Reliance Industries Ltd.
NSE: RELIANCE
Energy · Oil & Gas Refining & Marketing
₹1,190.00 last close on 23 Oct 2026 +0.46%
Research updated
Oil India Limited
NSE: OILEnergyOil & Gas Integrated
- Last close
- ₹447.85
- Day change
- −₹9.05 (−1.98%)vs
- Market cap
- ₹71,823 crIndian rupees
- Research updated
- 2 reports
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About Oil India
Oil India Limited is an Indian public sector oil and gas exploration and production company. Headquartered in Duliajan, Assam, it operates primarily in the upstream segment, focusing on the exploration, development, and production of crude oil and natural gas from onshore and offshore fields. The company also handles the transportation of crude oil through its pipeline network and is involved in the production of liquefied petroleum gas (LPG). Oil India Limited provides various exploration and production-related services, including seismic data acquisition, drilling, and field development support for oil and gas blocks. Additionally, it has a presence in renewable energy generation, contributing to the broader energy mix. As a Maharatna company under the administrative control of the Ministry of Petroleum and Natural Gas, Oil India Limited plays a significant role in India’s energy supply, serving refineries, industrial users, and other downstream participants in the domestic and international markets.
- Sector
- Energy
- Industry
- Oil & Gas Integrated
- Listing
- NSE: OIL
- Employees
- 6,412
- Headquarters
- Noida, India
- ISIN
- INE274J01014
- Website
- oil-india.com
Public research · Report of
Business model & financial foundation
Oil India (NSE: OIL), Integrated upstream oil and gas and petroleum refining: revenue of ₹33,946 crore in FY26 (+4.4% on FY25), an EBITDA margin of 30.8%, net profit of ₹6,620 crore and net debt of ₹31,771 crore.
- Revenue, FY26 (₹ crore)
- 33,946
- consolidated
- Revenue growth, FY26
- +4.4%
- on FY25
- Net profit, FY26 (₹ crore)
- 6,620
- to owners
- Return on equity, FY26
- 11.2%
- on average equity
- Market capitalisation (₹ crore)
- 71,823
- at the close of 13 Oct 2026
Company profile
Oil India produces crude oil and natural gas principally in northeastern India and owns 69.63% of Numaligarh Refinery. Consolidated economics combine commodity-linked upstream earnings, gas monetisation and refining, with significant internal sales eliminated. The refinery and pipeline expansion and overseas investments create cash-flow, execution and minority-interest exposures beyond the parent upstream business.
| Item | Value |
|---|---|
| Legal name | Oil India Limited |
| Exchange and ticker | NSE: OIL; BSE: 533106 |
| ISIN | INE274J01014 |
| CIN | L11101AS1959GOI001148 |
| Sector | Energy |
| Industry | Integrated upstream oil and gas and petroleum refining |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | RKP Associates and O.P. Totla & Co. (FY27); Gopal Sharma & Co. and RKP Associates (FY26) (since FY27) |
| Market capitalisation | ₹71,823 crore (13 Oct 2026) |
| Shares outstanding | 162.66 crore shares (FY26) |
| Price | ₹441.5 (close, 13 Oct 2026) |
| 52-week range | ₹395.6 - ₹531.0 (to 13 Oct 2026) |
| Website | https://www.oil-india.com |
Corporate structure and shareholding
Parent: Government of India.
| Entity | Holding | Business |
|---|---|---|
| Numaligarh Refinery Limited | 69.63% | Refinery and pipeline expansion from 3 to 9 MMTPA |
| Oil Green Energy Limited | 100% | Green-energy platform |
| Oil India International BV | n.d. | Overseas investment vehicle; component audit and covenant uncertainties |
| Oil India International Pte Limited | n.d. | Overseas investment vehicle |
| Oil India Sweden AB | n.d. | Overseas investment vehicle |
Unverified subsidiary holding percentages remain null. Associates are equity-accounted, not combined with operating revenue.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 56.66% | 56.66% | ||
| Foreign institutions | 7.67% | |||
