NSE:OIL Research Reports - SOIC x StockScans

Oil India is fundamentally a hydrocarbons company that has spent six decades turning a single oil discovery in Assam into a fully integrated energy enterprise - it finds and produces oil and gas, pipes it, refines it, and is now using the cash flows from that chain to build a green-energy business. It was born in 1959 to develop the Moran and Naharkatiya fields, became wholly government-owned in 1981, and transformed decisively in 2021 by buying a majority stake in Numaligarh Refinery, stitching upstream production to downstream refining for the first time. The recurring approach is to own the entire value chain in its home territory of Northeast India - from the wellhead to the petrol pump and the city-gas pipe - while using its balance-sheet strength to place long-dated bets on exploration frontiers and new energy.

Business segments

Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before.

1. Upstream exploration and production: the foundation that feeds everything else

Finding and pumping oil and gas from 63 blocks across India, plus producing assets in Russia and Venezuela, generates the raw molecules that flow into the company's own pipelines and refineries.

Production splits almost evenly between oil and gas - in FY26 the company produced 6.64 million metric tonnes of oil equivalent, with natural gas contributing almost half of that barrel-equivalent total, which lowers the carbon intensity of the portfolio and lifts margins. Daily crude output hit a ten-year high of 10,566 metric tonnes during the year.
It sells gas directly, not through an intermediary - OIL bypasses the national gas grid operator and sells its entire gas output straight to customers such as power plants, fertiliser makers, and the Brahmaputra Cracker and Polymer plant, which means it captures the full price rather than sharing it with a middleman.
Old fields get new life from specialist techniques - in Rajasthan's Baghewala field, where the oil is heavy and viscous, the company uses Cyclic Steam Stimulation (injecting steam to make the oil flow); 38 cycles have been run so far, and treated wells produced 39.5% more oil afterwards. Two fields are now under Production Enhancement Contracts, with more tenders planned.
The exploration pipeline is delivering - eight discoveries in the last three years include the first-ever hydrocarbons on the North Bank of the Brahmaputra in Assam, a gas find in Rajasthan's shallow Sanu Formation, and natural gas confirmed in two of three exploratory wells drilled off the Andaman Islands.

2. Refining: where crude becomes cash

Numaligarh Refinery, in which OIL holds a 69.6% stake, turns crude oil into diesel, petrol and other products - and it does so with a structural cost advantage over coastal refineries.

It runs on cheaper crude - the refinery is configured to process lower-cost grades of oil, giving it a built-in advantage of $2 to $4 per barrel compared with refineries that need pricier light-sweet crude. On top of that, it enjoys a 50% excise-duty benefit because it is located in the Northeast.
The plant is being tripled in size - a massive expansion from 3 million tonnes per year to 9 million tonnes per year is underway, with the crude distillation unit and vacuum distillation unit - the "mother units" - beginning commissioning at the end of 2025. A 360,000-tonne-per-year polypropylene unit is being added alongside, which will push the refinery's Petrochemical Intensity Index to 3.88%.
Output is already spoken for - NRL has offtake agreements with the three state-owned fuel retailers (BPCL, HPCL and IOCL) and sells directly to industrial buyers including ONGC, NALCO and HINDALCO, so its product does not sit in tanks waiting for a buyer. The Indo-Bangladesh Friendship Pipeline also provides an export route for diesel.
It ran flat-out last year - the refinery processed 3.11 million tonnes of crude in FY26, its highest ever, at 103.75% of nameplate capacity, with a distillate yield of 87.25% - meaning it squeezed more high-value products out of each barrel than ever before.

3. Pipeline transportation: the toll road that ties the system together

A 2,500-kilometre-plus network of crude, gas and product pipelines moves molecules from Assam's oilfields to refineries and from refineries to markets, earning a fee on every unit that flows.

The crude pipeline is a six-decade workhorse - the 1,157-km trunk line from Naharkatia to Barauni has been pumping continuously for over sixty years, crossing 78 rivers including the Brahmaputra, and in FY25 it carried a record 7.145 million tonnes of crude, including ONGC's oil and imported crude for the Bongaigaon refinery.
The product pipeline just got a capacity upgrade - the Numaligarh-Siliguri line, which moves diesel and petrol from the refinery to markets in the east, was expanded from 1.72 million tonnes per year to 5.5 million tonnes per year, with mechanical completion in October 2025 and inauguration by the Prime Minister in March 2026.
The gas pipeline is being readied for a hook-up - the Duliajan-Numaligarh gas pipeline is being expanded from 1.2 million standard cubic metres per day to 2.5 million, and once the common-carrier licence is secured, it will connect to the Indradhanush Gas Grid, opening up the national gas market to OIL's Assam production.
A new crude artery is almost built - the Paradip-Numaligarh Crude Pipeline, which will supply imported crude to the expanded refinery, was 92% physically complete as of April 2026, with welding 97% done across its 1,626-km route.

4. Gas marketing and city-gas distribution: the retail face of the molecule business

OIL sells gas directly to industrial customers and, through a web of joint ventures, is building a consumer gas business with 81 CNG stations and over 73,000 household connections.

