Oil India Q2 standalone profit more than doubles to Rs 2,259 crore on higher production, crude realisations

New Delhi: State-owned Maharatna company Oil India Limited (OIL) reported a 116 percent year-on-year increase in standalone net profit to Rs 2,259 crore in the second quarter of FY27, compared to Rs 1,044 crore in the corresponding quarter of the previous fiscal.

The company's consolidated profit after tax (PAT) rose 53 percent to Rs 2,521 crore in Q2 FY27 from Rs 1,644 crore a year ago.

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The strong financial performance was supported by a 20 percent increase in crude oil production and higher crude oil price realisations. The company's crude oil realisation increased 35 percent to USD 92.24 per barrel during the quarter, against USD 68.19 per barrel in Q2 FY26.

Oil India's standalone PAT for the first half of FY27 reached a record Rs 5,130 crore for the six months ended September 30, 2026.

The company's Board of Directors has recommended an interim dividend of Rs 7 per fully paid-up equity share.

On the operational front, Oil India produced 1.021 million metric tonnes (MMT) of crude oil during the quarter from its mature and old fields.

The company also achieved its highest daily crude oil production in the last decade at 11,300 tonnes, equivalent to 87,051 barrels, on September 29, 2026.

Its drilling performance also reached a new milestone, with 42 wells drilled during the first half of FY27, marking the highest-ever half-year drilling performance in the company's history.

Oil India's material subsidiary, Numaligarh Refinery Limited (NRL), also contributed to the overall performance through sustained operational efficiency.

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NRL processed 803 thousand tonnes (TMT) of crude oil during Q2 FY27. Its capacity utilisation remained above 106 percent during the first half of the fiscal year.

NRL's Gross Refining Margin (GRM) surged 265 percent to USD 28.24 per barrel in the first half of FY27, compared to USD 7.73 per barrel in the corresponding period of the previous fiscal.

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