Oil India Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Published 4 Aug 2026 | Oil | Market Cap: ₹72.2K Cr

Oil India aims to drill around 100 wells in FY 2027, targeting crude production of approximately 3.8 million tons and 4.0 million tons in FY 2028. Oil India aims to complete the Numaligarh Refinery expansion by Q4 FY 2027 and achieve 100% capacity utilization by Q2 FY 2028, which is expected to enhance refining margins and profits.

From Oil India Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹475

Market Cap

₹72.2K Cr

P/E Ratio

10.9

How does Oil India Ltd rank in Oil?

Compare Oil India Ltd against every Oil company this quarter on revenue, margins and earnings-call signals.

View Oil leaderboard →

Oil India Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹9.3K Cr, net profit ₹2.4K Cr.

Full financials →

📊 Revenue & Sales Performance

→Oil India aims to drill around 100 wells in FY 2027, targeting crude production of approximately 3.8 million tons and 4.0 million tons in FY 2028.
→Crude oil daily production reached a decade-high of 9,861 metric tons as of December 2025.
→Natural gas production is stable but growth is contingent on pipeline connectivity and gas evacuation infrastructure improvements.
→Pipeline expansions (Duliajan-Numaligarh and Numaligarh-Siliguri) and link-ups with IGGL line expected by April 2026 will boost gas monetization.
→Refinery at Numaligarh targets 50% capacity utilization by Q4 FY 2027, ramping to 100% by Q2 FY 2028.
→Petrochemical project commissioning expected toward end of FY 2028, with full capacity utilization by Q2 FY 2029.
→Capex planned at INR 8,800 crores for FY 2026, likely to increase to support production growth; similar or higher capex anticipated for FY 2027.
→Focus on maximizing crude production while monetizing associated gas via new pipelines and gas storage solutions to avoid flaring.

📈 Profitability & Margins

→Oil India aims to complete the Numaligarh Refinery expansion by Q4 FY 2027 and achieve 100% capacity utilization by Q2 FY 2028, which is expected to enhance refining margins and profits.
→Capex for Numaligarh Refinery expansion is INR 34,000 crores (NREP), with total project capex around INR 45,000 crores; major capex peak expected in polypropylene unit (INR 7,200 crores).
→Net consolidated debt stands at INR 34,000 crores, including INR 16,000 crores from NRL and Oil India’s overseas assets.
→Production targets backed by increased drilling (75+ wells planned in FY 2025-26), improved operational efficiency, and arresting decline in mature fields support growth.
→Dividend increased to INR 10.5 per fully paid share, reflecting confidence in earnings.
→Price realization fluctuations impact near-term profits; average crude price dropped ~17% year-on-year but natural gas prices remained stable.
→Operating revenues and earnings expected to improve with pipeline commissioning and refined capacity expansion through FY 2027-28.

See what Oil India Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→Stand-alone capex guidance for Oil India Limited is INR 8,800 crores for FY '26; expected to hover around INR 9,200 crores plus in FY '27 and '28. (Page 24)
→At Numaligarh Refinery Limited (NRL), total project capex is about INR 45,000 crores, including refinery and petrochemicals; INR 16,000 crores debt already drawn. (Page 22)
→Peak capex beyond next year mainly for polypropylene unit (~INR 7,200 crores). (Page 22)
→Capex outgo at NRL for current year expected around INR 8,000 crores; total capex for refinery and petchem is INR 45,000 crores. (Page 20)
→Increased exploration contract costs due to deeper drilling and seismic survey efforts; ongoing investment in deepwater blocks and collaboration with TotalEnergies for risk-sharing. (Page 10)
→Strategic investment planned in Andhra Pradesh refinery being spearheaded by BPCL, a large refinery-petrochemical complex with 12 million metric ton capacity and ~35% petrochemical intensity index. (Page 9)

💰 Fundraising & Capital Structure

- For Numaligarh Refinery Limited (NRL) expansion, total capex is around INR 45,000 crores with INR 34,000 crores already taken as debt, including INR 16,000 crores at NRL level and INR 16,000 crores at Oil India level (mainly external commercial borrowings for overseas assets). - Stand-alone capex for Oil India for FY '26 is INR 8,800 crores, expected to remain around INR 9,200 crores in subsequent years. - No explicit mention of new fundraising through equity in the provided text. - The company maintains a balanced dividend policy to protect shareholder interest without indicating fresh equity issuance. - Future capex for polypropylene unit beyond next year is approximately INR 7,200 crores, likely to be debt-funded. **Summary:** Oil India is primarily funding capex through debt with no new equity issuance mentioned for FY '26-28.

See what Oil India Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

The transcript does not provide specific details on the current or expected orderbook or pending orders for Oil India Limited. The discussion mainly focuses on operational updates, production guidance, pipeline connectivity, exploration activities, financial performance, and capital expenditure. Key points related to ongoing works or commitments include: - Paradip-NRL pipeline: 40 km remaining out of 1,635 km, with 98% Right-of-Use (ROU) opened and 92% lowering completed; no expected delays. - Capex for NRL refinery and petrochemicals project: Total INR 45,000 crores, with INR 8,000 crores expected by year-end. - Exploration drilling: 75+ wells expected for the year, highest ever in company history. - Northeast gas pipeline connectivity and commissioning of Duliajan-Numaligarh pipeline expected by April 2026. No explicit mention of orderbook or pending orders volume/value is available in the transcript.

Key Metrics

What Oil India's management said in earlier quarters

Others in Oil this season

Ganesh Benzoplast Ltd (Q3 FY26)
No immediate lever to double capacity from INR 400 crores to INR 800 crores; growth approach is cautious and secured. Key concall takeaways from Ganesh…
Deep Industries (Q3 FY26)
The order book remains strong at around INR2,967 crores with a bidding pipeline of approximately INR800 crores, ensuring a steady flow of orders (Page 5). Key…
Hind.Oil Explor. (Q3 FY26)
8.28 crores, showing improvement from previous quarters. Key concall takeaways from Hindustan Oil Exploration Company Ltd's Q3 FY26 earnings call — and how it…
Jindal Drilling (Q3 FY26)
. Key concall takeaways from Jindal Drilling & Industries Ltd's Q3 FY26 earnings call — and how it ranks against sector peers.

Compare:vs Oil & Natural Gas Corpn Ltd vs Aegis Vopak Terminals Ltd vs Deep Industries

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Frequently Asked Questions

What were Oil India Ltd Q3 FY26 results?

What is Oil India Ltd share price analysis?

Oil India Ltd currently shows a neutral. The stock trades at a P/E of 10.9 with a market cap of ₹72,221 Cr. Investors should review the full earnings analysis for detailed insights.

Is Oil India Ltd planning capital expenditure?

Stand-alone capex guidance for Oil India Limited is INR 8,800 crores for FY '26; expected to hover around INR 9,200 crores plus in FY '27 and '28.

Keep Oil India Ltd on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.