Oil India Ltd. delivered exceptional year-over-year growth in its second quarter of fiscal 2026-27, with standalone net profit rising 53% to ₹2,521 crore compared to ₹1,644 crore in the same quarter last year. The company's revenue from operations jumped 26% to ₹12,303 crore during the September quarter, against ₹9,692 crore in the corresponding period of the previous financial year. According to the latest NSE filing, the crude oil realisation climbed 35% to $92.24 per barrel from $68.19 per barrel a year earlier, as reported by Business Standard. The revenue gain was largely supported by the higher price of crude oil in the market due to the West Asia conflict between the United States and Iran, with Oil India benefiting as an upstream oil company that can sell production at elevated prices.
While the year-over-year performance was impressive, the sequential quarterly comparison shows some challenges. According to the company's exchange filing, the profit dropped 36% sequentially to ₹2,309 crore compared to the previous quarter's ₹3,630 crore. The revenue fell 8% to ₹11,535 crore from the preceding quarter's ₹12,503 crore, indicating that while the company maintained strong year-over-year growth, it faced some operational headwinds on a quarter-over-quarter basis. As reported by CNBC TV18, on a quarter-on-quarter basis, standalone net profit declined 21.3% to ₹2,259 crore from ₹2,870 crore in the June quarter, while revenue from operations rose modestly 1.4% QoQ to ₹8,071 crore from ₹7,958 crore. However, the company's strong year-over-year performance demonstrates resilience despite sequential challenges.
The company experienced significant margin expansion during the quarter, with net profit margins expanding to 27.99% from 19.13% a year earlier, reflecting the impact of elevated crude oil prices and operational efficiency gains. EBITDA margins also improved substantially, with the company achieving its highest daily crude oil production in a decade at 11,300 metric tonnes on September 29, 2026. During the first half of FY27, the company drilled 42 wells, its highest-ever half-year drilling performance. The company's material subsidiary, Numaligarh Refinery Limited (NRL), also performed strongly with crude throughput of 803 thousand metric tonnes in Q2 FY27, up from 753 TMT in the corresponding quarter last year. NRL's gross refining margin for the first half of FY27 rose significantly to $28.24 per barrel from $7.73 per barrel a year ago, demonstrating improved operational efficiency across the group.
Oil India achieved remarkable operational milestones during Q2 FY27, with crude oil production rising 20% to 1.021 million metric tonnes compared to 0.848 MMT in the year-ago quarter. The company recorded its highest daily crude oil production in a decade at 11,300 metric tonnes on September 29, 2026. During the first half of FY27, the company drilled 42 wells, its highest-ever half-year drilling performance. The company's material subsidiary, Numaligarh Refinery Limited (NRL), also performed strongly with crude throughput of 803 thousand metric tonnes in Q2 FY27, up from 753 TMT in the corresponding quarter last year. NRL's gross refining margin for the first half of FY27 rose significantly to $28.24 per barrel from $7.73 per barrel a year ago, demonstrating improved operational efficiency across the group.
Despite the challenging financial performance, Oil India maintained its commitment to shareholders with the board approving an interim dividend of ₹7 per share for the quarter, representing 70% of the stock's face value of ₹10. The company has fixed Friday, November 20, 2026 as the official record date to determine shareholder eligibility for the dividend, with payment estimated to be credited on or before December 12, 2026. As reported by CNBC TV18, shares of Oil India ended 1.3% lower at ₹440 ahead of the results announcement, with the stock having declined about 3% so far in 2026. For the first half of FY27, consolidated net profit rose 77% to ₹6,548 crore from ₹3,690 crore in the corresponding period last year. The company's market capitalisation stood at ₹71,652.07 crore as of the closing price on November 12, 2026.
