IOCL Q4 Preview, April 29 -- Indian Oil Corporation Ltd (IOCL), the state-owned energy major, is set to announce its fourth-quarter earnings for FY25 on Wednesday, April 30. Analysts are anticipating a subdued performance, largely due to weaker marketing margins, under recoveries in LPG, and pressure on refining spreads.

Domestic brokerage Nuvama Institutional Equities expects IOCL's EBITDA to decline 42% year-on-year, though it may show a sequential growth of 69%, supported marginally by seasonal improvements. The decline is primarily attributed to weak refining segment performance, as benchmark Singapore Gross Refining Margins (GRMs) dropped 58% YoY amid softening global product cracks.

Refining throughput is estimated to have contrac...