1. JV with RRVUNL - 1200 MW renewable energy projects in Rajasthan On track - At the FY26 Annual Report, management noted a JV Agreement signed with RRVUNL for development of 1200 MW renewable energy projects in Rajasthan, with the JV formation proposal submitted for DIPAM concurrence. Upon concurrence, the JV company will be incorporated; no explicit deadline was stated.
2. Hydrogen dispensing unit at PS#3, Jorhat and hydrogen fuel cell e-bus trial Delivered - At the FY23 Annual Report, management noted plans underway for a hydrogen dispensing unit at PS#3, Jorhat, a hydrogen fuel cell e-bus trial, and hydrogen blending modifications in the PNG network, plus solar projects with HPPCL. A 30 kg/day AEM electrolyser-based green hydrogen pilot plant was commissioned at Jorhat, PNGRB approval for blending up to 2% was received with blending underway, and a 1 MW alkaline electrolyser plant with HPPCL is under construction at Nalagarh.
3. Gas production from DSF Block BakhriTibba - to commence shortly Delivered - At the FY25 Annual Report, management said gas production from DSF Block RJ/ONDSF/BakhriTibba/2021 (Rajasthan) would commence shortly, with evacuation infrastructure in place. In Q1 FY26, OIL commenced natural gas production from the Bakhritibba Discovered Small Field in Jaisalmer, Rajasthan.
4. Mozambique Area 1 - first gas by 2028-29 Missed - At the FY23 Annual Report, management expected the Mozambique project to restart towards the later part of the calendar year with encouraging signs of end of force majeure; at the FY26 Annual Report, lifting of Force Majeure renewed momentum towards first gas by 2028-29. Force majeure was withdrawn only from November 2025, and the restart did not occur in the stated calendar year; the 2028-29 first gas horizon remains ahead.
5. New Energy - \~₹20,000 crore investment by 2040; 5+ GW RE; 25 CBG plants; 1 MW Green Hydrogen On track - At the Q4 FY26 PPT, management committed to New Energy: \~₹20,000 crore investment by 2040, 5+ GW of RE by 2040, 25 CBG plants by 2030, 1 MW Green Hydrogen, and pilots in CCUS and Geothermal. Renewable installed capacity stands at 188.1 MW, 5 CBG plants are under construction/tendering, and the 1 MW green hydrogen plant is under construction with the Jorhat pilot commissioned.
6. Consistent dividend payout ratio >30% Delivered - At the Q4 FY26 PPT, management committed to a consistent dividend payout ratio >30%. FY25 dividend payout was 31%, and FY26 total dividend was ₹11.5/share (115%, face value ₹10), amounting to ₹1,871 crore declared in FY25-26.
7. 50:50 JV with HWTPL for CBG plants Delivered - At the Q4 FY26 PPT, management noted a 50:50 JV with HWTPL approved by the OIL board for setup of CBG plants. The FY25 Annual Report shows two JV companies with M/s GPRS and M/s HWTPL approved by the Board.
8. Duliajan Feeder Line - 3.5 MMSCMD gas supply to pan-India grid, completion by FY28 On track - At the Q4 FY26 PPT, management set the Feeder-Line to IGGL at 3.5 MMSCMD [1.28 BCM] gas supply to the pan-India grid, with PMC appointed, completion expected by FY28 (18M), and PNGRB approval obtained in Feb'26; the FY26 Annual Report noted a planned evacuation capacity of 5 MMSCMD to connect the Upper Assam hub with the North-East Gas Grid. By Q1 FY27 the project was \~20% progressed with PMC engaged and most ROU available except \~30-40 km, against an actual cost of ₹750 crore vs the ₹860 crore outlay.
9. Gas realisations improvement from FY26 - NWG premium Missed - At the Q4 FY25 PPT, management said gas realisations were likely to improve from FY26 in view of the NWG premium. FY26 weighted average gas realisation was US$6.64/MMBTU vs US$6.68/MMBTU in FY25, with quarterly prices of $6.72 (Q1 FY26), $6.78 (Q2 FY26), $6.65 (Q3 FY26) and $7.19/MMBTU in Q1 FY27.
