WatchTalking point
Profit and cash flow diverged
Reported profit rose 7.3% but operating cash flow fell 5.7% — worth investigating whether the profit is being collected.
Importance 69 / 95 · cash quality
Oil India Limited · Research view
Oil India Limited
NSE: OILBSE: 533106ISIN INE274J01014Face value ₹10standalone
₹442
−1.11% · 2026-10-01 · 52-wk ₹398–₹518
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
ConcernTalking point
Capital efficiency slipping
ROCE has fallen for 3 consecutive years, from 25.5% to 10.5%.
Importance 59 / 95 · profitability
StrengthTalking point
Compounding revenue
Revenue compounded at 15.2% a year over 7 years (₹13,780 → ₹37,050) — though FY2021 saw a one-off step-change of 85% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Importance 52 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Energy › Oil, Gas & Consumable Fuels › Oil › Oil Exploration & Production.
- Market cap
- ₹71,921 cr
- FY2026 revenue
- ₹21,346 cr
- FY2026 net profit
- ₹4,455 cr
- Net worth
- ₹48,526 cr
- Total debt
- ₹13,278 cr
- EPS (basic)
- ₹27.39
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 oil exploration & production.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Revenue compounded at 15.2% a year over 7 years (₹13,780 → ₹37,050) — though FY2021 saw a one-off step-change of 85% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Rule REVENUE_CAGR_STRONG
- Revenue growth per year
- +6.5%over 7 years
- Revenue growth
- −3.5%vs last year
- Net profit growth
- −27.1%vs last year
- Change in net profit since FY19
- +72%
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹12,886 cr, up 47.3% from ₹8,750 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹4,027 cr, up 96.8% from ₹2,047 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 96.8% while revenue grew 47.3% vs the same quarter last year — a gap of 49.5 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 8,136 | — | 2,069 | — | 25.4% |
| Q3 FY25 | 9,089 | −16.7% | 1,457 | −44.1% | 16.0% |
| Q4 FY25 | 9,588 | −5.7% | 1,497 | −35.8% | 15.6% |
| Q1 FY26 | 8,750 | −6.4% | 2,047 | +1.5% | 23.4% |
| Q2 FY26 | 9,175 | +12.8% | 1,644 | −20.6% | 17.9% |
| Q3 FY26 | 9,111 | +0.2% | 1,436 | −1.5% | 15.8% |
| Q4 FY26 | 10,013 | +4.4% | 2,424 | +62.0% | 24.2% |
| Q1 FY27 | 12,886 | +47.3% | 4,027 | +96.8% | 31.2% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹41,186 crTTM
- EBITDA
- ₹15,913 crTTM
- EBIT
- ₹13,130 crTTM
- PBT
- ₹11,822 crTTM
- Net profit
- ₹9,531 crTTM
C. Corporate actions
4 Sept 2026DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
18 Feb 2026DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share
21 Nov 2025DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share
4 Sept 2025DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
17 Feb 2025DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share
14 Nov 2024DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
30 Aug 2024DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
2 Jul 2024Bonus issueBonus issue 1:2 — 2:3
18 Mar 2024DividendInterim Dividend - Rs. - 8.5000 — ₹8.50/share
22 Nov 2023DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share
25 Aug 2023DividendFinal Dividend - Rs. - 5.5000 — ₹5.50/share
22 Feb 2023DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
21 Nov 2022DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share
15 Sept 2022DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
22 Feb 2022DividendInterim Dividend - Rs. - 5.7500 — ₹5.75/share
23 Nov 2021DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share
16 Sept 2021DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
23 Feb 2021DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share
21 Sept 2020DividendFinal Dividend - Rs. - 1.6000 — ₹1.60/share
20 Feb 2020DividendInterim Dividend - Rs. - 9.0000 — ₹9.00/share
8 Aug 2019DividendFinal Dividend - Rs. - 1.7500 — ₹1.75/share
21 Feb 2019DividendInterim Dividend - Rs. - 8.5000 — ₹8.50/share
30 Nov 2018BuybackBuy Back of Shares
12 Sept 2018DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
27 Mar 2018Bonus issueBonus issue 1:2 — 2:3
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROCE has fallen for 3 consecutive years, from 25.5% to 10.5%.
Rule ROCE_DECLINING_STREAK
- EBITDA margin now
- 41.0%
- 8-year range
- 33.9–52.6%
- ROE FY2026
- 9.5%
- ROCE FY2026
- 10.7%
EBITDA margin fell from 35.6% to 33.4% of revenue.
EBITDA margin has ranged from 30.2% to 48.7% over 7 years and sits at 33.4% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Reported profit rose 7.3% but operating cash flow fell 5.7% — worth investigating whether the profit is being collected.
