Buy Oil India; target of Rs 644: Anand Rathi

Anand Rathi's research report on Oil India

Less downstream demand due to a maintenance shutdown kept Oil India’s Q2 operational results muted. Ahead, we expect strong volume growth in the oil & gas segment, and the Numaligarh Refineries’ expansion to 9m tonnes in Dec’25. We like the impressive volume growth across segments and, after recent 35% fall, the risk-reward is favourable.

Outlook

We upgrade our recommendation to a Buy, with an unchanged TP of Rs 644, 7x FY26e EV/EBITDA.

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