Indian Oil Corporation Limited – Director Change Announcement

Date: 28 March 2026

Key Highlights

• Three independent directors have ceased their tenure effective 28‑Mar‑2026:
  1. Shri Prasenjit Biswas (DIN 09398565)
  2. Shri Krishnan Sadagopan (DIN 09397902)
  3. Dr. Dattatreya Rao Sirpurker (DIN 09400251)
• The change is disclosed in compliance with Regulation 30 of SEBI (LODR) Regulations 2015.
• No immediate financial or operational impact disclosed.

Financial Implications

• No direct effect on revenue, profit margins, cash flow, or capital structure.
• Board composition changes can indirectly affect governance quality, which may influence future strategic decisions and risk oversight.

Strategic & Regulatory Context

• The move is a routine governance update required after the completion of directors’ tenure.
• Demonstrates IOC’s adherence to SEBI listing and disclosure norms, reinforcing regulatory compliance.

Management Changes & Forward Guidance

• The company has not announced replacements yet; a new independent director appointment process is expected per corporate governance guidelines.
• No change in forward‑looking statements or guidance for FY2026‑27.

Risks & Opportunities

• Risk: Potential short‑term uncertainty until new independent directors are appointed; any delay could affect board quorum or oversight.
• Opportunity: Fresh independent directors may bring new expertise, networks, and perspectives that could benefit strategic initiatives, ESG focus, or stakeholder engagement.

Investor Takeaway

• Treat this as a neutral event; monitor subsequent board appointments for any shift in governance dynamics.
• No action required on holdings solely based on this announcement.

Prepared by the Investor Relations Team