OIL Q2 FY26 earnings call.
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Revenue
₹8,394 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Oil India reported a mixed Q2 FY26 with consolidated revenue of 9,175 crore and PAT of 1,640 crore, impacted by an 18% decline in crude oil realization to $68.19/barrel. The standalone EBIT margin contracted sharply to 34% from 47% in Q1, driven by lower price realization and higher exploration write-offs of 723 crore (Vijaypuram-2 well in Andaman). Production was affected by external factors in Northeast operations, with crude oil down 2.58% YoY to 0.848 MMT. NRL, the material subsidiary, delivered 100%+ capacity utilization with GRM of $10.56/barrel and PAT of 725 crore. The Mozambique force majeure has been withdrawn from November 2025, and the 2G bioethanol plant was inaugurated. Key upcoming catalysts include the NRL refinery expansion commissioning by December 2025 and DNP pipeline expansion by April 2026. FY26 oil production target has been revised down to 3.55 MMT from 3.7 MMT due to production disruptions.
Colored figures show movement against the previous available record.
Guidance to track
- Original 3.7 MMT target revised down to 3.55 MMT due to Q2 production disruption from ethnic unrest in Northeast. Management is cautiously optimistic about recovery but keeping fingers crossed.
- FY27 oil target: 3.75 MMT (conservative) or 3.798 MMT; FY28 oil target: 3.98-4.0 MMT. Gas targets: 3.8 BCM (FY27) and 4.6 BCM (FY28) contingent on NRL refinery ramp-up.
- Primary unit commissioning expected end of December 2025. Full ramp-up to 3 MMSCFD gas intake will take until Q2 FY27 due to complex refinery stabilization requirements.
- Mechanical completion achieved October 12, 2025. Awaiting PESO/DGMS approvals and 7-day disruption window for hook-up. Full 2.5 MMT capacity expected by April 2026.
Risks flagged
- Approximately $300 million in dividends remain stuck in Russia due to counter-sanctions against Singapore-incorporated entities. Management evaluating options with positive update expected by early FY27.
- Vijaypuram-2 well (723 crore) fully written off despite hydrocarbon occurrence. All Andaman exploration wells remain subject to write-offs until commercial discovery and field development program approval.
- Revenue declined ~44% YoY primarily due to 18.11% drop in crude oil realization ($68.19 vs $79.33). Oil price regulation by Government of India creates uncertainty in revenue forecasting.
- Both blocks are closed chapters with exit processes ongoing. Minor additional expenses expected for closure efforts. Final write-offs may occur by end of FY26.
Key quotes
- Force majeure has been withdrawn from November 2025. This is good news for our Mozambique operations through BRL.
- We are trying our level best to bring the production to the level. If it is not up to the expected level, we will be quite close to expected level. That is what our attempt is.
- The provisioning of the wells and write-off of the wells are two different independent activities. Even if you discover hydrocarbon, you cannot capitalize in immediate context - you have to ascertain the total volume and whether the economics work out.
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