The key difference, however, is the expectation of higher sales volume, adding to Oil India’s earnings visibility. According to Kotak Institutional Equities, Oil India’s total oil and gas sales volume is projected to grow by 13.8% in FY27 to 6.5 million tonnes of oil equivalent (mtoe), vis-a-vis a 2.4% rise for ONGC to 42 mtoe. In the first two months of Q2FY27, Oil India’s crude oil production grew by 18%, while ONGC’s dropped by 3%, notes JM Financial Institutional Securities. This follows a 12% growth for Oil India and a 3 fall for ONGC in Q1.
