State-owned Oil India Limited (OIL) has reported a robust financial performance for the second quarter of FY27, with standalone net profit soaring 116% to Rs 2,259 crore, driven by a sharp increase in crude oil production and higher price realisation.
The Maharatna public sector enterprise recorded a standalone Profit After Tax (PAT) of Rs 2,259 crore in Q2 FY27, compared with Rs 1,044 crore in the corresponding quarter of the previous financial year.
The impressive growth was powered by a 20% increase in crude oil production and a 35% jump in crude oil price realisation, which climbed to USD 92.24 per barrel from USD 68.19 per barrel in Q2 FY26.
OIL's consolidated PAT also registered a strong 53% growth, reaching Rs 2,521 crore in Q2 FY27 against Rs 1,644 crore in the year-ago quarter.
OIL's performance during the first half of FY27 was equally impressive, with consolidated PAT surging 77% to Rs 6,548 crore, compared with Rs 3,690 crore in the corresponding period last year.
Standalone PAT for the six months ended September 30, 2026, hit an all-time high of Rs 5,130 crore, marking a staggering 176% increase over Rs 1,857 crore recorded in the corresponding previous half-year.
The Board of Directors also recommended an interim dividend of Rs 7 per fully paid-up equity share of Rs 10 each.
Bolstering its contribution to India's energy security, OIL continued to ramp up production from its mature and ageing oilfields.
The company produced 1.021 million metric tonnes (MMT) of crude oil in Q2 FY27, up from 0.848 MMT in the corresponding quarter of FY26.
In a significant operational milestone, OIL achieved daily crude oil production of 11,300 metric tonnes, equivalent to 87,051 barrels, on September 29, 2026. This was its highest single-day production in a decade.
The company also recorded its best-ever half-year drilling performance, drilling 42 wells during the first six months of FY27 and setting a new operational benchmark.
OIL's material subsidiary, Numaligarh Refinery Limited (NRL), also sustained its growth momentum, registering improvements in crude throughput, capacity utilisation and refining margins.
NRL processed 803 thousand metric tonnes (TMT) of crude oil in Q2 FY27, compared with 753 TMT in the corresponding quarter last year.
For the first half of FY27, crude throughput stood at 1,594 TMT, up from 1,552 TMT in the same period of FY26.
The refinery maintained capacity utilisation above 100%, achieving 106.26% during H1 FY27 against 103.48% in the corresponding period of the previous year.
Distillate yield also improved to 87.15% from 86.64%, reflecting continued operational efficiencies and better product optimisation.
The standout performance came from refining margins. NRL's Gross Refining Margin (GRM) surged 265% to USD 28.24 per barrel during the half-year ended September 30, 2026, compared with USD 7.73 per barrel in the corresponding period of the previous year.
With record half-year profits, a decade-high daily crude production milestone and a sharp improvement in refining margins at NRL, OIL has delivered a strong operational and financial performance in the first half of FY27.
