Announcement
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 18 Sep - Shareholders approved MoA/AoA amendments and increased authorized share capital at 67th AGM on 17-09-2026.
Source: Bse
Oil India Limited (OIL)
Mid CapEnergy stocks · Mid cap · NSE
Oil India Limited (OIL) is a Maharatna CPSE under the Government of India, operating as an integrated energy company. Its asset base includes upstream (domestic & international), midstream, downstream, and new energy segments. OIL has 63 operated blocks and strategic JVs, with a strong focus on India's North East.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:51 pm ISTDetails
Quote19 Oct, 03:51 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:32 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Energy P/E 11.4 (n=18)
Technical timing lens
Trend score and candlestick chart
32BearishSMA20 -6.1% / mo · MACD − · sector -3.5pp vs Nifty 500 (3M)
Stock trend: 33
Sector RS: 31
Sector 3M: -9.1% vs Nifty 500 -5.6%
Energy FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
OILD candles · FIT view-5.2%Latest close ₹449.00 on 2026-10-19
Bar
+0.4%
RSI
42
MACD hist
-0.20
52W pos
39%
2026-10-19O ₹447.20H ₹451.25L ₹444.90C ₹449.00Vol 9.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
OILNifty EnergyNifty 500
- OIL
- -1.0%
- Nifty 500
- -5.6%
- Nifty Energy
- -9.3%
- Vs Nifty 500
- +4.6 pp
Chart stats
19 Oct 2026- From 52W high
- -15.4%
- 52W range position
- 39%
- ATR (14)
- 2.1%
- Volume vs 20D
- 0.58x
- Avg traded value
- ₹66.3 Cr
- 20D price channel
- ₹434.7 - ₹482.3
₹531
₹395.6 - ₹531
₹9.6
Latest completed session
20-session average
19.5% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +57.7% · PAT +96.7% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+57.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +58% YoY · PAT +97% YoY · margin expansion · +35% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹12,503 Cr | +57.7% | +34.5% |
| EBITDA | ₹5,793 Cr | +146.4% | +76.6% |
| Operating margin | 46.0% | +1600 bps | +1100 bps |
| PAT | ₹4,027 Cr | +96.7% | +66.1% |
| PAT margin | 32.2% | +639 bps | +613 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.67
- P/B
- 1.25
- EV/EBITDA
- 6.68
- Market Cap
- 72449.00Cr
Profitability
- ROE
- 12.20%
- ROCE
- 11.50%
- ROA
- 7.67%
- Dividend Y
- 2.58%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- -3.00%
- EPS 3Y
- -9.00%
Balance Sheet
- Debt/Equity
- 0.65
- Interest Coverage
- 10.45×
- Altman Z
- 2.13
- Book Value
- 357.00
Cash Flow
- FCF Yield
- 0.42%
- FCF Positive Y
- 7/5
- OCF
- 10684.00 Cr
- EPS TTM
- 51.36
Shareholding
- Promoter Hold
- 56.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 36%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 33.1k+4.3% vs prev
Net Profit
₹ CrLatest: 9,531+26.2% vs prev
Return on Equity
%Latest: 16.4+8.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 42. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.4% over last month) — short-term momentum negative.
- RSI(14) at 42 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 13% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
70
RS percentile
Stage 1 Base / Transition
1M return
-5.6%
3M return
-1.0%
6M return
-4.4%
1Y return
+8.8%
RS 1D
+3
RS 20D
+6
Sector rank
#6
Industry rank
-
Stage evidence
- Price is within 3.1% of the 30-week proxy.
- The 30-week proxy changed -0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 112.78+1.94%
RS vs Nifty 500113
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation24/30
Growth17/25
Quality2/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 57.8%.
- Valuation contributes 24/30 to the score.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
8.7
PB
1.3
EV/EBITDA
6.7
ROE
12.2%
ROCE
11.5%
FCF Yield
0.4%
Debt/Equity
0.7
MoS
+57.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 8.7, so peak-cycle earnings risk should be checked.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+57.8%
Previous: +57.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
61
61
61
61
61
61
61
61
61
61
61
61
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹642.3
+30.7% MoS
Growth-justified P/E
20.5
Growth-justified Value
₹1,053.91
+57.8% MoS
PEG
0.72
Comparable companies
Peers
Business-comparable peers in Energy — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PETRONET
Large
Petronet LNG Limited
Gas Distribution
match 92
56
10.5
18.3%
+26%
FAIR VALUE
MGL
Large
Mahanagar Gas Limited
Gas Distribution
match 85
30
14.3
12.2%
-111%
OVERVALUED
PIGL
Small
Power & Instrumentation (Gujarat) Limited
Gas Distribution
match 71
49
13.7
10.8%
+47%
FAIR VALUE
HINDPETRO
Mid
Hindustan Petroleum Corporation Limited
Oil Refining & Marketing
match 31
54
44.4
30.9%
-116%
FAIR VALUE
ATGL
Mid
Adani Total Gas Limited
Oil & Gas
match 29
36
101.0
14.4%
-508%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-15T07:28:25.420Z
Management commentary snapshot
OIL reported standalone PAT of INR 4,455 Cr (down 27% YoY) and consolidated PAT of INR 7,551 Cr (up 7% YoY) for FY26. Consolidated revenue grew 3% YoY to INR 38,981 Cr. NRL achieved highest-ever crude processing and distillate yield.
