1. Ethanol blending - government targets, currently 20% Delivered - At the Q1 FY27 call, management committed Indian Oil to achieving government ethanol blending targets (currently 20%, achieved), saying "whatever new targets would be given, we would be able to achieve that very comfortably". IOCL achieved the 20% target, with nationwide E20 availability achieved.
2. SPRINT 2 - ₹2,000-2,500 crore of savings Pending - At the Q1 FY27 call, management stated SPRINT 2, recently announced, is expected to deliver another ₹2,000-2,500 crore of savings over and above last year's achievement. SPRINT delivered savings of almost ₹2,000 crore in the last financial year; no read on SPRINT 2 savings yet.
3. Renewable power - 18 GW in next three to four years via Terra Green/Terra Clean On track - At the Q1 FY27 call, management set a target of 18 GW renewable power in the next three to four years via the 100% owned subsidiary, with 4-5 GW already working at various stages. Terra Green received 2.6 GW connectivity approval and Terra Clean has approvals secured for an additional 4.3 GW.
4. Refinery quartile 1 - all units in the 12-month study Pending - At the Q1 FY27 call, management advised all refinery units to achieve quartile 1 in the 12-month study (twin target). In FY26, Mathura and Panipat Refineries entered the top quartile of the Solomon Energy Benchmark for the first time; no read on all units achieving quartile 1.
5. Throughput - \~77 MMTPA in 2026-27, \~85 MMTPA in 2027-28, \~90 MMTPA in 2028-29 On track - At the Q1 FY27 call, management guided throughput expected to be \~85 MMTPA in 2027-28 (stated twice), \~77 MMTPA for 2026-27 and \~90 MMTPA in 2028-29. Q1 FY27 crude throughput was 19.2 MMT at 109.4% capacity utilization, after FY26's highest-ever 75.5 MMT.
6. Barauni refinery expansion - 6 to 9 MMTPA by December 2026 On track - At the Q1 FY27 call, management guided the Barauni expansion from 6 to 9 MMTPA at \~₹18,000 crore, expected commissioning December 2026, 92% complete, revising the Aug'26 date given at Q4 FY26 with 90.5% progress. As of Q1 FY27 the project was 92% complete, targeting December 2026.
7. Panipat refinery expansion - 15 to 25 MMTPA by December 2026 On track - At the Q1 FY27 call, management guided the Panipat expansion from 15 to 25 MMTPA at \~₹38,000 crore, expected commissioning December 2026, 94% complete, reiterating the Dec'26 date from Q4 FY26 (92.8% progress). As of Q1 FY27 the project was 94% complete, targeting December 2026.
8. Gujarat refinery expansion - 13.7 to 18 MMTPA by November 2026 On track - At the Q1 FY27 call, management guided the Gujarat expansion from 13.7 to 18 MMTPA at \~₹19,000 crore, expected commissioning November 2026, 90% complete, reiterating the Nov'26 date from Q4 FY26 (87.8% progress). As of Q1 FY27 the project was 90% complete, targeting November 2026.
9. Polybutadiene rubber plant at Panipat - commissioning by December 2026 On track - At the Q1 FY27 call, management guided the \~₹3,000 crore Polybutadiene rubber plant at Panipat to commission by December 2026, revising the Jun'26 date given at Q4 FY26 when it stood at 84.3% progress. As of Q1 FY27, commissioning was targeted for December 2026; no completion disclosed as of 3rd September 2026.
10. PX-PTA complex at Paradip - commissioning guided for around August 2026 Pending - At the Q4 FY26 PPT, management showed the ₹13,805 cr PX-PTA Complex at Paradip at 93.5% progress with expected commissioning in Aug'26; at Q1 FY27 it was stated \~95% complete and expected to commission in the next one month. No commissioning completion has been disclosed in our record as of 3rd September 2026.
11. New petchem projects (LAB, PX, PTA) - 5 MMTPA capacity by 2029-30 Pending - At the Q1 FY27 call, management guided new petchem projects (LAB, PX, PTA) to add another 5 MMTPA of capacity costing \~₹1 lakh crore, expected commissioned by 2029-30, with a March 2030 target possibly ±5-6 months. No read on these specific projects' progress in our record as of 3rd September 2026.
