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Motilal Oswal Report
Oil India Ltd.'s production growth guidance remained robust, with drilling activity and development wells in old areas contributing to this growth.
Oil India is also implementing new technologies to increase production. Capacity expansion for Numaligarh Refinery Ltd. (from 3 million metric tonne to 9 mmt) is also expected to be completed by Dec-25, which will drive further growth.
The company remains a strong conviction at 1.5 times FY26E price/book (standalone) valuation. We value the stock at nine tomes Dec-26E standalone adjusted earnings per share and add investments to arrive at our target price of Rs 662. Reiterate Buy.
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