Oil India Limited (OIL)

Oil Gas & Consumable Fuels · Oil · NSE · Updated 13 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹472 ↑ 11.03% (1Y)

🎯 Key Takeaways

Oil India Limited is in a strategic growth phase, transitioning from mature operations toward expanded upstream and infrastructure investment. Management is actively advancing capital projects, including the NRL expansion and gas production scaling, while targeting significant increases in oil output by FY29.
Revenue grew 11.7% QoQ to ₹9,089 in Q3FY25.
⚠️ Near-term gas production targets face headwinds from shifting petrochemical demand, which could delay progress toward the 5 BCM annualized target by F

Market Cap

₹84,307

P/E Ratio

10.0

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Oil India Limited is in a strategic growth phase, transitioning from mature operations toward expanded upstream and infrastructure investment. Management is actively advancing capital projects, including the NRL expansion and gas production scaling, while targeting significant increases in oil output by FY29. Financial performance remains volatile due to commodity cycles and shifting gas demand dynamics.

📰 What's Happening

In Q1 FY27, Oil India reported record revenue of ₹7,958 crores and PAT of ₹2,870 crores, driven by 10,921 MT crude output and strong refinery margins. Management highlighted progress on the NRL expansion targeting full capacity by Q4 FY28, a 0.5 BCM gas flow target in 2027, and a 5 BCM annualized gas production goal by FY29. The company plans ₹7,200-7,300 crores of capex for the PPU project and drilling of 42 exploratory and 57 development wells in FY27. A senior management superannuation is scheduled for 31 July 2026, potentially affecting operational continuity.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	8,768	6,409	8,816	10,913	10,166	9,351	8,136	9,089
Operating Profit	3,677	2,439	1,540	4,022	3,480	3,373	3,287	2,980
OPM %	40.0%	35.5%	40.0%	31.6%	32.1%	33.6%	31.2%	29.5%
Net Profit	1,980	1,399	640	2,608	2,333	2,016	2,069	1,457
EPS	₹16.07	₹13.16	₹3.87	₹21.65	₹19.74	₹11.59	₹12.40	₹8.23

Quarterly revenue and profitability show a mixed trend, with Q1 FY27 revenue at ₹7,958 crores and PAT at ₹2,870 crores, though margins have fluctuated over the past eight quarters. Despite record profits in Q1 FY27, earlier quarters like Q3 FY24 and Q4 FY23 showed higher EPS and margins, indicating sensitivity to commodity prices and production timing. The company's financials reflect strong operational performance but underscore the need for sustained investment to maintain growth momentum.

🔮 Management Outlook & What's Next

Management has outlined an ambitious growth trajectory, targeting 4.2 million tons of oil production by FY29 and 5 BCM annualized gas output by FY29, supported by infrastructure expansion and increased drilling activity. Capex of ₹7,200-7,300 crores is planned for the PPU project, with a focus on enhancing production capacity and gas utilization. However, near-term gas production faces headwinds from evolving petrochemical demand patterns, which management acknowledges as a near-term risk to execution.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Oil

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Oil & Natural Gas Corporation Limited	3.77 L Cr	9.9	14.1%	11.0%	0.45
Oil India Limited	84,307	10.0	—	—	—
Aegis Vopak Terminals Limited	21,907	102.5	8.6%	10.7%	1.29
Deep Industries Limited	2,852	18.3	—	—	—
Antelopus Selan Energy Limited	2,643	29.5	—	—	—
Prabha Energy Limited	2,316	—	—	—	—
Hindustan Oil Exploration Company Limited	2,238	13.4	—	—	—
Jindal Drilling And Industries Limited	1,687	13.0	—	—	—
Dolphin Offshore Enterprises (India) Limited	1,652	44.1	—	—	—
Asian Energy Services Limited	1,409	38.3	—	—	—

🔗 Peer Stock Analyses

ONGC AEGISVOPAK DEEPINDS ANTELOPUS PRABHA

⚠️ Risk Factors

1. Near-term gas production targets face headwinds from shifting petrochemical demand, which could delay progress toward the 5 BCM annualized target by FY29. 2. High group debt of ₹37,233 crores limits financial flexibility and increases vulnerability to interest rate or commodity price shocks. 3. Leadership transition with the superannuation of the ED & CEO of Arunachal Gas Private Limited on 31 July 2026 may disrupt ongoing gas operations and strategic execution.

📋 Recent Filings

🧠 Analyst's Read

Oil India is executing a clear growth strategy with strong operational momentum, but its trajectory is tempered by high leverage, commodity volatility, and near-term execution risks in gas expansion. Investors should monitor progress on NRL capacity utilization, gas production milestones, and debt management in the upcoming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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