Ladies and gentlemen, good day, and welcome to Oil India Q1 fiscal year 2027 earnings call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kishan Mundra from DAM Capital. Thank you, and over to you, sir. Hi, thanks, Sarva. Good afternoon, everyone, and a warm welcome to the Q1 fiscal year 2027 earnings call of Oil India. To discuss the results, we have the management with us, which is represented by Mr. Abhijit Majumder, who's the Director Finance. Mr. Saloma Yomdo, Director Exploration and Development. Mr. Trailukya Borgohain, Director Operations. Mr. Bhaskar Jyoti Phukan, Managing Director NRL. Mr. Ajaya Kumar Sahoo, Executive Director Company Secretary. Mr. Raghunath Mishra, Executive Director Business Development. Mr. Abhijit Das, Chief General Manager Finance and Accounts. At this point, I will hand over the floor to the management for their opening remarks, post which we will open the floor for the question-and-answer. With that, over to you, sir. Thank you, Mr. Kishan. Good afternoon, ladies and gentlemen. I would like to thank DAM Capital for hosting today's investor and analyst conf call for Oil India Limited. I'm Abhijit Majumder, Director Finance of your company. I'm happy to inform the investor community that I'm joined by my colleagues on the board, Mr. Saloma Yomdo, Director Exploration and Development, Oil India Limited. Mr. Trailukya Borgohain, Director of Operations, Oil. Mr. Bhaskar Jyoti Phukan, Managing Director NRL. Mr. Ajaya Kumar Sahoo, Executive Director, Company Secretary, Oil. Mr. Raghunath Mishra, Executive Director Business Development, and Mr. Abhijit Das, Chief General Manager Finance and Accounts and Chief Investor Relations Officer. On behalf of the management, I welcome you to our Q1 2026/2027 earnings call, covering the period April 2026- June 30th, 2026. The financial results were approved by the board and duly published on August 7th, 2026, based on statutory requirements. It gives me great pleasure to welcome our esteemed shareholders and members of the analyst community. I'm very pleased to inform you all that this quarter has been a great quarter as far as the company is concerned. The company has achieved stupendous milestones on several parameters, which all will be covered in the presentation that will follow. Your continued support, engagement, and valuable insights inspire us to pursue excellence in execution, uphold the highest standards of accountability, and create enduring value through sustainable growth. During the first quarter of 2026/2027, our performance reflects the strength of our operational foundation. We maintain steady progress across all core business activities, advanced our drilling and development programs, and continued to uphold the disciplined approach to financial management. These efforts underscore our commitment to delivering consistent growth while creating enduring value for all stakeholders. I will now hand over to Chief Investor Relations Officer, Mr. Abhijit Das, who will provide an overview of the first quarter performance. Thank you. Thank you, dear sir. Good afternoon, ladies and gentlemen who have joined us on this call. I take this opportunity to share Oil India's operational and financial highlights and the performance of our material subsidiary, NRL. From operational point of view, we have achieved 1.707 billion oil and oil equivalent of production during this quarter. The crude oil production for the quarter was 0.95 MMT, which has increased by 11%+ on year-to-year basis. Our daily crude oil production has ramped up to 10,921 MT per day on June 27th, 2026, which was highest ever daily production of the company has ever recorded. The natural gas production on quarter-to-quarter has increased by 0.4%. From exploration and development front, the progress has remained strong. In fact, much higher than what we have achieved in any of our previous years. Our company has drilled 17 new wells during the quarter, out of which seven are exploratory wells and 10 are development wells. From financial front, the crude oil price realization was $98.73 per barrel, which is $26.2 per barrel as compared to the previous year. The natural gas price stood at 7.19 MMBtu in this quarter as compared to $6.72 in the previous quarter of the last financial year. The standalone operating revenue of Q1 fiscal year 2027 is INR 7,958 crore, which is highest ever quarterly revenue earned by Oil India Limited since it got listed in the financial year 2009/2010. We have also achieved the highest ever EBITDA during this quarter, which is INR 4,605 crore, as the margin is 54%+ as compared to 34%+ in the previous quarter of the last year. The profit before tax for this quarter is INR 3,742 crore, which is highest ever quarterly profit achieved by the company after its listing with the stock exchange. We have also achieved the highest ever PAT in this quarter, which is INR 2,870 crore, as compared to INR 813 crore in the previous year. Our earning per share stood at INR 17.65 per share in the previous quarter. The performance of our material subsidiary NRL. I take the opportunity to share with you the performance of Numaligarh Refinery Limited. The operating income of our material subsidiary was INR 9,146 crore, which was 45% higher with of its Q1 of fiscal year 2026. The capacity utilization of the refinery was 105%, and the distillate yield is 87% for the quarter. The gross refinery margin is $35.95 per barrel as compared to $5.02 per barrel in the previous year. The EBITDA was INR 1,843 crore as compared to INR 786 crore as compared to the previous year. The PAT the company has registered in the current quarter is INR 1,305 crore as compared to INR 488 crore in the previous year. From consolidated point of view, I'd like to bring to your knowledge that the company has reported the operating revenue of INR 12,886 crore and registered a PAT of INR 4,026 crore, which is also highest