INDIAN OIL Q2 CONCALL: TARGETS ₹30,000–40,000 CR ANNUAL CAPEX, 31 GW RENEWABLE CAPACITY IN 5 YEARS; REFINERY EXPANSIONS ON TRACK

• FY27 Capex: ₹32,700 Cr planned; ₹12,162 Cr spent during H1 FY27. • Long-Term Capex: ₹30,000–40,000 Cr annually targeted over the next 4–5 years. • Refinery Expansion: Panipat 95%, Gujarat 90% and Barauni 92.5% complete; commissioning targeted during FY27. • FY28 Outlook: Higher refinery throughput and earnings contribution expected following commissioning and gradual ramp-up. • Renewable Energy: Targets 31 GW capacity over 5 years through organic expansion, acquisitions and joint ventures. • Renewable Investment: ₹5,000–10,000 Cr annual equity contribution discussed; TerraClean expected to become EBITDA positive around FY30. • Petrochemical Expansion: Paradip PX-PTA project mechanically completed; commissioning underway. Approximately ₹10,000 Cr of additional petrochemical investments approved. • Crude Sourcing: Russian crude contributed 55% of H1 imports; spot purchases increased to 87%. • LPG Outlook: Under-recoveries could rise to approximately ₹309–370 per cylinder in coming months. • Q2 Refining Margin: GRM at $18.52/bbl versus $15.59/bbl QoQ. • Inventory Gains: ₹6,948 Cr supported Q2 profitability. • Q2 Revenue: ₹2,62,936 Cr versus ₹2,02,992 Cr YoY. • Q2 Net Profit: ₹21,630 Cr versus ₹7,610 Cr YoY. • Debt Reduction: Borrowings declined to ₹1,16,578 Cr from ₹1,41,453 Cr QoQ. Overall Outlook: CAUTIOUSLY POSITIVE — Refinery expansions and renewable investments support growth, while crude volatility and LPG losses remain key risks.

INDIAN OIL CORP LTD

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