Oil India
Oil India
Oil & Gas F&OKey Fundamentals
MidcapOil Exploration & ProductionOil & GasTapetide Score
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Key Insights
Strengths
2- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 27.2%
Growth Rate
AI Analysis — Bull vs Bear
Oil India Ltd has a market capitalisation of about Rs 77,199 Cr and trades at a P/E of 8.2 and a P/B of 1.34, with a dividend yield of 2.4%. Trailing-twelve-month sales grew 19% and profit grew 27%, but the 3-year compounded sales and profit growth rates are -3% and -9%. ROE has slipped from a 5-year average of 17% to 12% last year.
- The P/E of 8.2 implies an earnings yield of roughly 12.2%. Based on market cap, that is about Rs 9,400 Cr of trailing earnings.
- TTM profit growth of 27% and TTM sales growth of 19% show a clear pickup from the negative 3-year compounded trend (-9% profit, -3% sales).
- The P/B of 1.34 implies a book value of about Rs 57,600 Cr against a Rs 77,199 Cr market cap. That is a modest premium to book for an upstream producer that also holds refining exposure through Numaligarh Refinery.
- Over 10 years, sales compounded at 13% and profit at 11%, which shows the business can grow through commodity cycles.
- Returns on equity have held up over the long run: the 10-year ROE is 15% and the 5-year ROE is 17%.
- The dividend yield is 2.4% on a 27.2% payout ratio. Since about 73% of earnings are retained, there is room to raise payouts or fund capex internally.
- Among the known pros is an expectation of a good upcoming quarter, which fits the 27% TTM profit growth.
- Profit has compounded at -9% over 3 years and sales at -3%. Earnings have not grown on a multi-year basis despite the recent TTM rebound.
- ROE fell to 12% last year, below the 3-year (14%), 5-year (17%) and 10-year (15%) averages, so capital efficiency is declining.
- The stock returned a 35% CAGR over 3 years while profit compounded at -9%. Much of that gain came from the valuation rerating rather than earnings growth, so there is less rerating left to rely on.
- The 27% TTM profit growth depends on crude and gas prices. Sales swung from 13% 5-year growth to -3% 3-year growth, which shows how cyclical earnings are.
- A 27.2% dividend payout and 2.4% yield are modest for a state-owned upstream company, so income investors get limited yield support.
- Stock momentum has slowed: the 1-year return was 16%, against a 35% 3-year CAGR.
- Key data gaps (ROCE, debt-to-equity, EPS and 52-week range are all unavailable) make it harder to judge balance-sheet leverage from capex such as the Numaligarh expansion.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- $300M Russian dividends stuck Sep 17
About $300 million in dividends from OIL's stakes in two Russian assets is parked at an SBI branch in Moscow because of western sanctions. The company is still working out how to repatriate it.
- Dibru-Saikhowa ERD project blocked Sep 2
MoEFCC rejected diversion of 0.069 ha of forest land on Aug 2, 2024 for Extended Reach Drilling at 3,500-4,000 m beneath the national park. The project covers nearly 3% of India's oil requirement. The Supreme Court only allowed OIL to withdraw its application and file a fresh plea, so the matter is unresolved.
- Offshore capex carries execution risk Sep 17
The ₹15,000 crore deepwater programme depends on seismic interpretation, and the CMD said the planned eight-well count may change. Ultra-deep drilling is capital-intensive and can return dry wells.
- Overseas portfolio shrinking Sep 17
OIL has exited exploration projects in Gabon and Bangladesh as part of asset consolidation. Bids for new overseas oil, gas and critical-mineral assets are still awaiting results.
- Record Q1FY27 PAT ₹2,870 cr Sep 17
Standalone PAT hit a record ₹2,870 crore in Q1FY27, driven by an 11% rise in crude production.
- Aggressive FY27 production targets Sep 17
OIL plans to drill 100 wells in FY27, up from 74 in FY26. It targets 4-5 MT of crude and about 5 bcm of gas, against 3.450 MT and 3.186 bcm in FY26. The goal is about 10 mtoe by the end of the decade.
- ₹15,000 cr offshore push, govt-backed Sep 17
OIL plans ₹15,000 crore (₹150 bn) over 3 years to drill about 8 deepwater wells in the Andaman, KG, Mahanadi and Kerala-Konkan basins. It can draw on the ₹84,084 crore Samudra Manthan scheme, which covers up to 50% of eligible drilling costs, capped at ₹675 crore per well.
- NRL 9 MTPA expansion on track Sep 17
Numaligarh Refinery's expansion from 3 to 9 MTPA is expected to be commissioned by Mar 31, 2027, with another 9-12 months for stabilisation.
- Large offshore acreage, seismic done Sep 17
OIL holds 48,000 sq km of deep and ultra-deep water blocks, including two in the KG basin and two in Mahanadi. 2D/3D seismic surveys are complete and data processing is underway. It also plans joint bids with foreign firms in OALP rounds 10 and 11.
