The company reported a standalone net profit of ₹2,870.2 crore for the quarter ended June 30, 2026, up 60.4% from ₹1,789.5 crore in the March quarter.
Revenue from operations increased 33.5% quarter-on-quarter to ₹7,958.1 crore from ₹5,960.6 crore, reflecting higher revenue across its core oil and gas businesses.
Operating performance improved sharply during the quarter. EBITDA surged to ₹4,084 crore from ₹1,821 crore in the preceding quarter, while EBITDA margin expanded to 51.3% from 30.5%.
Oil and gas businesses drive growth
The company’s crude oil business remained its largest revenue contributor.
Revenue from the crude oil segment increased to ₹6,120.8 crore in the June quarter from ₹4,406.5 crore in the March quarter.
Natural gas revenue also rose to ₹1,526.6 crore from ₹1,322.5 crore over the same period.
Other businesses also recorded sequential growth. LPG revenue nearly doubled to ₹83.2 crore, while pipeline transportation revenue increased 11% to ₹183.8 crore. Revenue from renewable energy almost doubled to ₹43.7 crore.
In simple terms, Oil India earned more from nearly every part of its business during the quarter, with crude oil and natural gas contributing the bulk of the improvement.
Higher margins lift profitability
While revenue increased by one-third over the previous quarter, operating profit grew at an even faster pace.
The sharp improvement in EBITDA margin indicates the company retained a significantly larger share of every rupee of revenue as operating profit compared with the March quarter.
Why this matters: For upstream oil and gas companies, stronger operating margins often reflect a combination of improved commodity realisations, production performance and cost efficiencies, making them a key indicator of earnings strength.
Production milestones
Operationally, Oil India continued to expand production.
The company produced 0.950 million metric tonnes (MMT) of crude oil during the June quarter, compared with 0.853 MMT in the corresponding quarter last year.
Oil India also achieved its highest-ever daily crude oil production of 10,921 tonnes, equivalent to 84,109 barrels, on June 27, 2026.
Numaligarh Refinery posts strong performance
The company’s subsidiary Numaligarh Refinery Ltd. (NRL) also delivered a strong quarter.
NRL reported a 167% year-on-year increase in profit after tax to ₹1,305 crore from ₹488 crore a year earlier.
Its gross refining margin (GRM) stood at $35.95 per barrel, significantly higher than $5.02 per barrel in the corresponding quarter last year.
New exploration milestones
Oil India also announced a natural gas discovery in the Vijaya Puram-3 exploratory well in the Andaman Basin, which the company said reinforces the basin’s hydrocarbon potential.
Separately, it completed a highly deviated exploratory well in Assam, achieving the highest-ever horizontal displacement of 3,116 metres for an onshore well in the state.
What to watch
The June-quarter results indicate Oil India’s core exploration and production business remained strong, supported by higher revenues and significantly improved operating profitability.
Going forward, investors are likely to watch production growth, crude oil and natural gas price trends, and progress on the company’s exploration programme, particularly in frontier basins such as the Andaman region.
Oil India shares ended 1.17% lower at ₹438.80 on the NSE on Thursday, ahead of the earnings announcement.
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