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OIL - Oil India

📊 NSE: OIL 🏢 Oil Drilling / Allied Services 📅 Last Updated: 12/14/2025 10:40

📢 Recent Corporate Announcements

PM Inaugurates OIL's NSPL Pipeline Capacity Augmentation to 5.5 MMTPA

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Mar 2026, 06:56 PM

Oil India Limited has successfully commissioned the capacity augmentation of its 654-km Numaligarh-Siliguri Product Pipeline (NSPL). The pipeline capacity has been scaled from 1.72 MMTPA to 5.5 MMTPA to support the expansion of the Numaligarh Refinery to 9.0 MMTPA. The project was completed as a brownfield development for approximately ₹750 crore, representing a saving of ₹110 crore against the approved budget of ₹860 crore. This infrastructure upgrade is a key component of the Government's Hydrocarbon Vision 2030 for North-East India.

Pipeline capacity increased significantly from 1.72 MMTPA to 5.5 MMTPA
Project completed at ₹750 crore, achieving ₹110 crore in savings against the ₹860 crore budget
Supports the tripling of Numaligarh Refinery capacity from 3.0 MMTPA to 9.0 MMTPA
Infrastructure upgrade involved converting pigging stations into Intermediate Pumping Stations across 654 km

💡 Investors should note the successful execution and cost-efficiency of this project, which strengthens OIL's midstream capabilities. The increased throughput capacity is a positive driver for long-term operational revenue and refinery integration.

Oil India Appoints Shri Bhupinder Kumar as Government Nominee Director for 3-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 11 Mar 2026, 10:12 AM

Oil India Limited has appointed Shri Bhupinder Kumar, an IAS officer of the 2011 batch, as a Government Nominee Director effective March 10, 2026. Shri Kumar currently serves as a Director in the Ministry of Petroleum and Natural Gas (MoP&NG) and brings 15 years of administrative experience to the board. His appointment is for a period of three years or until further orders on a co-terminus basis. This move ensures continued representation from the administrative ministry on the company's board.

Shri Bhupinder Kumar (IAS 2011) appointed as Government Nominee Director effective March 10, 2026
The appointment is for a tenure of 3 years or until further orders on a co-terminus basis
Shri Kumar holds a B.Tech in Electronics & Communication and an M.A. in Public Policy
He has 15 years of experience, including previous roles as Secretary in the Government of Jammu & Kashmir

💡 This is a routine management update for a Public Sector Undertaking and does not require any immediate portfolio changes. Investors should focus on the company's production targets and global crude oil price movements.

Oil India Announces Change in Government Nominee Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 09 Mar 2026, 06:29 PM

Oil India Limited has announced a change in its Board of Directors following a directive from the Ministry of Petroleum & Natural Gas (MoP&NG). Shri Bhupinder Kumar, Director at MoP&NG, has been nominated as the Government Nominee Director, replacing Shri Rohit Mathur. Shri Rohit Mathur ceased his directorship effective March 9, 2026. This transition is a routine administrative update typical for Maharatna Central Public Sector Enterprises.

Shri Bhupinder Kumar nominated as Government Nominee Director by MoP&NG letter dated March 9, 2026
Shri Rohit Mathur (DIN-08216731) ceased to be a Director with immediate effect on March 9, 2026
The appointment follows Regulation 30 of the SEBI (LODR) Regulations, 2015
Induction of the new director will be processed in accordance with the Companies Act, 2013

💡 This is a routine board rotation for a PSU and has no material impact on the company's operations or financial health. Investors should remain focused on the company's production targets and global crude oil price movements.

NSE Imposes Rs 5.42 Lakh Fine on Oil India for Board Composition Non-Compliance

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 28 Feb 2026, 02:03 PM

The National Stock Exchange (NSE) has levied a fine of Rs 5,42,800 on Oil India Limited for the quarter ended December 2025. The penalty was imposed due to the company's failure to appoint the requisite number of Independent Directors as mandated by Regulation 17(1) of SEBI (LODR) Regulations. Oil India has clarified that as a PSU, director appointments are controlled by the Ministry of Petroleum & Natural Gas, and they have requested the Ministry to address the vacancy. The company maintains that this fine has no material impact on its financial or operational performance.

NSE levied a fine of Rs 5,42,800 for the quarter ended December 2025.
Non-compliance relates to Regulation 17(1) regarding the number of Independent Directors on the Board.
Oil India stated that board appointments are the responsibility of the Ministry of Petroleum & Natural Gas.
Management confirms there is no material impact on financials, operations, or other activities.

