The refining major’s earnings were supported by robust crack spreads in March, aided by supply disruptions linked to geopolitical tensions in West Asia.
On a sequential basis, revenue rose 7.2% to ₹16,817 crore, while EBITDA jumped 36% to ₹2,036 crore. Operating margins expanded to 12.1% from 9.5% in the previous quarter, and net profit increased 42% to ₹1,399 crore.
Crude throughput improved to 2.93 MMT from 2.78 MMT in the December quarter.
The company reported calculated gross refining margins (GRMs) of $14.1 per barrel, significantly higher than the average Singapore benchmark GRM of $8.3 per barrel during the quarter.
However, gains were partly capped by restrictions on refining transfer prices imposed by oil marketing companies (OMCs) on standalone refiners.
The board has recommended a final dividend of ₹54 per share (540%) for FY26, in addition to an interim dividend of ₹8 per share declared earlier during the year.
The final dividend will be paid within 30 days of approval at the annual general meeting, with the record date to be announced.
Despite the strong operating performance, the stock was trading 5.55% lower at ₹1,010. The stock remains up about 20% so far this year.