- AGM approves Re 1 dividend Sep 17
At the 67th AGM on Sep 17, shareholders approved a Re 1 dividend for FY26, an increase in authorised share capital, and amendments to the MoA/AoA.
- Rajasthan potash drilling begins Sep 17
Exploration drilling at the Rajasthan potash mine is set to start next week, an early step toward diversifying into minerals.
- Green energy, net-zero progress Sep 17
Scope 1 & 2 emissions are down about 18% and gas flaring is down 32% against the FY24 baseline, toward net zero by 2040. Subsidiary OGEL's CBG plans could benefit from the ₹23,731 crore GOBARdhan scheme.
TL;DR: Oil India is executing well: Q1FY27 PAT hit a record ₹2,870 crore on 11% higher crude output, and FY27 guidance points to a sharp jump in oil and gas volumes. Government support through Samudra Manthan lowers the cost of its ₹15,000 crore deepwater push. The main risks are about $300M of dividends trapped in Russia, the legally stalled Dibru-Saikhowa ERD project, and the uncertain payoff of ultra-deep exploration. The trend is improving, and the next things to watch are whether FY27 volumes hit target, NRL's March 2027 commissioning, and the fresh Supreme Court plea.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,208 | 7,497 | 9,614 | 9,147 | 8,120 | 7,247 | 8,337 | 8,808 | 7,929 | 8,394 | 8,330 | 9,293 | 12,503 |
| Expenses | 3,932 | 4,027 | 6,171 | 5,886 | 4,978 | 4,711 | 5,795 | 6,220 | 5,578 | 6,091 | 6,043 | 6,012 | 6,711 |
| Operating Profit | 2,277 | 3,469 | 3,443 | 3,261 | 3,142 | 2,536 | 2,542 | 2,588 | 2,351 | 2,303 | 2,287 | 3,281 | 5,793 |
| OPM % | 37% | 46% | 36% | 36% | 39% | 35% | 30% | 29% | 30% | 27% | 27% | 35% | 46% |
| Other Income | 259 | -1,983 | 635 | 578 | 355 | 977 | 302 | 382 | 980 | 721 | 657 | 919 | 530 |
| Interest | 214 | 279 | 236 | 234 | 242 | 280 | 304 | 244 | 199 | 305 | 319 | 381 | 302 |
| Depreciation | 478 | 499 | 576 | 576 | 553 | 608 | 624 | 533 | 627 | 671 | 715 | 699 | 698 |
| PBT | 1,843 | 708 | 3,266 | 3,028 | 2,701 | 2,626 | 1,917 | 2,193 | 2,505 | 2,048 | 1,910 | 3,119 | 5,322 |
| Tax % | 24% | 10% | 20% | 23% | 25% | 21% | 24% | 32% | 18% | 20% | 25% | 22% | 24% |
| Net Profit | 1,399 | 640 | 2,608 | 2,333 | 2,016 | 2,069 | 1,457 | 1,497 | 2,047 | 1,644 | 1,436 | 2,424 | 4,027 |
| EPS in Rs | 8.77 | 2.59 | 14.43 | 13.16 | 11.59 | 12.4 | 8.23 | 8.05 | 11.66 | 8.78 | 7.35 | 12.91 | 22.32 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,978 | 9,821 | 9,566 | 10,698 | 13,780 | 18,612 | 17,616 | 25,906 | 36,084 | 31,749 | 31,703 | 33,081 | 38,521 |
| Expenses | 6,346 | 6,235 | 6,446 | 6,770 | 8,190 | 13,297 | 11,928 | 15,405 | 20,829 | 19,245 | 20,546 | 22,636 | 24,857 |
| Operating Profit | 3,633 | 3,586 | 3,120 | 3,928 | 5,591 | 5,315 | 5,689 | 10,500 | 15,255 | 12,504 | 11,158 | 10,446 | 13,664 |
| OPM % | 36% | 37% | 33% | 37% | 41% | 29% | 32% | 41% | 42% | 39% | 35% | 32% | 35% |
| Other Income | 1,258 | 1,198 | 793 | 1,812 | 1,251 | 2,147 | 1,185 | 1,254 | 737 | -566 | 1,666 | 3,053 | 2,826 |
| Interest | 349 | 389 | 441 | 554 | 624 | 647 | 660 | 940 | 901 | 964 | 1,069 | 1,204 | 1,307 |
| Depreciation | 865 | 1,070 | 1,180 | 1,327 | 1,541 | 1,786 | 1,844 | 1,824 | 1,947 | 2,129 | 2,318 | 2,712 | 2,783 |
| PBT | 3,677 | 3,324 | 2,292 | 3,859 | 4,677 | 5,030 | 4,369 | 8,990 | 13,144 | 8,846 | 9,436 | 9,582 | 12,399 |