Industrial offtake anchors the gas book - bulk consumers such as the Brahmaputra Cracker and Polymer plant and the Assam Gas Company (which supplies close to 650 tea gardens) take large volumes, while power and fertiliser plants provide baseload demand.
City-gas JVs spread the geographic reach - through HPOIL Gas (a 50:50 partnership with HPCL), OIL operates 30 CNG stations and 21,005 piped-gas connections in Ambala-Kurukshetra, and another 29 CNG stations and 38,914 connections in Kolhapur. Purba Bharati Gas, in which OIL holds 26%, covers two geographical areas in Assam with 15 CNG stations and over 9,000 household connections.
The grid connection unlocks new customers - once the Duliajan-Numaligarh pipeline is hooked up to the North-East Gas Grid, OIL's gas can reach buyers across the region, and a new 3.5 million standard cubic metre per day feeder line is planned to connect directly to the grid, with completion expected by FY28.

5. New energy: the option on tomorrow

OIL is deploying over ₹20,000 crore by 2040 to build a portfolio of renewables, green hydrogen, biofuels and critical minerals - a hedge funded by today's hydrocarbon cash flows.

Renewables are being built in partnership - the company has 188 MW of solar and wind capacity installed across Rajasthan, Gujarat and Madhya Pradesh, and a pipeline of roughly 2 GW through joint ventures with state power utilities in Assam, Himachal Pradesh and Rajasthan. A newly formed subsidiary, OIL Green Energy, will house the growing portfolio.
It is digging for the minerals the energy transition needs - OIL is the first oil-and-gas PSU to enter critical-mineral exploration, having secured a vanadium-graphite block in Arunachal Pradesh and been declared the preferred bidder for a potash-halite block in Rajasthan - the first-ever successful auction of potash blocks by the Government of India.
Green hydrogen is at pilot stage - a 100-kilowatt green hydrogen pilot plant is operating, a 1-megawatt plant is under construction in Himachal Pradesh, and through NRL a 2,400-tonne-per-year green hydrogen plant is being built.

Group structure and partners

OIL is a government-controlled holding company with a 56.66% state stake, a material refining subsidiary that is now a Navratna in its own right, and a web of international and domestic joint ventures that extend its reach without bloating its balance sheet.

The Government of India is the dominant shareholder at 56.66%, with the three state-owned fuel retailers - IOCL, BPCL and HPCL - collectively holding just under 10%, and LIC holding 6.86%. OIL itself is a Maharatna, the highest category of central public-sector enterprise, giving it substantial operational autonomy.
Numaligarh Refinery is the crown jewel - OIL's 69.63% stake in NRL, which was upgraded to Navratna status in December 2025, is the pivot that turned OIL from a pure upstream company into an integrated energy player.
New energy has its own dedicated vehicle - OIL Green Energy Limited was incorporated in January 2025 as a wholly owned subsidiary to consolidate renewables, green hydrogen, biofuels and carbon-capture projects. A separate 49:51 joint venture with Assam Power Generation Corporation, APGCL OIL Green Power Limited, was formed in February 2025 to execute 645 MW of solar projects in Assam.
Key partnerships bring technology OIL does not have in-house - TotalEnergies is helping design offshore seismic programmes and detect methane emissions with drone-mounted sensors; Petrobras of Brazil signed an MoU to collaborate on deep-water exploration in the Mahanadi and Andaman basins; and Canada's Petroleum Technology Research Centre is working with OIL on carbon storage and geothermal extraction.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	7,497	9,614	9,147	8,120	7,247	8,337	8,808	7,929	8,394	8,330	9,293	12,503
Growth YoY Revenue Growth YoY%	-9.2	3.4	16.5	30.8	-3.3	-13.3	-3.7	-2.4	15.8	-0.1	5.5	57.7
Expenses ExpensesCr	3,973	6,171	5,886	4,978	4,711	5,659	5,948	5,578	6,091	5,820	6,012	6,711
Operating Profit Operating ProfitCr	3,523	3,443	3,261	3,142	2,536	2,678	2,860	2,351	2,303	2,510	3,281	5,793
OPM OPM%	47.0	35.8	35.6	38.7	35.0	32.1	32.5	29.6	27.4	30.1	35.3	46.3
Other Income Other IncomeCr	-2,037	635	578	355	977	166	110	980	721	433	919	530
Interest Expense Interest ExpenseCr	279	236	234	242	280	304	244	199	305	319	381	302
Depreciation DepreciationCr	499	576	576	553	608	624	533	627	671	715	699	698
PBT PBTCr	708	3,266	3,028	2,701	2,626	1,917	2,193	2,505	2,048	1,910	3,119	5,322
Tax TaxCr	68	659	695	685	557	459	696	459	404	474	695	1,295
PAT PATCr	640	2,608	2,333	2,016	2,069	1,457	1,497	2,047	1,644	1,436	2,424	4,027
Growth YoY PAT Growth YoY%	-69.7	3.1	17.8	44.1	223.1	-44.1	-35.8	1.5	-20.6	-1.5	62.0	96.8
NPM NPM%	8.5	27.1	25.5	24.8	28.6	17.5	17.0	25.8	19.6	17.2	26.1	32.2
EPS EPS₹	2.6	14.4	8.8	7.7	12.4	8.2	8.1	11.7	8.8	7.3	12.9	22.3

