Oil India Ltd(OIL)

NSE: OILBSE: 533106

₹ 446.1-2.00%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 72,563 crWebsite: www.oil-india.comUpdated: 24 Oct 2026

About

Oil India Limited (OIL) is a Government of India Navratna enterprise engaged in the exploration, development and production of crude oil and natural gas, primarily in Assam and Arunachal Pradesh in Northeast India, with a growing offshore and international portfolio. Through its material subsidiary Numaligarh Refinery Limited (NRL), OIL also operates a 3 MMTPA refinery being expanded to 9 MMTPA. In FY26, the consolidated group reported revenue of ₹37,049.55 crore, with refinery products (55.3%), crude oil (30.4%) and natural gas (11.8%) as the three principal revenue streams.^[1][2][3]

Business segments

Refinery Products (NRL): 55.3% of consolidated revenue (₹26,392.75 cr) in FY26; refining crude oil into fuels and petrochemicals at Numaligarh, Assam.^[2]
Crude Oil (incl. condensate): 30.4% of consolidated revenue (₹14,495.93 cr) in FY26; upstream E&P in Northeast India and Rajasthan.^[2]
Natural Gas: 11.8% of consolidated revenue (₹5,636.72 cr) in FY26; production and sale of natural gas to industrial and power customers.^[2]
Pipeline Transportation: 2.0% of consolidated revenue (₹936.20 cr) in FY26; transportation of crude oil and products via OIL-operated pipelines.^[2]

Key operating numbers

Crude oil production in Q1 FY27 was 0.95 MMT, up 11%+ YoY; peak daily output reached 10,921 MT/day on 27 June 2026, the highest ever recorded by the company.^[4]
FY26 combined hydrocarbon production was 6.64 MMTOE (3.45 MMT crude, 3.15 BCM gas); prior-year record was 6.71 MMTOE (FY25).^[5]
Crude oil price realization in Q1 FY27 was USD98.73/bbl vs USD66.20/bbl in the comparable prior-year period; natural gas price was USD7.19/MMBtu vs USD6.72 in the prior quarter.^[4]
NRL gross refinery margin (GRM) in Q1 FY27 was USD35.95/bbl vs USD5.02/bbl in Q1 FY26; normalized GRM approximately USD33/bbl excluding ~USD2 inventory gain.^[4]
NRL capacity utilization was 105% in Q1 FY27 with a distillate yield of 87%; for full-year FY26, utilization was 103.75% (highest ever) and distillate yield was 87.25% (highest ever).^[4][5]
2P Reserve Replacement Ratio for FY26 was 1.02, up from 0.94 in FY25.^[5]
OIL drilled a record 74 wells (22 exploratory, 52 development) in FY26; average well depth increased to 4,300 m from 2,300 - 2,500 m three years ago.^[5]

Operations and acreage

OIL holds approximately 1 lakh sq km total acreage including ~50,000 sq km in shallow, deepwater and ultra-deepwater areas, primarily in the Andaman, Mahanadi and KG basins.^[6]
Under OALP-IX, OIL secured six blocks as sole operator (40,590 sq km) including two ultra-deepwater blocks each in Mahanadi and KG basins, plus three JV blocks with ONGC (10,965 sq km).^[3]
NRL refinery at Numaligarh, Assam currently operates at 3 MMTPA (existing) alongside the new 9 MMTPA complex under phased commissioning; NRL crude throughput was 3,113 TMT in FY26 (highest ever).^[5]
Rajasthan field crude production has scaled to 1,000 bbl/day as of Q3 FY26, up from 100 - 400 bbl/day earlier.^[6]
OIL's Duliajan-Numaligarh Gas Pipeline (DNPL) expanded to 2.5 MMSCMD capacity and achieved mechanical completion in November 2025; commissioning was pending a 7-day NRL shutdown as of Q4 FY26 call.^[5]

Customers and distribution

99% of standalone revenues come from PSU customers; total PSU sales were ₹22,100.71 crore standalone and ₹36,147.24 crore consolidated in FY25.^[3]
Key gas offtakers include NRL, Namrup Power Plant and BVFCL; gas sales were temporarily constrained in Q3 FY26 by shutdowns at these customers, since recovered.^[6]

