State-run explorer Oil India (OIL) reported a consolidated net profit of around ₹4,027 crore for Q1FY27, a 97 per cent year-on-year increase, aided by higher crude oil production and robust profits from its material subsidiary Numaligarh Refinery (NRL), according to The Hindu BusinessLine. On a sequential basis, the consolidated net profit of the exploration & production (E&P) company rose by more than 66 per cent, the report said.
Q1FY27 financial performance
OIL's consolidated total income was higher at around ₹13,236 crore in Q1FY27, compared with ₹10,515 crore in Q4FY26 and ₹9,006 crore in Q1FY26, The Hindu BusinessLine reported. Consolidated total expenses stood at ₹8,094 crore in Q1FY27, up from ₹7,812 crore in Q4FY26 and ₹17,225 crore in Q1FY26, according to the same report.
| Metric | Q1FY27 | Q4FY26 | Q1FY26 |
|---|---|---|---|
| Consolidated net profit | ~₹4,027 crore | — | — |
| Consolidated total income | ~₹13,236 crore | ₹10,515 crore | ₹9,006 crore |
| Consolidated total expenses | ₹8,094 crore | ₹7,812 crore | ₹17,225 crore |
| Crude oil production (mature fields) | 0.950 million tonnes | — | 0.853 million tonnes |
| NRL profit after tax | ₹1,305 crore | — | ₹488 crore |
| NRL gross refinery margin | $35.95 per barrel | — | $5.02 per barrel |
| NRL distillate yield | 87.58% | — | 85.38% |
The profit surge came as OIL worked to ensure the Nation's Energy Security, the company said in a statement cited by The Hindu BusinessLine.
Crude production and output record
Higher crude output was a key growth driver. OIL produced 0.950 million tonnes (mt) of crude oil from its mature oilfields in Q1FY27, up from 0.853 mt in Q1FY26, according to The Hindu BusinessLine.
On June 27, 2026, OIL achieved its highest-ever daily crude oil production of 10,921 tonnes, equivalent to 84,109 barrels, the report said. This record daily output underscores the company's operational push despite the mature nature of its fields.
Numaligarh Refinery performance
OIL's material subsidiary NRL delivered a robust 167 per cent growth in profit after tax (PAT), rising to ₹1,305 crore in Q1FY27 from ₹488 crore in Q1FY26, according to OIL's statement cited by The Hindu BusinessLine. The refinery's gross refinery margin (GRM) jumped to $35.95 per barrel from $5.02 per barrel in the year-ago quarter, while distillate yield improved to 87.58 per cent from 85.38 per cent.
OIL's material subsidiary NRL achieved a robust 167 per cent growth in profit after tax (PAT), rising to ₹1,305 crore in Q1FY27 from ₹488 crore in Q1FY26 with a gross refinery margin (GRM) of $35.95 per barrel vis-à-vis $5.02 and Distillate Yield of 87.58 per cent vis-à-vis 85.38 per cent.
— OIL statement, as reported by The Hindu BusinessLine
The refinery's contribution is central to OIL's consolidated earnings, given the 97 per cent group-level profit growth recorded during the quarter.
Exploration milestones in Andaman Basin and Assam
During the quarter under review, OIL reported the discovery of natural gas in the Vijaya Puram-3 exploratory well in the Andaman Basin, reaffirming the basin's hydrocarbon potential, according to The Hindu BusinessLine. The company also completed a highly deviated exploratory well, achieving the highest-ever horizontal displacement of 3,116 meters in an onshore well in Assam.
These exploration updates signal continued upstream activity beyond OIL's mature producing fields, with the Andaman Basin discovery adding a potential new resource base and the Assam well demonstrating advanced drilling capability.
For investors and analysts tracking Indian energy majors, the Q1FY27 results highlight the dual-engine growth model: OIL's upstream crude output expansion and NRL's refining margin recovery. The 66 per cent sequential profit gain also points to strong momentum heading into the rest of the fiscal year, based on the quarter's reported figures.
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