Oil India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Refinery Products: 55.3% • Crude Oil: 30.4% • Natural Gas: 11.8%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.53x)
- Working capital cycle has improved - days down from 35 to 15
- Company has a consistent dividend-paying track record
- Company comfortably covers its interest (9.0x coverage)
CONS
- Recent results are weak - TTM profit is down 62.6% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Operating margins have contracted to 27.9% from 39.0%
- Growth is decelerating - 3Y profit CAGR (-8.5%) trails the 5Y trend (12.7%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ONGC | 232.55 | 6.72 | 292554.39 | 5.70 | 6554.44 | -43.27 | 204987.35 | 25.68 | 15.96 | 7.85 |
| OIL | 488.25 | 9.51 | 79419.13 | 2.36 | 4026.83 | -80.32 | 12886.27 | 47.27 | 12.43 | 46.35 |
| DEEPINDS | 774.70 | 24.01 | 4958.08 | 0.32 | 89.15 | 44.48 | 278.92 | 39.81 | 7.44 | 38.77 |
| ANTELOPUS | 1139.35 | 30.19 | 4006.22 | 0.00 | 543.20 | 4741.35 | 1310.40 | 2488.19 | 22.91 | 70.18 |
| ASIANENE | 534.55 | 45.18 | 2600.44 | 0.23 | 12.76 | 126.51 | 271.19 | 135.06 | 16.63 | 8.09 |
| DOLPHIN | 649.90 | 36.10 | 2599.90 | 0.00 | 148.14 | 1207.16 | 428.46 | 2505.73 | 14.92 | 59.07 |
| HINDOILEXP | 185.25 | 97.57 | 2449.81 | 0.00 | 6.24 | -85.79 | 114.18 | 45.17 | 12.33 | 4.82 |
| JINDRILL | 633.55 | 9.58 | 1836.10 | 0.16 | 47.14 | -28.69 | 275.39 | 8.38 | 15.30 | 35.72 |
| GNRL | 104.05 | 82.65 | 1596.15 | 0.00 | 11.35 | 488.84 | 5.72 | 70.36 | -0.56 | 202.01 |
| AAKASH | 9.10 | 18.18 | 92.14 | 0.00 | 0.26 | -36.86 | 23.35 | 7.11 | 5.39 | 9.38 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,409 | 8,816 | 10,913 | 10,166 | 9,351 | 8,136 | 9,089 | 9,588 | 8,750 | 9,175 | 9,111 | 10,013 | 12,886 | |
| 4,132 | 5,293 | 7,469 | 6,905 | 6,209 | 5,600 | 6,411 | 6,727 | 6,399 | 6,872 | 6,601 | 6,732 | 8,094 | |
| Operating Profit | 2,277 | 3,523 | 3,443 | 3,261 | 3,142 | 2,536 | 2,678 | 2,860 | 2,351 | 2,303 | 2,510 | 3,281 | 4,793 |
| OPM % | 35.52% | 39.96% | 31.55% | 32.08% | 33.60% | 31.17% | 29.46% | 29.83% | 26.87% | 25.10% | 27.55% | 32.77% | 37.19% |
| 163 | -1,983 | 579 | 219 | 231 | 751 | 302 | 382 | 256 | 517 | 657 | 502 | 350 | |
| 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 |
| Profit before Tax | 1,748 | 762 | 3,210 | 2,669 | 2,578 | 2,400 | 2,053 | 2,465 | 1,780 | 1,844 | 2,134 | 2,702 | 5,322 |
| Tax % | 25.40% | 8.87% | 20.52% | 26.05% | 26.58% | 23.19% | 22.38% | 28.22% | 25.76% | 21.90% | 22.22% | 25.71% | 24.34% |
| Net Profit | 0 | 0 | 0 | 0 | 2,016 | 2,069 | 1,457 | 1,497 | 20,465 | 1,644 | 1,436 | 2,424 | 4,027 |
| 8.77 | 2.59 | 14.43 | 13.16 | 11.59 | 12.40 | 8.23 | 8.05 | 11.66 | 8.78 | 7.35 | 12.91 | 22.32 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,566 | 10,698 | 13,780 | 18,612 | 17,616 | 25,906 | 36,084 | 32,466 | 32,512 | 33,946 | 41,186 | |
| 6,447 | 6,770 | 8,190 | 13,300 | 12,017 | 15,455 | 20,856 | 20,025 | 21,325 | 23,606 | 28,299 | |
| Operating Profit | 3,119 | 3,928 | 5,591 | 5,313 | 5,599 | 10,451 | 15,228 | 12,441 | 11,188 | 10,340 | 12,887 |
| OPM % | 32.61% | 36.71% | 40.57% | 28.54% | 31.79% | 40.34% | 42.20% | 38.32% | 34.41% | 30.46% | 31.29% |
| 269 | 1,010 | 100 | 1,093 | 746 | 1,192 | 759 | -960 | 1,695 | 2,037 | 2,025 | |
| Interest | 441 | 554 | 624 | 647 | 660 | 940 | 901 | 964 | 1,069 | 1,204 | 1,307 |
| Depreciation | 1,180 | 1,327 | 1,541 | 1,786 | 1,844 | 1,824 | 1,947 | 2,129 | 2,318 | 2,712 | 2,783 |
| Profit before Tax | 2,292 | 3,859 | 4,677 | 5,030 | 4,369 | 8,990 | 13,144 | 8,846 | 9,436 | 9,582 | 12,002 |
| Tax % | 30.34% | 29.14% | 30.77% | 0.49% | 5.10% | 25.26% | 25.03% | 21.09% | 25.40% | 21.20% | 23.90% |
| Net Profit | 1,597 | 2,735 | 3,238 | 5,005 | 4,146 | 6,719 | 9,854 | 6,980 | 7,040 | 7,551 | 9,134 |