Expansion and capex

NRL is expanding its refinery from 3 MMTPA to 9 MMTPA at Numaligarh; CDU/VDU mechanically complete and under statutory inspection as of Q1 FY27; DHDT+SRU targeted October/November 2026; full complex commissioning targeted by 31 March 2027.^[4]
Paradip-Numaligarh Crude Pipeline (PNCPL): 99% right-of-way acquired; mechanical completion targeted October 2026, commissioning December 2026.^[4]
NRL 360 KTPA polypropylene unit: Environment Clearance obtained, EIL onboarded as EPCM; commissioning targeted Q1 FY29.^[3][7]
OIL standalone capex in Q1 FY27 was ₹3,050 cr; full-year FY27 budget is ₹8,600 cr (under revision); FY26 standalone capex was ₹13,025 cr.^[4][5]
Mozambique LNG (Area 1): force majeure withdrawn November 2025; ~6,000 workers on site; two LNG trains of 6.5 MMTPA each (13 MMTPA total) targeted end-2028 or early-2029; OIL committed $1.8 bn with ~$300 mn escalation pending CCEA approval.^[5]
Duliajan Feeder Line (DFL/IGGL): PNGRB approval obtained February 2026; targeted to deliver 3.5 - 4 MMSCMD gas evacuation capability by approximately December 2027.^[4][5]
OIL targets upstream hydrocarbon production of 10 - 12 MMTOE by 2030, and renewable energy capacity of 5+ GW by 2040 under Oil India Green Energy Ltd.^[5]

Deepwater and exploration

Three Andaman wells drilled to date; technical gas discovery confirmed at Vijayapuram 2 and 3; hydro-frac testing underway at Vijayapuram 1; a fourth Andaman well is planned by December 2026.^[4]
First deepwater rig for Mahanadi and KG basin drilling is expected to arrive June - July 2027; a second rig is targeted for March 2028; TOTAL and Petrobras are providing independent technical reviews.^[4]
A commercial gas discovery was made in Libya Asset 95/96 in FY26; OIL signed a Technology Service Agreement with TotalEnergies in November 2025 for offshore seismic design and interpretation.^[5]
FY27 drilling target is 100 wells (42 exploratory + 57 development), up from a record 74 wells drilled in FY26; FY28 target is a further ~10% increase.^[4]

Recent developments

OIL's standalone operating revenue of ₹7,958 cr and EBITDA of ₹4,605 cr in Q1 FY27 are both the highest ever quarterly figures since listing in FY10.^[4]
Daily crude oil production surpassed its own record twice: 10,921 MT/day on 27 June 2026, then 11,017 MT/day on 3 August 2026.^[4]
Gas production was down ~8% YoY in Q1 FY27 due to BCPL and NEEPCO reducing offtake and 30 - 60 wells shut in from lack of evacuation capacity; improvement expected once DNPL 200-metre connectivity within NRL campus is completed.^[4]
India's first 2G bioethanol plant (bamboo feedstock, NRL JV, Golaghat, Assam) was inaugurated by the Prime Minister on 14 September 2025; a 200 TPD formalin plant at Assam Petrochemicals Ltd (OIL JV, Bongaigaon) was also commissioned.^[7]
OIL is expanding its objects clause to include Critical Minerals exploration, Fertilizer manufacturing, CCUS, Geothermal, Hydrogen, Pump Storage Projects and Compressed Biogas.^[8]
Authorised share capital proposed to increase from ₹2,000 crore to ₹5,000 crore to support future growth, expansion and possible bonus issues per DIPAM guidelines.^[8]

Market Cap

₹72,563 Cr

High / Low

₹531 / 396

Stock P/E

8.8

Price / Book

1.3

Book Value

₹357

EPS

₹40.7

No. of Shares

162.66 Cr

ROCE

11.7%

ROE

12.3%

OPM

24.8%

Debt / Equity

0.62

Sales

₹37,050 Cr

Net Profit

₹7,551 Cr

Promoter holding

56.7%

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Oil India Ltd(OIL)

About

Business segments

Key operating numbers

Operations and acreage

Customers and distribution

Expansion and capex

Deepwater and exploration

Recent developments

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