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Oil India Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹445

Market cap₹72.4K Cr

P/E8.7

Updated16 Oct 2026

Read4 min read

The short version

Oil India expects steady production growth: - Oil production: Approximately 3.55 to 3.8 million metric tons for FY '26 and around 3.95-4 million metric tons by FY '28. Oil India expects steady production growth: - Oil production: FY '26 around 3.55-3.77 million tons; FY '27 approx.

From Oil India's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Oil India expects steady production growth:
Oil production: Approximately 3.55 to 3.8 million metric tons for FY '26 and around 3.95-4 million metric tons by FY '28.
Gas production: Targeting 3.6 bcm in FY '26, 3.8 bcm in FY '27, and 4.6 bcm by FY '28.
Gas production ramp-up linked to refinery capacity expansion and DNPL pipeline commissioning by April 2026, enabling higher gas off-take up to 3 MMSCMD at NRL refinery.
Potential for increased gas supply as tea gardens enter peak demand season and refinery expands.
Offshore exploration, especially in Andaman basin, is in exploratory/appraisal phase; further discoveries could impact volumes post-appraisal and development phases.

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Profitability & Margins

Oil India expects steady production growth:
Oil production: FY '26 around 3.55-3.77 million tons; FY '27 approx. 3.75-3.80 million tons; FY '28 around 4 million tons.
Gas production: FY '26 approx. 3.3-3.6 bcm; FY '27 about 3.75-3.8 bcm; FY '28 forecasted at 4.6 bcm.
Earnings impacted by write-offs (Bangladesh, Gabon) but no further major expenses anticipated there.
EBITDA margin dropped to 34% due to lower realization and write-offs, but Q2 PAT showed 28.8% growth QoQ.
Dividend declared at INR 3.50 per share as interim dividend reflecting confidence in earnings.
Capex spend exceeding budget historically; continues to invest in exploration and development to support production growth.

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Capital Expenditure Plans

Total capex budget for current year: around INR 7,000 crores.
Capex distribution:
Development drilling: ~INR 1,927 crores.
Development drilling (additional): ~INR 1,700 crores.
Seismic survey: ~INR 650 crores.
Normal PPE: ~INR 2,284 crores.
Overseas investments: ~INR 385 crores (higher than initial plan of 100-120 crores).
Subsidiaries and joint ventures: increased to INR 1,117 crores due to NRL investment (initially budgeted at ~INR 350 crores).
Capex spending till date: INR 5,561 crores (~70%-75% of budget in first 7 months).
NRL refinery rights subscription has increased capital investment in subsidiaries.

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Fundraising & Capital Structure

Based on the provided transcript from pages around 6 to 18 of the Oil India Limited Q2 FY '26 earnings call: - The transcripts do not explicitly mention any new fundraising through equity. - There is mention of total debt levels, for example, NRL's total debt as of Q2 is INR 17,799 crores. - No direct disclosures about fresh debt issuance or planned equity fundraising were made during the discussed Q2 FY '26 period.

- The company is focused on capital expenditure and investments, indicating active use of funds, but any incremental debt or equity raising plans were not stated. - Regarding cash flows and capex, there is mention that cash investment may differ from capex incurred due to a mix of financing and investment activities, but no specifics on new borrowings. Summary: No explicit information on current or planned new fundraising via debt or equity was disclosed in the call excerpts provided.

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Order Book & Pipeline

The provided transcript from Oil India Limited's Q2 FY '26 earnings call does not specifically mention the current or expected orderbook or pending orders. The discussion primarily focuses on operational performance, production targets, exploration activities, refinery expansion, financial results, dividend status, and partnerships. - No explicit details on current or expected orderbook/pending orders are provided in the document. - The focus during the call was on production ramp-up, exploration progress, refinery commissioning timelines, and financial performance.

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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

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.

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What Oil India Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Oil India Q2 FY26 results?

Oil India expects steady production growth: - Oil production: Approximately 3.55 to 3.8 million metric tons for FY '26 and around 3.95-4 million metric tons by FY '28. Oil India expects steady production growth: - Oil production: FY '26 around 3.55-3.77 million tons; FY '27 approx.

What is Oil India share price analysis?

Oil India currently shows a neutral. 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?

Total capex budget for current year: around INR 7,000 crores.

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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.