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Oil India

Q1 FY27

Oil India Q1 FY27 earnings call: Revenue & Margins

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹445

Market cap₹72.4K Cr

P/E8.7

Updated16 Oct 2026

Read6 min read

What the Q1 FY27 call signalled

1 of 3 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

The short version

Oil India aims to maintain crude oil production at around 1 million metric tons (MMT) per quarter in FY27, targeting 4.2 MMT annually by FY29 through near-field exploration and enhanced recovery techniques like hydrofracking and radial drilling. Oil India's production is ramping up steadily, with a record daily crude oil production of 10,921 MT as of June 2026, targeting ~1 MMT each quarter in FY27. - NRL's refining capacity utilization is at 105%, with plans to commission new units by March 2027, aiming for 75% capacity utilization by FY28. - Operating costs are expected to decrease from USD4.5-5 per barrel to around USD3.5 due to facility rationalization and increased throughput. - Expansion projects (e.g., pipeline commissioning by December 2026) will enhance gas evacuation and supply, supporting higher gas sales by FY28-29. - Exploration activities are increasing, targeting 100 wells in FY27 (up from 74 previously), supported by government reimbursements, driving future production growth. - Financially, Q1 FY27 recorded the highest ever operating revenue (INR7,958 crore) and PAT (INR2,870 crore) standalone, with consolidated PAT at INR4,026 crore. - EPS rose to Rs.

From Oil India's Q1 FY27 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Moderate growth

Oil India aims to maintain crude oil production at around 1 million metric tons (MMT) per quarter in FY27, targeting 4.2 MMT annually by FY29 through near-field exploration and enhanced recovery techniques like hydrofracking and radial drilling.
Gas production is expected to ramp up to 3.8 BCM next year and targeted around 5 BCM by FY29, driven by pipeline expansions and new connections (e.g., a 200-meter pipeline within NRL, Paradip-Numaligarh pipeline completion by December 2026).
Numaligarh Refinery Limited (NRL) plans to reach 75% capacity utilization of 9 million tons by FY28 end, with phased commissioning completed by March 2027.

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Profitability & Margins

Oil India's production is ramping up steadily, with a record daily crude oil production of 10,921 MT as of June 2026, targeting ~1 MMT each quarter in FY27.
NRL's refining capacity utilization is at 105%, with plans to commission new units by March 2027, aiming for 75% capacity utilization by FY28.
Operating costs are expected to decrease from USD4.5-5 per barrel to around USD3.5 due to facility rationalization and increased throughput.
Expansion projects (e.g., pipeline commissioning by December 2026) will enhance gas evacuation and supply, supporting higher gas sales by FY28-29.
Exploration activities are increasing, targeting 100 wells in FY27 (up from 74 previously), supported by government reimbursements, driving future production growth.

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Capital Expenditure Plans

Capex planned

Q1 FY27 capex spend was around INR 3,050 crores; full year budget is INR 8,600 crores, subject to revision.
Expansion at Numaligarh Refinery Limited (NRL):
CDU VDU unit mechanically completed; statutory inspections done; commissioning targeted by Oct-Nov 2026.
DHDT and SRU units near completion; full refinery project expected to complete around INR 34,000-35,000 crores capex.
PPU project completion expected by spending additional INR 7,200-7,300 crores.
Paradip to Numaligarh pipeline nearing completion; mechanical completion by October 2026; commissioning by December 2026.
Deepwater exploration in Mahanadi and KG basins ongoing, with rigs scheduled for June-July 2027 and March 2028; Government and partners (TOTAL, Petrobras) supporting exploration and interpretation.

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Fundraising & Capital Structure

No explicit mention of new fundraising through debt or equity in the provided transcript.
Existing debt details shared:
NRL has borrowings of around INR 19,000 crores.
Consolidated group-level total debt is around INR 37,233 crores, including USD 1.4 billion foreign loans and a USD 500 million bond.
Capex plans discussed (e.g., completion of NRL refinery and pipeline projects), but no reference to raising fresh capital.

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Order Book & Pipeline

The provided transcript of Oil India Limited's Q1 FY27 conference call does not explicitly mention the current or expected order book or pending orders details. The discussion primarily focuses on operational updates, production achievements, exploration plans, capex details, pipeline progress, refinery commissioning, and financial results. Key related points include: - Ongoing projects like Numaligarh Refinery expansion with capex plans and commissioning timelines. - Pipeline projects such as the Paradip to Numaligarh pipeline expected to complete by December 2026.

- Exploration activities with a plan to drill 100 wells in FY27. - Engagement with contractors and project management consultants (PMCs) for pipeline and infrastructure projects, e.g., feeder line project is 20% complete with PMC engaged. However, no quantified specifics on orderbook value or pending orders could be found in the transcript. For detailed orderbook information, please refer to Oil India's official investor relations communication or filings.

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Oil India — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Q1 FY27 figures are not in this chart yet. Latest shown: Mar 2026 (Q4 FY26). The Q1 FY27 numbers from the filing are in the analysis on this page.

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹9.3K Cr, net profit ₹2.4K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Oil India Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Oil India Q1 FY27 results?

Oil India aims to maintain crude oil production at around 1 million metric tons (MMT) per quarter in FY27, targeting 4.2 MMT annually by FY29 through near-field exploration and enhanced recovery techniques like hydrofracking and radial drilling. Oil India's production is ramping up steadily, with a record daily crude oil production of 10,921 MT as of June 2026, targeting ~1 MMT each quarter in FY27. - NRL's refining capacity utilization is at 105%, with plans to commission new units by March 2027, aiming for 75% capacity utilization by FY28. - Operating costs are expected to decrease from USD4.5-5 per barrel to around USD3.5 due to facility rationalization and increased throughput. - Expansion projects (e.g., pipeline commissioning by December 2026) will enhance gas evacuation and supply, supporting higher gas sales by FY28-29. - Exploration activities are increasing, targeting 100 wells in FY27 (up from 74 previously), supported by government reimbursements, driving future production growth. - Financially, Q1 FY27 recorded the highest ever operating revenue (INR7,958 crore) and PAT (INR2,870 crore) standalone, with consolidated PAT at INR4,026 crore. - EPS rose to Rs.

What is Oil India share price analysis?

Oil India currently shows a below-average growth signal. The stock trades at a P/E of 8.7 with a market cap of ₹72,384 Cr. Investors should review the full earnings analysis for detailed insights.

Is Oil India planning capital expenditure?

Q1 FY27 capex spend was around INR 3,050 crores; full year budget is INR 8,600 crores, subject to revision.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.