I. Financial

Particulars (US $ Million) (₹ in Crore)
2025-26 2024-25 2025-26 2024-25 2023-24 2022-23 2021-22
Revenue from Operations 100411 99954 886224 845513 866345 934953 728445
Profit before Exceptional Items, Finance Cost, Tax, Depreciation & Amortisation (EBITDA) 8352 4500 73718 38060 74182 28487 47568
Profit before Exceptional Items, Finance Cost & Tax (EBIT) 6430 2693 56753 22776 59672 16628 36562
Operating Profit 5,865 2,106 51,765 17,812 54,891 10,393 32,223
Profit before Exceptional Items & Tax 5527 1660 48784 14044 52344 9698 31733
Profit before Tax (PBT) 5527 1878 48784 15882 52344 9698 31733
Profit after Tax (PAT) 4169 1532 36802 12962 39619 8242 24184
Other Comprehensive Income (net of tax) 321 (161) 2837 (1359) 13356 (1464) 6260
Total Comprehensive Income 4491 1372 39640 11602 52975 6778 30444
Contribution to Central & State Exchequer 29476 27462 260151 232299 241629 240185 264436
Cumulative Dividend (on issued share capital) - - 122655 111293 107162 90636 86505
Value Generated 16369 11809 144475 99893 132068 87472 99105
Value Distributed
Operating Cost 6742 5799 59507 49057 46377 49864 40223
Community Investment - CSR 55 69 489 583 458 264 298
Employee Benefits 1222 1225 10789 10363 11080 8770 10992
Providers of Capital
- Finance Cost 903 1032 7969 8732 7328 6930 4829
- Dividend 1560 1140 13772 9640 11017 3305 9640
Income Tax 1332 167 11758 1410 11615 443 6913
Value Retained 4555 2377 40191 20108 44193 17896 26210
What Corporation Owns
Net Fixed Assets 20188 21742 191467 185851 180867 165485 146889
Capital Work In Progress (CWIP) 8972 8916 85094 76214 59066 48991 44446
Investments 7473 8296 70871 70917 71088 57519 57787
Other Non Current Assets 798 1101 7567 9409 7860 6472 6912
Other Current Assets 14255 15887 135198 135803 136561 139587 129557
Total 51686 55942 490197 478194 455442 418054 385591
What Corporation Owes
Equity
- Share Capital 1452 1611 13772 13772 13772 13772 9181
- Other Equity 20115 19292 190773 164905 162943 120986 122105
Sub Total 21567 20903 204544 178677 176715 134758 131286
Borrowings 11669 15730 110668 134466 116496 132495 110798
Tax Liability (Net) 1953 1871 18522 15996 15745 12766 11491
Other Non Current Liabilities 1563 1431 14827 12230 11728 11433 10838
Other Current Liabilities 14934 16007 141635 136825 134758 126602 121178
Total 51686 55942 490197 478194 455442 418054 385591
Net worth (as per Companies Act) 18334 17649 173883 150863 147473 118906 114031
Market Capitalisation 20160 21096 191202 180328 236884 110004 111981
Enterprise Value 31800 36796 301589 314530 352915 242136 222070
Particulars (US $ Million) (₹ in Crore)
2025-26 2024-25 2025-26 2024-25 2023-24 2022-23 2021-22
Key Financial Indicators
Earnings Per Share* (in $/₹) 0.3 0.11 26.72 9.41 28.77 5.98 17.56
Cash Earnings Per Share*(in $/₹) 0.44 0.24 39.04 20.51 39.30 14.60 25.55
Book Value Per Share* (in $/₹) 1.57 1.52 148.53 129.74 128.32 97.85 95.33
Market Price Per Share (NSE) (in ₹) - - 135.40 127.70 167.75 77.90 118.95
Price Earning Ratio - - 5.07 13.57 5.83 13.02 6.77
Dividend Payout Ratio - - 31% 32% 42% 50% 48%
Retention Ratio - - 69% 68% 58% 50% 52%
Debt Equity Ratio
- Total Debt To Equity (times) - - 0.54 0.75 0.66 0.98 0.84
- Long Term Debt To Equity (times) - - 0.26 0.29 0.23 0.43 0.39
Current Ratio (times) - - 0.70 0.67 0.69 0.74 0.75
Return on Average Net Worth (%) - - 22.67 8.69 29.75 7.08 22.59
Return on Average Capital Employed (%) - - 17.05 7.10 20.17 6.19 15.44
Total Asset Turnover Ratio (times) - - 1.83 1.81 1.99 2.33 2.03
Trade Receivables Turnover Ratio (times) - - 54.61 54.99 60.60 54.43 45.95
Inventory Turnover Ratio (times) - - 8.21 7.71 7.62 8.48 7.98
Interest Service Coverage Ratio (times) - - 7.98 4.02 9.08 3.39 8.25
Debt Service Coverage Ratio (times) - - 2.39 1.07 2.17 1.30 5.10
EBITDA Margin (%) - - 8.32 4.50 8.56 3.05 6.53
Operating Profit Margin (%) - - 5.84 2.11 6.34 1.11 4.42
Net Profit Margin (%) - - 4.15 1.53 4.57 0.88 3.32