| of which mutual funds | 9.31% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Oil India is a state-controlled upstream producer of crude, gas and LPG, mostly in northeastern India. It owns 69.63% of Numaligarh Refinery Limited (NRL), so the consolidated accounts combine commodity-priced upstream sales with refinery spreads; internal crude and pipeline flows are eliminated. The listed equity's economics are therefore consolidated, after non-controlling interests. FY26 net operating revenue was 33,946.13 crore, operating EBITDA 10,445.51 crore and PAT to owners 6,619.94 crore. The company does not control global crude, product cracks or regulated nomination-gas prices. It does control field drilling and execution of NRL's expansion and of the evacuation network.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Crude oil including condensate | 14,496 | 30.4% | 4,296 | 41.8% |
| Natural gas | 5,637 | 11.8% | 1,568 | 15.3% |
| Refinery products | 26,393 | 55.3% | 3,900 | 38.0% |
| LPG | 166.4 | 0.3% | 97.1 | 0.9% |
| Pipeline transportation | 936.2 | 2.0% | 392.0 | 3.8% |
| Renewable energy | 110.7 | 0.2% | 20.7 | 0.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Oil and Natural Gas Corporation (ONGC) | Closest listed state-controlled upstream producer with integrated downstream exposure. |
| Indian Oil Corporation (IOC) | |
| Bharat Petroleum Corporation (BPCL) | Refining cycle and NRL offtake relationship; marketing mix differs. |
| Hindustan Petroleum Corporation (HINDPETRO) | Refinery expansion execution and funding comparator; marketing mix differs. |
| Chennai Petroleum Corporation (CHENNPETRO) | Refinery margin and project exposure; lacks upstream hedge. |
| Mangalore Refinery and Petrochemicals (MRPL) | Standalone refining cycle and debt sensitivity; not a direct whole-group peer. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating revenue net of excise | 25,653 | 36,084 | 32,466 | 32,512 | 33,946 |
| Cost of revenue (vendor classification) * | 9,709 | 10,634 | 10,142 | 10,536 | 10,180 |
| Other operating costs (vendor classification) * | 4,404 | 8,281 | 8,089 | 8,665 | 9,454 |
| EBITDA (vendor classification) * | 12,362 | 16,657 | 15,569 | 14,635 | 16,577 |
| Operating EBIT before other income and associates | 9,773 | 13,958 | 10,375 | 8,898 | 7,734 |
| Finance costs | 782.7 | 813.8 | 963.7 | 1,069 | 1,204 |
| Profit before tax including associates | 8,990 | 13,144 | 8,846 | 9,436 | 9,582 |
| Total current earlier year and deferred tax | 2,271 | 3,289 | 1,865 | 2,397 | 2,031 |
| Group PAT before non controlling attribution | 6,719 | 9,854 | 6,980 | 7,040 | 7,551 |
| Basic and diluted EPS bonus adjusted (₹) | 34.56 | 53.66 | 38.95 | 40.27 | 40.70 |
| Materials purchases and inventory change | 7,414 | 7,498 | 6,646 | ||
| Employee benefits expense | 2,237 | 2,233 | 2,379 | ||
| Other operating expenses including statutory levies | 10,311 | 11,565 | 14,475 | ||
| Operating EBITDA excluding other income and associates | 12,504 | 11,216 | 10,446 | ||
| Other income | 1,343 | 1,666 | 1,931 | ||
| Depreciation depletion and amortisation | 2,129 | 2,318 | 2,712 | ||
| Exceptional signed profit impact | -2,366 | 0.00 | 0.00 | ||
| Equity accounted associates and joint ventures profit | 457.1 | -58.7 | 1,122 | ||
| PAT attributable to non controlling interests | 645.4 | 488.7 | 930.7 | ||
| PAT attributable to owners | 6,335 | 6,551 | 6,620 | ||
| Actual period end issued shares | 108.44 | 162.66 | 162.66 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 33,176 | 41,853 | 52,626 | 54,706 | 63,802 |
| Gross debt including leases | 16,721 | 18,832 | 24,041 | 30,645 | 37,478 |
| Cash and cash equivalents | 592.3 | 340.6 | 316.0 | 613.2 | 1,323 |
| Current and noncurrent trade receivables | 1,750 | 2,400 | 3,351 | 3,282 | 4,523 |
| Inventories | 3,911 | 5,113 | 4,486 | 5,044 | 5,476 |
| Current and noncurrent trade payables | 1,693 | 1,835 | 1,711 | 2,338 | 3,415 |
| Property plant and equipment net | 18,736 | 20,965 | 18,600 | 20,174 | 23,301 |
| Capital work in progress | 6,013 | 12,651 | 20,028 | 29,527 | 37,644 |
| Total assets | 60,818 | 73,883 | 92,153 | 1,04,445 | 1,23,848 |
| Equity attributable to owners | 48,339 | 49,768 | 57,998 | ||
| Net debt incl leases less verified liquidity | n.r. | 23,093 | 31,771 | ||
| Current investments pending liquidity verification | 958.4 | 643.9 | 436.6 | ||
| Other bank balances availability unverified | 5,627 | 6,584 | 4,285 | ||
| Exploration and evaluation assets | 1,314 | 2,483 | 3,895 | ||
| Non controlling interests in equity | 4,287 | 4,938 | 5,804 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 9,020 | 12,165 | 10,933 | 11,332 | 10,684 |
