Oil India Ltd.: 4QFY26: Crude tailwinds aid earnings; policy risks temper valuation upside, MW

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Oil India Ltd.: 4QFY26: Crude tailwinds aid earnings; policy risks temper valuation upside, MW

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Oil India Ltd.

4QFY26: Crude tailwinds aid earnings;

policy risks temper valuation upside, MW

Earnings Review

4QFY26: Crude supports earnings; gas weakness persists 15 May 2026

Oil India Ltd. (Oil India) reported 4% YoY increase in 4QFY26 net revenue to INR100bn, Global Emerging Markets | Corporate

taking full-year revenue up 2% YoY to INR370bn. The group’s EBITDA margin expanded Credit

by 294bps YoY in the 4Q to 33%, translating into a 15% YoY increase in 4QFY26 EBITDA Asia | India

Energyto INR33bn and containing decline in full-year EBITDA at 7% to INR104bn. Management

incurred capex of INR132bn in FY26 (FY25: 130bn) and paid dividend of INR23bn (FY25: Rachna Jain, CFA

INR21bn). Combined, borrowings increased by 22% to INR375bn driving 1x pick-up in Research Analyst

Merrill Lynch (Singapore)

leverage to 3x by end-FY26 from 2x a year back. rachna.jain2@bofa.com

Jing Peng

Operationally, 5% YoY increase in average 4QFY26 crude oil price to USD78/bbl coupled Research Analyst

with 2% increase in crude sales volume to 0.9mmt supported the quarterly performance. Merrill Lynch (Hong Kong)

+852 3508 3105

On the hand, gas segment continued to underperform with all three - production (-6% to jing.peng2@bofa.com

754mmscm), sales (-9% to 602mmscm) and price (-2% to USD6.4/MMBtu) - down YoY. Asia Pacific Credit Rsch Grp

While the 4Q benefited from higher crude prices reflecting uncertainties related to Merrill Lynch (Singapore)

ongoing West Asia conflict, full-year performance was weighed down by 7% YoY decline See Team Page for List of Analysts

in average crude oil price to USD69/bbl as FY26 volumes came in largely flat (crude oil