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

7,497

9,614

9,147

8,120

7,247

8,337

8,808

7,929

8,394

8,330

9,293

12,503

Growth YoY

Revenue Growth YoY%

-9.2

3.4

16.5

30.8

-3.3

-13.3

-3.7

-2.4

15.8

-0.1

5.5

57.7

Expenses

ExpensesCr

3,973

6,171

5,886

4,978

4,711

5,659

5,948

5,578

6,091

5,820

6,012

6,711

Operating Profit

Operating ProfitCr

3,523

3,443

3,261

3,142

2,536

2,678

2,860

2,351

2,303

2,510

3,281

5,793

OPM

OPM%

47.0

35.8

35.6

38.7

35.0

32.1

32.5

29.6

27.4

30.1

35.3

46.3

Other Income

Other IncomeCr

-2,037

635

578

355

977

166

110

980

721

433

919

530

Interest Expense

Interest ExpenseCr

279

236

234

242

280

304

244

199

305

319

381

302

Depreciation

DepreciationCr

499

576

553

608

624

533

627

671

715

699

698

PBT

PBTCr

708

3,266

3,028

2,701

2,626

1,917

2,193

2,505

2,048

1,910

3,119

5,322

Tax

TaxCr

659

695

685

557

459

696

459

404

474

695

1,295

PAT

PATCr

640

2,608

2,333

2,016

2,069

1,457

1,497

2,047

1,644

1,436

2,424

4,027

Growth YoY

PAT Growth YoY%

-69.7

3.1

17.8

44.1

223.1

-44.1

-35.8

1.5

-20.6

-1.5

62.0

96.8

NPM

NPM%

8.5

27.1

25.5

24.8

28.6

17.5

17.0

25.8

19.6

17.2

26.1

32.2

EPS

EPS₹

2.6

14.4

8.8

7.7

12.4

8.2

8.1

11.7

8.8

7.3

12.9

22.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	7,497	9,614	9,147	8,120	7,247	8,337	8,808	7,929	8,394	8,330	9,293	12,503
Growth YoY Revenue Growth YoY%	-9.2	3.4	16.5	30.8	-3.3	-13.3	-3.7	-2.4	15.8	-0.1	5.5	57.7
Expenses ExpensesCr	3,973	6,171	5,886	4,978	4,711	5,659	5,948	5,578	6,091	5,820	6,012	6,711
Operating Profit Operating ProfitCr	3,523	3,443	3,261	3,142	2,536	2,678	2,860	2,351	2,303	2,510	3,281	5,793
OPM OPM%	47.0	35.8	35.6	38.7	35.0	32.1	32.5	29.6	27.4	30.1	35.3	46.3
Other Income Other IncomeCr	-2,037	635	578	355	977	166	110	980	721	433	919	530
Interest Expense Interest ExpenseCr	279	236	234	242	280	304	244	199	305	319	381	302
Depreciation DepreciationCr	499	576	576	553	608	624	533	627	671	715	699	698
PBT PBTCr	708	3,266	3,028	2,701	2,626	1,917	2,193	2,505	2,048	1,910	3,119	5,322
Tax TaxCr	68	659	695	685	557	459	696	459	404	474	695	1,295
PAT PATCr	640	2,608	2,333	2,016	2,069	1,457	1,497	2,047	1,644	1,436	2,424	4,027
Growth YoY PAT Growth YoY%	-69.7	3.1	17.8	44.1	223.1	-44.1	-35.8	1.5	-20.6	-1.5	62.0	96.8
NPM NPM%	8.5	27.1	25.5	24.8	28.6	17.5	17.0	25.8	19.6	17.2	26.1	32.2
EPS EPS₹	2.6	14.4	8.8	7.7	12.4	8.2	8.1	11.7	8.8	7.3	12.9	22.3