10. APL 600 TPD Methanol & 125 TPD Formaldehyde gas-fed plant Pending - At the Q4 FY25 PPT (28th May 2025), management listed APL's 600 TPD Methanol & 125 TPD Formaldehyde gas-fed plant among upcoming petchem projects. APL achieved 85% capacity utilisation in FY25 and commissioned the 500 TPD Methanol Plant, while the 200 TPD formalin plant at Boitamari was commissioned; no completion of the 600 TPD/125 TPD plant is reported in the sources.
11. 360 KTPA polypropylene petchem plant - completion by Q4 FY2028 On track - At the announcement dated 18 September 2025, management noted NRL to implement a 360 KTPA polypropylene plant at Numaligarh at a project cost of over ₹7,000 crore, raising NRL's Petrochemical Intensity Index by 4.0; the Q2 FY26 PPT set Q4FY2028 planned mechanical completion and Q1FY2029 commissioning, reaffirmed at the Q4 FY26 PPT. As of Q2 FY26 the project was in early stages - environment clearance received August 2024, EIL awarded as EPCM consultant March 2025, first tender floated June 2025 - and by Q1 FY27 the PPU was costed at another ₹7,200-7,300 crore.
12. 190 exploratory wells over next 3 years On track - At the Q4 FY25 PPT, management planned 190 exploratory wells over the next 3 years (Pan India: 106, NE Region: 84; 17 of 84 NE wells at >4500m depth). FY26 saw 22 exploratory wells drilled, the FY27 target is 42 exploratory wells, and 7 were drilled in Q1 FY27.
13. 2030 downstream targets - 9 MMTPA NRL, 360 KTPA polypropylene, 500+ CNG stations On track - At the Q4 FY25 PPT, management set 2030 downstream targets: 9 MMTPA NRL expansion, 360 KTPA polypropylene petchem plant, and 500+ CNG stations across 9 GAs, with the Q4 FY26 PPT showing CNG stations scaling 80+ → 500+ pan-India from FY26 to FY35. NRL expansion to 9 MMTPA is underway with CDU-VDU commissioned end December 2025, the polypropylene plant is in early stages, and CNG stations stood at 81 as of FY26.
14. 2030 midstream targets - 18+ MMTPA crude, 2.6+ MMTPA gas, 5.5+ MMTPA product pipelines On track - At the Q4 FY25 PPT, management set 2030 midstream targets of 18+ MMTPA crude pipeline, 2.6+ MMTPA gas pipeline and 5.5+ MMTPA product pipeline, with the Q4 FY26 PPT showing crude 9.65 → 18+ MMTPA, gas 1.2 → 6 MMSCMD and product 1.72 → 5.5 MMTPA. NSPL achieved 5.5 MMTPA in October 2025, DNPL reached 2.5 MMSCMD mechanical completion in November 2025, and the crude pipeline remains at 9.65 MMTPA with PNCPL 9 MMTPA under construction.
15. 2030 production target - 10-12 MMTOE On track - At the Q4 FY25 PPT, management set a 2030 target of oil & gas production of 10-12 MMTOE (from current 8.8 MMTOE) via OALP/DSF bidding and overseas expansion, reaffirmed in the FY26 Annual Report with a simultaneous midstream build-out of 18+ MMTPA crude, 6 MMSCMD gas and 5.5+ MMTPA product pipelines. FY26 total oil & gas production was 6.64 MMTOE and FY25 was 6.71 MMTOE, with no disclosed trajectory update.
16. Oil+oil-equivalent production - up to around 4.2 MMT by FY29 Pending - At the Q1 FY27 call, management targeted oil+oil-equivalent production of up to around 4.2 MMT/annum by FY29, possibly beyond, mainly from main producing areas plus Rajasthan ramp-up, dependent on near-field exploration. The FY29 horizon has not been reached.
17. FY28 natural gas production - 3.8 BCM Pending - At the Q1 FY27 call, management guided FY28 natural gas production at 3.8 BCM. The FY28 horizon has not been reached.
