Mumbai, Feb 5 : Shares of Indian Oil Corporation (IOC) rose on Thursday after the stateâ??owned refiner reported close to 60 per cent surge in profits during the December quarter of FY26.

Indian Oil posted a 59.3 per cent increase in net profit to Rs 12,126 crore for the quarter, up from Rs 7,610.5 crore in the September quarter. Revenue during the reported quarter increased to Rs 2.04 lakh crore, up about 14.3 per cent from Rs 1.78 lakh crore in the prior quarter.

Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 42.8 per cent sequentially to Rs 20,824.8 crore from Rs 14,584 crore. The EBITDA margin expanded by 200 basis points to 10.2 per cent from 8.2 per cent in the prior quarter.

"Average Gross Refining Margin (GRM) for the period April - December 2025 is $8.41 per barrel (April - December 2024: $3.69 per bbl)," the statement said.

The core GRM or the current price GRM for the period April - December 2025 after offsetting inventory loss or gain stood at $9.86 per bbl, the company said.

IOC's stocks have gained 6.58 per cent over the past month and 39.10 per cent in one year.

An international consortium comprising ONGC Videsh Limited (OVL), Indian Oil Corporation (IOC), Oil India Limited (OIL), Repsol of Spain and Petronas of Malaysia was declared the winner of an international bidding process in April 2008 to develop a multiâ??million-dollar oil project integrated in Carabobo in the Orinoco belt of Venezuela.

Indian Oil Corporation (IOC) had in January announced that it has taken an important step forward in Indiaâ??s upstream energy journey with the commencement of first domestic production from the Jyoti-1 well in Gujarat.

IOCâ??s shares rose 1.79 per cent on an intra-day basis to close at Rs 175.87, up Rs. 3.09 on the day.

/IANS