Oil India Ltd (OIL)

Oil Gas & Consumable Fuels · Crude Oil & Natural Gas · NSE · Updated 1 September 2026

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

₹481.2 ↑ 23.27% (1Y)

🎯 Key Takeaways

Oil India Ltd is in a growth phase driven by record upstream production and strategic infrastructure expansion, supported by strong financial performance and disciplined capital allocation. Management is executing a multi-year plan to increase crude output to 4.
Revenue grew 34.5% QoQ to ₹12,503 in Q1FY27.
⚠️ 1) Gas production growth faces near-term headwinds due to shifting petrochemical demand patterns, which could impact margins despite oil output gains.

Market Cap

₹78,272

P/E Ratio

9.4

P/B Ratio

1.35

ROE

16.4%

ROCE

14.6%

Debt/Equity

0.62

Div Yield

2.39%

Promoter

56.7%

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📖 The Story

Oil India Ltd is in a growth phase driven by record upstream production and strategic infrastructure expansion, supported by strong financial performance and disciplined capital allocation. Management is executing a multi-year plan to increase crude output to 4.2 million tons by FY29 and scale gas production to 5 BCM annually, while advancing low-carbon initiatives.

📰 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 robust refinery margins. Management highlighted progress on the NRL expansion targeting full capacity by Q4 FY28 and confirmed 0.5 BCM gas flow in 2027 toward a 5 BCM annualized target by FY29. A capex of INR7,200-7,300 crores is planned for the PPU project, with 42 exploratory and 57 development wells drilled in FY27. The company also signed MoUs for four waste-to-energy projects in Haryana, expanding its low-carbon footprint. No new financial guidance was provided during the Q1 results call, but operational targets remain on track.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	8,394	8,330	9,293	12,503
Operating Profit	1,632	1,796	2,582	5,095
OPM %	19.4%	21.6%	27.8%	40.8%
Net Profit	1,644	1,436	2,424	4,027
EPS	₹8.78	₹7.35	₹12.91	₹22.32

Revenue and profitability have accelerated sequentially and year-on-year, with OPM expanding from 19.4% in September 2025 to 40.8% in June 2026, reflecting improved refinery margins and higher crude realization. Net profit rose from ₹1,436 crores in December 2025 to ₹4,027 crores in June 2026, aligning with record output and revenue growth. This trend supports management's narrative of operational efficiency gains and scale-driven profitability, despite near-term gas production headwinds from shifting petrochemical demand.

🔮 Management Outlook & What's Next

Management has reaffirmed its strategic targets, including full NRL capacity utilization by Q4 FY28, 5 BCM annualized gas production by FY29, and oil output of 4.2 million tons by FY29. Additional capital expenditure of INR7,200-7,300 crores is planned for the PPU project, and exploration activity is being ramped up with 42 exploratory and 57 development wells scheduled for FY27. No formal financial guidance was issued in the latest filing, but operational milestones remain the primary focus for investor monitoring.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	1,627	1,627	1,627	1,627
Reserves	51,050	48,141	54,631	56,372
Borrowings	27,821	30,645	35,854	35,959
Total Liabilities	1.02 L Cr	1.04 L Cr	1.17 L Cr	1.24 L Cr
Fixed Assets	18,763	20,236	21,246	28,210
Investments	36,597	31,613	36,890	36,843
Total Assets	1.02 L Cr	1.04 L Cr	1.17 L Cr	1.24 L Cr

The balance sheet shows a steady increase in total assets from ₹1.04 L Cr in March 2025 to ₹1.24 L Cr in March 2026, driven by asset growth and rising reserves. Borrowings have increased from ₹30,645 crores to ₹35,959 crores, reflecting capital intensity in expansion projects like NRL and PPU. Despite higher debt, equity remains stable at ₹1,627 crores, with reserves growing from ₹48,141 crores to ₹56,372 crores, indicating retained earnings are being reinvested rather than used for deleveraging.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025	Mar 2026
Operating	+11,332	+10,684
Investing	-13,514	-10,381
Financing	+2,483	+409
Net Cash Flow	+301	+711

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	56.7%	56.7%	56.7%	56.7%
FII	7.6%	7.5%	7.7%	7.3%
DII	19.2%	19.4%	19.4%	20.1%
Public	5.8%	5.6%	5.3%	5.2%
# Shareholders	5,03,843	4,81,725	4,64,370	4,57,085

Promoter holding remains stable at 56.66% across all quarters. FII ownership has slightly increased from 7.56% in Q2FY26 to 7.67% in Q4FY26, while DII rose from 19.22% to 20.14%, suggesting growing institutional confidence. The number of shareholders has increased from 4,57,085 to 4,81,725, indicating retail participation is expanding. No signs of significant promoter or institutional selling pressure.

⚖️ Peer Comparison — Crude Oil & Natural Gas

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ONGC	2.92 L Cr	6.7	14.4%	13.0%	0.45
OIL	78,272	9.4	14.6%	16.4%	0.62
VOGL	15,778	—	—	—	0.00
DEEPINDS	4,319	20.9	8.7%	11.2%	0.10
PRABHA	3,041	2305.0	0.2%	0.3%	0.29
ANTELOPUS	2,769	20.9	37.9%	28.3%	0.00
ASIANENE	2,295	37.1	23.8%	16.4%	0.07
HINDOILEXP	2,144	85.3	2.9%	1.9%	0.09
GNRL	1,467	73.0	14.3%	12.9%	0.08
ABAN	86	—	-0.6%	2.1%	-0.62

🔗 Peer Stock Analyses

ONGC VOGL DEEPINDS PRABHA ANTELOPUS

⚠️ Risk Factors

1) Gas production growth faces near-term headwinds due to shifting petrochemical demand patterns, which could impact margins despite oil output gains. 2) High capital expenditure plans may strain cash flows if project returns are delayed or underperform. 3) Rising borrowings, while aligned with growth, increase financial leverage in a capital-intensive sector. 4) Execution risk in new ventures like waste-to-energy and carbon capture remains unproven at scale.

📋 Recent Filings

🧠 Analyst's Read

Oil India is transitioning into a growth-oriented phase with strong operational momentum, but near-term gas demand volatility and execution risks in new projects require monitoring. The company's financial resilience and strategic capital allocation support long-term potential, but investors should watch for clarity on gas production recovery and capital deployment efficiency.

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 2026-09-01.

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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