Mumbai: Oil India Limited (OIL) reported a sharp 253% year-on-year increase in standalone net profit to ₹2,870.21 crore for the quarter ended June 30, 2026, compared with ₹813.48 crore in the corresponding quarter last year.
Standalone revenue from operations rose 59% to ₹7,958.14 crore from ₹5,012 crore a year earlier, supported by higher crude oil realisations and improved production volumes.
The company’s Board of Directors approved the unaudited financial results at its meeting held on August 7, 2026.
Standalone Profit Rises 253% in Q1 FY27
Oil India’s standalone financial performance showed strong year-on-year growth across key parameters.
Standalone Q1 FY27 Highlights
- Revenue from operations: ₹7,958 crore, up 59%
- Total income: ₹8,479 crore, up 63%
- Profit before tax: ₹3,742 crore, up 241%
- Net profit: ₹2,870 crore, up 253%
- Basic EPS: ₹17.65, compared with ₹5.00 a year ago
Profit before tax increased to ₹3,741.72 crore, compared with ₹1,097.75 crore in Q1 FY26.
Consolidated Net Profit Climbs 97%
On a consolidated basis, Oil India’s performance also improved significantly during the quarter.
Consolidated Q1 FY27 Highlights
- Revenue from operations: ₹12,886 crore, up 47%
- Profit before tax: ₹5,322 crore, up 112%
- Net profit: ₹4,027 crore, up 97%
- Basic EPS: ₹22.32, up 91%
Consolidated net profit stood at ₹4,026.83 crore, compared with ₹2,046.77 crore in the same quarter of the previous year.
Crude Oil Remains Key Contributor to Segment Profit
Crude oil continued to be Oil India’s largest contributor during the quarter. Higher crude realisations and increased production volumes supported the company’s strong earnings growth.
Standalone Segment Performance
- Crude Oil, including Condensate: Revenue ₹6,121 crore; Segment Profit ₹2,999 crore
- Natural Gas: Revenue ₹1,527 crore; Segment Profit ₹648 crore
- LPG: Revenue ₹83 crore; Segment Profit ₹63 crore
- Pipeline Transportation: Revenue ₹184 crore; Segment Profit ₹54 crore
- Renewable Energy: Revenue ₹44 crore; Segment Profit ₹23 crore
- Total: Revenue ₹7,958 crore; Segment Profit ₹3,786 crore
After accounting for interest, unallocable costs and other income, standalone profit before tax stood at ₹3,742 crore.
Numaligarh Refinery Reports Strong Profit Growth
Oil India’s material subsidiary Numaligarh Refinery Limited (NRL) also delivered a strong performance during the quarter.
NRL’s profit after tax increased 167% year-on-year to ₹1,305 crore. The improvement was supported by a gross refining margin (GRM) of USD 35.95 per barrel and an improved distillate yield of 87.58%.
The performance of NRL contributed to the strong consolidated results of Oil India.
Oil India Reports New Gas Discovery in Andaman Basin
The company also reported important operational developments during the quarter.
Oil India announced a natural gas discovery in the Vijaya Puram-3 exploratory well in the Andaman Basin, highlighting the hydrocarbon potential of the basin.
In Assam, the company completed a highly deviated exploratory well with a horizontal displacement of 3,116 metres, the highest-ever achieved by Oil India in an onshore well.
These exploration activities form part of the company’s efforts to expand its domestic hydrocarbon resource base.
Auditors Highlight GST and Assam Tax Matters
The company’s joint statutory auditors, Gopal Sharma & Co. and RKP Associates, issued an unmodified limited review conclusion on the quarterly results.
However, the auditors drew attention to certain ongoing matters, including:
- ₹289.56 crore charged during the quarter towards GST on royalty.
- A contingent liability of ₹2,484.81 crore related to Assam Specified Lands tax.
The auditors’ observations did not modify their conclusion on the financial results.
Board Appoints Cost Auditor for FY27
Oil India’s Board also appointed M/s Shome & Banerjee as the company’s Cost Auditor for FY 2026-27.
The company further disclosed that it had no defaults on loans or debt securities during the reporting period.
Strong Q1 Performance Driven by Oil Prices and Volumes
Oil India’s sharp improvement in profitability during Q1 FY27 was primarily supported by stronger crude oil realisations and higher production volumes.
The combination of improved standalone performance, strong results from NRL and operational progress in exploration helped the company deliver significant year-on-year growth in both standalone and consolidated earnings.
About Oil India Limited
Oil India Limited (OIL) is a Maharatna public sector undertaking under the Ministry of Petroleum and Natural Gas. The company is engaged in the exploration, production and transportation of crude oil and natural gas, along with activities in LPG, pipeline transportation and renewable energy. OIL operates across several regions in India and is also expanding its exploration and energy portfolio.
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