Despite a decline in standalone PAT and operating margins, consolidated PAT and revenue showed growth. Operational performance in upstream and downstream was strong, with record drilling and refining metrics. Significant capex is directed towards growth avenues, including capacity expansions and new energy, supporting the long-term thesis.
Growth engines
Offshore Exploration
Frontier offshore exploration-led growth in high-potential clusters via partnership-led play, advancing Samudra Manthan Mission.
Refining Capacity Expansion
NRL refinery capacity expansion from 3 MMTPA to 9 MMTPA is underway, with 3x capacity increase.
New Energy Investments
Committed ~INR 20,000 Cr investment by 2040 across renewables, CBG, biofuels, and Green H2, targeting 5+ GW of RE by 2040.
Enhanced Upstream Activity
Highest-ever drilling performance (74 wells) and workover count (307) in FY26, chasing 'deeper depths' to unlock reserves.
Capacity and execution
NRL Refinery Expansion
Capacity expansion from 3 MMTPA to 9 MMTPA is underway.
Duliajan Numaligarh Gas Pipeline (DNPL)
Expansion from 1.2 MMSCMD to 2.5 MMSCMD, mechanical completion achieved; commissioning based on NRL planned shutdown.
Numaligarh Siliguri Pipeline (NSPL)
Augmentation from 1.72 MMTPA to 5.5 MMTPA, mechanical completion achieved on Oct'25.
Paradip-Numaligarh Crude Pipeline (PNCPL)
9 MMTPA capacity, construction underway with mechanical completion expected by Oct'26 (92% physical completion as of Apr'26).
Tailwinds
Government Support & Status
OIL is a Maharatna CPSE; NRL upgraded to Navratna status in Dec'25, underscoring enhanced financial and operational autonomy.
Excise Duty Benefit
NRL benefits from a 50% excise duty benefit applicable for north-eastern refineries.
Mozambique LNG Project
Force majeure lifted on Mozambique LNG project in Nov'25, potentially unlocking international upstream value.
Integration with National Gas Grid
Feeder-line connectivity to the national gas grid is expected to unlock 40% higher gas offtake.
Headwinds
Production Loss due to Blockade
An economic blockade in the eastern producing area in Q3FY26 resulted in a 0.33 MMTOE production loss.
Reduced Gas Offtake
Reduced offtake from gas customers resulted from unplanned temporary shutdowns and disruptions due to a blockade.
Risk radar
Crude Price Realization Volatility
Crude price realization declined to $69.04/bbl in FY26 from $78.09/bbl in FY25, impacting standalone financials.
Declining Operating Margins
Standalone operating margin declined to 17.3% in FY26 from 31.0% in FY25; consolidated margin declined to 20.9% from 24.6%.
Increasing Consolidated Net Debt/EBITDA
Consolidated Net Debt/EBITDA increased to 2.6 in FY26 from 2.3 in FY25, indicating higher leverage relative to earnings.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor presentation covers the full fiscal year FY26 and provides comparative data against previous fiscal years (FY22-FY25), making year-over-year comparison the most appropriate basis for assessing performance trends.
Sector KPIs management disclosed
Crude Oil Production
3.45 MMTOE in FY26.
Natural Gas Production
3.19 MMTOE in FY26.
NRL Capacity Utilization
103.75% in FY26.
NRL Distillate Yield
87.25% in FY26 (highest ever).
Management forward view
Production Target
Management aims for 10-12 MMTOE production by FY30.
New Energy Investment Commitment
Management committed ~INR 20,000 Cr investment by 2040 across RE, CBG, Green H2 & biofuels.
Sustainability Targets
Management targets Net Zero by 2040, zero routine gas flare by 2027, and zero methane emission by 2030.
Offshore Exploration Acceleration
A multi-disciplinary team is constituted to accelerate offshore exploration and resource development in line with national objectives.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Crude Oil Production | 3.45 MMTOE (FY26) | Progress towards the 10-12 MMTOE target by FY30, especially from new discoveries and enhanced recovery efforts. |
| NRL Refinery Expansion | Underway from 3 MMTPA to 9 MMTPA | Timely mechanical completion and commissioning of the expanded capacity, and subsequent utilization ramp-up. |
| New Energy Project Commissioning | 5 CBG plants (2 under construction), 1 MW Green Hydrogen pilot under construction | Specific project commissioning timelines and capacity additions, demonstrating execution of the ~INR 20,000 Cr investment plan. |
| Consolidated Net Debt/EBITDA | 2.6 (FY26) | Stabilization or reduction of this ratio as significant capex projects come online and contribute to earnings. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 21st percentile within Energy. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
56 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Energy: 21st pctile, median 73 · Mid: 31st pctile, median 76
Evidence depth
Financial-only
56 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
50
watch · capital discipline
Results
52
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 56.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸7 years of positive FCF.
Trust risks
- ▸ROCE trend is -2.8%.
- ▸OPM spread across recent quarters is 19%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Oil India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 9 Sep - CAG appoints M/s R K P Associates and M/s O P Totla & Co. as joint statutory auditors for FY 2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Aug - OGEL signed MoUs in Haryana for four waste-to-energy projects processing 5,000 TPD, producing 70-75 TPD CBG and 50 MW power.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Aug - Newspaper Publication - Notice of 67th Annual General Meeting & E-Voting
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.