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

7,497

9,614

9,147

8,120

7,247

8,337

8,808

7,929

8,394

8,330

9,293

12,503

Growth YoY

Revenue Growth YoY%

-9.2

3.4

16.5

30.8

-3.3

-13.3

-3.7

-2.4

15.8

-0.1

5.5

57.7

Expenses

ExpensesCr

3,973

6,171

5,886

4,978

4,711

5,659

5,948

5,578

6,091

5,820

6,012

6,711

Operating Profit

Operating ProfitCr

3,523

3,443

3,261

3,142

2,536

2,678

2,860

2,351

2,303

2,510

3,281

5,793

OPM

OPM%

47.0

35.8

35.6

38.7

35.0

32.1

32.5

29.6

27.4

30.1

35.3

46.3

Other Income

Other IncomeCr

-2,037

635

578

355

977

166

110

980

721

433

919

530

Interest Expense

Interest ExpenseCr

279

236

234

242

280

304

244

199

305

319

381

302

Depreciation

DepreciationCr

499

576

553

608

624

533

627

671

715

699

698

PBT

PBTCr

708

3,266

3,028

2,701

2,626

1,917

2,193

2,505

2,048

1,910

3,119

5,322

Tax

TaxCr

659

695

685

557

459

696

459

404

474

695

1,295

PAT

PATCr

640

2,608

2,333

2,016

2,069

1,457

1,497

2,047

1,644

1,436

2,424

4,027

Growth YoY

PAT Growth YoY%

-69.7

3.1

17.8

44.1

223.1

-44.1

-35.8

1.5

-20.6

-1.5

62.0

96.8

NPM

NPM%

8.5

27.1

25.5

24.8

28.6

17.5

17.0

25.8

19.6

17.2

26.1

32.2

EPS

EPS₹

2.6

14.4

8.8

7.7

12.4

8.2

8.1

11.7

8.8

7.3

12.9

22.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	9,821	9,566	10,698	13,780	18,612	17,616	25,906	36,084	32,466	32,512	33,946	38,521
Growth Revenue Growth%	-1.6	-2.6	11.8	28.8	35.1	-5.3	47.1	39.3	-10.0	0.1	4.4	19.2
Expenses ExpensesCr	6,235	6,446	6,770	8,190	13,297	11,928	15,405	20,829	19,962	21,296	23,501	24,633
Operating Profit Operating ProfitCr	3,586	3,120	3,928	5,591	5,315	5,689	10,500	15,255	12,504	11,216	10,446	13,887
OPM OPM%	36.5	32.6	36.7	40.6	28.6	32.3	40.5	42.3	38.5	34.5	30.8	36.0
Other Income Other IncomeCr	1,198	793	1,812	1,251	2,147	1,185	1,254	737	-566	1,608	3,053	2,602
Interest Expense Interest ExpenseCr	389	441	554	624	647	660	940	901	964	1,069	1,204	1,307
Depreciation DepreciationCr	1,070	1,180	1,327	1,541	1,786	1,844	1,824	1,947	2,129	2,318	2,712	2,783
PBT PBTCr	3,324	2,292	3,859	4,677	5,030	4,369	8,990	13,144	8,846	9,436	9,582	12,399
Tax TaxCr	1,244	696	1,124	1,439	25	223	2,271	3,289	1,865	2,397	2,031	2,868
PAT PATCr	2,080	1,597	2,735	3,238	5,005	4,146	6,719	9,854	6,980	7,040	7,551	9,531
Growth PAT Growth%	-16.3	-23.2	71.3	18.4	54.6	-17.2	62.1	46.7	-29.2	0.8	7.3	34.8
NPM NPM%	21.2	16.7	25.6	23.5	26.9	23.5	25.9	27.3	21.5	21.6	22.2	24.7
EPS EPS₹	11.5	8.8	24.1	19.1	28.9	21.7	34.6	53.7	26.0	40.3	40.7	51.4

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

9,821

9,566

10,698

13,780

18,612

17,616

25,906

36,084

32,466

32,512

33,946

38,521

Growth

Revenue Growth%

-1.6

-2.6

11.8

28.8

35.1

-5.3

47.1

39.3

-10.0

0.1

4.4

19.2

Expenses

ExpensesCr

6,235

6,446

6,770

8,190

13,297

11,928

15,405

20,829

19,962

21,296

23,501

24,633

Operating Profit

Operating ProfitCr

3,586

3,120

3,928

5,591

5,315

5,689

10,500

15,255

12,504

11,216

10,446

13,887

OPM

OPM%

36.5

32.6

36.7

40.6

28.6

32.3

40.5

42.3

38.5

34.5

30.8

36.0

Other Income

Other IncomeCr

1,198

793

1,812

1,251

2,147

1,185

1,254

737

-566

1,608

3,053

2,602

Interest Expense

Interest ExpenseCr

389

441

554

624

647

660

940

901

964

1,069

1,204

1,307

Depreciation

DepreciationCr

1,070

1,180

1,327

1,541

1,786

1,844

1,824

1,947

2,129

2,318

2,712

2,783

PBT

PBTCr

3,324

2,292

3,859

4,677

5,030

4,369

8,990

13,144

8,846

9,436

9,582

12,399

Tax

TaxCr

1,244

696

1,124

1,439

223

2,271

3,289

1,865

2,397

2,031

2,868

PAT

PATCr

2,080

1,597

2,735

3,238

5,005

4,146

6,719

9,854

6,980

7,040

7,551

9,531

Growth

PAT Growth%

-16.3

-23.2

71.3

18.4

54.6

-17.2

62.1

46.7

-29.2

0.8

7.3

34.8

NPM

NPM%

21.2

16.7

25.6

23.5

26.9

23.5

25.9

27.3

21.5

21.6

22.2

24.7

EPS

EPS₹

11.5

8.8

24.1

19.1

28.9

21.7

34.6

53.7

26.0

40.3

40.7

51.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	9,821	9,566	10,698	13,780	18,612	17,616	25,906	36,084	32,466	32,512	33,946	38,521
Growth Revenue Growth%	-1.6	-2.6	11.8	28.8	35.1	-5.3	47.1	39.3	-10.0	0.1	4.4	19.2
Expenses ExpensesCr	6,235	6,446	6,770	8,190	13,297	11,928	15,405	20,829	19,962	21,296	23,501	24,633
Operating Profit Operating ProfitCr	3,586	3,120	3,928	5,591	5,315	5,689	10,500	15,255	12,504	11,216	10,446	13,887
OPM OPM%	36.5	32.6	36.7	40.6	28.6	32.3	40.5	42.3	38.5	34.5	30.8	36.0
Other Income Other IncomeCr	1,198	793	1,812	1,251	2,147	1,185	1,254	737	-566	1,608	3,053	2,602
Interest Expense Interest ExpenseCr	389	441	554	624	647	660	940	901	964	1,069	1,204	1,307
Depreciation DepreciationCr	1,070	1,180	1,327	1,541	1,786	1,844	1,824	1,947	2,129	2,318	2,712	2,783
PBT PBTCr	3,324	2,292	3,859	4,677	5,030	4,369	8,990	13,144	8,846	9,436	9,582	12,399
Tax TaxCr	1,244	696	1,124	1,439	25	223	2,271	3,289	1,865	2,397	2,031	2,868
PAT PATCr	2,080	1,597	2,735	3,238	5,005	4,146	6,719	9,854	6,980	7,040	7,551	9,531
Growth PAT Growth%	-16.3	-23.2	71.3	18.4	54.6	-17.2	62.1	46.7	-29.2	0.8	7.3	34.8
NPM NPM%	21.2	16.7	25.6	23.5	26.9	23.5	25.9	27.3	21.5	21.6	22.2	24.7
EPS EPS₹	11.5	8.8	24.1	19.1	28.9	21.7	34.6	53.7	26.0	40.3	40.7	51.4