| Cash exploration development and other capex outflow | -2,134 | -2,791 | -12,063 | -12,969 | -13,171 |
| Free cash flow (vendor definition) * | 3,342 | 2,886 | -1,130 | -1,637 | -2,487 |
| Dividends paid including escrow transfers | -1,381 | -2,494 | -2,104 | -2,109 | -2,256 |
| Acquisition exploration and development cash cost | -3,232 | -3,386 | -4,614 | ||
| Other capital expenditure cash outflow | -8,831 | -9,583 | -8,557 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted average diluted shares bonus adjusted | n.r. | 162.66 | 162.66 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Operating revenue net of excise | 7,247 | 8,337 | 8,808 | 7,929 | 8,394 | 8,330 | 9,293 | 12,503 |
| Cost of revenue (vendor classification) * | 2,079 | 2,949 | 3,091 | 2,573 | 2,372 | 2,618 | 2,218 | 3,091 |
| Other operating costs (vendor classification) * | 2,677 | 2,779 | 351.6 | 3,066 | 3,746 | 3,353 | 3,887 | 3,761 |
| EBITDA (vendor classification) * | 2,905 | 2,220 | 4,248 | 2,704 | 2,353 | 2,229 | 3,500 | 5,624 |
| Operating EBIT before other income and associates | 1,928 | 2,054 | 2,327 | 1,724 | 1,632 | 1,796 | 2,582 | 5,095 |
| Finance costs | 279.5 | 303.7 | 244.3 | 199.1 | 305.2 | 318.7 | 381.3 | 302.1 |
| Profit before tax including associates | 2,626 | 1,917 | 2,193 | 2,505 | 2,048 | 1,910 | 3,119 | 5,322 |
| Total current earlier year and deferred tax | 556.6 | 459.4 | 695.7 | 458.6 | 403.9 | 474.1 | 694.7 | 1,295 |
| Group PAT before non controlling attribution | 2,069 | 1,457 | 1,497 | 2,047 | 1,644 | 1,436 | 2,424 | 4,027 |
| Basic and diluted EPS non annualised (₹) | 12.40 | 8.23 | 8.05 | 11.66 | 8.78 | 7.35 | 12.91 | 22.32 |
| Materials purchases and inventory change | 1,373 | 2,226 | 2,124 | 1,846 | 1,604 | 1,798 | 1,398 | 2,278 |
| Employee benefits expense | 563.1 | 554.7 | 564.2 | 565.9 | 643.5 | 563.6 | 606.4 | 556.5 |
| Other operating expenses including statutory levies | 2,775 | 2,878 | 3,259 | 3,166 | 3,843 | 3,458 | 4,008 | 3,876 |
| Operating EBITDA excluding other income and associates | 2,536 | 2,678 | 2,860 | 2,351 | 2,303 | 2,510 | 3,281 | 5,793 |
| Other income | 751.0 | 302.1 | 382.3 | 255.7 | 517.2 | 656.6 | 501.8 | 349.8 |
| Depreciation depletion and amortisation | 607.5 | 623.9 | 533.4 | 627.1 | 671.2 | 714.5 | 699.1 | 698.0 |
| Exceptional signed profit impact | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equity accounted associates and joint ventures profit | 225.9 | -136.0 | -272.4 | 724.6 | 203.6 | -223.5 | 416.9 | 179.7 |
| PAT attributable to non controlling interests | 53.0 | 118.4 | 186.9 | 150.1 | 215.0 | 240.8 | 324.9 | 397.0 |
| PAT attributable to owners | 2,016 | 1,339 | 1,310 | 1,896 | 1,429 | 1,195 | 2,100 | 3,630 |
| Actual period end issued shares | 162.66 | 162.66 | 162.66 | 162.66 | 162.66 | 162.66 | 162.66 | 162.66 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 15.1% | 40.7% | -10.0% | 0.1% | 4.4% |
| EBITDA margin | 38.5% | 34.5% | 30.8% | ||
| Net margin | 19.5% | 20.1% | 19.5% | ||
| Return on equity | 13.4% | 12.2% | 11.2% | ||
| Return on capital employed | 20.7% | 25.2% | 15.1% | 11.0% | 8.3% |
| Return on assets | 7.6% | 6.7% | 5.8% | ||
| Net debt (₹ crore) | 23,093 | 31,771 | |||
| Net debt / EBITDA | 2.06x | 3.04x | |||
| Interest cover | 12.5x | 17.2x | 10.8x | 8.32x | 6.42x |
| Asset turnover | 0.44x | 0.54x | 0.39x | 0.33x | 0.30x |
| Receivable days | 25 | 24 | 38 | 37 | 49 |
| Inventory days (on revenue) | 56 | 52 | 50 | 57 | 59 |
| Payable days (on revenue) | 24 | 19 | 19 | 26 | 37 |
| Cash conversion | 1.73x | 1.73x | 1.61x | ||
| Capex intensity | 8.3% | 7.7% | 37.2% | 39.9% | 38.8% |
| Free cash flow (₹ crore) | 6,886 | 9,374 | -1,130 | -1,637 | -2,487 |
| Dividend payout | 33.2% | 32.2% | 34.1% | ||
| EPS, diluted (₹) | 34.56 | 53.66 | 38.95 | 40.27 | 40.70 |
| Book value per share (₹) | 485.3 | 336.3 | 392.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and associates) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl leases less verified liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and associates).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Basic and diluted EPS bonus adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Oil India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Oil India
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.