Oil India Limited (OIL), a Maharatna public sector undertaking under the Ministry of Petroleum and Natural Gas, has reported a strong financial performance for the second quarter of FY 2026-27, with consolidated net profit rising 53% year-on-year to ₹2,521 crore.
The company had registered a consolidated profit after tax (PAT) of ₹1,644 crore in the corresponding quarter of the previous financial year.
Standalone performance was even stronger, with PAT increasing 116% to ₹2,259 crore in Q2 FY27, compared with ₹1,044 crore in Q2 FY26.
The growth in standalone profitability was driven by a 20% increase in crude oil production and a 35% improvement in crude oil price realisation. The average realisation increased from US$68.19 per barrel in Q2 FY26 to US$92.24 per barrel in the reporting quarter.
₹7 Interim Dividend Recommended
Rewarding shareholders amid the strong earnings performance, the Board of Directors has recommended an interim dividend of ₹7 per fully paid-up equity share of ₹10 each for FY 2026-27.
Record Performance in First Half
Oil India’s consolidated PAT for the first half of FY27 stood at ₹6,548 crore, registering a 77% increase over ₹3,690 crore reported during the corresponding period last year.
Standalone PAT for H1 FY27 reached ₹5,130 crore, against ₹1,857 crore in the first half of FY26, marking an impressive growth of 176%.
Crude Production Hits Decade-High Daily Record
The company produced 1.021 million tonnes (MMT) of crude oil during Q2 FY27, compared with 0.848 MMT in the corresponding quarter last year.
Oil India also achieved its highest daily crude oil production in a decade at 11,300 tonnes, equivalent to 87,051 barrels, on September 29, 2026.
Its drilling operations also registered a record during the first half of the financial year, with 42 wells drilled, marking the company’s highest-ever half-year drilling performance.
Numaligarh Refinery Maintains Strong Performance
Oil India’s material subsidiary, Numaligarh Refinery Limited (NRL), continued to report operational growth.
Crude throughput at the refinery increased to 803 thousand tonnes (TMT) in Q2 FY27 from 753 TMT in the corresponding quarter of the previous year.
For H1 FY27, throughput stood at 1,594 TMT, compared with 1,552 TMT in H1 FY26.
NRL maintained capacity utilisation above 100%, recording 106.26% during the first half of FY27, against 103.48% in the corresponding period last year.
The refinery’s distillate yield also improved to 87.15% from 86.64%.
Its gross refining margin (GRM) for H1 FY27 rose sharply to US$28.24 per barrel from US$7.73 per barrel in the corresponding period of the previous financial year, representing a growth of 265%.
The Q2 FY27 results underline Oil India’s improved upstream production performance and stronger crude price realisations, while the performance of NRL has further strengthened the group’s overall financial position.