18. FY27 drilling target - 100 wells On track - At the Q3 FY26 call, management set next year's drilling target at 100 wells (versus 75 wells this year), as part of the path to the 0.4 crore metric ton oil and 5 bcm gas targets; by Q1 FY27 the 100-well target (onshore plus offshore) was on track with at least a 10% increase in wells drilled going forward, split as 42 exploratory and 57 development wells. Q1 FY27 saw 17 new wells drilled (7 exploratory, 10 development), against FY26 actual of 74 wells (22 exploratory, 52 development).
19. FY27 capex - OIL ₹7,585 crore, NRL ₹7,300 crore, total ₹14,000+ crore On track - At the Q1 FY26 call, management guided FY27 capex of OIL ₹7,585 crore, NRL ₹7,300 crore, total ₹14,000-plus crore, with the Q4 FY26 PPT planning more than ₹10,000 crore in FY27, 44% toward exploration; guidance was later revised to ₹8,500-8,600 crore at Q3 FY26 and a ₹8,600 crore budget estimate at Q1 FY27, subject to review. Q1 FY27 capex was \~₹3,050 crore, with the full-year outcome not yet available.
20. FY26 capex - NRL ₹9,133 crore Delivered - At the Q4 FY25 PPT, management set FY26P capex for NRL of ₹9,133 crore, with \~₹5,648 crore for refinery expansion and \~₹2,332 crore for Petchem, reiterated at the Q1 FY26 call, and revised to ₹8,000 crore at Q3 FY26. FY26 NRL capex was ₹8,317 crore, of which ₹6,855 crore for refinery expansion, with the FY26 Annual Report showing ₹8,439.90 crore.
21. IGGL Phase 1 - first leg commissioned by end December 2023 Partial - At the Q1 FY24 call, management said the first leg of the Indradhanush (Northeast) gas grid project was expected to be commissioned by end of December 2023, with later revisions pushing it to within FY24 or early FY25, "by end of this year" at Q1 FY25, and December at Q2 FY25, before the Q4 FY25 PPT set Phase 1 Jul-25, Phase 2 Mar-26, Phase 3 Mar-27. IGGL Phase 1 (385 km, Guwahati to Numaligarh) was mechanically completed with nitrogen feeding done for \~280 km as of Q2 FY25 and was live by the Q2 FY26 PPT, over two years after the original deadline.
22. Numaligarh-Siliguri product pipeline augmentation - 1.72 to 5.5 MMTPA Delivered - At the Q2 FY25 (Sep 2024) call, management said the NSPL augmentation from 1.7 MMTPA to 5.5 MMTPA was under progress, to coincide with completion of the refinery expansion, with the 14 August 2023 announcement setting completion by 20.12.2024 at ₹860 crore investment; revisions moved completion to April 2025 and then July-25. NSPL expansion was mechanically completed on 12 October 2025, dedicated to the nation by the PM on 13 March 2026, and is anticipated to cost around ₹750 crore against the ₹860 crore approved outlay, saving approximately ₹110 crore.
23. Andaman supplementary 3D seismic - within 3 to 4 months Delivered - At the Q2 FY26 call, management committed supplementary 3D seismic in Andaman "within another 3 to 4 months" to enable resource estimates. By Q3 FY26, appraisal entailed reprocessing of 2D seismic (already completed) followed by 600 square kilometres of 3D seismic, and by Q1 FY27 the 600 sq km of 3D seismic around Vijayapuram 2 and 3 was being processed by Schlumberger, to be completed by October with interpretation by January.
24. NRL expansion primary unit (CDU-VDU) - commissioning by end December 2025 Delivered - At the Q2 FY26 call, management guided commissioning of the NRL expansion primary unit (CDU-VDU) by end of December 2025, with other units gradually following. CDU/VDU mother units commissioning commenced towards the end of December 2025, and as of Q1 FY27 the CDU-VDU was mechanically completed with OISD and PESO statutory inspections, DHDT ready, SRU almost complete, and the company "ready for startup".
25. DNPL pipeline capacity expansion - 1 to 2.5 MMSCMD by April 2026 Partial - At the Q2 FY26 call, management committed the DNPL pipeline capacity expansion (1 to 2.5 MMSCMD) would be "up and running before April '26" - firm ("Absolutely"), with the Q4 FY26 PPT setting 1.2 → 2.5 MMSCMD [0.44 → 0.91 BCM] commissioning based on NRL planned shutdown and additional 1.5 MMSCMD offtake to NRL allocated NWG premium, and revisions pointing to mechanical completion by 15 Nov'25. Mechanical completion was achieved on 15 November 2025; as of Q1 FY27 DNPL was formally designated a common carrier by PNGRB, with augmentation to 2 MMSCMD after a short shutdown and up to 2.5 MMSCMD once the 200-meter NRL-IGGL connectivity is in place.