💡 This is a routine regulatory matter common among Indian PSUs and the fine amount is negligible compared to the company's size. Investors should remain focused on the company's production targets and global crude oil price movements.

BSE Imposes Fine of Rs 5.43 Lakh on Oil India for Board Composition Non-Compliance

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 27 Feb 2026, 07:04 PM

BSE Limited has levied a fine of Rs 5,42,800 on Oil India Limited for the quarter ended December 2025. The penalty was imposed due to the non-appointment of the requisite number of Independent Directors, violating Regulation 17(1) of SEBI (LODR) Regulations. The company has clarified that as a Maharatna CPSE, board appointments are managed by the Ministry of Petroleum & Natural Gas, placing the compliance issue beyond its direct control. Oil India maintains that this fine will not have any material impact on its financial or operational performance.

BSE imposed a fine of Rs 5,42,800 for the quarter ended December 2025.
The violation relates to Regulation 17(1) regarding the insufficient number of Independent Directors.
Oil India stated that board appointments are the responsibility of the Ministry of Petroleum & Natural Gas.
The company confirmed there is no material impact on its financials or operations due to this penalty.

💡 This is a routine regulatory issue common among Indian PSUs and the financial impact is negligible. Investors should continue to focus on the company's core production and exploration performance.

Oil India Announces Superannuation of ED (Business Development) Shri Ranjan Goswami

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Feb 2026, 04:19 PM

Oil India Limited has informed the exchanges regarding the upcoming retirement of a key senior management official. Shri Ranjan Goswami, serving as the Executive Director (Business Development), will be superannuating from the company's services. His retirement is effective from February 28, 2026. This position is significant as it sits one level below the Board of Directors and oversees the company's growth and business development initiatives.

Shri Ranjan Goswami, Executive Director (Business Development), to retire on February 28, 2026.
The role is classified as Senior Management, positioned one level below the Board of Directors.
The disclosure was made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
The announcement is a routine administrative update regarding personnel changes.

💡 This is a routine management transition due to retirement and should not impact the company's fundamentals. Investors should look for future updates regarding the appointment of a successor for the Business Development vertical.

Oil India Releases Audio Recording of Q3 FY 2025-26 Earnings Conference Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 11 Feb 2026, 06:31 PM

Oil India Limited has officially released the audio recording of its conference call held on February 11, 2026, regarding the Q3 FY 2025-26 financial results. The call featured key management personnel, including the Chairman and Managing Director and the Director of Finance, providing insights into the company's quarterly performance. The recording is accessible via the company's website for public review. The company confirmed that no unpublished price sensitive information (UPSI) was disclosed during the interaction.

Audio recording of the Q3 FY 2025-26 earnings call is now available via a public weblink.
The conference call was conducted on February 11, 2026, following the quarterly results announcement.
Management attendees included CMD Dr. Ranjit Rath and Director (Finance) Abhijit Majumder.
The company explicitly stated that no Unpublished Price Sensitive Information (UPSI) was shared during the call.
The recording includes updates on Numaligarh Refinery Limited (NRL) as its MD was also present.

💡 Investors should listen to the recording to understand management's outlook on production growth and CAPEX plans. This is a routine regulatory filing and does not necessitate immediate portfolio changes.

Oil India Declares Rs 7 Interim Dividend and Divests Non-Performing Russian Asset

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 10 Feb 2026, 04:51 PM

Oil India Limited has declared a second interim dividend of Rs 7 per share (70% of paid-up capital) for FY 2025-26, with a record date of February 18, 2026. Alongside the dividend, the company announced the divestment of its 50% interest in the non-performing Licence-61 asset in Russia, which has been under bankruptcy administration since 2022. The company has already fully provided for this investment exposure, meaning no further financial hit is expected from this exit. Oil India continues to hold and receive dividends from its other two productive Russian assets, Vankorneft and Taas Yuryakh.

Second interim dividend of Rs 7 per share (70% of paid-up capital) declared for FY 2025-26.
Record date for dividend eligibility set for February 18, 2026, with payment by March 11, 2026.
Divestment of 50% stake in Licence-61, Russia, as part of international portfolio rationalization.
The Russian asset being divested has been non-performing with production suspended since August 2022.
Full financial provision for the divested asset has already been made in previous periods.

💡 Investors seeking the Rs 7 dividend should ensure they hold the stock before the February 18 record date. The divestment is a positive move to clean up the balance sheet of non-performing assets.

