Oil India (OIL) Q3 25/26 earnings summary

Executive summary

• Focus on integrated energy operations, including upstream exploration, midstream pipeline expansions, and downstream refinery and petrochemical projects progressing on schedule.

• Emphasis on operational efficiency, production growth, and prudent capital allocation, with record drilling activity and refinery utilization.

• Board approved divestment of 50% interest in non-performing Russian asset (Licence-61), with production suspended since August 2022 and entity under bankruptcy; full provision made for investment exposure.

• Interim dividend of ₹7.00 per share declared, in addition to ₹3.50 per share paid earlier in the year.

Financial highlights

• Consolidated revenue for nine months at INR 27,036.78 crore, EBITDA at INR 9,298.62 crore, and PAT at INR 5,126.21 crore.

• Q3 consolidated operating revenue at INR 9,111.43 crore, PAT at INR 1,435.89 crore; standalone Q3 revenue at INR 4,916.10 crore, PAT at INR 808.31 crore.

• NRL subsidiary Q3 revenue at INR 6,526.70 crore, EBITDA at INR 1,302 crore, PAT at INR 867 crore, with gross refinery margin at $16.27/bbl, up 54% sequentially.

• Basic & diluted EPS (consolidated) for Q3 FY26: ₹7.35; nine months: ₹27.79.

• Dividend of INR 7 per share declared, totaling INR 10.5 per share for the year.

Outlook and guidance

• Targeting 4 million MT crude and 5 BCM gas production by FY 2027-28, with 100 wells planned for next year.

• Total production expected to reach 7.5 MMTOE in FY 2027 and 8.5 MMTOE in FY 2028, contingent on pipeline connectivity.

• NRL refinery expansion to reach 50% utilization in Q4 FY 2027, 100% by Q2 FY 2028; petchem unit to be commissioned by end FY 2028 and ramp up by Q2 FY 2029.

• Standalone CapEx guidance at INR 8,800 crore for FY 2026, rising to INR 9,200+ crore in subsequent years.

• Board continues focus on core value-generating assets and international portfolio rationalization.