12. Petchem intensity - 6.5% to 15% with \~₹100,000 crore capex over five to six years On track - At the Q1 FY27 call, management planned to raise petchem intensity from 6.5% to 15% with \~₹100,000 crore capex over the next five to six years, restating the FY24 report's 15% Petrochemical Intensity Index by 2030. FY26 petrochemicals sales were 3.40 MMT including exports and benzene; no read on the current PII percentage.
13. Capex - ₹30,000-40,000 crore per year over the next two-three years On track - At the Q1 FY27 call, management expected capex of ₹30,000-40,000 crore per year over the next two-three years, stating this as normal annual capex. FY26 actual capex was ₹32,405 crore and the FY26-27 target of ₹32,700 crore is within the guided range.
14. FY26-27 capex target - ₹32,700 crore On track - At the Q1 FY27 call, management set the budgeted FY26-27 capex target at ₹32,700 crore, with ₹6,461 crore already incurred April-June 2026, a target also guided in the Q4 FY26 PPT against ₹32,405 cr provisional FY25-26 spend. Q1 FY27 spend of ₹6,461 crore is consistent with the annual target.
15. New R&D Campus-II, Faridabad - commissioning by October 2026 On track - At the Q4 FY26 PPT, management guided the New R&D Campus-II at Faridabad, gross approved cost ₹3,220 cr, to commission in Oct'26, with 64.9% physical progress as on 31.03.2026. No commissioning completion disclosed as of 3rd September 2026, and the Q1 FY27 call did not mention its status.
16. New Mundra Panipat crude oil pipeline - commissioning by June 2026 Partial - At the Q4 FY26 PPT, management guided the ₹9,028 cr Mundra Panipat crude oil pipeline (GJ, HR, RJ) to commission in Jun'26, with 90.8% physical progress as on 31.03.2026. No commissioning completion disclosed as of 3rd September 2026, past the June 2026 deadline; the Q1 FY27 call did not mention its status.
17. FY24 dividend payout - 42% of PAT Delivered - In the FY24 Annual Report (July 2024), the company proposed distributing 42% of Profit After Tax (₹16,526 Crore) as dividend for FY 2023-24, recommending ₹9,640 Crore final dividend over the ₹6,886 Crore interim. The Q4 FY26 PPT confirms FY24 dividend payout ratio of 42% of PAT (FY25: 32%, FY26: 31%).
18. FY23 capex target - ₹30,395 Crore for 2023-24 Delivered - In the FY23 Annual Report, the company set capex of ₹30,395 Crore for 2023-24. FY24 cumulative capex of ₹42,236 Crore surpassed the budgeted target by over 139%.
19. Green hydrogen fuel cell buses - launch India's first On track - In the FY24 Annual Report, the company planned a 10-kilotonnes per annum green hydrogen plant at Panipat Refinery, 30 CBG plants, and India's first green hydrogen fuel cell bus launch. Construction of India's first large-scale 10 KTPA Green Hydrogen Plant at Panipat has commenced; no read on the bus launch.
20. Praj Industries JV - 50:50 for SAF and other biofuel plants Pending - In the FY24 Annual Report, the company had entered a non-binding term sheet with Praj Industries for a 50:50 JV in India for SAF and other biofuel plants (ethanol, CBG, biodiesel, bio-bitumen), following the term sheet signed 6 July 2023. No disclosed read on JV formation or plant construction in our record.
21. SAF plant at Panipat - 86.8 TMTPA with LanzaJet On track - In the FY23 Annual Report, the company planned an 86.8 TMTPA SAF Plant at Panipat with LanzaJet, to be vested and operated through a JV, a plan restated in the FY24 Annual Report and the announcement of the first-of-its-kind facility. Panipat Refinery became the first in India to receive ISCC CORSIA certification for SAF production, and the company is poised to become India's first commercial SAF producer.
22. Ennore LNG terminal - expand from 5 MMTPA to 10 MMTPA Pending - In the FY24 Annual Report, the company planned to expand the Ennore LNG Terminal from 5 MMTPA to 10 MMTPA. The terminal operated at 5 MMTPA capacity at Kamarajar Port; no read on expansion progress.
23. Natural gas pipeline network - expand to \~3,700 Kms Pending - In the FY24 Annual Report, the company said it was expanding its natural gas pipeline network to \~3,700 Kms by adding \~2,400 Kms to the current 1,300 Kms. The total pipeline network spanned 20,009 km as on 31st March 2026, including over 1,300 km natural gas; no read toward 3,700 km.
