Oil & Gas · NSE: OIL
Oil India
Q1 FY27 earnings call · Guided by management
Call held 10 Aug 2026 · Read the filing on NSEFiling
- M.Cap
- ₹71,571Cr
- P/E
- 8.6×
- 1Y return
- −0.26%
- From 52W high
- −17.1%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q1 FY27, as filed · consolidated · ₹ Cr
| Q1 FY27 | Q1 FY26 | YoY | Q4 FY26 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 12,886 | 8,750 | +47.3% | 10,013 | +28.7% |
| EBITDA | 5,793 | 2,351 | +146.4% | 3,281 | +76.6% |
| EBITDA margin | 45.0% | 26.9% | +1808 bps | 32.8% | +1218 bps |
| PBTProfit before tax | 5,142 | 1,780 | +188.8% | 2,702 | +90.3% |
| Net profit | 3,630 | 1,896 | +91.4% | 2,100 | +72.9% |
| EPS (₹) | 22.32 | 11.66 | +91.4% | 12.91 | +72.9% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
Natural gas: Big jump in gas output expected in '28th first quarter'
Trailukya Borgohain · Director Operations · Q&A · p. 7
Natural gas: Big jump in gas output expected in '28th first quarter'
“28th first quarter. Big jump will happen in 28th first quarter.”
More figures from the call
“And going forward, we would obviously stretch ourselves further and try to again ride on a 10% at least increase in the number of wells to be drilled.”
“And FY27 we are targeting 42 exploratory and 57 development wells.”
“If you if you look at our FY29 kind of target, we are targeting around up to around 4.2.”
“Yes next year it will be 3.8 BCM. So now on an averaging we are shutting down some wells at least 30 wells we are always shutting down.”
“Our per barrel operating cost hovers around USD4.5 to USD5 today. It will come down to a level of USD3.5.”
“So, you can say that it will be around minimum 3.9 will be our production this year. So, that is what I can tell as of now, but we may touch 4 also.”
In short
- 01Q1 FY27 standalone revenue was Rs 7,958 crore and PAT Rs 2,870 crore, both record highs.
- 02Consolidated Q1 revenue was Rs 12,886 crore and PAT Rs 4,026 crore.
- 03FY27 crude oil production is guided at a minimum of 3.9 MMT, possibly 4 MMT.
- 04Gas production next year (FY28) is expected at 3.8 BCM; about 5 BCM once the DFL pipeline is connected.
- 05FY27 capex budget is Rs 8,600 crore, with Rs 3,050 crore spent in Q1.
- 06The company targets 100 wells in FY27: 42 exploratory and 57 development.
- 07NRL expansion: remaining units targeted for commissioning by 31 March 2027; about 75% utilisation by Q4 FY28.
- 08GST on royalty of about Rs 2,500 crore is already provided for; no Q2 P&L impact expected.
Capex
Numaligarh Refinery Limited: NRL has invested about INR30,000 crores; refinery to cost INR34,000-35,000 crores
Bhaskar Jyoti Phukan · Managing Director · p. 12
Numaligarh Refinery Limited: NRL has invested about INR30,000 crores; refinery to cost INR34,000-35,000 crores
“We have invested around INR30,000 crores so far. So we should be completing the refinery project around INR34,000 crores to INR35,000 crores”
Numaligarh Refinery Limited: PPU project to need another INR7,200-7,300 crores
Bhaskar Jyoti Phukan · Managing Director · p. 12
Numaligarh Refinery Limited: PPU project to need another INR7,200-7,300 crores
“we should also be completing the PPU project by spending another INR7,200 crores or INR7,300 crores.”
Natural gas: Duliajan Feeder Line: own ROU except some 30-40 km; construction soon
Trailukya Borgohain · Director Operations · p. 15
Natural gas: Duliajan Feeder Line: own ROU except some 30-40 km; construction soon
“except some 30 kilometer, 40 kilometer, rest of the places we have the ROU, one is BPCL and the other one is I think ONGC and so there should not be much issue in laying the pipeline. So this is already going to be constructed very soon.”
Natural gas: Gas evacuation pipeline expected around December 2027
Trailukya Borgohain · Director Operations · p. 6
Natural gas: Gas evacuation pipeline expected around December 2027
“So that is we are planning, we are thinking that it will be by around December 2027 it should happen.”
