Now Reading: Oil India Q1 profit nearly doubles to Rs 4,027 crore
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Oil India Q1 profit nearly doubles to Rs 4,027 crore
Oil India reported a consolidated net profit of Rs 4,027 crore for Q1FY27, a 97 per cent jump from a year ago, driven by higher crude output and strong earnings from its…
The Story in Brief
Oil India reported a consolidated net profit of Rs 4,027 crore for Q1FY27, a 97 per cent jump from a year ago, driven by higher crude output and strong earnings from its subsidiary Numaligarh Refinery. Revenue rose to Rs 13,236 crore. The company produced 0.950 million tonnes of crude in the quarter, up from 0.853 million tonnes last year, and achieved a record daily output of 10,921 tonnes on June 27, 2026.
During the quarter, Oil India discovered natural gas in the Andaman Basin and completed a well in Assam with the highest-ever horizontal displacement of 3,116 metres. Separately, ONGC posted a 112 per cent rise in standalone net profit to Rs 17,034 crore, helped by higher crude prices, though its crude output fell 5.5 per cent year-on-year.
The Indian Opinion
State-owned explorers are making bumper profits on high crude prices, yet ONGC's production is falling and Oil India's output rose only modestly. The spin about 'energy security' papers over a stubborn reality: India still imports over 80 per cent of its oil. The real test is whether these cash piles will drill enough new wells to reduce import dependence, or just fatten dividends.
Sources (3): thehindubusinessline.com, ndtvprofit.com, rediff.com
This story was synthesised by AI from the 3 sources linked above.