Note: Exchange rate used:-

For 2025-26: Average Rate 1 US $ = ₹ 88.26; Closing Rate 1 US $ = ₹ 94.84 as on 31.03.2026

For 2024-25: Average Rate 1 US $ = ₹ 84.59; Closing Rate 1 US $ = ₹ 85.48 as on 31.03.2025

* Note: Absolute figures in US $ and ₹ Adjusted for Bonus Shares (1:2 issued in June 2022)

Figures for the previous year have been regrouped, wherever necessary.

# Item / Term Definition / Calculation Basis
1 Revenue from Operations Sales (net of discount) + Sale of Services + Other Operating Revenue + Net claim/ (surrender) of SSC and other claims + Subsidy from Central/State govt.+ Grant from govt.
2 Value Added Profit before Tax + Finance Cost + Depreciation & Amortisation + Employee benefit expenses + Operating Cost
3 Investments Non Current Investments + Current Investments
4 Other Current Assets Current Assets - Current Investments - Current Tax Assets
5 Borrowings (Total Debt) Short Term Borrowings + Long Term Borrowings
6 Tax Liability (Net) Deferred Tax Liabilities + Curent Tax Liabilities + Income Tax Liabilities - (Curent Tax Asset + Income Tax Asset)
7 Other Current Liabilities Current Liabilities - Short Term Borrowings - Current Tax Liabilities
8 Enterprise Value Market Capitalisation + Borrowings - Cash and Cash Equivalents
9 Equity Equity Share Capital + Other Equity
10 Capital Employed Equity + Borrowings + Deferred Tax Liability
11 Earnings Per Share Profit after Tax/ Weighted average number of equity shares
12 Cash Earnings Per Share (Profit after Tax + Depreciation)/ Weighted average number of equity shares
13 Book Value Per Equity Share Equity/ Number of equity shares
14 Price Earning Ratio Market Price Per Share/ Earning Per Share
15 Dividend Payout Ratio Total Dividend (including final dividend)/ Profit after Tax
16 Retention Ratio (Profit after Tax - Total Dividend - Total Dividend Distribution Tax)/ Profit after Tax
17 Total Debt To Equity Borrowings/ Equity
18 Long Term Debt To Equity Long Term Borrowing/ Equity
19 Current Ratio Current Assets/ Current Liabilities
20 Return on Average Net Worth Profit after Tax/ Average Net worth (as per Companies Act)
21 Return on Average Capital Employed EBIT/ Average Capital Employed
22 Total Asset Turnover Ratio Total Income/ Average Total Assets
23 Trade Receivables Turnover Ratio Sales (Net of Discounts)/ Average Trade Receivable
24 Inventory Turnover Ratio Sales (Net of Discounts)/ Average Inventory
25 Interest Service Coverage Ratio (Profit before Tax + Finance cost in P&L + Depreciation)/ [Finance Costs (P&L + Capitalised)]
26 Debt Service Coverage Ratio (Profit after Tax + Finance cost in P&L + Depreciation)/ [Finance cost (P&L + Capitalised) + Lease & Principal repayment (long term)]
27 EBITDA Margin EBITDA/ Revenue from Operations
28 Operating Profit Profit before Exceptional item and tax + Finance cost - Other non operating income
29 Operating Profit Margin (Profit before Exceptional item and tax + Finance cost - Other non operating income)/ (Revenue from operations)
30 Net Profit Margin Profit after Tax/ Revenue from Operations