26. Russian assets - 100% investment recovery in FY26 Partial - At the Q1 FY26 call, management stated that during the current year, 100% of investment in both Russian assets (Taas-Yuryakh and Vankorneft) would be recovered, with dividends continuing in coming years. As of Q1 FY26, \~95% of combined investment was recovered via dividends - 111% for Taas-Yuryakh, 83%+ for Vankorneft; cumulative dividend till FY26 was $997M, with Taas at 100%+ and Vankorneft about 88%.
27. Bioethanol plant in the Northeast - inauguration on 8 September 2025 Delivered - At the Q1 FY26 call, management stated the bioethanol plant in the Northeast would be inaugurated on 8th September (date finalized). The PM inaugurated NRL's Assam bioethanol plant (India's first 2G bioethanol plant using bamboo feedstock) in Golaghat, Assam on September 14, 2025.
28. 25 CBG plants - across different states On track - At the FY23 Annual Report, management noted the company was entrusted with establishing 25 CBG plants across India, evaluating opportunities in Assam, Odisha, Himachal Pradesh, Haryana and Uttar Pradesh; at the Q1 FY26 call management said about 25 CBG plants were being set up across different states, with the FY25 Annual Report showing Board-approved capital outlay of ₹3,750 crore and the Q4 FY26 PPT setting 25 CBG plants by 2030. As of FY26, 5 CBG plants exist - 2 under construction, 3 under tendering - with the PM's virtual groundbreaking of four plants in Assam on 2 October 2024, land acquired at six locations, 19 DPRs under development and two JV companies approved.
29. 1.9 GW solar project (North Eastern Rajasthan) - up and running by March 2026 Missed - At the Q1 FY26 call, management targeted the 1.9 GW solar project (North Eastern Rajasthan) to be up and running by March '26. No disclosure of commissioning by March 2026 exists; the Q4 FY26 PPT shows an existing renewable footprint of 188 MW in Rajasthan, Gujarat, Madhya Pradesh and \~2 GW renewable pipeline via JVs, and the FY26 Annual Report shows the RRVUNL JV still at DIPAM concurrence stage.
30. Paradip-Numaligarh crude oil pipeline - commissioning by Q4 FY26 Partial - At the Q1 FY26 call, management said the crude oil pipeline (CNPCL, Paradeep-Numaligarh) was expected to be commissioned in early Q4 of FY 2025-26, later revised to ready for commissioning by Q1 of FY 2027, with the Q4 FY26 PPT setting 9 MMTPA and mechanical completion expected by Oct'26 and Q1 FY27 targeting mechanical completion by October and commissioning by December. The pipeline had \~90% physical progress as of Q1 FY27 and 92% overall physical completion as of 30 April 2026, with RoU opened 99%, welding 97%, lowering 95%; it is not yet commissioned.
31. NRL crude throughput - more than 3 MMT in FY26 Delivered - At the Q1 FY26 call, management targeted NRL crude throughput of more than 3 MMT in FY26, expecting to overshoot 100% capacity utilisation again. NRL FY26 crude throughput was 3,113 TMT, the highest-ever, with capacity utilisation of 103.75%.
32. FY27 natural gas production - 4.31 MMT, then revised to 3.98 BCM On track - At the Q1 FY26 call, management guided FY27 production of 4.31 MMT natural gas, revised at Q2 FY26 to 3.98 bcm, "or you may take it as 4", with FY28 later guided at 3.8 BCM. Q1 FY27 natural gas production was up only 0.4% QoQ, with no full-year outcome yet.
33. FY27 crude oil production - 3.95 MMT, then minimum 3.9 MMT possibly touching 4 On track - At the Q1 FY26 call, management guided FY27 production of 3.95 MMT crude oil, revised at Q3 FY26 to conservative planning of 3.8 in FY27 and 4.0 in FY28, and at Q1 FY27 to minimum 3.9 MMT expected this year, possibly touching 4. Q1 FY27 crude production was 0.95 MMT, up 11%+ YoY, with record daily production of 10,921 MT/day on 27 June 2026, annualising to \~3.8 MMT.