Oil India Declares ₹7 Interim Dividend; Q3 PAT Drops to ₹808 Cr Amid Lower Revenue

🔵 WATCH ⭐ 8/10

DIVIDEND 📅 10 Feb 2026, 04:43 PM

Oil India announced a second interim dividend of ₹7 per share for FY 2025-26, with a record date of February 18, 2026. The company's Q3 FY26 standalone profit after tax fell significantly to ₹808.31 crore from ₹1,221.80 crore in the same quarter last year. Revenue from operations also saw a decline to ₹4,916.10 crore compared to ₹5,239.66 crore year-on-year. Additionally, the board approved the divestment of its 50% stake in the non-performing License-61 asset in Russia to optimize capital deployment.

Declared second interim dividend of ₹7 per share (70% of paid-up capital) for FY 2025-26
Standalone Q3 PAT decreased by 33.8% YoY to ₹808.31 crore from ₹1,221.80 crore
Revenue from operations for the quarter ended Dec 2025 stood at ₹4,916.10 crore
Board approved divestment of 50% interest in License-61, Russia, which has been non-performing since 2022
Total provision for disputed Service Tax/GST on royalty reached ₹4,509.98 crore as of Dec 31, 2025

💡 Investors should weigh the attractive interim dividend against the declining quarterly profitability and ongoing legal liabilities. The strategic exit from non-performing Russian assets is a long-term positive for the balance sheet.

Oil India Q3 Consolidated PAT at ₹1,436 Cr; Declares ₹7.00/Share Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 04:32 PM

Oil India Limited reported a steady consolidated Profit After Tax (PAT) of ₹1,436 crore for Q3FY26, compared to ₹1,457 crore in the previous year. While standalone PAT dropped to ₹808 crore due to a 15% decline in crude price realizations, the company's subsidiary, Numaligarh Refinery Limited (NRL), saw a massive 125% growth in PAT to ₹867 crore. Operationally, the company achieved its highest daily crude production in a decade. Additionally, the board declared a second interim dividend of ₹7.00 per share.

Consolidated PAT stood at ₹1,436 crore for Q3FY26 vs ₹1,457 crore in Q3FY25.
Standalone PAT declined to ₹808 crore as crude realization fell from $73.82/bbl to $62.84/bbl.
Subsidiary NRL reported 125% PAT growth to ₹867 crore with a GRM of $16.27/bbl.
Declared 2nd interim dividend of ₹7.00 per share, taking total interim dividend to ₹10.50.
Achieved highest daily crude production in a decade at 9,861 MT on December 31, 2025.

💡 Investors should look past the standalone profit dip caused by lower oil prices and focus on the robust performance of the NRL subsidiary and consistent dividend payouts. The decade-high daily production indicates strong operational efficiency in maturing fields.

Oil India Q3 Net Profit Falls 34% YoY to ₹808 Cr; Declares ₹7 Interim Dividend

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 04:27 PM

Oil India reported a standalone net profit of ₹808.31 crore for Q3 FY26, representing a 33.8% decline compared to ₹1,221.80 crore in the same quarter last year. Revenue from operations also decreased to ₹4,916.10 crore from ₹5,239.66 crore YoY. Despite the earnings dip, the company declared a second interim dividend of ₹7 per share. Strategically, the board approved the divestment of its 50% stake in the non-performing Russian asset Licence-61, which is currently under bankruptcy administration.

Standalone Net Profit declined 33.8% YoY to ₹808.31 crore in Q3 FY26.
Revenue from operations fell to ₹4,916.10 crore, down from ₹5,239.66 crore in the year-ago period.
Declared a second interim dividend of ₹7 per share (70%) with a record date of February 18, 2026.
Divesting 50% interest in Russian asset Licence-61 (LLC Stimul-T) due to non-performance and bankruptcy.
Total provision for disputed Service Tax/GST on royalty stands at ₹4,509.98 crore as of December 31, 2025.

💡 Investors should monitor the impact of declining revenues and high statutory provisions on the bottom line. While the interim dividend provides a yield cushion, the stock's performance will depend on production stability and the outcome of ongoing tax litigations.

Oil India to Host Q3 FY26 Earnings Conference Call on February 11, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 05 Feb 2026, 01:28 PM

Oil India Limited has scheduled a conference call for Wednesday, February 11, 2026, at 10:30 AM IST to discuss its financial results for the third quarter of FY 2025-26. The call is organized by Antique Stock Broking Limited and will feature senior management, including the Chairman & Managing Director and Director of Finance. This meeting is a standard procedure following the release of quarterly financial performance, allowing analysts and institutional investors to engage with the leadership. Dial-in details for domestic and international participants have been provided in the official disclosure.

