OIL · Oil Gas & Consumable Fuels
Oil India Ltd. reported revenue of ₹8,394 cr for July to September 2025, +15.8% on the year and +5.9% on the quarter. Over the last four quarters revenue comes to ₹33,468 cr, −1.9% on the four before.
Operating profit (EBITDA) was ₹2,303 cr, a margin of 27.4%, −756 bps on the year and −221 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 27.4% to 38.7%). Operating costs grew +29.3%, faster than revenue at +15.8%, so operating profit grew less than sales.
Net profit was ₹1,644 cr, −20.5% on the year and −19.7% on the quarter, with earnings per share of ₹8.78. Profit before other income, one-offs and tax fell 19.5%, so the profit growth came from the business itself. The tax rate of 20% is in line with its recent average. Profit over the last four quarters totals ₹6,645 cr, −26.4% on the four before.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹36.72 over the last four quarters, the stock at ₹440.00 trades at 12.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹7,497 cr | ₹9,614 cr | ₹9,147 cr | ₹8,120 cr | ₹7,247 cr | ₹8,337 cr | ₹8,808 cr | ₹7,929 cr | ₹8,394 cr | ₹8,330 cr | ₹9,293 cr | ₹12,503 cr |
| YoY | — | — | — | +31% | −3% | −13% | −4% | −2% | +16% | −0% | +6% | +58% |
| EBITDA margin | 46.3% | 35.8% | 35.7% | 38.7% | 35.0% | 30.5% | 29.4% | 29.7% | 27.4% | 27.5% | 35.3% | 46.3% |
| Other income, % of PBT | −280% | 19% | 19% | 13% | 37% | 16% | 17% | 39% | 35% | 34% | 29% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 10% | 20% | 23% | 25% | 21% | 24% | 32% | 18% | 20% | 25% | 22% | 24% |
| Net profit | ₹640 cr | ₹2,608 cr | ₹2,333 cr | ₹2,016 cr | ₹2,069 cr | ₹1,457 cr | ₹1,497 cr | ₹2,047 cr | ₹1,644 cr | ₹1,436 cr | ₹2,424 cr | ₹4,027 cr |
| YoY | — | — | — | +44% | +223% | −44% | −36% | +2% | −21% | −1% | +62% | +97% |
| Core profit YoY | — | — | — | +48% | −39% | −39% | −26% | −35% | −20% | −22% | +21% | +214% |
| EPS | ₹2.59 | ₹14.43 | ₹13.16 | ₹11.59 | ₹12.40 | ₹8.23 | ₹8.05 | ₹11.66 | ₹8.78 | ₹7.35 | ₹12.91 | ₹22.32 |
| Flags | · | · | · | ✓ | 3 | 1 | 1 | 3 | 1 | 2 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Oil India Ltd. reported revenue of ₹8,394 cr (+15.8% on the year) and net profit of ₹1,644 cr (−20.5% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved −19.5% on the year, against −20.5% for reported profit.
None of the 6 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.