34. FY26 standalone capex - ₹6,995 crore (\~₹7,000 crore) Delivered - At the Q1 FY26 call, management guided OIL standalone FY26 capex of ₹6,995 crore (\~₹7,000 crore), reiterating the exact number when queried, later revised upward - Q2 FY26 said the \~₹7,000 crore budget would likely be exceeded and Q3 FY26 pointed to surpassing ₹8,800 crore. FY26 standalone capex was ₹13,025 crore, the highest-ever, 186% of the revised estimate target.
35. FY26 natural gas production - 3.65 MMT Missed - At the Q1 FY26 call, management set an FY26 production target of 3.65 MMT natural gas, reiterated at Q2 FY26 while conceding disruption meant "a little bit less with respect to 3.65 bcm is our target". FY26 natural gas production was 3.186 BCM against an MOU target of 3.889 BCM, 81.93% achievement.
36. FY26 crude oil production - 3.70 MMT Missed - At the Q1 FY26 call, management set an FY26 production target of 3.70 MMT crude oil, revised at Q2 FY26 to 0.38 crore metric tons possibly scaled down to 3.55 MMTOE combined given disruption, with Q3 FY26 noting management was "definitely looking at touching" last year's highest-ever 6.71 MMTOE. FY26 crude oil production was 3.450 MMT against an MOU target of 4.034 MMT, 86% achievement, with FY26 total oil & gas production at 6.64 MMTOE.
37. FY25 natural gas production - 3.3 BCM Delivered - At the Q3 FY24 call, management guided FY25 gas production of near about 3.8-3.9 BCM, customer driven, later revised to 3.2-3.3 BCM at Q2 FY25 and a 3.3 BCM target at Q3 FY25 - "That is our target now". FY25 natural gas production was 3.252 BCM.
38. FY25 crude oil production - 3.8 MMT, then revised to \~3.5 MMT Delivered - At the Q3 FY24 call, management guided FY25 crude production of around 3.8 MMT, reiterated at Q1 FY25 toward 3.6 MMT, then revised to close to 0.35 crore tons at Q2 FY25 and \~3.48-3.5 MMT at Q3 FY25. FY25 crude oil production was 3.458 MMT.
39. FY25 capex - close to ₹6,000 crore including ₹1,000 crore NRL equity Delivered - At the Q3 FY24 call, management said Oil India's FY25 capex plan was close to ₹6,000 crore, including about ₹1,000 crore equity investment in NRL, later revised to \~₹7,000 crore at Q2 FY25, with Q1 FY26 noting FY25 capex expenditure increased by about 123% as planned. FY25 standalone capex was ₹8,467 crore, and FY25 consolidated capex was ₹18,169.67 crore including ₹9,108.82 crore by NRL.
40. FY24 crude oil production - at least 3.5-3.6 MMT Partial - At the Q2 FY24 call, management lowered the FY24 crude oil production target to at least 3.5-3.6 MMT, saying the MOU target of 3.8 MMT "may not be feasible", then guided around 3.35-3.4 MMT at Q3 FY24. FY24 crude oil production was 3.359 MMT, up 5.76% YoY - meeting the revised target but below the earlier 3.5-3.6 MMT.
41. NRL expansion peak debt - about ₹18,000 crore on NRL's balance sheet On track - At the Q1 FY24 call, management stated NRL peak debt on completion was expected to be about ₹18,000 crore, all on NRL's balance sheet, nothing on Oil India's, revised at Q3 FY26 to around ₹25,000-26,000 crore by the time all projects including petchem are completed. NRL total debt was ₹17,799 crore as of Q2 FY26 and ₹19,000+ crore at Q1 FY27, within the revised trajectory.
