Oil India’s first‑quarter 2027 results show revenue of INR79.6 billion, which is 9% higher than analysts’ expectations. Oil sales were 8% above estimates, while gas sales fell 11% below forecasts at 0.92 mmt and 0.62 bcm respectively.
Oil production rose 11% year‑on‑year to 0.95 mmt, whereas gas production dropped 8% to 0.76 bcm. The company achieved an oil realization rate of USD98.7 per barrel, 4% above the projected USD95.2 per barrel.
EBITDA reached INR43.4 billion, 6% above the estimate and an 83% jump from the previous year. Exploration cost write‑offs were INR2.5 billion, and adjusted profit after tax hit INR28.7 billion, 12% above forecasts.
Looking ahead, Oil India intends to drill 100 wells in FY27, the highest annual drilling count in its history. The NRL refinery unit is expected to operate at 75% capacity by the end of FY28.
The research team has revised the target price to INR485 based on a projected compound annual growth rate of 5.4% for oil production and 8.1% for gas production over FY26‑FY28.
These results underline Oil India’s resilience in a challenging market and its focus on expanding production capacity while maintaining profitability.