Oil India (OIL) Q2 25/26 earnings summary

Executive summary

• Transitioned toward an integrated energy company, expanding upstream acreage and progressing midstream and downstream projects, including new pipelines and refinery units.

• Achieved strong Q2 FY26 performance with operational resilience, meeting 100% of drilling targets and a 28% year-over-year increase in wells for the half-year.

• Outperformed benchmark indices over three years, with significant share price appreciation.

• Maintained consistent production and financials despite macro headwinds in crude and gas prices.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30th September 2025.

Financial highlights

• Q2 FY26 standalone revenue was INR 5,457 crore, up 9% sequentially; half-year revenue was INR 10,469 crore.

• Q2 FY26 standalone PAT was INR 1,044 crore, up 28.8% sequentially; half-year PAT was INR 1,857 crore.

• Consolidated Q2 FY26 revenue was INR 9,175 crore, PAT INR 1,643 crore; half-year consolidated revenue INR 17,925 crore, PAT INR 3,690 crore.

• EBITDA margin declined to 34% from 47% in the previous quarter due to lower prices and well write-offs.

• Interim dividend of INR 3.50 per share declared.

Outlook and guidance

• FY 2026 oil production guidance revised to 3.55–3.55 million metric tons due to disruptions, with FY 2027 targeted at 3.75–3.8 and FY 2028 at 4 million metric tons.

• Gas production expected at 3.6 BCM for FY 2026, 3.8 BCM for FY 2027, and 4.6 BCM for FY 2028.

• Focus on accelerated future production growth, especially in gas, and enhanced recovery initiatives.

• Expansion into renewable energy, including green hydrogen and CCUS, to support energy transition.

• DNPL pipeline expansion to be fully operational before April 2026; NRL refinery expansion commissioning by December 2025, full ramp-up by Q2 FY 2027.