Natural gas: IGGL connection expected by end of next financial year
Abhijit Majumder · Director Finance · p. 7
Natural gas: IGGL connection expected by end of next financial year
“Only a 200-meter thing is still to be done within NRL campus and IGGL by end of the next financial it will be over.”
Capacity
Natural gas: DNPL capacity to go from 1 to 2 MMSCMD, then up to 2.5
Bhaskar Jyoti Phukan · Managing Director · p. 7
Natural gas: DNPL capacity to go from 1 to 2 MMSCMD, then up to 2.5
“we will be in a position to give them shutdown so that they augment their capacity from 1 MMSCMD to 2 MMSCMD immediately, then thereafter up to 2.5.”
Segments
Numaligarh Refinery Limited: NRL operating income Rs 9,146 crore, 45% higher than Q1 FY26
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Numaligarh Refinery Limited: NRL operating income Rs 9,146 crore, 45% higher than Q1 FY26
“The operating income of our material subsidiary was INR9,146 crores, which was 45% higher vis-a-vis Q1 of FY26.”
Numaligarh Refinery Limited: NRL PAT Rs 1,305 crore vs Rs 488 crore a year ago
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Numaligarh Refinery Limited: NRL PAT Rs 1,305 crore vs Rs 488 crore a year ago
“The PAT the company has registered in the current quarter is INR1,305 crores as compared to INR488 crores in the previous year.”
Numaligarh Refinery Limited: NRL EBITDA INR1,843 crores vs INR786 crores
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Numaligarh Refinery Limited: NRL EBITDA INR1,843 crores vs INR786 crores
“The EBITDA was INR1,843 crores as compared to INR786 crores as compared to the previous year.”
FY29 crude target mainly from main producing areas; Rajasthan output being ramped up
Trailukya Borgohain · Director Operations · Q&A · p. 17
FY29 crude target mainly from main producing areas; Rajasthan output being ramped up
“Mainly main producing areas. And also we are ramping up production in Rajasthan.”
Demand
Natural gas: Tea gardens to take less gas from October
Trailukya Borgohain · Director Operations · p. 6
Natural gas: Tea gardens to take less gas from October
“The other thing is that seasonal rains will also come now because from October onwards the tea gardens, they will take a little bit less than what we are doing as of now.”
Natural gas: Additional 1.5 MMSCMD gas demand from NRL expansion
Management · p. 7
Natural gas: Additional 1.5 MMSCMD gas demand from NRL expansion
“We will have an additional 1.5 MMSCMD by virtue of NRL coming up. This would be in that financial year.”
Natural gas: NEEPCO gas power cannot match hydro power price
Trailukya Borgohain · Director Operations · p. 14
Natural gas: NEEPCO gas power cannot match hydro power price
“Now when increasing the gas price, they are not actually able to match the price of hydro.”
Natural gas: In talks with Assam Gas Company to raise gas intake
Trailukya Borgohain · Director Operations · p. 14
Natural gas: In talks with Assam Gas Company to raise gas intake
“So we have -- we still have some upside and we are in talks with our Assam Gas Company, so that they increase their intake, because there are a lot of areas for inroads.”
Natural gas: BCPL gas off-take has picked up and is stable
Management · p. 15
Natural gas: BCPL gas off-take has picked up and is stable
“BCPL offtake more or less it has picked up and it’s currently stable.”
Margins and costs
Crude price realisation USD 98.73 per barrel vs USD 66.20 a year ago
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Crude price realisation USD 98.73 per barrel vs USD 66.20 a year ago
“From financial front, the crude oil price realization was USD98.73 per barrel vis-a-vis USD66.20 per barrel as compared to the previous year.”
Natural gas price USD 7.19 per MMBtu vs 6.72
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Natural gas price USD 7.19 per MMBtu vs 6.72
“The natural gas price stood at USD7.19 per MMBtu in this quarter as compared to 6.72$ in the previous quarter of the last financial year.”
Record EBITDA of 4,605 crores; margin 54% plus vs 34% plus
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Record EBITDA of 4,605 crores; margin 54% plus vs 34% plus
“We have also achieved the highest ever EBITDA during this quarter, which is 4,605 crores, as the margin is 54% plus as compared to 34% plus in the previous quarter of the last year.”
Numaligarh Refinery Limited: NRL gross refinery margin USD 35.95 per barrel vs USD 5.02
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Numaligarh Refinery Limited: NRL gross refinery margin USD 35.95 per barrel vs USD 5.02
“The gross refinery margin is USD35.95 per barrel as compared to USD5.02 per barrel in the previous year.”
