Oil India Limited on Wednesday reported a 62 per cent jump in consolidated profit for the March quarter, supported by higher crude oil production, improved price realisation and record drilling activity during FY26.
The state-run explorer posted consolidated profit after tax of ₹2,424 crore for the January-March quarter of FY26, compared with ₹1,497 crore in the corresponding period last year.
Full-year consolidated profit rose to ₹7,551 crore in FY26 from ₹7,040 crore in the previous fiscal year.
The company said quarterly earnings were supported by a 6 per cent increase in crude oil production and higher crude price realisation of USD 77.89 per barrel during the March quarter, compared with USD 74.46 per barrel a year earlier.
Crude oil production from mature fields increased to 0.891 million tonnes during the quarter from 0.844 million tonnes in the year-ago period.
Oil India also reported its highest daily crude oil production in a decade at 10,566 tonnes during FY26.
Decadal Peaks
The company said it drilled a record 74 wells during the fiscal year, the highest-ever annual achievement, while also completing a record 307 workover jobs.
“Driven by an aggressive drilling and workover campaign, the Company achieved a Reserve Replacement Ratio exceeding 1 during the year,” the company said in a statement.
The board recommended a final dividend of ₹1 per equity share in addition to interim dividends totalling ₹10.5 per share already paid during FY26.
Refining Strength
Its subsidiary Numaligarh Refinery Limited reported a 90 per cent increase in FY26 profit to ₹3,057 crore.
The refinery posted gross refining margins of USD 13.43 per barrel during the fiscal year.