42. NRL expansion funding - OIL equity contribution of \~₹3,000 crore Delivered - At the Q1 FY23 call, management said out of the approved total ₹28,000 crore NRL investment, about ₹3,000 crore would come from Oil India's 70% equity share, with no equity contribution expected in the current financial year; revisions set contribution over the next two years, a current-year total of \~₹5,500 crore with future contribution not exceeding ₹3,000 crore, and a promoter commitment of ₹2,200 crore in 4 cash calls of ₹550 crore each. OIL paid two cash calls of ₹550 crore each by Q2 FY25, the ₹550 crore final call in Q1 FY26, and a further ₹550 crore in FY26.
43. NRL expansion - 3 to 9 MMTPA, completion by end 2025 Partial - At the Q1 FY23 call, management said the NRL expansion was on schedule and "expected to get completed by end of 2025", with funding of about ₹19,000 crore tied up and total approved investment of ₹28,000 crore; revisions repeatedly reset the timeline - end of 2024-2025, operational by '25, on stream by March 2026, July then September 2025, December 2025, CDU-VDU by end December 2025 with serious volumes from Q2 FY27, and finally commissioning timeline March 2027 with March 2027 to March 2028 "a fair time to have the refinery up and running stabilized 9 MMT". CDU/VDU commissioning commenced end December 2025; as of Q1 FY27, CDU-VDU was mechanically complete with statutory inspections done, DHDT ready, SRU almost complete, with full 9 MMTPA not yet operational, ramp-up to 75% utilisation targeted by end FY28, \~₹30,000 crore invested of which \~₹19,000 crore is debt, and total project cost now guided at ₹34,000-35,000 crore.
44. FY23 total capex - about ₹4,300 crore Delivered - At the Q1 FY23 call, management stated an FY23 total capex outlay of about ₹4,300 crore, with Q3 FY23 expecting a capex run rate of ₹3,000-4,000 crores to be achieved that year. FY23 capex was ₹5,534 crore, described as highest-ever at the time.
45. Gas production target - 5 BCM by FY25-FY26 Missed - At the Q1 FY23 call, management set a gas production target of 5 BCM by '24-'25, noting infrastructure built to handle up to 7 BCM; the target was reaffirmed through FY24, then pushed to "in the next 2 years", to the year '27, '28, and to \~5 BCM by FY29. FY25 gas production was 3.252 BCM and FY26 was 3.186 BCM against an MOU target of 3.889 BCM, 81.93% achievement, with management now guiding FY28 at 3.8 BCM and a big jump from Q1 FY29.
46. Multi-year crude oil production ramp - 3.6 MMT FY24, 4.0-4.1 MMT by FY25 Partial - At the Q1 FY23 call, management laid out a multi-year production ramp: 3.2 MMT in FY23, 3.6 MMT next year (FY24), and 4.1 MMT the year after (FY25), referencing the earlier target of 4.0 in '24-'25; the 4 MMT goal was subsequently reset repeatedly - FY24 lowered to 3.4 then 3.35-3.4 MMT, FY25 revised to \~3.48-3.5 MMT with 4 MMT pushed to FY26 or FY27, FY26 set at 3.70 MMT, and conservative planning of 3.8 in FY27 and 4.0 in FY28. FY24 crude production was 3.359 MMT, FY25 was 3.458 MMT, and FY26 was 3.450 MMT against an MOU target of 4.034 MMT, 86% achievement; Q1 FY27 crude production was 0.95 MMT, up 11%+ YoY, with record daily production of 10,921 MT/day on 27 June 2026 - the 4 MMT target has not been hit in any completed fiscal year through FY26.
47. FY23 natural gas production - around 3.2 BCM Delivered - At the Q1 FY23 call, management guided FY23 natural gas production of around 3.2 BCM, raised at Q2 FY23 to around 3.5-3.6 BCM by end of FY23 and restated at Q3 FY23 as "more than 3 BCM". FY23 natural gas production was 3.18 BCM, up 4.4% YoY, highest ever at the time.
48. FY23 crude oil production - 3.2 MMT Delivered - At the Q1 FY23 call, management guided FY23 crude oil production of 3.2 MMT, versus 2.8-2.9 MMT last year, stating "we'll be getting 3.2 this year", reiterated at Q2 FY23 and at Q3 FY23 with "as of now, we are at par with the target". FY23 crude oil production was 3.18 MMT, up 5.5% YoY, marginally below the 3.2 MMT target within rounding.