Oil India Q1 FY27 Results (NSE: OIL)
Signal: Margin expansion
The read
The key inflection is the rebound in consolidated EBITDA margin to 47.7% from 30% YoY and 35% QoQ, alongside PAT rising to ₹3629.79 crore from ₹2047 crore YoY and ₹1436 crore in Q3FY26; this reverses three consecutive quarters of margin contraction, although the filing does not identify whether the recovery was volume-, price- or mix-led.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹12,886.27 Cr | +62.5% | +38.6% |
| EBIT | ₹5,444.6 Cr | N/A | |
| Net profit | ₹3,629.79 Cr | +77.4% | |
| EPS | ₹22.32 | +91.4% | |
| EBIT margin | 47.7% |
P&L walk
Consolidated revenue reached ₹12886.27 crore, +62.5% YoY and +38.6% QoQ, with EBITDA of ₹6142.63 crore and a 47.7% margin versus 30% YoY and 35% QoQ; PAT rose to ₹3629.79 crore, +77.4% YoY, with the recovery led by operating profitability rather than other income.
Segments
Standalone crude oil generated ₹6120.84 crore of revenue and ₹2998.64 crore of segment result, contributing the largest share of the parent's earnings, while natural gas added ₹1526.58 crore of revenue and ₹647.93 crore of result; the consolidated group PAT of ₹3629.79 crore exceeded standalone PAT of ₹2870.21 crore by ₹759.58 crore.
Key positives
- Consolidated revenue reached ₹12886.27 crore, +62.5% YoY and +38.6% QoQ, reversing the prior-series revenue stagnation around ₹8,000-₹9,300 crore.
- EBITDA margin expanded to 47.7% from 30% YoY and 35% QoQ, a 1770bps YoY and 1270bps QoQ improvement after three consecutive quarters of contraction.
- Consolidated PAT rose 77.4% YoY to ₹3629.79 crore and 152.8% QoQ, while other income of ₹349.83 crore remained below 20% of PBT.
- Interest service coverage improved to 18.62x from 11.62x YoY and 10.35x QoQ, with debt-equity stable at 0.27:1.
Key concerns
- The filing does not disclose production volumes, commodity realisations or the precise reason for the 1770bps EBITDA-margin expansion, limiting confidence in the durability of the margin inflection.
- The parent carries total Service Tax and GST-on-royalty provisions of ₹5043.33 crore, including ₹996.25 crore of interest, with ₹1499.62 crore deposited under protest.
- The Government of Assam demand of ₹2484.81 crore remains disclosed as a contingent liability until the relevant Amendment Act is repealed.
Research and educational content only. Not investment advice.