| Tax % | 32% | 37% | 30% | 29% | 31% | 0% | 5% | 25% | 25% | 21% | 25% | 21% | — |
| Net Profit | 2,608 | 2,080 | 1,597 | 2,735 | 3,238 | 5,005 | 4,146 | 6,719 | 9,854 | 6,980 | 7,040 | 7,551 | 9,531 |
| EPS in Rs | 14.46 | 11.53 | 8.85 | 16.06 | 19.91 | 28.9 | 21.69 | 34.56 | 53.66 | 38.95 | 40.27 | 40.7 | 51.36 |
| Div. Payout % | 46% | 46% | 72% | 42% | 34% | 24% | 15% | 27% | 25% | 25% | 29% | 28% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 601 | 601 | 802 | 757 | 1,084 | 1,084 | 1,084 | 1,084 | 1,084 | 1,084 | 1,627 | 1,627 |
| Reserves | 20,900 | 24,577 | 28,718 | 28,273 | 27,890 | 22,126 | 22,582 | 29,478 | 37,397 | 47,255 | 48,141 | 56,372 |
| Borrowings | 9,070 | 9,722 | 14,184 | 12,329 | 15,114 | 12,743 | 19,718 | 16,721 | 18,832 | 24,040 | 30,645 | 37,478 |
| Other Liabilities | 6,549 | 5,344 | 7,600 | 7,353 | 8,430 | 20,981 | 12,151 | 13,846 | 16,866 | 20,114 | 24,410 | 28,768 |
| Total Liabilities | 37,120 | 40,244 | 51,303 | 48,712 | 52,518 | 56,936 | 55,535 | 61,129 | 74,179 | 92,494 | 1,04,823 | 1,24,245 |
| Fixed Assets | 12,676 | 8,678 | 10,550 | 12,320 | 12,471 | 15,955 | 15,969 | 16,805 | 18,098 | 20,520 | 23,649 | 28,271 |
| CWIP | 3,755 | 1,812 | 1,894 | 988 | 1,267 | 2,368 | 3,171 | 5,900 | 11,953 | 20,028 | 29,527 | 37,644 |
| Investments | 5,573 | 15,052 | 27,461 | 26,657 | 26,451 | 25,718 | 24,010 | 27,099 | 27,924 | 34,450 | 31,613 | 36,782 |
| Other Assets | 15,116 | 14,701 | 11,398 | 8,747 | 12,329 | 12,894 | 12,385 | 11,325 | 16,204 | 17,496 | 20,034 | 21,548 |
| Total Assets | 37,120 | 40,244 | 51,303 | 48,712 | 52,518 | 56,936 | 55,535 | 61,129 | 74,179 | 92,494 | 1,04,823 | 1,24,245 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,754 | 3,597 | 3,114 | 3,933 | 5,023 | 6,493 | 5,235 | 9,310 | 11,410 | 10,933 | 11,332 | 10,684 |
| Investing | -1,992 | -2,677 | -5,865 | 1,778 | -578 | -2,207 | -8,517 | -4,192 | -9,130 | -12,601 | -13,514 | -10,381 |
| Financing | -2,603 | -871 | 2,758 | -5,698 | -940 | -7,331 | 3,702 | -5,615 | -2,521 | 1,637 | 2,483 | 409 |
| Net Cash Flow | -2,841 | 49 | 7 | 12 | 3,504 | -3,045 | 420 | -498 | -241 | -30 | 301 | 711 |
| Free Cash Flow | -1,245 | 986 | 248 | 1,267 | 2,523 | 3,187 | 2,108 | 3,342 | 2,886 | -1,130 | 1,749 | 2,126 |
| CFO/OP | 80 | 125 | 119 | 111 | 108 | 139 | 93 | 99 | 97 | 109 | 120 | 125 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 87 | 49 | 39 | 48 | 35 | 29 | 38 | 25 | 24 | 38 | 38 | 50 |
| Inventory Days | — | — | — | — | — | 333 | 350 | 286 | 244 | 238 | 264 | 323 |
| Days Payable | — | — | — | — | — | 105 | 140 | 115 | 83 | 84 | 112 | 184 |
| Cash Conversion Cycle | 87 | 49 | 39 | 48 | 35 | 257 | 249 | 196 | 185 | 192 | 190 | 188 |
| Working Capital Days | 31 | 45 | -168 | 10 | -77 | -141 | -45 | 21 | 24 | -48 | -46 | -45 |
| ROCE % | 13% | 12% | 10% | 10% | 15% | 15% | 13% | 21% | 25% | 18% | 13% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Frequently Asked Questions about Oil India
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Company Information
Oil India Ltd is engaged in exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. It also provides various E&P related services for oil blocks.[1]
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