Numaligarh Refinery Limited: NRL GRM about 33 after backing out inventory gain of about 2
Bhaskar Jyoti Phukan · Managing Director · p. 10
Numaligarh Refinery Limited: NRL GRM about 33 after backing out inventory gain of about 2
“That accounts for around 2 that we have gained in terms of inventory gain. So if you back that out, it will be 33 for GRM.”
Debt and working capital
Numaligarh Refinery Limited: NRL debt INR19,000 crores
Management · p. 12
Numaligarh Refinery Limited: NRL debt INR19,000 crores
“So the debt component is INR19,000 crores.”
Standalone USD1.4 billion loan for foreign investment
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 12
Standalone USD1.4 billion loan for foreign investment
“From standalone point of view for foreign investment, we are having USD1.4 billion loan.”
USD500 million Singapore subsidiary bond due May 27
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 12
USD500 million Singapore subsidiary bond due May 27
“another one bond we have from our foreign subsidiary in Singapore, which is USD500 million of bond, which is to be repaid in the next year, 27 May.”
Group total debt around INR37,233 crores
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 12
Group total debt around INR37,233 crores
“Total debt in the group level, which is around INR37,233 crores is our total debt.”
Risks
Natural gas: Gas off-take hit by downstream industry shutdowns
Trailukya Borgohain · Director Operations · p. 6
Natural gas: Gas off-take hit by downstream industry shutdowns
“Actually, there are many hiccups that happen because of the shutdown of the downstream industries.”
Natural gas: Duliajan Feeder Line needed for major gas growth
Abhijit Majumder · Director Finance · p. 15
Natural gas: Duliajan Feeder Line needed for major gas growth
“For us to really have a head start, big head start, this DFL has to kind of happen.”
Andaman: Spend on Andaman test well put at 1,000 to 1,050
Saloma Yomdo · Director Exploration and Development · p. 21
Andaman: Spend on Andaman test well put at 1,000 to 1,050
“Yes it will be 1,000 to 1,050.”
GST on royalty about INR2,500 crores; court gave six weeks to settle
Abhijit Majumder · Director Finance · p. 22
GST on royalty about INR2,500 crores; court gave six weeks to settle
“So without interest it would be roughly about INR2,500 crores. So our undertaking to the court was that the court has given us six weeks time to settle this and we are trying to kind of make this payment as quickly as possible.”
No Q2 financial impact from GST on royalty as already provided
Abhijit Majumder · Director Finance · p. 22
No Q2 financial impact from GST on royalty as already provided
“Second quarter financial I mean financials as such is not going to be impacted because we already provided for it, but then we will definitely make a disclosure saying that this much amount has been released on account of GST on royalty.”
Other
Q1 crude oil production 0.95 MMT, up over 11% year on year
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Q1 crude oil production 0.95 MMT, up over 11% year on year
“The crude oil production for the quarter was 0.95 MMT, which has increased by 11 plus percentage on year-to-year basis.”
Record daily crude output of 10,921 MT on 27 June 2026
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Record daily crude output of 10,921 MT on 27 June 2026
“Our daily crude oil production has ramped up to 10,921 MT per day on 27th of June 2026, which was highest ever daily production the company has ever recorded.”
17 new wells drilled in Q1: 7 exploratory, 10 development
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
17 new wells drilled in Q1: 7 exploratory, 10 development
“Our company has drilled 17 new wells during the quarter, out of which 7 are exploratory wells and 10 are development wells.”
Standalone Q1 operating revenue Rs 7,958 crore, highest since listing
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Standalone Q1 operating revenue Rs 7,958 crore, highest since listing
“The standalone operating revenue of Q1 FY27 is INR7,958 crores, which is highest ever quarterly revenue earned by Oil India Limited since it got listed in the financial year 2009-2010.”
Record PAT of Rs 2,870 crore vs Rs 813 crore a year ago
Abhijit Das · Chief General Manager (Finance and Accounts) · p. 4
Record PAT of Rs 2,870 crore vs Rs 813 crore a year ago
“We have also achieved the highest ever PAT in this year which is INR2,870 crore as compared to INR813 crores in the previous year.”
Sources
- Earnings call transcript, Q1 FY27 Filed 12 Aug 2026 · 23 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.