Q2 FY27 results analysis · November 12, 2026
Oil India Ltd Q2 FY27 Results Analysis: PAT Surges 61.60%, EBITDA Margin Expands 575 bps
+61.6%PAT year on year, Rs. 2,520.87 Cr
Source: Quarterly results filing (BSE)
Quick summary
Oil India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 11,914.80 Cr (+29.86% YoY) and PAT growth of +61.60% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 12, 2026 |
|---|---|
| Revenue (Q2) | Rs. 11,914.80 Cr (+29.86% YoY) |
| PAT (Q2) | Rs. 2,520.87 Cr (+61.60% YoY) |
| EBITDA margin | 36.95% (+575 bps YoY) |
| EPS (Q2) | Rs. 14.19 (+61.62% YoY) |
Quarter Snapshot
Oil India delivered consolidated revenue growth of 29.86% YoY and PAT-to-owners growth of 61.60% YoY, with EBITDA margin expanding 575 bps YoY to 36.95% on crude realization leverage (crude segment result +173.14% YoY). The QoQ decline reflects refinery margin normalization (10.78% vs 17.93%) and a Rs.1,218.28 crore QoQ step-up in other expenses likely containing impairments. Management delivered its checkable commitments — the GST-on-royalty deposit and the Rs.7.00/share interim dividend — while FY27 volume guidance (crude 3.9–4.0 MMT, gas 3.35 BCM, 100 wells) remains too early to score from this filing.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Standalone revenue YoY | "likely ahead YoY on realization plus volume" | Rs.8,071.33 Cr, +47.92% YoY | Played out |
| Crude volumes ~1 MMT/qtr | "corroborated by the +16–18% YoY open-quarter production prints" | Volumes not in filing; crude revenue +0.41% QoQ, +74.99% YoY | Partially |
| Gas in-line-to-soft | "gas is the likely in-line-to-soft line" | Gas revenue +8.02% QoQ / +16.24% YoY; result −4.46% YoY | Partially |
| Upstream margins expanding YoY | "should stay strongly YoY-expanding on realization leverage" | Standalone EBITDA margin 43.13% vs 34.28%; consol 36.95% vs 31.20% | Played out |
| NRL GRM compression / inventory sign | "compression risk is concentrated at NRL... inventory sign can flip" | Refinery margin 10.78% vs 17.93% QoQ; result −47.46% QoQ, +2.66% YoY — proxy | Played out |
| Finance costs rising | "a known build... keeps that line rising" | Rs.350.99 Cr, +14.99% YoY, +16.17% QoQ | Played out |
| GST-on-royalty payment + disclosure | "confirm the ~Rs.2,500 Cr principal was paid" | Rs.2,562.13 + Rs.23.88 Cr deposited; disclosed in notes | Played out |
| Q2 repeat of ~Rs.1,423 Cr write-offs | "whether Q2 repeats Q2 FY26's ~Rs.1,423 Cr of exploration write-offs" | H1 impairment Rs.1,298.05 Cr; Q-quantum not disclosed; other expenses +112.61% QoQ | Partially |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| GST-on-royalty ~Rs.2,500 Cr principal deposited within six weeks; Q2 disclosure | Q1 FY27 earnings call ("deposit the GST as per law within a period of six weeks") | Rs.2,562.13 Cr + Rs.23.88 Cr deposited; interest Rs.770.00 Cr + Rs.254.05 Cr (09.10.26); disclosed in the notes to the Q2 results | Met |
| Interim dividend to be considered 12.11.2026 | Board-meeting intimation of 27.10.2026 | Rs.7.00/share declared; Rs.1,138.63 Cr | Met |
| Crude 3.9–4.0 MMT (~1 MMT/qtr) FY27 | Q1 FY27 earnings call | Volumes not in the filing; crude segment revenue +74.99% YoY but +0.41% QoQ | Too Early |
| 100 wells (42E+57D) FY27 | Q1 FY27 earnings call | Not in the filing | Too Early |
| Gas 3.35 BCM FY27 | Q4 FY26 earnings call | Not in the filing; gas segment revenue +8.02% QoQ, result −4.46% YoY | Too Early |
| Capex Rs.8,600 Cr budget, revision expected | Q1 FY27 earnings call | H1 consolidated capex Rs.8,009.64 Cr per cash-flow statement; revision not quantified in filing | On Track |
| NRL CDU/VDU+DHDT+SRU by Oct–Nov 2026; full commissioning by 31.03.2027 | Q1 FY27 earnings call | Not addressed in the filing | Too Early |
| Paradip–Numaligarh pipeline commissioning by Dec 2026 | Q1 FY27 earnings call | Not addressed in the filing | Too Early |
| "Currently we are on track" for 100 wells in FY27 | Q1 FY27 earnings call | Filing silent on wells | Too Early |
| "Close to 1 MMT of crude oil production each quarter" | Q1 FY27 earnings call | Volumes not disclosed; crude revenue flat QoQ (+0.41%) at a much higher YoY base — revenue proxy neither confirms nor contradicts | Too Early |
Key Numbers, Quarter by Quarter
| Metric | FY26 | Q2 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|
| Crude production | 3.450 MMT | 1.65 MMTOE (total) | 0.950 MMT (+11% YoY) | Not in filing |
| Gas production | 3.186 BCM | — | — | Not in filing |
| NRL GRM (USD/bbl) | 13.43 | 10.56 (incl. +0.44 inventory) | 35.95 (normalized ~33) | Not in filing |
| Crude realization (USD/bbl) | ~69 (declined) | — | 98.73 | Not in filing |
Key Investment Insights
Key Positives
- Consolidated revenue grew 29.86% YoY to Rs.11,914.80 crore; standalone revenue grew 47.92% YoY to Rs.8,071.33 crore
- Consolidated PAT-to-owners grew 61.60% YoY to Rs.2,309.03 crore; standalone PAT grew 116.42% YoY to Rs.2,259.42 crore
- Crude oil segment result grew 173.14% YoY to Rs.2,465.29 crore on realization leverage, with segment revenue up 74.99% YoY
- Consolidated EBITDA margin (company definition) expanded to 36.95% from 31.20% YoY; standalone margin expanded to 43.13% from 34.28%
- H1 consolidated operating cash flow of Rs.6,855.13 crore covered PAT 1.047x
- GST-on-royalty deposit commitment met: Rs.2,562.13 crore (Assam) and Rs.23.88 crore (Arunachal Pradesh) principal deposited within the six-week SC directive
- Interim dividend of Rs.7.00 per share declared (Rs.1,138.63 crore, 49.31% payout of Q2 PAT-to-owners)
- Standalone H1 capex of Rs.4,346.07 crore was self-funded with standalone FCF of +Rs.1,153.84 crore
Risk Factors
- Other expenses spiked 112.61% QoQ (consolidated) / 233.88% QoQ (standalone), with H1 impairment of exploratory wells/receivables/inventories of Rs.1,298.05 crore (quarter split undisclosed)
- Refinery segment margin normalized to 10.78% from 17.93% QoQ; NRL contribution to owners collapsed to Rs.49.61 crore in Q2 from Rs.809.19 crore for H1
- Natural gas segment result fell 4.46% YoY despite 16.24% revenue growth, with margin at 18.48% vs 42.44% QoQ
- Pipeline transportation result fell 86.81% YoY on revenue down 58.82%, unexplained in the filing
- Effective tax rate climbed to 26.59% from 19.73% YoY, with deferred tax supplying 76.93% of the Q2 tax charge
- Equity-method share of JV/associates fell 60.51% YoY to Rs.366.55 crore for H1; Russia dividends stuck per prior-quarter notes
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