Refining capacity to increase to 98 MMTPA by 2026
Three major expansion projects (Panipat, Gujarat, Barauni) on track for mechanical completion by 2026, adding ~17.3 MMTPA capacity.
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Indian Oil Corporation · forward-looking guidance across the available source record.
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expansion
Petrochemical integration target of 15% by 2030
Aims to raise petrochemical integration from current 6% to 15%, with focus on niche chemicals and a $1 billion dual feed cracker at Paradip.
Capex budget of ₹33,494 crore for FY26
Total capex for the year budgeted at ₹33,494 crore, with ~₹14,000-15,000 crore on refining and balance on petrochemicals, marketing, pipelines, and CGD.
Renewable energy target of 30 GW by 2030
Investing in renewable energy through subsidiary Terracle Limited, targeting 30 GW capacity by 2030.
FY27 Throughput Target: 77 MMT
Company expects refinery throughput to reach 77 MMT in FY27 and 85 MMT in FY28 as expansion projects at Panipat, Gujarat and Barauni (totaling ~Rs 90,000 crore capex) commission by end-2026.
FY27 Capex Budget: Rs 32,700 Crore
Budgeted capex target for the full year is Rs 32,700 crore, encompassing investments across refining, petrochemicals, pipelines, renewables and shipping. Projects are evaluated on profitability basis.
Renewable Energy Target: 18 GW in 3-4 Years
Wholly-owned subsidiary Terravana (Parakle) targets 18 GW renewable capacity. Already received connectivity approval for 2.6 GW and has 4-5 GW under various stages of development.
SPRING Cost Savings: Rs 2,000-2,500 Crore in FY27
Building on Rs 2,000 crore savings in FY26, SPRING 2.0 initiative targets additional Rs 2,000-2,500 crore savings through operational efficiency, logistics optimization and market share gains.
Capex target of ₹33,494 crore for FY26
Management reiterated the annual capex plan of ~₹33,500 crore, with ₹14,000 crore for refining, ₹10,000 crore for marketing/pipelines, ₹2,500 crore for petrochemicals, and ₹2,000 crore equity for renewables JVs.
Refinery expansions commissioning by June-August 2026
Panipat (10 MMTPA) and Gujarat expansions expected by June 2026; Barauni expansion in stages from August 2026. First-year throughput assumed at 60% of capacity.
Project Sprint cost reduction target of 20%
The three-year initiative aims to reduce budgeted costs by 20% across all verticals (refining, marketing, pipelines). Specific savings will be shared from Q3 onwards.
Renewable energy target of 31 GW by 2030
IOC aims to develop 31 GW of renewable capacity through subsidiary Terine Ltd and JV with NTPC Green, with equity funding of ~₹2,000 crore in FY26.