01 — At a Glance
The Sleeper Oil Giant Nobody Is Talking About
- 52-Week High / Low₹524 / ₹322
- Q3 FY26 Revenue (Standalone)₹4,916 Cr
- Q3 FY26 PAT (Standalone)₹808 Cr
- 9M FY26 EPS₹16.39
- Full Year EPS (TTM)₹35.8
- Book Value₹346
- Price to Book1.40x
- Dividend Yield2.37%
- Debt / Equity0.64x
- Recent Interim Div₹7/share (Feb 2026)
Auditor’s Opening Note: Oil India closed Q3 FY26 with ₹4,916 crore standalone revenue, ₹808 crore PAT, TTM EPS of ₹35.8, and a crude output of 10,029 t/day—the highest in a decade. Numaligarh Refinery (69.63% subsidiary) posted GRM of $16.27/bbl (+54% QoQ), with PAT of ₹867 crore. Consolidated Q3 PAT hit ₹1,435 crore. Dividend declared at ₹7/share. The stock trades at 13.5x P/E, below ONGC’s 9.24x but offering far more execution optionality. This is a tier-1 integrated energy company firing on all cylinders. The market, characteristically, is sleeping.
02 — Introduction
Welcome to India’s Forgotten Oil & Gas Powerhouse
Oil India Limited. Established in 1889. India’s second-largest national oil and gas company, sitting behind ONGC. A Maharatna-status central PSU (August 2023) that the government holds 56.66% of. And utterly, completely neglected by the equity markets.
Why? Because oil companies are boring. Because the energy sector is “commoditized.” Because crude prices swing wildly on geopolitical events beyond any company’s control. Because nobody wants to talk about barrel-a-day boring when they can hop into a 50x FMCG unicorn or a mythical crypto play.
But here’s the thing: Oil India is not just a production company anymore. It’s an integrated energy player that now includes Numaligarh Refinery (a subsidiary it controls), a sprawling pipeline network connecting the north-east to the rest of India, and downstream capacity that is expanding aggressively. In Q3 FY26, crude output hit 10,029 t/day—the highest in a decade. NRL’s refinery earned ₹867 crore in PAT in a single quarter. And management just declared a ₹7 interim dividend on top of earlier declarations, taking total dividends to ₹10.5/share.
The stock is up 31% in one year. But the profit delivery, the asset expansion underway, and the dividend trajectory suggest there’s plenty more to come. Let’s break it down.
Concall Insight (Feb 2026): “Highest crude production in the last decade.” — Oil India CMD. They said it in passing. No press release. No investor fanfare. Just data-backed execution, the way PSUs do business when nobody is watching.
03 — Business Model: From E&P to Integrated Energy
Oil, Gas, Refining, Pipelines—The Whole Buffet.
EduInvesting runs entirely on reader support — ₹360 a year keeps the lights on.
