Oil India (OIL) Q1 26/27 earnings summary

Executive summary

• Achieved record operational and financial performance in Q1 FY2027, with highest-ever quarterly revenue, EBITDA, and PAT since listing.

• Crude oil production reached 0.95 MMT, up 11% year-over-year, with daily output peaking at 10,921 MT on June 27, 2026.

• Natural gas production increased 0.4% quarter-over-quarter; strong progress in drilling and development programs.

• Subsidiary NRL delivered robust results, with capacity utilization at 105% and distillate yield at 87%.

• Board approved unaudited standalone and consolidated financial results for the quarter ended 30th June 2026, along with the limited review report from auditors.

Financial highlights

• Standalone operating revenue for Q1 FY2027 was INR 7,958.14 crore, the highest since listing, up from INR 5,012.45 crore in Q1 FY26.

• EBITDA reached INR 4,605 crore (margin 54%+), and PAT was INR 2,870.21 crore, up from INR 813.48 crore year-over-year.

• Consolidated operating revenue was INR 12,886.27 crore, with consolidated PAT at INR 4,026.83 crore, both record highs.

• NRL's operating income was INR 9,146 crore, up 45% year-over-year; EBITDA at INR 1,843 crore, PAT at INR 1,305 crore.

• Gross refinery margin (GRM) at NRL was $35.95/bbl, with normalized GRM at $33/bbl after inventory gains.

Outlook and guidance

• Crude oil production expected to reach 1 MMT per quarter, targeting 4.2 MMT by FY2029.

• Natural gas production projected to ramp up to 5 BCM annually by FY2029 as new pipelines and NRL expansion come online.

• NRL expansion to reach 75% capacity utilization by Q4 FY2028, with full commissioning by March 2027.

• CapEx for FY2027 budgeted at INR 8,600 crore, with actual Q1 spend at INR 3,050 crore.

• No deviations or variations in the use of proceeds from public or rights issues; no outstanding defaults on loans or debt securities.