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

9,821

9,566

10,698

13,780

18,612

17,616

25,906

36,084

32,466

32,512

33,946

38,521

Growth

Revenue Growth%

-1.6

-2.6

11.8

28.8

35.1

-5.3

47.1

39.3

-10.0

0.1

4.4

19.2

Expenses

ExpensesCr

6,235

6,446

6,770

8,190

13,297

11,928

15,405

20,829

19,962

21,296

23,501

24,633

Operating Profit

Operating ProfitCr

3,586

3,120

3,928

5,591

5,315

5,689

10,500

15,255

12,504

11,216

10,446

13,887

OPM

OPM%

36.5

32.6

36.7

40.6

28.6

32.3

40.5

42.3

38.5

34.5

30.8

36.0

Other Income

Other IncomeCr

1,198

793

1,812

1,251

2,147

1,185

1,254

737

-566

1,608

3,053

2,602

Interest Expense

Interest ExpenseCr

389

441

554

624

647

660

940

901

964

1,069

1,204

1,307

Depreciation

DepreciationCr

1,070

1,180

1,327

1,541

1,786

1,844

1,824

1,947

2,129

2,318

2,712

2,783

PBT

PBTCr

3,324

2,292

3,859

4,677

5,030

4,369

8,990

13,144

8,846

9,436

9,582

12,399

Tax

TaxCr

1,244

696

1,124

1,439

223

2,271

3,289

1,865

2,397

2,031

2,868

PAT

PATCr

2,080

1,597

2,735

3,238

5,005

4,146

6,719

9,854

6,980

7,040

7,551

9,531

Growth

PAT Growth%

-16.3

-23.2

71.3

18.4

54.6

-17.2

62.1

46.7

-29.2

0.8

7.3

34.8

NPM

NPM%

21.2

16.7

25.6

23.5

26.9

23.5

25.9

27.3

21.5

21.6

22.2

24.7

EPS

EPS₹

11.5

8.8

24.1

19.1

28.9

21.7

34.6

53.7

26.0

40.3

40.7

51.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	601	802	757	1,084	1,084	1,084	1,084	1,084	1,084	1,627	1,627
Reserves ReservesCr	24,577	28,718	28,273	22,319	22,126	22,582	29,478	37,397	47,255	48,141	56,372
Current Liabilities Current LiabilitiesCr	2,854	8,540	4,376	9,207	15,358	10,745	6,809	8,598	14,357	15,218	17,351
Non Current Liabilities Non Current LiabilitiesCr	12,161	13,175	15,228	24,130	17,095	19,740	20,833	23,432	25,170	34,521	42,695
Total Liabilities Total LiabilitiesCr	40,192	51,234	48,634	57,829	56,734	55,294	60,818	73,883	92,153	1,04,445	1,23,848
Current Assets Current AssetsCr	14,399	11,893	8,508	14,873	12,817	10,493	10,111	14,547	16,739	18,709	18,903
Non Current Assets Non Current AssetsCr	25,793	39,341	40,126	42,956	43,917	44,801	50,707	59,336	75,414	85,736	1,04,945
Total Assets Total AssetsCr	40,192	51,234	48,634	57,829	56,734	55,294	60,818	73,883	92,153	1,04,445	1,23,848

