IOC sets capex target for FY26 at ₹33,000 cr

Expansion on Cards

- Arunima Bharadwaj

STATE-OWNED MAJOR oil marketing company Indian Oil Corp (IOC) has set its capex target for the next fiscal year 2025-26 at ₹33,000 crore against the capex target of ₹35,000 crore in FY25, the company said on Tuesday. As of December, the company has incurred a capex of ₹28,000 crore for the fiscal.

The firm, which reported a fall of 76.7% in its consolidated net profit for the third quarter of the financial year 2024-25, has laid out plans to increase its refining capacity at three of its refineries - Panipat (Haryana), Gujarat and Barauni (Bihar).

“IOC is going for expansion of three major refinery units. One is the expansion in Panipat where from 15 million tonne per annum, we are going to 25 MMTPA. This is a ₹38,000 crore project and the expected completion of this is FY26,” the company’s top management said on an analyst call.