Guidance ledger · Q4 FY26

Indian Oil Corporation IOC

3 revisions on record · 0 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↔ widened Panipat refinery commissioning timeline Q4 FY25 → Q4 FY26

~~Q4 FY26 (per Q4FY25 guidance)~~ → December 2026

“Panipat refinery expansion is expected to be completed by December '26, Barauni by August '26 and Gujarat by November '26.”

↑ raised Project SPRINT savings target Q2 FY26 → Q4 FY26

~~FY26 savings delivered: Rs. 2,200 cr~~ → FY27 target raised to Rs. 2,500 cr

“for next year 26-27, we are targeting savings of INR2,500 crores from this initiative.”

↔ widened LPG under-recovery per cylinder Q2 FY26 → Q4 FY26

~~Rs. 40/cylinder (Q2FY26 as of call date)~~ → Rs. 670/cylinder in May 2026

“the under recovery per cylinder was INR100 in the quarter 4 of financial year '25-'26, which went high to INR171 in April 2026, which has furthe r increased to INR670 in May 2026.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.