Oil India
Oil India
Oil & Gas F&OKey Fundamentals
MidcapOil Exploration & ProductionOil & GasTapetide Score
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Key Insights
Strengths
2- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 27.2%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoOil India Ltd trades at a market cap of ₹81,867 crore with a PE of 8.6x and dividend yield of 2.3%. The company reported its highest-ever combined crude oil and natural gas production of 6.71 MMTOE in FY25 with PAT rising 10% to ₹6,114 crore standalone. Its subsidiary Numaligarh Refinery is undergoing a major capacity tripling from 3 MMTPA to 9 MMTPA, representing a significant capital commitment with project costs now estimated at ₹34,000 crore.
- Attractive valuation at PE of 8.6x, well below broader market multiples, offering a margin of safety for a profitable PSU with ₹6,114 crore standalone PAT in FY25
- Record combined crude oil and natural gas production of 6.71 MMTOE in FY25, with crude output up 2.95% to 3.458 MMT and gas output up 2.20% to 3.252 BCM, demonstrating operational momentum
- Numaligarh Refinery capacity tripling from 3 MMTPA to 9 MMTPA (85% complete) will transform Oil India from a pure upstream player into an integrated oil company, potentially unlocking refining margins
- Windfall tax on domestic crude was scrapped in December 2024 after being in place since July 2022, directly improving net realisations per barrel for upstream producers like Oil India
- Standalone net profit margin improved to 27.64% in FY25 from 25.09% in FY24, reflecting better cost discipline and improved realisations
- Stock has delivered a 1-year CAGR of 27% and 3-year CAGR of 40%, indicating sustained re-rating of the PSU upstream space
- Healthy dividend payout of 27.2% with a 2.3% dividend yield provides income support at current levels
- Consolidated PBT rose to ₹9,436 crore in FY25 from ₹8,846 crore in FY24, with diversified income streams including pipeline transportation and LPG production
- Compounded sales growth over 3 years is negative at -3%, and compounded profit growth over 3 years is -9%, indicating earnings volatility tied to commodity cycles
- Numaligarh Refinery expansion cost has ballooned to ₹34,000 crore (up ~₹5,900 crore from original estimates), creating execution and capital allocation risk for a project still under completion
- Crude oil prices remain a key uncontrollable variable — Oil India's FY25 net realisation was around $74/bbl, and any sustained decline below $70 would materially compress margins
- Windfall tax was reintroduced in March 2026 after being scrapped in December 2024, demonstrating regulatory unpredictability that can erode upstream margins at short notice
- ROE has declined from a 5-year average of 17% to 12% in the last year, suggesting diminishing returns on equity even as capital deployed increases
- Interest costs rose to ₹1,069 crore in FY25 from ₹964 crore in FY24, reflecting growing debt to fund the NRL expansion and other capex — this burden will increase as the project nears completion
- Consolidated operating profit margin contracted from 36.98% in FY24 to 32.82% in FY25, a decline of over 400 basis points year-on-year
- As a government-controlled entity (approximately 67% promoter holding), Oil India faces policy risks including administered gas pricing, cess obligations, and potential subsidy-sharing burdens that private E&P players do not face
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- NSE, BSE fine for non-compliance Aug 26
Oil India fined ₹9,66,420 each by NSE and BSE for Q1FY27 board composition non-compliance regarding independent directors.
- FY26 net profit down 9.43% Aug 17
Annual consolidated net profit for FY26 fell 9.43% to ₹6,429.11 crore from ₹7,098.28 crore in FY25, despite revenue rising 4.41% to ₹33,946.13 crore.
- ERD project approval blocked Sep 02
Centre refused forest land diversion for Extended Reach Drilling beneath Dibru-Saikhowa National Park; SC allowed Oil India to file a fresh plea but the project covering ~3% of India's oil requirement remains stalled.
- Q1 FY27 profit surges 91.64% Aug 17
Consolidated net profit jumped 91.64% QoQ to ₹3,847.13 crore in Q1 FY27 with revenue up 34.54% to ₹12,503.32 crore; EPS rose to ₹22.32 from ₹12.91.
- ESG rating doubles to 46 Aug 25
S&P Global ESG rating jumped from 22 to 46 in the FY26 BRSR report, with a 17.93% GHG emissions reduction against FY24 baseline and a net-zero 2040 target.
- Haryana waste-to-energy MoUs signed Aug 29
Subsidiary OGEL signed 4 MoUs for plants in Gurugram, Faridabad, Hisar and Ambala processing 5,000 TPD of waste to produce 70-75 TPD of CBG and 50 MW green power, operational by October 2028.
