NSE: OIL · BSE: 533106
OIL INDIA LTD
Explores for and produces crude oil and natural gas in India. Crude oil (including condensate) generated 30.4% of FY26 segment revenue and natural gas 11.8%, while subsidiary Numaligarh Refinery Ltd (NRL) accounted for the largest share at 55.3% from refined petroleum products. Crude output hit a record 82,222 barrels per day in April-May 2026, and FY26 oil-and-gas production was 6.64 MMT oil-equivalent on 74 wells drilled and 307 workover operations, with gas targeted to rise from 8 to 13 MMSCMD by FY28 as the Duliajan feeder line and DNPL pipeline commission. NRL is being expanded from 3 MMT to 9 MMT capacity, with first products due end-July 2026 and full commissioning by March 2027. A small pipeline transportation business (2.0% of segment revenue) carries crude; LPG (0.3%) and renewable energy (0.2%) are minor streams. Alongside upstream, the company is pursuing offshore exploration in Kerala-Konkan, Andaman and KG basins with TotalEnergies, its Mozambique LNG stake (two trains, 13 MMTPA, targeted end-2028/early-2029), 25 compressed biogas plants by 2030, and 500 CNG stations plus 1.4 million PNG connections by 2030-35. Materials made up 17.2% of revenue, other operating costs 47.4%, and depreciation 7.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. REFINERY PRODUCTS (55%), CRUDE OIL (Including Condensate) (30%), NATURAL GAS (12%), PIPELINE TRANSPORTATION (2%), LPG (0%), RENEWABLE ENERGY (0%). Asset-heavy upstream oil & gas producer with growing downstream refining and pipeline footprint, diversifying into renewables and biogas.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 30,011 | 41,039 | 36,304 | 36,164 | 37,050 |
| EBITDA (ex other income) | 10,500 | 15,268 | 10,139 | 11,216 | 10,446 |
| margin % | 35.0 | 37.2 | 27.9 | 31.0 | 28.2 |
| Owners' profit | 5,622 | 8,729 | 6,335 | 6,551 | 6,620 |
| EPS, as reported (₹) | 51.84 | 80.49 | 58.42 | 40.27 | 40.70 |
| ROE % · ROCE % | 20.3 · 18.2 | 23.5 · 21.5 | 13.3 · 12.0 | 12.9 · 11.8 | 11.8 · 9.1 |
| Debt / equity (x) | 0.50 | 0.44 | 0.45 | 0.55 | 0.56 |
| Cash from operations | 9,310 | 11,410 | 10,933 | 11,332 | 10,684 |
| Capex | (5,968) | (8,525) | (12,063) | (12,969) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,136 | 9,089 | 9,588 | 8,750 | 9,175 | 9,111 | 10,013 | 12,886 |
| Profit before tax | 2,400 | 2,053 | 2,465 | 1,780 | 1,844 | 2,134 | 2,702 | 5,142 |
| Net profit | 2,069 | 1,457 | 1,497 | 2,047 | 1,644 | 1,436 | 2,424 | 4,027 |
| EPS (₹) | 12.40 | 8.23 | 8.05 | 11.66 | 8.78 | 7.35 | 12.91 | 22.32 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| CRUDE OIL (Including Condensate) | 4,407 | 9.2 |
| NATURAL GAS | 2,749 | 5.8 |
| REFINERY PRODUCTS | 13,669 | 28.6 |
| LPG | 166 | 0.3 |
| PIPELINE TRANSPORTATION | 334 | 0.7 |
| RENEWABLE ENERGY | 37 | 0.1 |
| CRUDE OIL | 3,266 | 6.8 |
| Crude Oil | 6,824 | 14.3 |
| Natural Gas | 2,888 | 6.0 |
| Refinary Products | 12,724 | 26.7 |
| Pipeline Transportation | 602 | 1.3 |
| Renewable Energy | 74 | 0.2 |
| Total, before eliminations | 47,739 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| OIL AND NATURAL GAS CORP. | 2,82,239 | 6.5 | 0.69 | 3.7 | 12.2 | 10.4 | 12.9 | 9.1 |
| OIL INDIA LTD ◆ | 72,693 | 8.7 | 1.14 | 8.7 | 11.8 | 7.9 | 10.5 | 47.7 |
| ANTELOPUS SELAN ENRGY LTD | 3,693 | 27.8 | 5.63 | — | 13.7 | 15.8 | — | 63.5 |
| PRABHA ENERGY LIMITED | 2,612 | 2027.8 | 6.01 | 2958.2 | 0.1 | 0.1 | — | 25.0 |
| HINDUSTAN OIL EXPLORATION | 2,022 | 80.5 | 1.46 | 14.1 | 4.5 | 3.8 | 18.2 | 20.4 |
| GUJARAT NATURAL RES L | 1,364 | 117.0 | 6.55 | 67.3 | 4.7 | 6.2 | 30.4 | 44.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.7 | 21.8 | 3 of 15 | 86% |
| P/B | 1.1 | 1.5 | 6 of 15 | 64% |
| ROCE | 7.9 | 6.4 | 8 of 17 | 56% |
| ROE | 11.8 | 8.5 | 5 of 16 | 73% |
| Debt / Equity | 0.6 | 0.1 | 15 of 16 | 7% |
| EBITDA margin | 47.7 | 28.0 | 4 of 15 | 79% |
| Revenue growth | 47.3 | 45.2 | 7 of 15 | 57% |
| Profit growth | 96.8 | 37.6 | 6 of 16 | 67% |
| Market cap | 72693 | 2006 | 2 of 16 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Trading window closed until 14 November 2026 | compliance | minimal | — | — |
| 27 Oct 2026 · Oil India board to review Q2 and half-year results on 12 November 2026 | results | low | — | — |
| 23 Oct 2026 · Oil India reports natural gas discovery in shallow offshore Krishna Godavari block | compliance | low | — | — |
| 21 Oct 2026 · Oil India shifts corporate office from Noida to New Delhi | general | low | — | — |
| 18 Oct 2026 · OIL signs Revenue Sharing Contract for Special CBM Block | business updates | high | — | — |
| 14 Oct 2026 · Compliance Certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 13 Oct 2026 · OGEL incorporates biofuels JV company Hind Oil Biofuels | strategic transactions | medium | — | — |
| 30 Sept 2026 · Oil India: Resident Chief Executive retires; Sanjay Verma takes over | management changes | medium | — | — |
| 25 Sept 2026 · Oil India: Trading Window Closure from Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Oil India shareholders clear MoA, AoA changes; capital cap raised to Rs 5,000 Cr | general | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.