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

601

802

757

1,084

1,627

Reserves

ReservesCr

24,577

28,718

28,273

22,319

22,126

22,582

29,478

37,397

47,255

48,141

56,372

Current Liabilities

Current LiabilitiesCr

2,854

8,540

4,376

9,207

15,358

10,745

6,809

8,598

14,357

15,218

17,351

Non Current Liabilities

Non Current LiabilitiesCr

12,161

13,175

15,228

24,130

17,095

19,740

20,833

23,432

25,170

34,521

42,695

Total Liabilities

Total LiabilitiesCr

40,192

51,234

48,634

57,829

56,734

55,294

60,818

73,883

92,153

1,04,445

1,23,848

Current Assets

Current AssetsCr

14,399

11,893

8,508

14,873

12,817

10,493

10,111

14,547

16,739

18,709

18,903

Non Current Assets

Non Current AssetsCr

25,793

39,341

40,126

42,956

43,917

44,801

50,707

59,336

75,414

85,736

1,04,945

Total Assets

Total AssetsCr

40,192

51,234

48,634

57,829

56,734

55,294

60,818

73,883

92,153

1,04,445

1,23,848

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	601	802	757	1,084	1,084	1,084	1,084	1,084	1,084	1,627	1,627
Reserves ReservesCr	24,577	28,718	28,273	22,319	22,126	22,582	29,478	37,397	47,255	48,141	56,372
Current Liabilities Current LiabilitiesCr	2,854	8,540	4,376	9,207	15,358	10,745	6,809	8,598	14,357	15,218	17,351
Non Current Liabilities Non Current LiabilitiesCr	12,161	13,175	15,228	24,130	17,095	19,740	20,833	23,432	25,170	34,521	42,695
Total Liabilities Total LiabilitiesCr	40,192	51,234	48,634	57,829	56,734	55,294	60,818	73,883	92,153	1,04,445	1,23,848
Current Assets Current AssetsCr	14,399	11,893	8,508	14,873	12,817	10,493	10,111	14,547	16,739	18,709	18,903
Non Current Assets Non Current AssetsCr	25,793	39,341	40,126	42,956	43,917	44,801	50,707	59,336	75,414	85,736	1,04,945
Total Assets Total AssetsCr	40,192	51,234	48,634	57,829	56,734	55,294	60,818	73,883	92,153	1,04,445	1,23,848

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

601

802

757

1,084

1,627

Reserves

ReservesCr

24,577

28,718

28,273

22,319

22,126

22,582

29,478

37,397

47,255

48,141

56,372

Current Liabilities

Current LiabilitiesCr

2,854

8,540

4,376

9,207

15,358

10,745

6,809

8,598

14,357

15,218

17,351

Non Current Liabilities

Non Current LiabilitiesCr

12,161

13,175

15,228

24,130

17,095

19,740

20,833

23,432

25,170

34,521

42,695

Total Liabilities

Total LiabilitiesCr

40,192

51,234

48,634

57,829

56,734

55,294

60,818

73,883

92,153

1,04,445

1,23,848

Current Assets

Current AssetsCr

14,399

11,893

8,508

14,873

12,817

10,493

10,111

14,547

16,739

18,709

18,903

Non Current Assets

Non Current AssetsCr

25,793

39,341

40,126

42,956

43,917

44,801

50,707

59,336

75,414

85,736

1,04,945

Total Assets

Total AssetsCr

40,192

51,234

48,634

57,829

56,734

55,294

60,818

73,883

92,153

1,04,445

1,23,848

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3,597	3,114	3,933	5,023	6,493	5,235	9,310	11,410	10,933	11,332	10,684
Investing Cash Flow Investing Cash FlowCr	-2,677	-6,139	1,458	-584	-2,213	-8,513	-4,193	-9,131	-12,601	-13,514	-10,381
Financing Cash Flow Financing Cash FlowCr	-871	2,758	-5,698	-940	-7,331	3,702	-5,615	-2,521	1,637	2,483	409
Net Cash Flow Net Cash FlowCr	49	-267	-307	3,498	-3,052	425	-499	-242	-31	301	711
Free Cash Flow Free Cash FlowCr	3,597	3,114	3,933	5,023	6,493	5,235	9,310	11,410	10,933	11,332	10,684
CFO To PAT CFO To PAT%	172.9	195.0	143.8	155.1	129.7	126.3	138.6	115.8	156.6	161.0	141.5
CFO To EBITDA CFO To EBITDA%	100.3	99.8	100.1	89.8	122.2	92.0	88.7	74.8	87.4	101.0	102.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

3,597

3,114

3,933

5,023

6,493

5,235

9,310

11,410

10,933

11,332

10,684

Investing Cash Flow

Investing Cash FlowCr

-2,677

-6,139

1,458

-584

-2,213

-8,513

-4,193

-9,131

-12,601

-13,514

-10,381

Financing Cash Flow

Financing Cash FlowCr

-871

2,758

-5,698

-940

-7,331

3,702

-5,615

-2,521

1,637

2,483

409

Net Cash Flow

Net Cash FlowCr

-267

-307

3,498

-3,052

425

-499

-242

-31

301

711

Free Cash Flow

Free Cash FlowCr

3,597

3,114

3,933

5,023

6,493

5,235

9,310

11,410

10,933

11,332

10,684

CFO To PAT

CFO To PAT%

172.9

195.0

143.8

155.1

129.7

126.3

138.6

115.8

156.6

161.0

141.5

CFO To EBITDA

CFO To EBITDA%

100.3

99.8

100.1

89.8

122.2

92.0

88.7

74.8

87.4

101.0

102.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3,597	3,114	3,933	5,023	6,493	5,235	9,310	11,410	10,933	11,332	10,684
Investing Cash Flow Investing Cash FlowCr	-2,677	-6,139	1,458	-584	-2,213	-8,513	-4,193	-9,131	-12,601	-13,514	-10,381
Financing Cash Flow Financing Cash FlowCr	-871	2,758	-5,698	-940	-7,331	3,702	-5,615	-2,521	1,637	2,483	409
Net Cash Flow Net Cash FlowCr	49	-267	-307	3,498	-3,052	425	-499	-242	-31	301	711
Free Cash Flow Free Cash FlowCr	3,597	3,114	3,933	5,023	6,493	5,235	9,310	11,410	10,933	11,332	10,684
CFO To PAT CFO To PAT%	172.9	195.0	143.8	155.1	129.7	126.3	138.6	115.8	156.6	161.0	141.5
CFO To EBITDA CFO To EBITDA%	100.3	99.8	100.1	89.8	122.2	92.0	88.7	74.8	87.4	101.0	102.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

