OIL Q1 FY27 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹12,503 Cr
verified against source
Revenue YoY
30.4%
reported change
EBITDA
₹4,651 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Oil India delivered an exceptional Q1 FY27 with standalone revenue of ₹7,958 cr (highest ever quarterly) and PAT of ₹2,870 cr, up 253% YoY, driven by higher crude oil price realization ($98.3/bbl vs $72/bbl YoY) and 11% production growth to 0.95 MMT. The company achieved record daily crude production of 10,921 TPD on June 27. EBITDA margin expanded sharply to 58.4% from ~34% YoY. Subsidiary NRL reported GRM of $35.95/bbl (normalized at ~$33/bbl ex-inventory gains) on operating income of ₹9,146 cr, up 45% YoY, benefiting from wide diesel-crude spreads and discounts to OMCs being calibrated. Management targets 100 wells drilled in FY27 (vs 74 last year) and minimum 3.9 MMT crude production for FY27, potentially reaching 4.2 MMT by FY29. Gas production remains constrained at ~2.93 BCM pending pipeline infrastructure completion by December 2027. Key risks include gas monetization challenges, GST/royalty liability of ₹2,500 cr payable in Q2, and GRM normalization as diesel-crude spreads compress.
Colored figures show movement against the previous available record.
Guidance to track
- Company achieved ~1 MMT in Q1 and expects to maintain this quarterly run-rate. FY29 target is 4.2 MMT from main producing areas excluding any discovery-based additions.
- Once DNPL connectivity (200m within NRL in 2-3 months) and IGL pipeline (by Dec 2027) are operational, additional 1.5 MMSCMD (~0.5 BCM annually) will flow through DNPL to national grid.
- 42 exploratory and 58 development wells planned. Capex budget for FY27 is ₹8,600 cr. Deepwater exploration in KG and Mahanadi basins to begin with first rig in June-July 2027.
- DST, SRU, and ESD units to be commissioned by Oct-Nov 2026; full 9 MMT refinery project completion by March 2027 with gradual ramp-up to 75% utilization by FY28-end.
Risks flagged
- Court has given 6 weeks to settle the GST on royalty (from July 2017) without interest. Management confirmed this will be disclosed in Q2 results but won't impact P&L as provisions were already made.
- Well testing using hydrofrac technology ongoing in August 2026. Results expected by September. Previous write-downs on VP-2 were taken; VP-1 and VP-3 remain on books pending testing outcomes.
- Current gas production constrained by downstream infrastructure. BCPL taking only 1.25-1.35 MMSCMD. Major pipeline infrastructure (Paradip-Malaya, IGL) expected by Dec 2027 before significant ramp-up.
- Current $35.95/bbl GRM includes $2/bbl inventory gain and reflects unusually wide diesel-crude spreads. Normalized GRM of ~$33/bbl vs historical ~$7-8/bbl is not sustainable.
Key quotes
- We have achieved the highest ever daily crude oil production of the company has ever recorded [10,921 TPD on June 27] and as of today we have increased it to 11,201 on 3rd August.
- The standalone operating revenue of Q1 FY27 is 7,958 cr which is highest ever quarterly revenue earned by Oil India Limited since it got listed in the financial year 2009-2010.
- We are targeting 100 wells which includes onshore and offshore. The first rig [for deepwater] is going to come in June-July 27 and the second rig by March 28.
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