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State-owned Indian oil and gas exploration and production company, operating fields mainly in India's northeast.
State-owned Indian oil and gas exploration and production company, operating fields mainly in India's northeast.
Sells crude, priced off international benchmarks, mainly to Indian refiners, and gas under pricing rules that are partly set by the government. It also controls the Numaligarh refinery, taken over from BPCL, which gives it a downstream business alongside its fields.
In one line: A state-owned smaller US independent E&P.
Moat: narrow (regulatory licence, installed base, state ownership). State-granted exploration licences and established producing fields, though a smaller player than ONGC.
Headquarters: Duliajan, India · Founded: 1959 · Employees: 6,593
Size Oil India (OIL.NS) is an India Energy company (Integrated Oil) with a market value of $7.60B, the 149th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹443.90 on 6 Nov 2026.
Performance Over six months the shares fell 2.0%, against -5.9% for the median peer and 0.0% for the India market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 20.4% over the last twelve months (peer median +12.2%); the operating margin is 28.5% (peer median 34.0%).
Valuation It trades at 7.7× forward earnings against a peer median of 9.7× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.5 points above its cost of capital (10.5% WACC).
Credit Oil India has 2 bonds outstanding ($1.05B), rated Baa3 by the agencies and trading like BBB- at a weighted spread of 102 bp.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹389B | ₹331B | ₹317B | ₹325B | ₹361B |
| Revenue growth | — | +4% | -2% | -10% | — |
| Gross profit | ₹200B | ₹176B | ₹139B | ₹155B | ₹181B |
| EBITDA | ₹139B | ₹136B | ₹123B | ₹111B | ₹166B |
| Net income | ₹83.5B | ₹66.2B | ₹65.5B | ₹63.4B | ₹87.3B |
| Free cash flow | n/a | ₹26.5B | ₹18.9B | ₹23.6B | ₹53.6B |
| Capital expenditure | n/a | ₹132B | ₹130B | ₹121B | ₹85.2B |
| Total debt | n/a | ₹375B | ₹306B | ₹240B | ₹188B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Oil India OIL.NS | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% |
| Oil & Natural Gas ONGC.NS | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% |
| Vedanta VEDL.NS | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% |
| Reliance Industries RELIANCE.NS | $189B | -8% | +20% | 11% | 19.3× | 19.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OIL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -6.4% | 7th highest of 21 |
| 6-month return | -2.0% | -5.9% | 10th highest of 21 |
| Distance from 52-week high | -16.4% | -23.0% | 6th highest of 21 |
| Revenue growth (TTM) | +20.4% | +12.2% | 7th highest of 21 |
| Operating margin | 28.5% | 34.0% | 8th lowest of 21 |
| Forward P/E | 7.7× | 9.7× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -1.1% | -9.7% | most demanding of 19 |
| Growth delivered (Del g) | +13.7% | +19.5% | 7th lowest of 19 |
| Hurdle (Req g minus delivered) | -14.8 pp | -27.5 pp | 2nd most demanding of 19 |
| ROIC minus cost of capital | +2.5 pp | +7.7 pp | 2nd lowest of 21 |
| EV / EBITDA | 5.2× | 4.1× | 6th most expensive of 18 |
| Net debt / EBITDA | 2.3× | 0.8× | 2nd most indebted of 18 |
| Bond spread | 102 bp | 155 bp | 2nd tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| CNOOC Energy Technology & Services 600968.SS | China | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% | +8.7% |
| Matador Resources MTDR | United States | $6.24B | -9% | +13% | 39% | 5.0× | n/a | n/a |
| Hess Midstream LP HESM | United States | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% | +8.2% |
| Strathcona Resources SCR.TO | Canada | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% | +95.6% |
| Ithaca Energy ITH.L | United Kingdom | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% | +1.4% |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| Shandong Xinchao Energy 600777.SS | China | $3.97B | -33% | -15% | 13% | n/a | -10.0% | +13.1% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
Oil India has 2 bonds outstanding with $1.05B face value. The agencies rate it Baa3; its bonds trade like BBB-. Weighted yield 5.55%, a spread of 102 bp over government bonds.