3,597

3,114

3,933

5,023

6,493

5,235

9,310

11,410

10,933

11,332

10,684

Investing Cash Flow

Investing Cash FlowCr

-2,677

-6,139

1,458

-584

-2,213

-8,513

-4,193

-9,131

-12,601

-13,514

-10,381

Financing Cash Flow

Financing Cash FlowCr

-871

2,758

-5,698

-940

-7,331

3,702

-5,615

-2,521

1,637

2,483

409

Net Cash Flow

Net Cash FlowCr

-267

-307

3,498

-3,052

425

-499

-242

-31

301

711

Free Cash Flow

Free Cash FlowCr

3,597

3,114

3,933

5,023

6,493

5,235

9,310

11,410

10,933

11,332

10,684

CFO To PAT

CFO To PAT%

172.9

195.0

143.8

155.1

129.7

126.3

138.6

115.8

156.6

161.0

141.5

CFO To EBITDA

CFO To EBITDA%

100.3

99.8

100.1

89.8

122.2

92.0

88.7

74.8

87.4

101.0

102.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	18,843	26,735	24,434	20,099	8,968	13,300	25,836	27,289	65,075	62,844	77,321	73,035
Price To Earnings Price To Earnings	9.5	18.5	6.0	6.2	1.9	3.8	4.6	3.1	10.3	9.6	11.7	8.7
Price To Sales Price To Sales	1.9	2.8	2.3	1.5	0.5	0.8	1.0	0.8	2.0	1.9	2.3	1.9
Price To Book Price To Book	0.8	0.9	0.6	0.7	0.4	0.6	0.8	0.7	1.4	1.3	1.3	1.3
EV To EBITDA EV To EBITDA	5.2	11.0	8.1	4.3	3.3	5.5	3.9	2.8	6.7	7.7	10.4	7.5
Profitability Ratios Profitability Ratios
GPM GPM%	89.1	88.8	88.8	89.0	73.6	69.0	72.0	71.5	70.4	68.6	69.5	69.5
OPM OPM%	36.5	32.6	36.7	40.6	28.6	32.3	40.5	42.3	38.5	34.5	30.8	36.0
NPM NPM%	21.2	16.7	25.6	23.5	26.9	23.5	25.9	27.3	21.5	21.6	22.2	24.7
ROCE ROCE%	10.6	6.3	11.1	15.5	15.8	11.6	21.0	24.5	13.6	13.1	11.3	11.3
ROE ROE%	8.3	5.4	9.4	13.8	21.6	17.5	22.0	25.6	14.4	14.1	13.0	13.0
ROA ROA%	5.2	3.1	5.6	5.6	8.8	7.5	11.1	13.3	7.6	6.7	6.1	6.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

18,843

26,735

24,434

20,099

8,968

13,300

25,836

27,289

65,075

62,844

77,321

73,035

Price To Earnings

9.5

18.5

6.0

6.2

1.9

3.8

4.6

3.1

10.3

9.6

11.7

8.7

Price To Sales

1.9

2.8

2.3

1.5

0.5

0.8

1.0

0.8

2.0

1.9

2.3

1.9

Price To Book

0.8

0.9

0.6

0.7

0.4

0.6

0.8

0.7

1.4

1.3

EV To EBITDA

5.2

11.0

8.1

4.3

3.3

5.5

3.9

2.8

6.7

7.7

10.4

7.5

Profitability Ratios

GPM

GPM%

89.1

88.8

89.0

73.6

69.0

72.0

71.5

70.4

68.6

69.5

OPM

OPM%

36.5

32.6

36.7

40.6

28.6

32.3

40.5

42.3

38.5

34.5

30.8

36.0

NPM

NPM%

21.2

16.7

25.6

23.5

26.9

23.5

25.9

27.3

21.5

21.6

22.2

24.7

ROCE

ROCE%

10.6

6.3

11.1

15.5

15.8

11.6

21.0

24.5

13.6

13.1

11.3

ROE

ROE%

8.3

5.4

9.4

13.8

21.6

17.5

22.0

25.6

14.4

14.1

13.0

ROA

ROA%

5.2

3.1

5.6

8.8

7.5

11.1

13.3

7.6

6.7

6.1

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	18,843	26,735	24,434	20,099	8,968	13,300	25,836	27,289	65,075	62,844	77,321	73,035
Price To Earnings Price To Earnings	9.5	18.5	6.0	6.2	1.9	3.8	4.6	3.1	10.3	9.6	11.7	8.7
Price To Sales Price To Sales	1.9	2.8	2.3	1.5	0.5	0.8	1.0	0.8	2.0	1.9	2.3	1.9
Price To Book Price To Book	0.8	0.9	0.6	0.7	0.4	0.6	0.8	0.7	1.4	1.3	1.3	1.3
EV To EBITDA EV To EBITDA	5.2	11.0	8.1	4.3	3.3	5.5	3.9	2.8	6.7	7.7	10.4	7.5
Profitability Ratios Profitability Ratios
GPM GPM%	89.1	88.8	88.8	89.0	73.6	69.0	72.0	71.5	70.4	68.6	69.5	69.5
OPM OPM%	36.5	32.6	36.7	40.6	28.6	32.3	40.5	42.3	38.5	34.5	30.8	36.0
NPM NPM%	21.2	16.7	25.6	23.5	26.9	23.5	25.9	27.3	21.5	21.6	22.2	24.7
ROCE ROCE%	10.6	6.3	11.1	15.5	15.8	11.6	21.0	24.5	13.6	13.1	11.3	11.3
ROE ROE%	8.3	5.4	9.4	13.8	21.6	17.5	22.0	25.6	14.4	14.1	13.0	13.0
ROA ROA%	5.2	3.1	5.6	5.6	8.8	7.5	11.1	13.3	7.6	6.7	6.1	6.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