24. Natural gas sales portfolio - expand three to four times by end of decade On track - In the FY24 Annual Report, the company planned to expand its natural gas sales portfolio three to four times by the end of the decade. Gas sales grew from 2.84 MMT in FY23 and 6.5 MMT in FY24 to a highest-ever 7.09 MMT in FY26, excluding captive consumption.
25. 50% of hydrogen consumption green by 2030 On track - In the FY24 Annual Report, the company aimed for 50% of its hydrogen consumption to be green by 2030, with green hydrogen plants across all refineries. Construction of India's first large-scale 10 KTPA green hydrogen plant at Panipat commenced after the LOA of 26th June 2025 to L&T Energy Green Tech Ltd on BOO basis with a 25-year supply arrangement.
26. 30 CBG plants nationwide - FY24 Delivered - In the FY24 Annual Report, the company planned to set up 30 CBG plants nationwide "this year" (FY24), also stating an aim of 30 CBG plants across India through joint ventures. FY24 saw 8 CBG plants commissioned, taking the tally to 31, exceeding the target; 30 more are under development in FY26.
27. 12.5% of India's energy needs - by 2050 Pending - In the FY24 Annual Report, the company aimed to fulfil 12.5% (1/8th) of India's energy needs by 2050. No disclosed read on progress toward this target in our record.
28. One trillion dollar revenue - by 2047 Pending - In the FY24 Annual Report, the company aspired to become a 'One Trillion Dollar Giant by 2047', attaining one trillion dollar revenue by 2047. FY26 turnover was ₹8.86 Lakh Crore; no read on progress toward the trillion-dollar revenue.
29. Butyl acrylate plant at Gujarat Refinery - commissioning in 2024-25 Delivered - In the FY24 Annual Report, the Butyl Acrylate plant at Gujarat Refinery was scheduled for commissioning in 2024-25. A refinery was commissioned enabling production of acrylic acid, butyl acrylate and Normal Butanol, and Butyl Acrylate imports subsequently declined by 23%.
30. Battery-swapping JV equity infusion - ₹1,800 Crore till FY2026-27 Pending - In the FY23 Annual Report, IndianOil was to infuse equity of ₹1,800 Crore in the battery-swapping JV (50:50 with Sun Mobility) till FY2026-27. No disclosed read on the equity infusion amount in our record; the deadline has not yet been reached.
31. Gorakhpur CBG plant - 200 TPD, \~7,000 tonnes CBG annually Delivered - In the FY23 Annual Report, a 200 TPD biomass processing CBG plant was being established at Gorakhpur, UP, to generate \~7,000 tonnes of CBG annually using paddy straw. The major Gorakhpur CBG plant with 200 TPD paddy straw capacity was commissioned.
32. Pipeline share in POL modal mix - 80% by 2031-32 Pending - In the FY23 Annual Report, the company planned to raise the share of pipelines in its POL modal mix to 80% by 2031-32, from the current 64%. The pipelines share was 64% at the time of the promise; no disclosed read on the current share in our record.
33. NTPC Green Energy collaboration - \~2 GW renewable capacity On track - In the FY23 Annual Report, the NTPC Green Energy collaboration was described as poised to augment renewable energy capacity by approximately 2 GW. IOC NTPC Green Energy Pvt. Ltd. is on course to commission 50 MW RE capacity this year for round-the-clock refinery power; no read on progress toward 2 GW.
34. Paradip petrochemical complex - ₹61,000 Crore investment Pending - In the FY23 Annual Report, the Board granted Stage-I approval (March 2023) for a petrochemical complex at Paradip, Odisha at an estimated cost of over ₹61,000 Crore, restated in the FY24 Annual Report. 2,200 acres of land were approved by the Government of Odisha, of which 800 acres are notified; no read on construction or commissioning timeline.
35. Upstream integration ratio - 10% by 2030 (\~11 MMT) On track - In the FY23 Annual Report, the company targeted raising the upstream integration ratio from 5% to 10% by 2030 (\~11 MMT), a target revised in the FY26 Annual Report to over 10% by 2031. FY23 production was over 4 MMT of oil equivalent (5% of crude requirement); FY26 saw commercial gas production from the Jharkhand CBM block and first oil from Jyoti-1 in Gujarat.
36. Petrochemical manufacturing volume - 8.2 MMTPA by 2026-27 On track - In the FY23 Annual Report, the company targeted 8.2 MMTPA of petrochemical manufacturing volume by 2026-27. Capacity was expanded from 3.7 to 4.1 MMTPA in 2022-23 and FY26 production was 3.4 MMT; the 2026-27 deadline has not yet been reached.
37. EV charging stations - increase from \~5,500 to 10,000 Delivered - In the FY23 Annual Report, the company said EV charging stations would be increased from close to 5,500 to 10,000 in the near future. By FY26, EV charging/battery-swapping facilities grew to over 15,000 locations, with 15,040 EV charging and battery swapping stations reported.
38. Pipeline projects - ₹25,300 Crore under implementation, 21,000 Km network Partial - In the FY21 Annual Report, pipeline projects worth ₹25,300 Crore were under implementation, to add \~6,600 Km toward a 21,000 Km network; this was revised in FY23 to \~₹35,000 Crore under execution, targeting \~21,298 km by February 2026. The network spanned 20,009 km as on 31st March 2026, short of 21,298 km by \~1,289 km, with FY26 liquid throughput at a highest-ever 102.52 MMT.
39. Cauvery Basin refinery - 9 MMTPA greenfield in JV with CPCL Pending - In the FY21 Annual Report, the company decided to establish a 9 MMTPA greenfield Cauvery Basin Refinery in JV with CPCL at Nagapattinam, Tamil Nadu. The JV 'Cauvery Basin Refinery & Petrochemicals Ltd' was formed with CPCL; no read on construction progress or commissioning timeline.
40. Catalyst manufacturing plant at Panipat Delivered - In the FY21 Annual Report, IndianOil's first catalyst manufacturing plant was under construction at Panipat refinery, for hydro-treating catalysts for DHDT/DHDS and ZSM-5 additives for FCC/RFCC units. The Catalyst Manufacturing Unit at Panipat was commissioned in January 2024, the first indigenous unit of any Indian PSU at the Panipat Naphtha Cracker.
41. 2G ethanol plant at Panipat - commission Delivered - In the FY21 Annual Report, the company was set to commission the 2G ethanol production plant at Panipat refinery based on indigenous R&D technology, with a separate unit for 2.4 KLPD fuel-grade ethanol. The plant was dedicated to the nation on 10.08.2022, designed to utilise two lakh tonnes of rice straw to generate three crore litres of ethanol annually.
42. 3G ethanol unit at Panipat - commission in 2021-22 Delivered - In the FY21 Annual Report, the company planned the world's first 3G ethanol production unit from refinery off-gas (gas fermentation) with LanzaTech, USA, to be commissioned at Panipat in 2021-22. A 3G ethanol plant of 128 KLPD capacity was set up using refinery off gases, first of its kind in the world.
43. Hydrogen fuel-cell bus refuelling - 25 buses initially, 75 at capacity Pending - In the FY21 Annual Report, surplus hydrogen at the Gujarat refinery was to serve fuel-cell EV dispensing, initially refuelling 25 buses (8 hours/day, \~0.5 TPD), gradually reaching capacity for 75 buses on 24-hour operation (1.5 TPD), expected operational soon. No disclosed read on hydrogen fuel-cell bus refuelling operations in our record.
44. Investment commitment - \~₹1 Lakh Crore in the next four to five years Delivered - In the FY21 Annual Report, the approved capex plans translated into an investment commitment of close to Rupees One Lakh Crore in the next four to five years. Capex of ₹37,287 Crore in FY23, ₹42,236 Crore in FY24 and ₹32,405 Crore in FY26 cumulates past the commitment, with over 170 projects exceeding ₹2.5 Lakh Crore in execution.
45. Refinery expansions - Panipat 15→25, Gujarat 13.7→18, Barauni 6→9, Guwahati 1.0→1.2 MMTPA On track - In the FY21 Annual Report, the company committed refinery expansions of Panipat 15→25 MMTPA, Gujarat 13.7→18 MMTPA, Barauni 6.0→9.0 MMTPA and Guwahati 1.0→1.2 MMTPA, with updated timelines and costs later provided at Q4 FY26 and Q1 FY27. Guwahati's expansion was commissioned in November 2023, and Panipat, Gujarat and Barauni expansions were in progress as of Q1 FY27.