Board Meeting Details

The Board of Directors meeting was held on 12th November 2026, commencing at 11:30 AM and concluding at 1:30 PM.

Key Board Approvals

1. Unaudited Financial Results: Approved standalone and consolidated financial results for quarter and half-year ended 30th September 2026

2. Interim Dividend: Declared interim dividend of ₹7 per share (70% of paid-up capital) for FY 2026-27

3. Record Date: Fixed Friday, 20th November 2026 as record date for interim dividend payment

4. Payment Date: Interim dividend to be paid on or before 12th December 2026

Standalone Financial Performance (₹ in crore)

Quarter Ended 30th September 2026:

  • Revenue from operations: ₹8,071.33 (vs ₹5,456.72 in Q2 FY26)
  • Other income: ₹844.87
  • Total income: ₹8,916.20
  • Total expenses: ₹6,048.96
  • Profit before tax: ₹2,867.24 (vs ₹1,317.59 in Q2 FY26)
  • Tax expense: ₹607.82
  • Net profit: ₹2,259.42 (vs ₹1,044.02 in Q2 FY26)
  • EPS: ₹13.89 (vs ₹6.42 in Q2 FY26)

Half-Year Ended 30th September 2026:

  • Revenue from operations: ₹16,029.47 (vs ₹10,469.17 in H1 FY26)
  • Net profit: ₹5,129.63 (vs ₹1,857.50 in H1 FY26)
  • EPS: ₹31.54 (vs ₹11.42 in H1 FY26)

Segment-wise Performance (Standalone)

Revenue Q2 FY26:

  • Crude Oil: ₹6,146.08 crore
  • Natural Gas: ₹1,649.03 crore
  • LPG: ₹52.08 crore
  • Pipeline Transportation: ₹183.18 crore
  • Renewable Energy: ₹40.96 crore

Profit Before Tax Q2 FY26:

  • Crude Oil: ₹2,466.48 crore
  • Natural Gas: ₹304.66 crore
  • LPG: ₹33.11 crore
  • Pipeline Transportation: ₹41.09 crore
  • Renewable Energy: ₹19.52 crore

Consolidated Financial Performance (₹ in crore)

Quarter Ended 30th September 2026:

  • Revenue from operations: ₹11,914.80
  • Profit before tax: ₹3,433.99
  • Net profit: ₹2,520.87
  • EPS: ₹14.19

Half-Year Ended 30th September 2026:

  • Revenue from operations: ₹24,801.07
  • Net profit: ₹6,547.70
  • EPS: ₹36.51

Key Financial Ratios (Standalone)

  • Debt Equity Ratio: 0.28:1
  • Interest Service Coverage Ratio: 12.92 times (Q2 FY26)
  • Current Ratio: 1.96:1
  • Operating Margin: 28.74%
  • Net Profit Margin: 27.99%

Significant Provisions and Contingencies

1. Service Tax/GST on Royalty:

  • Quarterly provision: ₹240.52 crore (including interest ₹53.23 crore)
  • Half-year provision: ₹530.08 crore (including interest ₹157.00 crore)
  • Cumulative provision as of 30th September 2026: ₹5,283.85 crore (including interest ₹1,038.30 crore)
  • Amount deposited under protest: ₹4,857.55 crore (including interest ₹770.00 crore)
  • Matter pending before Supreme Court

2. Assam Land Tax Demand:

  • Demand of ₹2,484.81 crore under Assam Taxation (on Specified Lands) Act, 1990
  • For calendar years 2005-2024
  • Disclosed as contingent liability
  • Supreme Court noted State of Assam's submission to withdraw the tax via appropriate bill
  • Matter disposed of by Supreme Court on 29th July 2026

Corporate Governance Matters

The company noted non-compliance with:

  • Requisite number of Independent Directors as required under Sections 149(4) and 177 of Companies Act, 2013
  • Woman Director requirement under Section 149(1) read with Rule 3 of Companies (Appointment and Qualification of Directors) Rules, 2014

Auditor's Review

The joint auditors (RKP Associates and OP Totla & Co.) conducted limited review and issued an unmodified conclusion on the financial results, with emphasis on the Service Tax/GST provision and Assam land tax matter.

Cash Flow Highlights (Standalone Half-Year)

  • Cash from operating activities: ₹7,575.84 crore
  • Cash used in investing activities: ₹(6,022.41) crore
  • Cash used in financing activities: ₹(3,564.57) crore
  • Net increase in cash: ₹(183.61) crore

Capital Structure

  • Paid-up equity share capital: ₹1,626.61 crore (Face value ₹10 per share)
  • Other equity (standalone): ₹51,633.81 crore
  • Total equity (standalone): ₹53,260.42 crore