18,843

26,735

24,434

20,099

8,968

13,300

25,836

27,289

65,075

62,844

77,321

73,035

Price To Earnings

9.5

18.5

6.0

6.2

1.9

3.8

4.6

3.1

10.3

9.6

11.7

8.7

Price To Sales

1.9

2.8

2.3

1.5

0.5

0.8

1.0

0.8

2.0

1.9

2.3

1.9

Price To Book

0.8

0.9

0.6

0.7

0.4

0.6

0.8

0.7

1.4

1.3

EV To EBITDA

5.2

11.0

8.1

4.3

3.3

5.5

3.9

2.8

6.7

7.7

10.4

7.5

Profitability Ratios

GPM

GPM%

89.1

88.8

89.0

73.6

69.0

72.0

71.5

70.4

68.6

69.5

OPM

OPM%

36.5

32.6

36.7

40.6

28.6

32.3

40.5

42.3

38.5

34.5

30.8

36.0

NPM

NPM%

21.2

16.7

25.6

23.5

26.9

23.5

25.9

27.3

21.5

21.6

22.2

24.7

ROCE

ROCE%

10.6

6.3

11.1

15.5

15.8

11.6

21.0

24.5

13.6

13.1

11.3

ROE

ROE%

8.3

5.4

9.4

13.8

21.6

17.5

22.0

25.6

14.4

14.1

13.0

ROA

ROA%

5.2

3.1

5.6

8.8

7.5

11.1

13.3

7.6

6.7

6.1

Operational Ratios

Solvency Ratios

Liquidity Ratios

	ONGC	OIL	DEEPINDS	ANTELOPUS	DOLPHIN	HINDOILEXP	ASIANENE
Market CapitalizationMkt CapCr	2,83,056	73,035	4,595	3,534	2,493	2,195	2,131
Close PriceClose₹	225.00	449.00	718.00	1,001.60	623.25	166.01	434.50
IndustryIndustry	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration
Price To EarningsPE	6.50	8.74	22.26	26.53	34.63	87.37	34.16
Price To SalesPS	0.40	1.90	4.74	9.84	17.46	7.35	2.25
RevenueRevenueCr	7,04,123	38,521	970	359	143	299	947
Revenue Growth TTMRev Gr TTM%	7.1%	19.2%	48.8%	46.5%	74.0%	-17.8%	82.0%
PAT Growth TTMPAT Gr TTM%	11.7%	34.8%	502.3%	107.5%	43.3%	-83.2%	28.9%

Market CapitalizationMkt CapCr

2,83,056

73,035

4,595

3,534

2,493

2,195

2,131

Close PriceClose₹

225.00

449.00

718.00

1,001.60

623.25

166.01

434.50

IndustryIndustry

Oil Drilling and Exploration

Price To EarningsPE

6.50

8.74

22.26

26.53

34.63

87.37

34.16

Price To SalesPS

0.40

1.90

4.74

9.84

17.46

7.35

2.25

RevenueRevenueCr

7,04,123

38,521

970

359

143

299

947

Revenue Growth TTMRev Gr TTM%

7.1%

19.2%

48.8%

46.5%

74.0%

-17.8%

82.0%

PAT Growth TTMPAT Gr TTM%

11.7%

34.8%

502.3%

107.5%

43.3%

-83.2%

28.9%

	ONGC	OIL	DEEPINDS	ANTELOPUS	DOLPHIN	HINDOILEXP	ASIANENE
Market CapitalizationMkt CapCr	2,83,056	73,035	4,595	3,534	2,493	2,195	2,131
Close PriceClose₹	225.00	449.00	718.00	1,001.60	623.25	166.01	434.50
IndustryIndustry	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration
Price To EarningsPE	6.50	8.74	22.26	26.53	34.63	87.37	34.16
Price To SalesPS	0.40	1.90	4.74	9.84	17.46	7.35	2.25
RevenueRevenueCr	7,04,123	38,521	970	359	143	299	947
Revenue Growth TTMRev Gr TTM%	7.1%	19.2%	48.8%	46.5%	74.0%	-17.8%	82.0%
PAT Growth TTMPAT Gr TTM%	11.7%	34.8%	502.3%	107.5%	43.3%	-83.2%	28.9%

Market CapitalizationMkt CapCr

2,83,056

73,035

4,595

3,534

2,493

2,195

2,131

Close PriceClose₹

225.00

449.00

718.00

1,001.60

623.25

166.01

434.50

IndustryIndustry

Oil Drilling and Exploration

Price To EarningsPE

6.50

8.74

22.26

26.53

34.63

87.37

34.16

Price To SalesPS

0.40

1.90

4.74

9.84

17.46

7.35

2.25

RevenueRevenueCr

7,04,123

38,521

970

359

143

299

947

Revenue Growth TTMRev Gr TTM%

7.1%

19.2%

48.8%

46.5%

74.0%

-17.8%

82.0%

PAT Growth TTMPAT Gr TTM%

11.7%

34.8%

502.3%

107.5%

43.3%

-83.2%

28.9%

Oil India Ltd

Oil India Ltd

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison