Oil India Discovers Gas at Dandewala Field in Rajasthan

Oil India Limited has announced a modest but significant gas discovery at its nominated Dandewala Field in Rajasthan. The company reported that the well recorded an inflow of an average of 25,000 SCMD of natural gas from a depth of approximately 950 meters. This inflow indicates encouraging deliverability and potential for the field.

This development marks the first-ever successful establishment of gas presence in the shallower Sanu Formation within the Dandewala field. Consequently, this opens up a new play and validates the company's strategy of revisiting subsurface potential through focused technical interventions and a “missed opportunities” approach.

Preliminary estimates, based on structural control, petrophysical, and subsurface analysis, indicate a Gas In Place in the order of 75 MMSCM. This discovery notably enhances the overall prospectivity of the Dandewala field. The company believes this development augurs well for future appraisal and development efforts aimed at guiding and scaling up the resource potential and production in the field.

Key Discovery Details

The following table summarizes the key metrics associated with the discovery:

Metric	Value
Location	Dandewala Field, Rajasthan
Depth	~ 950 meters
Gas Inflow	Avg. 25,000 SCMD
Estimated Gas In Place	75 MMSCM

The announcement was made pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.74%	-3.44%	+7.44%	+17.57%	+17.17%	+469.39%

Oil India Limited declared its audited standalone and consolidated financial results for the quarter and year ended 31st March 2026. The Board of Directors, in its meeting held on 13th May 2026, approved the results and recommended a final dividend of ₹1.00 per equity share for the financial year 2025-26, subject to shareholder approval. The Joint Statutory Auditors issued an unmodified audit opinion for both standalone and consolidated financial statements.

Standalone Financial Performance

On a standalone basis, the company reported revenue from operations of ₹21,345.94 crore for FY26, compared to ₹22,117.22 crore in the previous year. Net profit for the year stood at ₹4,455.34 crore against ₹6,114.19 crore in the prior year. Standalone PAT for Q4 FY26 came in at ₹1,790 crore, up from ₹1,591 crore in Q4 FY25, driven by a 6% increase in crude oil production and a 5% improvement in crude price realisation from USD 74.46/bbl in Q4 FY25 to USD 77.89/bbl in Q4 FY26. On a sequential basis, Q4 standalone net profit rose sharply from ₹810 crore in Q3, while revenue improved to ₹5,961 crore from ₹4,920 crore in the previous quarter. Q4 EBITDA stood at ₹1,820 crore, up from ₹1,310 crore in Q3, with the EBITDA margin expanding to 30.55% from 26.63% quarter-on-quarter.

The following table summarises key standalone financial metrics:

Metric:	Q4 FY26 Audited	FY26 Audited	FY25 Audited
Revenue from Operations (₹ crore):	5,960.67	21,345.94	22,117.22
Total Income (₹ crore):	7,099.82	24,038.58	23,987.07
Total Expenses (₹ crore):	5,042.82	18,618.72	16,136.12
Net Profit (₹ crore):	1,789.53	4,455.34	6,114.19
Basic & Diluted EPS (₹):	11.00	27.39	37.59

Sequential standalone performance is captured below:

Q4 Standalone QoQ Metric:	Q4 FY26	Q3 FY26
Net Profit (₹ crore):	1,790	810
Revenue (₹ crore):	5,961	4,920
EBITDA (₹ crore):	1,820	1,310
EBITDA Margin (%):	30.55	26.63

The Crude Oil segment remained the largest revenue contributor at ₹14,495.93 crore for FY26. The Pipeline Transportation segment profit improved significantly to ₹391.99 crore in FY26 from a loss of ₹1.65 crore in FY25.

Consolidated Financial Performance

On a consolidated basis, Oil India reported total income of ₹38,980.70 crore for FY26, up from ₹37,830.04 crore in FY25. Consolidated PAT for the full year stood at ₹7,551 crore compared to ₹7,040 crore in FY25, reflecting a 7% year-on-year growth. For Q4 FY26, consolidated PAT surged 62% to ₹2,424 crore from ₹1,497 crore in Q4 FY25.

Metric:	Q4 FY26 Audited	FY26 Audited	FY25 Audited
Revenue from Operations (₹ crore):	10,012.77	37,049.55	36,163.75
Total Income (₹ crore):	10,514.52	38,980.70	37,830.04
Net Profit (₹ crore):	2,424.46	7,550.67	7,039.63
Basic & Diluted EPS (₹):	12.91	40.70	40.27

Oil India's material subsidiary, Numaligarh Refinery Limited (NRL), achieved a robust 90% growth in PAT, rising to ₹3,057 crore in FY26 from ₹1,608 crore in FY25, with a Gross Refining Margin (GRM) of $13.43/bbl.

Operational Highlights

Oil India achieved significant operational milestones during the year, including its highest daily crude oil production of 10,566 MT in the last decade. The company drilled 74 wells and completed a record 307 workover jobs during FY26. Driven by this aggressive campaign, Oil India achieved a Reserve Replacement Ratio exceeding 1 during the year.

Operational Metric:	Performance
Q4 FY26 Crude Oil Production:	0.891 MMT
Q4 FY25 Crude Oil Production:	0.844 MMT
Highest Daily Production:	10,566 MT
Wells Drilled (FY26):	74 nos (highest ever)
Workover Jobs Completed (FY26):	307 nos (highest ever)
Reserve Replacement Ratio:	Exceeding 1

Dividend and Corporate Developments

The Board recommended a final dividend of ₹1.00 per equity share for FY26, in addition to the interim dividends of ₹3.50 and ₹7.00 per share paid earlier. The final dividend, representing 10% of paid-up equity share capital, is subject to shareholder approval at the ensuing Annual General Meeting and will be paid within 30 days from the date of declaration. The Board also approved a Joint Venture Agreement between OIL Green Energy Limited and Hindustan Waste Treatment Private Limited to develop Compressed Biogas Projects. Additionally, a Joint Venture Company, "Arunachal Gas Private Limited", was incorporated on 15th November 2025.