Conference call scheduled for February 11, 2026, at 10:30 AM IST to discuss Q3 FY26 results.
Senior management presence includes CMD Dr. Ranjit Rath and Director (Finance) Mr. Abhijit Majumder.
The session is organized by Antique Stock Broking Limited for the investor group.
Dial-in access provided for India (+91 22 6280 1342) and multiple international locations including USA, UK, and Singapore.
Management from Numaligarh Refinery (NRL) will also be present for the discussion.

💡 Investors should monitor the call for management commentary on production growth targets and updates on the Numaligarh Refinery expansion. The actual financial data released prior to the call will be the primary catalyst for stock price movement.

Oil India Clarifies News on Seismic Studies and OALP-X Bidding Strategy

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 07:08 PM

Oil India Limited has issued a clarification regarding a news report concerning its seismic studies and bidding strategy for the OALP-X round. The company stated that the remarks made by its Chairman and Managing Director at India Energy Week 2026 were general in nature for an Exploration & Production entity. Management clarified that recent stock price variations are likely attributable to global crude oil price dynamics rather than the specific news article. No new material or non-public information was disclosed in the response to the exchange.

Clarification provided for news item regarding seismic studies for OALP-X bidding strategy
Company confirms CMD's statements at India Energy Week 2026 were general industry commentary
Attributed recent stock price volatility to fluctuations in global crude oil prices
Filed under Regulation 30 of SEBI (LODR) Regulations, 2015 on February 2, 2026

💡 This is a routine regulatory clarification with no impact on company fundamentals; investors should continue to monitor global crude oil prices as a primary performance driver.

Oil India to Consider Q3 FY26 Results on Feb 10; Trading Window Closed Until Feb 12

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 02 Feb 2026, 03:50 PM

Oil India Limited has scheduled a Board Meeting on February 10, 2026, to approve the financial results for the quarter and nine months ended December 31, 2025. In compliance with SEBI insider trading regulations, the trading window for designated persons has been closed since January 1, 2026. The window will remain closed until February 12, 2026, which is 48 hours after the results are declared. This is a routine regulatory filing ahead of the company's quarterly earnings release.

Board meeting scheduled for February 10, 2026, to approve Q3 and nine-month financial results.
Trading window for insiders remains closed from January 1, 2026, to February 12, 2026.
The closure period extends 48 hours beyond the public announcement of the financial results.
The notification follows SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 Investors should mark February 10 on their calendars to review the company's quarterly performance and production updates. No immediate trading action is required based on this routine compliance notice.

Oil India Clarifies Volume Surge; Attributes Movement to 13% Rise in Global Crude Prices

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 29 Jan 2026, 09:31 AM

Oil India Limited (OIL) has responded to a clarification request from the National Stock Exchange regarding a recent surge in trading volume. The company stated that there is no undisclosed material information or announcements that could have impacted the stock's price or volume. Management attributed the market activity to external factors, specifically the rise in Brent crude oil prices from approximately $60 on January 7, 2026, to $68 on January 28, 2026. This represents a significant 13% increase in global oil benchmarks over a three-week period, which directly impacts the valuation of upstream oil producers.

Company confirms no undisclosed material information exists under SEBI Regulation 30
Brent crude oil prices rose from ~$60 (Jan 7, 2026) to ~$68 (Jan 28, 2026)
Global crude oil prices increased by more than 13% within a 3-week window
Response filed on January 29, 2026, following an exchange query dated January 28, 2026

💡 Investors should recognize that the stock's recent volatility is driven by macro-economic factors and global oil prices rather than company-specific news. Continue to monitor Brent crude price trends and geopolitical developments as they remain the primary catalysts for this scrip.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for FY25 stood at INR 31,975 Cr, a marginal 0.2% growth from INR 31,904 Cr in FY24. Standalone revenue for Q2 FY26 was INR 5,456 Cr, growing 9% quarter-on-quarter, though Q1 FY26 consolidated revenue of INR 7,929 Cr was down 2.3% YoY from INR 8,120 Cr.

Geographic Revenue Split

Primary revenue is domestic, centered in Northeast India (Assam-Arakan Basin). International operations span 7 countries including Gabon and Bangladesh, though these currently contribute less to the top line and are subject to exploration write-offs.

