Oil India Q2 Results: Standalone Profit Jumps 116% to ₹2,259 Crore

Oil India Q2 results showed standalone net profit rising 116 per cent to ₹2,259 crore for the July–September quarter of FY27, the state-run explorer said on Thursday, November 12, helped by higher crude output and prices.

Standalone profit after tax (PAT) stood at ₹1,044 crore in the same quarter a year ago. On a consolidated basis, which includes subsidiary Numaligarh Refinery Limited (NRL), PAT rose 53 per cent to ₹2,521 crore from ₹1,644 crore.

The Maharatna company’s board, which met on November 12 to approve the results, also recommended an interim dividend of ₹7 per fully paid-up equity share of ₹10 each.

Oil India Q2 results: output and prices drive earnings

The company attributed the profit jump to a 20 per cent increase in crude oil production and a 35 per cent rise in price realisation. Average crude realisation rose to $92.24 per barrel in the quarter from $68.19 per barrel a year earlier.

Oil India produced 1.021 million metric tonnes (MMT) of crude oil in Q2 FY27, compared with 0.848 MMT in the year-ago period. The output came largely from mature and ageing fields in its operating areas.

On September 29, 2026, the company recorded 11,300 metric tonnes (87,051 barrels) of crude production in a single day, its highest daily output in a decade, the company said.

The first half of FY27 was also its strongest on drilling. Oil India drilled 42 wells between April and September, the most it has ever drilled in a half-year period.

Half-year profit at a record

For the six months ended September 30, standalone PAT reached a record ₹5,130 crore, compared with ₹1,857 crore a year ago. That is a rise of 176 per cent.

Consolidated PAT for the half-year climbed 77 per cent to ₹6,548 crore.

The ₹7 interim dividend is double the ₹3.50 per share interim payout the company declared for the September quarter last year, when standalone profit had fallen 43 per cent.

Numaligarh Refinery adds to the gains

NRL, a material subsidiary of Oil India, processed 803 thousand metric tonnes (TMT) of crude in the quarter, up from 753 TMT a year earlier. First-half throughput was 1,594 TMT against 1,552 TMT in H1 FY26.

The Assam-based refinery ran above its rated capacity, with utilisation of 106.26 per cent in H1 FY27, and its distillate yield stood at 87.15 per cent.

NRL’s gross refining margin (GRM) rose to $28.24 per barrel for the half-year ended September 30, 2026, from $7.73 per barrel in the corresponding period last year, a jump of 265 per cent.

Why it matters for investors and India’s energy security

The Oil India Q2 results show how upstream companies are gaining from elevated global crude prices this year. For a producer like Oil India, higher realisations combined with higher volumes can lift earnings sharply, as this quarter’s numbers show.

Higher output also matters to the government’s goal of cutting India’s dependence on imported crude. A 20 per cent production gain from ageing fields stands out for a domestic producer.

The same high crude prices, however, are a cost for refiners and fuel retailers and for the broader economy. Oil marketing companies such as Indian Oil, which reported its own Q2 numbers earlier this earnings season, are on the other side of that trade.

NRL’s stronger refining margins give the group a second source of earnings growth alongside crude production.

Also Read: Reliance Q2 Results: Profit Jumps 41% to ₹25,548 Crore | Petronet LNG Q2 Results: Profit Jumps 53% to ₹1,235 Crore

What happens next

Investors will watch for the record date and payment schedule of the interim dividend, which the company is expected to disclose through the stock exchanges. They will also look for management commentary on production guidance and capital spending for the rest of FY27.

Crude price direction remains the main swing factor for the second half. Any easing in global prices would slow the pace of earnings growth, even if volumes keep rising. More details are available on Oil India’s official website.