Rule PROFIT_UP_CASH_DOWN
Operating cash flowNet profit
- Total debt
- ₹13,278 cr
- Operating cash flow ÷ net profit
- 1.70×FY2026
- Free cash flow
- ₹7,576 cr
- Current ratio
- 1.22×
Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 1.41×).
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 oil exploration & production (FY2026, consolidated). No peer-relative rule fired for this company.
Not enough peers in this set report the underlying metrics yet for a ranking.
- P / E
- 7.5×TTM to Jun 26
- P / B
- 1.1×latest book
- P / S
- 1.7×TTM sales
- Earnings yield
- 13.3%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 9.5× · P/S 1.8× · ROE 12.7%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years the stock returned 21.5% a year while profit compounded at 12.7% a year — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_RAN_AHEAD · rebound
- 1-year return
- +7.5%
- 3-year return
- +121.9%
- 5-year return
- +165.2%
- From 52-wk high
- −14.7%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹471
- vs 200-day avg
- Below₹460
- RSI (14)
- 34.1neutral
- MACD histogram
- -5.4
- From 52-wk high
- −14.7%
- From 52-wk low
- +11.1%
- 30-day volatility
- 25.6%ann.
- 6-month return
- −7.0%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit and cash flow divergedReported profit rose 7.3% but operating cash flow fell 5.7% — worth investigating whether the profit is being collected.PROFIT_UP_CASH_DOWN · conviction 69
- ConcernCapital efficiency slippingROCE has fallen for 3 consecutive years, from 25.5% to 10.5%.ROCE_DECLINING_STREAK · conviction 59
- WatchReceivables stretchingReceivable days rose from 33 to 45 — collections are slower.RECEIVABLE_DAYS_JUMP · conviction 42
- ConcernMargins compressingEBITDA margin fell from 35.6% to 33.4% of revenue.MARGIN_COMPRESSED_YOY · conviction 40
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,735 | 12,129 | 8,618 | 14,530 | 23,273 | 22,130 | 22,117 | 21,346 |
| Total income | 15,170 | 13,649 | 10,561 | 16,428 | 24,758 | 24,514 | 23,987 | 24,039 |
| EBITDA | 6,919 | 4,111 | 3,208 | 7,266 | 11,176 | 11,643 | 10,636 | 8,753 |
| Profit before tax | 3,916 | 2,120 | 723 | 4,987 | 8,857 | 6,745 | 7,851 | 5,420 |
| Net profit | 2,590 | 2,584 | 1,742 | 3,887 | 6,810 | 5,552 | 6,114 | 4,455 |
| EPS (₹) | 22.9 | 23.8 | 16.1 | 35.9 | 62.8 | 51.2 | 37.6 | 27.4 |
| Net worth | 27,745 | 24,387 | 26,211 | 29,891 | 34,365 | 44,122 | 45,435 | 48,526 |
| Total debt | 7,267 | 8,885 | 15,718 | 11,636 | 11,161 | 11,341 | 12,074 | 13,278 |
| Operating cash flow | — | — | 1,801 | 6,005 | 7,660 | 7,715 | 8,171 | 7,576 |
| Free cash flow | — | — | −740 | 3,236 | 4,247 | 3,799 | 8,171 | 7,576 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -11.7 | -28.9 | 68.6 | 60.2 | -4.9 | -0.1 | -3.5 |
| Profit growth YoY | — | -0.2 | -32.6 | 123.2 | 75.2 | -18.5 | 10.1 | -27.1 |
| Profitability | ||||||||
| EBITDA margin % | 50.4 | 33.9 | 37.2 | 50.0 | 48.0 | 52.6 | 48.1 | 41.0 |
| Net margin % | 17.1 | 18.9 | 16.5 | 23.7 | 27.5 | 22.6 | 25.5 | 18.5 |
| Return on equity % | 9.3 | 9.9 | 6.9 | 13.9 | 21.2 | 14.1 | 13.7 | 9.5 |
| Return on capital % | 15.5 | 7.7 | 4.4 | 13.8 | 22.0 | 19.5 | 15.4 | 10.7 |
| Leverage & cash | ||||||||
| Debt to equity | 0.26 | 0.36 | 0.60 | 0.39 | 0.32 | 0.26 | 0.27 | 0.27 |
| Cash flow ÷ profit | — | — | 1.03 | 1.54 | 1.12 | 1.39 | 1.34 | 1.70 |
| Current ratio | 1.40 | 1.73 | 1.01 | 1.32 | 1.88 | 1.01 | 1.30 | 1.22 |