| EPS | 13.53 | 23.90 | 28.60 | 43.35 | 32.53 | 51.84 | 80.49 | 58.42 | 40.27 | 40.70 | — |
| Dividend Payout % | 71.54% | 41.50% | 34.33% | 24.45% | 15.37% | 27.49% | 24.85% | 24.82% | 28.55% | 28.26% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 14%
- 3 Years:
- -2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- 13%
- 3 Years:
- -9%
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 30%
- 3 Years:
- 39%
- 1 Year:
- 24%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 20%
- 3 Years:
- 15%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 802 | 757 | 1,084 | 1,084 | 1,084 | 1,084 | 1,084 | 1,084 | 1,627 | 1,627 |
| Minority Interest | 0 | 0 | 0 | 1,070 | 1,143 | 2,614 | 3,371 | 4,287 | 4,938 | 5,804 |
| 28,718 | 28,273 | 27,890 | 22,126 | 22,582 | 29,478 | 37,397 | 47,255 | 48,141 | 56,372 | |
| 14,297 | 10,796 | 10,855 | 12,996 | 19,641 | 16,644 | 19,047 | 24,967 | 29,834 | 38,275 | |
| Trade Payables | 590 | 558 | 643 | 1,035 | 1,381 | 1,693 | 1,835 | 1,711 | 2,306 | 3,358 |
| 7,797 | 9,900 | 14,714 | 21,055 | 12,847 | 13,820 | 16,613 | 18,970 | 21,066 | 20,342 | |
| Total Liabilities | 52,204 | 50,285 | 55,186 | 59,366 | 58,679 | 65,334 | 79,348 | 98,274 | 1,07,911 | 1,25,777 |
| 9,019 | 10,620 | 10,420 | 13,930 | 14,552 | 15,745 | 16,987 | 19,144 | 21,104 | 24,315 | |
| Capital Work in Progress | 1,894 | 988 | 1,267 | 2,368 | 3,171 | 5,900 | 11,953 | 20,028 | 29,527 | 37,644 |
| 27,461 | 26,657 | 26,451 | 25,718 | 24,010 | 27,099 | 27,924 | 34,450 | 31,613 | 36,782 | |
| 1,096 | 1,078 | 1,220 | 3,064 | 3,222 | 3,912 | 5,113 | 4,486 | 5,044 | 5,476 | |
| 0 | 0 | 0 | 1,502 | 0 | 0 | 0 | 3,333 | 3,282 | 4,523 | |
| Cash & Bank | 6,672 | 3,320 | 6,416 | 4,231 | 1,587 | 1,550 | 3,459 | 5,937 | 7,197 | 5,609 |
| 6,062 | 7,622 | 9,413 | 8,554 | 12,138 | 11,128 | 13,912 | 10,897 | 10,143 | 11,429 | |
| Total Assets | 52,204 | 50,285 | 55,186 | 59,366 | 58,679 | 65,334 | 79,348 | 98,274 | 1,07,911 | 1,25,777 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 3,719 | 4,351 | 6,055 | 6,493 | 5,310 | 10,346 | 14,753 | 10,933 | 11,332 | 10,684 | |
| Cash from Investing | -6,139 | 1,458 | -584 | -2,213 | -8,513 | -4,193 | -9,131 | -12,601 | -13,514 | -10,381 |
| Cash from Financing | 2,758 | -5,698 | -940 | -7,331 | 3,702 | -5,615 | -2,521 | 1,637 | 2,483 | 409 |
| -267 | -307 | 3,498 | -3,052 | 425 | -499 | -242 | -31 | 301 | 711 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Oil India Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-31 - Oil India Limited has informed the Exchange about General Updates - Change in Senior Management
2026-08-30 - Oil India Limited has informed the Exchange regarding a press release dated August 30, 2026, titled "OIL Green Energy Limited signs MoUs with Government of Haryana for four Integrated Waste-to-Clean-Energy Projects".
2026-08-26 - Oil India Limited has informed the Exchange about Copy of Newspaper Publication - Notice of 67th Annual General Meeting and E-Voting
2026-08-26 - Oil India Limited has informed the Exchange about fine imposed by NSE and BSE
2026-08-25 - Oil India Limited has informed the Exchange regarding Notice of 67th Annual General Meeting of the Company for F.Y. 2025-26 to be held on September 17, 2026
2026-08-22 - Oil India Limited has informed the Exchange about Copy of Newspaper Publication - Notice of 67th Annual General Meeting & Record Date.
2026-08-19 - Oil India Limited has informed the Exchange that Record date for the purpose of Final Dividend (F.Y. 2025-26) is 04-Sep-2026.
2026-08-19 - Oil India Limited has informed the Exchange regarding '67th Annual General Meeting (AGM) of the Company & Record Date for Final Dividend for FY 2025-26'.
News
Recent coverage and analyst commentary for OIL
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