Oil India

For the first 9 months of FY26, Oil India reported a consolidated revenue of INR27,036.78 crores, with an EBITDA of INR9,298.62 crores and a PAT of INR5,126.21 crores. Standalone operating revenue for Q3 FY26 was INR4,916 crores, contributing to a 9-month standalone revenue of INR15,385 crores. The standalone PAT for Q3 FY26 stood at INR808.31 crores, with an EPS of INR16.39 per share for the 9-month period. The EBITDA margin for Q3 FY26 was 33.96%, a slight decrease from 34.82% in Q2 FY26.

Combined oil and gas production for Q3 FY26 was 1.659 MMTOE, reaching 4.991 MMTOE for the 9-month period. Crude oil production in Q3 FY26 was 0.858 MMT, showing a 1.18% increase QoQ, with daily production hitting a decade-high of 9,861 metric tons. Natural gas production for the quarter was 0.801 bcm, remaining stable QoQ. The average crude oil price realization for Q3 FY26 was $62.84 per barrel, a significant decline from $73.8 per barrel in Q3 FY25, contributing to a 17.16% decline in 9-month average realization to $65.73 per barrel.

NRL reported an operating revenue of INR6,526 crores for Q3 FY26, with 9-month operating income at INR19,249 crores, up 5.67% YoY. The refinery achieved 100.31% capacity utilization and an 86.8% distillate yield in Q3 FY26. Gross refinery margin (excluding excise duty) was strong at $16.27 per barrel, a 54% increase QoQ, primarily driven by high diesel margins. NRL's EBITDA for Q3 FY26 was INR1,302 crores, more than double the INR637 crores in Q3 FY25, and PAT rose to INR867 crores from INR385 crores in Q3 FY25.

Oil India is pursuing an aggressive exploration and development strategy, having drilled 62 wells by Q3 FY26 and targeting 75+ wells for FY26, the highest in its history. The company aims for 100 wells in FY27. Efforts include deeper drilling (5,500+ meters), enhanced rig deployment, and extensive seismic data acquisition in new acreages like Andaman Nicobar and Kerala-Konkan. The Rajasthan field has seen production increase to 1,000 barrels per day. Contractual costs have risen due to these intensified activities.

Significant progress has been made on pipeline projects. The Numaligarh-Siliguri product pipeline expansion has achieved mechanical completion. The Duliajan-Numaligarh pipeline expansion, increasing capacity from 1 MMTPA to 2.5 MMTPA, is mechanically complete and expected to be commissioned by April 2026. The Paradip-Numaligarh crude oil pipeline, with 90% physical progress, is anticipated to be ready for commissioning by Q1 FY27. Gas monetization efforts include laying additional infield lines, converting crude lines to gas lines, and utilizing gas storage, with the Duliajan feeder line for IGGL awaiting government approval.

Oil India's standalone capex for FY26 is projected to exceed INR8,800 crores, revised upwards to INR9,200 crores plus for future years, driven by increased exploration and production activities. NRL's total project capex, including refinery and petchem, is estimated at INR45,000 crores, with an FY26 outgo of INR8,000 crores. The polypropylene unit alone accounts for INR7,200 crores. Consolidated net debt stands at INR34,000 crores, comprising INR16,000 crores at NRL and INR16,000 crores at Oil India standalone, with the latter primarily for overseas assets. The company declared an interim dividend of INR7 per share for Q3 FY26, bringing the total FY26 dividend to INR10.5 per share.