OIL
Mid CapOil India Limited
Power
Oil India Limited (OIL) is a Maharatna CPSE under the Government of India, operating as an integrated energy company. Its asset base includes upstream (domestic & international), midstream, downstream, and new energy segments. OIL has 63 operated blocks and strategic JVs, with a strong focus on India's North East.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 80/100Rev +6% YoY · PAT +62% YoY · margin expansion · +12% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹9,293 Cr | +5.5% | +11.6% |
| EBITDA | ₹3,281 Cr | +26.8% | +43.5% |
| Operating margin | 35.0% | +600 bps | +800 bps |
| PAT | ₹2,424 Cr | +61.9% | +68.8% |
| PAT margin | 26.1% | +908 bps | +884 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
OIL reported standalone PAT of INR 4,455 Cr (down 27% YoY) and consolidated PAT of INR 7,551 Cr (up 7% YoY) for FY26. Consolidated revenue grew 3% YoY to INR 38,981 Cr. NRL achieved highest-ever crude processing and distillate yield.
Despite a decline in standalone PAT and operating margins, consolidated PAT and revenue showed growth. Operational performance in upstream and downstream was strong, with record drilling and refining metrics. Significant capex is directed towards growth avenues, including capacity expansions and new energy, supporting the long-term thesis.
Offshore Exploration
Frontier offshore exploration-led growth in high-potential clusters via partnership-led play, advancing Samudra Manthan Mission.
Refining Capacity Expansion
NRL refinery capacity expansion from 3 MMTPA to 9 MMTPA is underway, with 3x capacity increase.
New Energy Investments
Committed ~INR 20,000 Cr investment by 2040 across renewables, CBG, biofuels, and Green H2, targeting 5+ GW of RE by 2040.
Enhanced Upstream Activity
Highest-ever drilling performance (74 wells) and workover count (307) in FY26, chasing 'deeper depths' to unlock reserves.
NRL Refinery Expansion
Capacity expansion from 3 MMTPA to 9 MMTPA is underway.
Duliajan Numaligarh Gas Pipeline (DNPL)
Expansion from 1.2 MMSCMD to 2.5 MMSCMD, mechanical completion achieved; commissioning based on NRL planned shutdown.
Numaligarh Siliguri Pipeline (NSPL)
Augmentation from 1.72 MMTPA to 5.5 MMTPA, mechanical completion achieved on Oct'25.
Paradip-Numaligarh Crude Pipeline (PNCPL)
9 MMTPA capacity, construction underway with mechanical completion expected by Oct'26 (92% physical completion as of Apr'26).
Government Support & Status
OIL is a Maharatna CPSE; NRL upgraded to Navratna status in Dec'25, underscoring enhanced financial and operational autonomy.
Excise Duty Benefit
NRL benefits from a 50% excise duty benefit applicable for north-eastern refineries.
Mozambique LNG Project
Force majeure lifted on Mozambique LNG project in Nov'25, potentially unlocking international upstream value.
Integration with National Gas Grid
Feeder-line connectivity to the national gas grid is expected to unlock 40% higher gas offtake.
Production Loss due to Blockade
An economic blockade in the eastern producing area in Q3FY26 resulted in a 0.33 MMTOE production loss.
Reduced Gas Offtake
Reduced offtake from gas customers resulted from unplanned temporary shutdowns and disruptions due to a blockade.
Crude Price Realization Volatility
Crude price realization declined to $69.04/bbl in FY26 from $78.09/bbl in FY25, impacting standalone financials.
Declining Operating Margins
Standalone operating margin declined to 17.3% in FY26 from 31.0% in FY25; consolidated margin declined to 20.9% from 24.6%.
Increasing Consolidated Net Debt/EBITDA
Consolidated Net Debt/EBITDA increased to 2.6 in FY26 from 2.3 in FY25, indicating higher leverage relative to earnings.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation covers the full fiscal year FY26 and provides comparative data against previous fiscal years (FY22-FY25), making year-over-year comparison the most appropriate basis for assessing performance trends.
Crude Oil Production
3.45 MMTOE in FY26.
Natural Gas Production
3.19 MMTOE in FY26.
NRL Capacity Utilization
103.75% in FY26.
NRL Distillate Yield
87.25% in FY26 (highest ever).
Production Target
Management aims for 10-12 MMTOE production by FY30.
New Energy Investment Commitment
Management committed ~INR 20,000 Cr investment by 2040 across RE, CBG, Green H2 & biofuels.
Sustainability Targets
Management targets Net Zero by 2040, zero routine gas flare by 2027, and zero methane emission by 2030.
Offshore Exploration Acceleration
A multi-disciplinary team is constituted to accelerate offshore exploration and resource development in line with national objectives.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Crude Oil Production | 3.45 MMTOE (FY26) | Progress towards the 10-12 MMTOE target by FY30, especially from new discoveries and enhanced recovery efforts. |
| NRL Refinery Expansion | Underway from 3 MMTPA to 9 MMTPA | Timely mechanical completion and commissioning of the expanded capacity, and subsequent utilization ramp-up. |
| New Energy Project Commissioning | 5 CBG plants (2 under construction), 1 MW Green Hydrogen pilot under construction | Specific project commissioning timelines and capacity additions, demonstrating execution of the ~INR 20,000 Cr investment plan. |
| Consolidated Net Debt/EBITDA | 2.6 (FY26) | Stabilization or reduction of this ratio as significant capex projects come online and contribute to earnings. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +8.1% / mo
Technical chart
OILweekly · 6M+17.7%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 52.
- RSI(14) at 52 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 70.5%.
- Valuation contributes 25/30 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 61st percentile of the scored universe and 63rd percentile within Power. Main check: financial discipline is weak at 50/100.
Healthy Trust Lite: Promoter holding is 56.7%. Key concern: ROCE trend is -2.7%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 63rd pctile, median 67 · Mid: 37th pctile, median 76
63 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 56.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸7 years of positive FCF.
Trust risks
- ▸ROCE trend is -2.7%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 11.80
- P/B
- 1.35
- EV/EBITDA
- 8.79
- Market Cap
- 78240.00Cr
Profitability
- ROE
- 12.30%
- ROCE
- 11.60%
- ROA
- 6.10%
- Dividend Y
- 2.39%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- -9.00%
Balance Sheet
- Debt/Equity
- 0.65
- Interest Coverage
- 8.68×
- Altman Z
- 2.07
- Book Value
- 357.00
Cash Flow
- FCF Yield
- 0.39%
- FCF Positive Y
- 7/5
- OCF
- 10684.00 Cr
- EPS TTM
- 40.70
Shareholding
- Promoter Hold
- 56.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.