Oil India Q4 FY26 Results: Profit jumps, ₹1 dividend

Key takeaway from the Q4 print

Oil India Limited announced its Q4 FY26 (January to March 2026) results on May 13, reporting a stronger quarter led by higher crude oil production and better price realisations. The company said crude output rose 6% and pricing improved, which supported profitability. Alongside the earnings, the board recommended a final dividend of ₹1 per equity share for FY26, in addition to interim dividends already paid during the year. The update matters for investors tracking upstream PSUs because earnings remain closely tied to production volumes and crude realisations.

What the company reported for March 2026 quarter

For the March 2026 quarter, one set of results in the provided information shows net profit rising to ₹1,790 crore, compared with ₹1,591 crore a year ago and ₹808.3 crore in the previous quarter. On a quarter-on-quarter basis, revenue increased 21.2% to ₹5,960.6 crore from ₹4,916 crore. EBITDA rose 39.1% to ₹1,820.5 crore from ₹1,308.4 crore, while EBITDA margin improved to 30.5% from 26.6%.

Separately, the news copy in the same material also reported Oil India’s consolidated net profit for the January to March quarter at ₹2,424 crore, up 62% from ₹1,497 crore a year ago. Because both figures are presented in the source text, they are best read as referring to different reporting bases (standalone vs consolidated), with the operational drivers described consistently across the coverage.

Crude realisation improved to $17.89 a barrel

Oil India said the main reason for the profit improvement in the quarter was a 6% rise in crude production and better price realisation. Average crude realisation during Q4 FY26 was $17.89 per barrel, compared with $14.46 per barrel in the year-ago period. The movement in realised prices matters because upstream earnings are sensitive to even small changes in net realisation when volumes are stable.

The company’s quarter also stood out for improved operating metrics, as seen in the EBITDA and margin expansion. A higher margin in the quarter suggests stronger contribution from operations relative to revenue, consistent with a better pricing environment and higher output.

Production rose to 0.891 million metric tonnes

Oil India reported crude oil production of 0.891 million metric tonnes (MMT) in Q4 FY26, up from 0.844 MMT in the same quarter last year. The news copy also described this as an increase from 8.44 lakh tonnes to 8.91 lakh tonnes for the January to March period, reflecting the same production level in a different unit format.

The company also said it achieved its highest daily crude oil production in the last 10 years, with daily output reaching 10,566 metric tonnes. This operational milestone is important context because it points to improved field performance in an environment where mature asset output can be difficult to grow.

Drilling and workover activity during FY26

For FY26, Oil India said it drilled 74 new wells and completed a record 307 workover jobs. The company attributed improvements in operating performance to aggressive drilling and workover campaigns. It also stated that its reserve replacement ratio moved above 1 during the year, indicating replenishment of reserves relative to production, based on the company’s commentary.

These operational disclosures are closely watched in upstream companies as they provide a read-through on sustainability of production and the pace of development activity.

Dividend: ₹1 final, plus ₹10.50 interim already paid

Oil India’s board recommended a final dividend of ₹1 per equity share for FY26. This is in addition to interim dividends already declared during the year. The material states interim dividends of ₹3.50 per share and ₹7 per share, and also notes that the company had already paid a total interim dividend of ₹10.50 per share during FY26.

Dividend actions in PSUs often shape near-term investor focus, especially around record dates and payout visibility. In this case, the final dividend recommendation adds to the already-distributed interim payouts for the year.

Full-year profit update and NRL performance

For FY26, Oil India’s consolidated net profit was reported at ₹7,551 crore, up from ₹7,040 crore in FY25. The same news copy also highlighted performance of its subsidiary Numaligarh Refinery Limited (NRL), whose profit rose 90% in FY26 to ₹3,057 crore. NRL’s gross refining margin (GRM) for the year was reported at $13.43 per barrel.

The subsidiary’s reported improvement provides additional context on consolidated performance, especially as refining margins can materially affect earnings of integrated or group-level results.

Stock move ahead of the results

Ahead of the results announcement, Oil India shares closed 2.86% higher at ₹505 on the NSE, as per the provided text. The move came before the quarterly numbers were made public.

Summary table of reported metrics

Why these numbers matter for investors

The Q4 FY26 disclosures connect profit growth to two key upstream levers: production volume and realised pricing. The quarter-on-quarter jump in revenue and EBITDA, and the rise in EBITDA margin, are consistent with that combination. For FY26, the rise in consolidated profit to ₹7,551 crore from ₹7,040 crore provides a broader picture beyond the quarter.

At an operational level, the reported increase in Q4 production, the 10-year high in daily output, and the FY26 drilling and workover activity are important markers because they can influence output stability. Dividend visibility also remains a central part of the PSU investment case, and the combination of interim dividends (₹10.50 per share) plus a recommended final dividend (₹1 per share) frames total payout actions mentioned in the source material.

Conclusion

Oil India’s Q4 FY26 results reflected higher crude production and improved realisations, alongside stronger quarter-on-quarter operating performance and a ₹1 final dividend recommendation. Investors will track the company’s follow-through on drilling and workover activity after FY26’s reported 74 wells and 307 workover jobs, and watch for subsequent exchange filings as applicable.