petroleum (BPCL) trails at -1.5%.
- Over three months: Indian Oil -7.0% against Oil & Energy -5.7% (1.3 points behind); Bharat Petroleum (BPCL) -9.8% against Oil & Energy -5.7% (4.1 points behind); Hindustan Petroleum (HPCL) -12.3% against Oil & Energy -5.7% (6.6 points behind).
- At least 25% below the 52-week high: Indian Oil (31%), Bharat Petroleum (BPCL) (27%) and Hindustan Petroleum (HPCL) (32%).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Indian OilIOC · Oil & Energy | ₹130.15 | -0.2% | -3.5% | -7.0% | -30.6% | 1.4× | — |
| Bharat Petroleum (BPCL)BPCL · Oil & Energy | ₹284.90 | -1.5% | -6.0% | -9.8% | -26.6% | 0.6× | — |
| Hindustan Petroleum (HPCL)HINDPETRO · Oil & Energy | ₹340.55 | -0.5% | -2.8% | -12.3% | -31.8% | 0.7× | — |
Oil & Energy
1M -4.8% · 3M -5.7%
Indian Oil, Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL)
Prices as of 30 Oct 2026, 16:10 IST. Sector moves are the average of the stocks we track in each sector.
In this story
Related coverage
Q2 Results Live: Varun Beverages Q3 Net Profit Rises 14% YoY; Reliance Slips, Sun Pharma Gains Ahead Of Earnings
Indian Oil Q2 Results: Swings To Net Profit As Margins Expand
BPCL, Lanxess in pact to explore advanced industrial lubricant technologies
Indian Oil spends 37% of ₹32,700 crore FY27 capex target in first half
IGL Q2 result: Net profit plunges 93.5% to ₹24 crore on higher gas costs