Profitability Margins

Consolidated PAT for FY25 was INR 7,040 Cr (22% net margin), up from INR 6,980 Cr in FY24. Standalone PAT for Q2 FY26 was INR 1,044 Cr, reflecting 28.8% growth quarter-on-quarter.

EBITDA Margin

Consolidated PBILDT margin was 41.86% in FY25 (INR 13,615 Cr) compared to 43.50% in FY24. Q1 FY26 margin moderated to 29.65% due to lower crude realizations and reduced Gross Refining Margins (GRM) of USD 5.02/bbl.

Capital Expenditure

Planned capex of INR 41,132 Cr for NRL refinery expansion and a new polypropylene plant. Routine E&P capex was INR 7,201 Cr in FY25, up 22% from INR 5,900 Cr in FY24.

Credit Rating & Borrowing

Maintains a CARE AAA; Stable rating. Overall gearing increased to 0.57x in March 2025 from 0.46x in March 2024 due to debt-funded expansion at NRL. Total debt/PBILDT stood at 2.24x in FY25.

⚙️ Operational Drivers

Raw Materials

Crude oil (for refining segment) and exploration consumables (bits, chemicals, casing pipes) for E&P activities.

Import Sources

Domestic sourcing from Assam and Rajasthan; international sourcing from Gabon and other overseas participating interests.

Key Suppliers

Self-sourced through E&P operations and GoI-allocated blocks; equipment supplied by global oilfield service providers.

Capacity Expansion

NRL refinery expanding from 3 MMTPA to 9 MMTPA by September 2026. Domestic exploration acreage increased 58% to 92,888 sq km in FY25.

Raw Material Costs

E&P production cost is efficient at approximately USD 32-34 per barrel of oil equivalent, representing roughly 40-50% of realization values.

Manufacturing Efficiency

NRL refinery operates with a high distillate yield and a Nelson Complexity Index of 9.20, making it one of India's most efficient units.

Logistics & Distribution

Operates a 1,157 km trunk pipeline for crude oil transportation from fields to refineries.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Targeting 4 MMTPA crude oil and 5 BCMPA natural gas production by FY28. Strategy involves cumulative drilling of 237 wells (FY21-FY25) and a debt-funded INR 41,132 Cr expansion of NRL to triple refining capacity.

Products & Services

Crude oil, Natural Gas, LPG, Petrol (MS), Diesel (HSD), and Polypropylene.

Brand Portfolio

Oil India Limited (OIL), Numaligarh Refinery Limited (NRL).

New Products/Services

Launching a 360 KTPA Polypropylene plant integrated with the NRL expansion to diversify into petrochemicals.

Market Expansion

Expanding domestic exploration to 62 operating blocks and international presence in 7 countries including participating interests in oil/gas blocks.

Market Share & Ranking

Second-largest national oil company in India; contributes 11-13% of India's crude oil and 9% of natural gas production.

Strategic Alliances

Holds a 69.63% stake in NRL and a 5.16% equity stake in Indian Oil Corporation Limited (IOCL).

🌍 External Factors

Industry Trends

Industry is shifting toward integrated energy players; OIL is positioning itself by expanding refining capacity by 200% and targeting net-zero operational emissions by 2040.

Competitive Landscape

Operates as a dominant player in Northeast India with ONGC as the primary national competitor in the E&P segment.

Competitive Moat

Moat is sustained by majority GoI ownership (56.66%), strategic importance to India's energy security, and a 50% excise duty exemption for its Northeast refining operations.

Macro Economic Sensitivity

Highly sensitive to global crude prices; realizations expected to be range-bound at USD 62-65/bbl over the medium term.

Consumer Behavior

Increasing domestic demand for natural gas is driving the company to ramp up production toward its 5 BCMPA target.

Geopolitical Risks

Operations in 7 countries expose the company to resource nationalization risks and political unrest in overseas blocks.

⚖️ Regulatory & Governance

Industry Regulations

Operations governed by the Ministry of Petroleum & Natural Gas; subject to APM pricing for gas and GoI control over block allocations.

Environmental Compliance

Committed to Net-Zero carbon by 2040; implementing 'Project KAVACH' for safety and environmental awareness.

Taxation Policy Impact

Benefits from 50% excise duty exemption in the North-East; subject to windfall tax (Cess) on crude oil production during high-price cycles.

Legal Contingencies

Reported non-compliance with SEBI LODR Regulation 17(1) regarding the required number of Independent Directors on the Board, currently under Ministry review.