New Delhi, Sept. 30 -- Indian Oil Corp. Ltd (IOC) is navigating choppy waters as near-term business conditions remain uncertain amid oil price volatility, tariffs, exchange rate weakness, and geopolitical disturbances. Over the past five quarters through Q1FY26, IOC's gross refining margin ranged from $7.9 per barrel to $2.2 per barrel, while the average crude oil price fell from over $80 a barrel to around $68.

To tackle these challenges, IOC launched its strategic plan SPRINT in April, aimed at strengthening core businesses, optimizing costs, and enhancing customer focus and technological capabilities. Under SPRINT, two of its refineries recorded an energy intensity index of 93 in the first five months of FY26, improving from 97 in FY2...