- Strong balance sheet fundamentals Aug 17
Total assets grew to ₹1,23,848 crore, fixed assets up to ₹65,914 crore, reserves at ₹56,371 crore with interest coverage of 10.28x and debt-to-equity of 0.62. P/E stands at 11.68.
- Sept 4 record date for dividend Aug 19
Record date for FY26 final dividend set for September 4, 2026; 67th AGM scheduled for September 17 via video conference.
- ED Finance Bhattacharya retires Aug 31
Executive Director (Finance) Jyotirmoy Bhattacharya superannuated on August 31, 2026, disclosed under SEBI LODR Regulation 30.
TL;DR: Oil India delivered a standout Q1 FY27 with net profit nearly doubling QoQ to ₹3,847 crore, though full-year FY26 profit declined ~9%. The company is diversifying into green energy via waste-to-energy projects and has sharply improved its ESG credentials. Key risks include the stalled ERD project beneath Dibru-Saikhowa (representing ~3% of national oil output) and minor governance lapses. The quarterly momentum is positive, but sustaining it depends on crude price trends and unlocking the blocked Assam reserves.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,208 | 7,497 | 9,614 | 9,147 | 8,120 | 7,247 | 8,337 | 8,808 | 7,929 | 8,394 | 8,330 | 9,293 | 12,503 |
| Expenses | 3,932 | 4,027 | 6,171 | 5,886 | 4,978 | 4,711 | 5,795 | 6,220 | 5,578 | 6,091 | 6,043 | 6,012 | 6,711 |
| Operating Profit | 2,277 | 3,469 | 3,443 | 3,261 | 3,142 | 2,536 | 2,542 | 2,588 | 2,351 | 2,303 | 2,287 | 3,281 | 5,793 |
| OPM % | 37% | 46% | 36% | 36% | 39% | 35% | 30% | 29% | 30% | 27% | 27% | 35% | 46% |
| Other Income | 259 | -1,983 | 635 | 578 | 355 | 977 | 302 | 382 | 980 | 721 | 657 | 919 | 530 |
| Interest | 214 | 279 | 236 | 234 | 242 | 280 | 304 | 244 | 199 | 305 | 319 | 381 | 302 |
| Depreciation | 478 | 499 | 576 | 576 | 553 | 608 | 624 | 533 | 627 | 671 | 715 | 699 | 698 |
| PBT | 1,843 | 708 | 3,266 | 3,028 | 2,701 | 2,626 | 1,917 | 2,193 | 2,505 | 2,048 | 1,910 | 3,119 | 5,322 |
| Tax % | 24% | 10% | 20% | 23% | 25% | 21% | 24% | 32% | 18% | 20% | 25% | 22% | 24% |
| Net Profit | 1,399 | 640 | 2,608 | 2,333 | 2,016 | 2,069 | 1,457 | 1,497 | 2,047 | 1,644 | 1,436 | 2,424 | 4,027 |
| EPS in Rs | 8.77 | 2.59 | 14.43 | 13.16 | 11.59 | 12.4 | 8.23 | 8.05 | 11.66 | 8.78 | 7.35 | 12.91 | 22.32 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,978 | 9,821 | 9,566 | 10,698 | 13,780 | 18,612 | 17,616 | 25,906 | 36,084 | 31,749 | 31,703 | 33,081 | 38,521 |
| Expenses | 6,346 | 6,235 | 6,446 | 6,770 | 8,190 | 13,297 | 11,928 | 15,405 | 20,829 | 19,245 | 20,546 | 22,636 | 24,857 |
| Operating Profit | 3,633 | 3,586 | 3,120 | 3,928 | 5,591 | 5,315 | 5,689 | 10,500 | 15,255 | 12,504 | 11,158 | 10,446 | 13,664 |
| OPM % | 36% | 37% | 33% | 37% | 41% | 29% | 32% | 41% | 42% | 39% | 35% | 32% | 35% |
| Other Income | 1,258 | 1,198 | 793 | 1,812 | 1,251 | 2,147 | 1,185 | 1,254 | 737 | -566 | 1,666 | 3,053 | 2,826 |
| Interest | 349 | 389 | 441 | 554 | 624 | 647 | 660 | 940 | 901 | 964 | 1,069 | 1,204 | 1,307 |
| Depreciation | 865 | 1,070 | 1,180 | 1,327 | 1,541 | 1,786 | 1,844 | 1,824 | 1,947 | 2,129 | 2,318 | 2,712 | 2,783 |
| PBT | 3,677 | 3,324 | 2,292 | 3,859 | 4,677 | 5,030 | 4,369 | 8,990 | 13,144 | 8,846 | 9,436 | 9,582 | 12,399 |
