Oil India Limited, the upstream producer behind record Q1 FY27 results and parent of Numaligarh Refinery, heads into its Q2 FY 2026-2027 print with crude realizations riding a sharply higher oil-price quarter. The two biggest items to watch are the promised disclosure on the ~Rs. 2,500 Cr GST-on-royalty payment and how NRL's gross refining margin normalizes from the spike-aided USD 35.95/bbl of Q1.
| Results date | November 12, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 7,958.14 Cr (standalone); Rs. 12,886.27 Cr (consolidated) |
| Previous quarter PAT | Rs. 2,870.21 Cr (standalone); Rs. 4,026.83 Cr (consolidated) |
| Previous quarter EBITDA margin | 54% plus (management-stated, standalone) |
| Market cap | Rs. 72,205.12 Cr |
| CMP | Rs. 443.9 |
The Board of Oil India Limited will meet on 12 Nov 2026 to approve the standalone and consolidated financial results for the quarter and half year ended 30 Sep 2026 (Q2/H1 FY27) and consider an interim dividend for FY 2026-27.
The Q2 FY27 print is set against a sharply higher crude-price quarter, with India's average imported crude price at about $96/bbl versus $101 in Q1 FY27 and roughly 37% higher YoY, keeping realizations a strong YoY tailwind after the Q1 realized price of USD 98.73/bbl. Volume momentum carried through the open months: OIL's nomination-block crude rose 16.05% YoY in July 2026 and grew 18% over July-August while management guided close to 1 MMT of crude production each quarter toward the FY27 target of 3.9-4.0 MMT.
Gas remains the softer line, gated by evacuation constraints with 30 wells shut in on average and up to 60 at low consumption, and the nomination-gas realization stays capped at $7.00/MMBTU despite the headline APM price reset to $11.22/MMBTU for October.
The margin swing factor sits at NRL, where the Q1 reported GRM of USD 35.95/bbl (normalized about USD 33 after a ~USD 2/bbl inventory gain) sits far above the typical USD 7-8, and domestic excise duty rates were unchanged through the quarter, leaving the SAED/excise composition of the GRM as the unanswered bridge item from the Q1 call.
On the balance sheet, the court-granted six-week window for the ~Rs. 2,500 Cr GST-on-royalty principal closed at quarter-end, with the disclosure of the released amount promised in the Q2 financials and no P&L impact expected since the amount has been provisioned since July 2017. The upcoming call is also expected to cover commissioning status of the NRL CDU/VDU, DHDT and SRU units targeted for October-November 2026 and the Paradip-Numaligarh crude pipeline due by December 2026.
Guidance scorecard from the Q1 FY27 call: Management's stated targets and where tracking stood as of the last update.
Q2-FY27-specific disclosures: Items that fall due within or immediately after the quarter.
Exploration follow-ups: Andaman and KG Basin: Appraisal decisions and write-down risk on high-spend wells.
Operating metrics to probe: realizations, GRM and cost run-rates: The numbers that will frame the margin conversation.
Narrative shifts: gas evacuation, capex revision and production targets: Whether management reiterates or revises the FY27 path.
The principal of about Rs. 2,500 Cr was to be paid within a court-granted six-week window, and since the amount has been provisioned since July 2017 there is no fresh P&L impact expected. The disclosure of the released amount is promised in the Q2 FY27 financials.
NRL's reported Q1 FY27 GRM of USD 35.95/bbl includes an inventory gain of approximately USD 2/bbl, taking the normalized level to about USD 33. Management has indicated the typical GRM is USD 7-8, and the excise/SAED component of the margin was a question left unanswered on the Q1 call.
About Rs. 30,000 crores has been invested, with the refinery expected to complete at Rs. 34,000-35,000 crores and the polypropylene unit adding another Rs. 7,200-7,300 crores. The debt component at NRL stands at Rs. 19,000 crores.
Vijayapuram-3 testing was completed in July with an appraisal decision planned by April, while Vijayapuram-1 hydrofrac testing was expected to conclude in August with a decision in September. Vijayapuram-1 expenditure is about Rs. 1,000-1,050 crores and a fourth Andaman well is planned for December 2026.
Gas volumes are currently gated by evacuation, with DNPL now a common carrier, a 200-meter IGGL link expected in 2-3 months from August 2026, and capacity augmentation from 1 to 2 and then 2.5 MMSCMD. Management said a 'big jump will happen in 28th first quarter', with additional evacuation of 3.5-4 MMSCMD due by December 2027.
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