II. Operations

Million Metric Tonnes (MMT)
Operating Performance 2025-26 2024-25 2023-24 2022-23 2021-22
Product Sales
Domestic
- Petroleum Products 88.967 84.963 83.297 83.966 73.743
- Natural Gas 7.276 6.892 5.667 4.070 3.503
- Petrochemicals 3.294 3.155 2.980 2.202 2.871
- Explosives 0.320 0.319 0.320 0.342 0.287
- E&P Sales 0.047 0.046 0.047 0.075 0.089
Total Domestic 99.904 95.375 92.311 90.655 80.493
Export 5.213 4.917 5.240 5.059 5.914
Total 105.117 100.292 97.551 95.714 86.407
Cryogenics (Nos.) 32579 25701 36094 37283 31406
Refineries Throughput 75.451 71.564 73.308 72.408 67.665
Pipelines Throughput 105.556 100.477 98.626 97.382 85.520

III. Manpower Numbers

Particulars 2025-26 2024-25 2023-24 2022-23 2021-22
No. of employees as on March 31 29650 29941 30321 31095 31254

Variance Analysis of Important Financial Aspects

Operating Performance (Income Statement) FY 25-26 FY 24-25 Variation Major Reasons for Variation
Revenue from Operations 8,86,224 8,45,513 40,711 Increase in total sales volume by 4.825 MMT (4.7% increase from last year) and receipt of LPG Compensation from Government.
Operating Profit 51,765 17,812 33,953 Improvement in Refineries and Marketing Margin due to lower cost of crude as compared to last year
Profit Before Tax (PBT) 48,784 15,882 32,902
Profit after Tax (PAT) 36,802 12,962 23,840
EPS (₹ per share) 26.72 9.41 17.31 In line with increase in Net Profit as Outstanding shares are same.

Note: 1. Operating Profit is Profit before Exceptional item and tax, Finance cost and Other non operating income.

Statement of Financial Position (Balance Sheet) FY 25-26 FY 24-25 Variation Major Reasons for Variation
Shareholders Fund/ Total Equity 2,04,544 1,78,677 25,867 Increase on account of surplus for the year and increase in Fair value of Equity Instruments
Net Fixed Assets 1,91,467 1,85,851 5,616 Increase is primarily on account of capitalization of facilities completed under various capital projects during the year.
Capital Work In Progress (CWIP) 85,094 76,214 8,880 Increase is primarily on account of higher capital expenditure incurred during the year towards various ongoing capital projects.
Investments 70,871 70,917 -46 Variation is primarily on account of additional investments in joint ventures and changes in the fair value of equity instruments, partly offset by redemption of Government of India Special Bonds during the year.
Other Non Current Assets 7,567 9,409 -1,842 Decrease is primarily on account of reduction in capital and other advances either due to utilization or creation of provisions against certain advances during the year.
Other Current Assets 1,35,198 1,35,803 -605 Decrease is primarily on account of reduction in trade receivables, partly offset by increase in inventories and other receivables during the year.
Borrowings 1,10,668 1,34,466 -23,798 Decrease in Borrowings on account of strong profitability, healthy internal cash generation, effective working capital management and prudent financial management.
Tax Liability (Net) 18,522 15,996 2,526 Increase is primarily on account of higher current tax liability, along with reduction in current tax assets following receipt of refunds.
Other Non Current Liabilities 14,827 12,230 2,597 Increase is primarily on account of increase in lease liabilities arising from capitalization of Right-of-Use (ROU) assets during the year.
Other Current Liabilities 1,41,635 1,36,825 4,810 Increase is primarily on account of increase in advances from customers during the year due to changes in credit arrangements.
Ratios FY 25-26 FY 24-25 Variation Major Reasons for Variation
EBITDA Margin 8.32 4.50 3.82 Higher profitability during FY 25-26 as compared to last year, mainly on account of higher sales volume and better Refining and Marketing margin.
Operating Profit Margin 5.84 2.11 3.73
Net Profit Margin 4.15 1.53 2.62
Return on Average Net Worth 22.67 8.69 13.98
Return on Average Capital Employed 17.05 7.10 9.95
Debt To Equity 0.54 0.75 -0.21 Decrease in short-term borrowings
Interest Service Coverage Ratio 7.98 4.02 3.96 Reduction in finance cost and increase in profits
Debt Service Coverage Ratio 2.39 1.07 1.32 -
Current Ratio 0.70 0.67 0.03 Reduction in short-term borrowings
Trade Receivables Turnover Ratio 54.61 54.99 -0.38 Increase in turnover at slower rate than average trade receivables
Inventory Turnover Ratio 8.21 7.71 0.50 Higher sales and reduction in average value of inventories