| Tax % | 32% | 37% | 30% | 29% | 31% | 0% | 5% | 25% | 25% | 21% | 25% | 21% | — |
| Net Profit | 2,608 | 2,080 | 1,597 | 2,735 | 3,238 | 5,005 | 4,146 | 6,719 | 9,854 | 6,980 | 7,040 | 7,551 | 9,531 |
| EPS in Rs | 14.46 | 11.53 | 8.85 | 16.06 | 19.91 | 28.9 | 21.69 | 34.56 | 53.66 | 38.95 | 40.27 | 40.7 | 51.36 |
| Div. Payout % | 46% | 46% | 72% | 42% | 34% | 24% | 15% | 27% | 25% | 25% | 29% | 28% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 601 | 601 | 802 | 757 | 1,084 | 1,084 | 1,084 | 1,084 | 1,084 | 1,084 | 1,627 | 1,627 |
| Reserves | 20,900 | 24,577 | 28,718 | 28,273 | 27,890 | 22,126 | 22,582 | 29,478 | 37,397 | 47,255 | 48,141 | 56,372 |
| Borrowings | 9,070 | 9,722 | 14,184 | 12,329 | 15,114 | 12,743 | 19,718 | 16,721 | 18,832 | 24,040 | 30,645 | 37,478 |
| Other Liabilities | 6,549 | 5,344 | 7,600 | 7,353 | 8,430 | 20,981 | 12,151 | 13,846 | 16,866 | 20,114 | 24,410 | 28,768 |
| Total Liabilities | 37,120 | 40,244 | 51,303 | 48,712 | 52,518 | 56,936 | 55,535 | 61,129 | 74,179 | 92,494 | 1,04,823 | 1,24,245 |
| Fixed Assets | 12,676 | 8,678 | 10,550 | 12,320 | 12,471 | 15,955 | 15,969 | 16,805 | 18,098 | 20,520 | 23,649 | 28,271 |
| CWIP | 3,755 | 1,812 | 1,894 | 988 | 1,267 | 2,368 | 3,171 | 5,900 | 11,953 | 20,028 | 29,527 | 37,644 |
| Investments | 5,573 | 15,052 | 27,461 | 26,657 | 26,451 | 25,718 | 24,010 | 27,099 | 27,924 | 34,450 | 31,613 | 36,782 |
| Other Assets | 15,116 | 14,701 | 11,398 | 8,747 | 12,329 | 12,894 | 12,385 | 11,325 | 16,204 | 17,496 | 20,034 | 21,548 |
| Total Assets | 37,120 | 40,244 | 51,303 | 48,712 | 52,518 | 56,936 | 55,535 | 61,129 | 74,179 | 92,494 | 1,04,823 | 1,24,245 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,754 | 3,597 | 3,114 | 3,933 | 5,023 | 6,493 | 5,235 | 9,310 | 11,410 | 10,933 | 11,332 | 10,684 |
| Investing | -1,992 | -2,677 | -5,865 | 1,778 | -578 | -2,207 | -8,517 | -4,192 | -9,130 | -12,601 | -13,514 | -10,381 |
| Financing | -2,603 | -871 | 2,758 | -5,698 | -940 | -7,331 | 3,702 | -5,615 | -2,521 | 1,637 | 2,483 | 409 |
| Net Cash Flow | -2,841 | 49 | 7 | 12 | 3,504 | -3,045 | 420 | -498 | -241 | -30 | 301 | 711 |
| Free Cash Flow | -1,245 | 986 | 248 | 1,267 | 2,523 | 3,187 | 2,108 | 3,342 | 2,886 | -1,130 | 1,749 | 2,126 |
| CFO/OP | 80 | 125 | 119 | 111 | 108 | 139 | 93 | 99 | 97 | 109 | 120 | 125 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 87 | 49 | 39 | 48 | 35 | 29 | 38 | 25 | 24 | 38 | 38 | 50 |
| Inventory Days | — | — | — | — | — | 333 | 350 | 286 | 244 | 238 | 264 | 323 |
| Days Payable | — | — | — | — | — | 105 | 140 | 115 | 83 | 84 | 112 | 184 |
| Cash Conversion Cycle | 87 | 49 | 39 | 48 | 35 | 257 | 249 | 196 | 185 | 192 | 190 | 188 |
| Working Capital Days | 31 | 45 | -168 | 10 | -77 | -141 | -45 | 21 | 24 | -48 | -46 | -45 |
| ROCE % | 13% | 12% | 10% | 10% | 15% | 15% | 13% | 21% | 25% | 18% | 13% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY10–FY26.
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Company Information
Oil India Ltd is engaged in exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. It also provides various E&P related services for oil blocks.[1]
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