OIL Q1 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹7,929 Cr
verified against source
Revenue YoY
-10.9%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Oil India delivered a mixed Q1 FY26 with standalone revenue declining ~11% YoY to ₹5,200 crore due to a sharp 22% fall in crude oil realization ($62.66/bbl vs $84.89 YoY), compressing EBITDA margins by 900bps to 34%. Standalone PAT crashed 82% to ₹813 crore, though this was cushioned by robust contributions from subsidiaries—NRL contributed ₹544 crore (+21% YoY) and Russian investments delivered ₹780 crore (up from ₹150 crore). The Numaligarh refinery expansion is 80% complete, targeting December 2025 commissioning with phased ramp-up to 40% utilization in H2 FY27. FY26 capex guidance stands at ₹6,995 crore (standalone) with production targets of 3.70 MMT oil and 3.40 BCM gas. Management flagged concerns on new well gas monetization—140 BCM of reserves stranded awaiting CGD network development in the northeast, though a request has been made to permit NRL supply. Key risks include crude price volatility, overseas asset provisions (Bangladesh ₹307 crore, Gabon ₹207 crore), and gas evacuation constraints pending DNPL common carrier approval.
Colored figures show movement against the previous available record.
Guidance to track
- Oil India targets 3.70 MMT crude oil (vs 3.458 MMT achieved in FY25) and 3.40 BCM natural gas production for FY26.
- FY27 production targets set at 3.95 MMT crude oil and 4.31 BCM natural gas, implying ~7% and ~27% growth respectively over FY25 actuals.
- Numaligarh refinery expansion (80% physical progress) to begin phased commissioning from December 2025, reaching 40% utilization in H2 FY27 and 80% by FY28.
- Oil India standalone capex budget of ₹6,995 crore for FY26 (₹7,585 crore for FY27), with NRL capex at ₹9,133 crore (₹7,300 crore for FY27).
Risks flagged
- Q1 realizations fell 22% YoY to $62.66/bbl, causing standalone PAT collapse of 82%. Management expects prices to remain in $65-70 range, offering limited upside and continued margin pressure.
- ~140 BCM of proven gas reserves remain stranded—CGD networks in northeast not yet operational, and management is awaiting ministry approval for NRL supply at premium pricing instead of waiting for CGD development (likely post-2028).
- ₹307 crore provision taken for Bangladesh blocks where JV partner BG invoked performance bank guarantee; both OIL and Uniper decided to exit the project.
- ₹207 crore provision taken for Gabon block due to non-performance, raising concerns about future value realization from international portfolio.
Key quotes
- The major reason of increase in the group performance is contribution from our material subsidiary which and our performance from our foreign subsidiary for our Russian investment. They have contributed 544 and 780 respectively where they register a better group performance for the quarter.
- As far as the outlook for the current is concerned will be dependent on the performance we do not have any guidance available as of now how much of dividend will come but in the current quarter we have received around 17 million USD of dividend from our two assets and we are at least sure that during the current year 100% of investment for both the assets will be recovered by oil.
- Our outlook would be at best maybe 65 to 70. We are currently hovering at around 66-67. So we don't expect a major increase in the crude oil price in the days ahead. If that happens that will be very good for us because the result that you have seen this time is largely because of a 22% drop in crude oil price.
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