after the company got listed with the stock exchange. Our performance in the first quarter of fiscal year 2027 reflects the strength of our operational fundamentals and a disciplined approach to financial execution. As we chart the path ahead, we will continue to focus on delivering execution excellence, enhancing production capabilities, and unlocking long-term value across our portfolio. With that, I would like to conclude my remarks. We now welcome your questions and look forward for an engaging discussion. Thank you. Thank you very much. We will now begin with the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question comes from the line of Probal Sen from ICICI Securities. Please go ahead. Thank you for the opportunity, sir. Very good afternoon and congratulations on a good set of numbers. Firstly, just a clarification. When you mentioned about the production reaching 10,921 tons of oil per day on the June 27th, just wanted to understand what is the run rate right now for the second quarter as such. Can we expect it to sort of ramp up and maintain at this level? Just want to get some understanding of. Thank you for the question. I am requesting Director Operations to respond to the question. Okay, sir. This is Trailukya Borgohain, Director Operations. As you have seen that we are ramping up our production. This quarter, one of the finest production we got. As of now also, we are increasing our production because we are doing well in all the three forms. You can see that the first one is in the well intervention and workover activities. Earlier days, we didn't get such good workover result, and we have done many systemic improvements in terms of workover. Like, we now have a good proficient player, which is called HW, High-Level Workover Program Committee, planning committee. There's this called Planning Board Meeting, HW PMB. Now, what we do is that myself, along with Director Exploration Development also sits together and do it very integrated manner, for selection of the wells, everything. Also, on the other hand, we have one particular aspect that is done by a Director Exploration Development, but where I am also invited, that is called EDPMB, Exploration and Development Portfolio Management Board. Similar to workover and production areas, we do for new wells. Where I am also involved. Now the things are little bit different. It is not done in earlier days. We are doing it in a very integrated manner along with exploration and development. You can see that we are doing very well in all the three fronts including workover, well intervention, and also well optimization and drilling. At present, we are on a path where we can see that we are closing, going to achieve close to 1 MMT each quarter this year. Sorry, how? We are having, yes, 1 MMT. Now you are getting 0.950 MMT, 0.95 MMT. Which we are going to achieve most probably by this quarter. We should achieve if everything remains stable, ceteris paribus. Given everything going good and nothing adverse happens in the field, we expect that we will be reaching 1 MMT every quarter from now onwards. Let's see. We are keeping our fingers crossed. This is what I can tell you. As of now, after that production, we have mentioned is at 10,921 for last quarter. We have increased it to 11,017 on 3rd of August. Okay. I think we are on a path where we want to increase our production. That's what I can tell as of today. Anything else, if you have, I'll reply you later. Maybe the director of exploration and development also, if you want to Okay. He doesn't want. Basically we are on a growth path. Yeah. We are surfacing our own records. We are challenging ourselves, and we love to challenge ourselves in the days ahead as well. Understood. Thank you, sir. The second question was with respect to gas production. Now, I do understand that there are still some monetization challenges. If you can update us a little bit in terms of the progress of the monetization downstream pipelines that are under different stages of implementation. When can we expect maybe a ramp-up back to the 0.85, 0.86 BCM levels? Or rather 0.8, 0.83 BCM levels that we were doing earlier. That'll be very helpful. There are many hiccups that happened because of the shutdown of the downstream industries. This is because of BCPL to shut down and at some point of time, maybe. It means this is a yearly shutdown they take. The other thing is that seasonal variation will also come now because from October onward, tea garden they will take little bit of less than what we are doing as of now. In all and about it, what we are expecting is that if this pipeline comes, then we will have the evacuation bottleneck gone out of this whole story. By next year end, we are expecting that all the facilities will be done. If we talk about gas, by 2028, we'll be having all the pipeline, everything ready, and it will go to rest of India. Whatever gas we have, we have additional gas. We are planning to send our additional gas, whatever 3.5 MMSCMD- 4 MMSCMD we will be able to evacuate from that area. That is we are planning, we are thinking that it will be by around December 2027, it should happen. DNPL also, one small thing is there. Around 200 meters of lines actually is required to be laid inside NRL. DNPL has got a new mandate from the government. PNGRB has given them as a common carrier. What will happen? When NRL, if there is less intake in NRL, then we can put it into the main line and put it into the IGGL. When an IGGL can distribute it in the rest of the places they are doing, like to NEGDCL and also for Bharat Gas in Lower Assam. This is going on. This should take a few months, two, three months, maybe, maximum. Once it is done, we will have more evacuation of gas from the present capacity also. Got it, sir. What I understand is fiscal year20- Would you like to add something to it? Okay. It's fine. Yeah. In fact, in the past as well, we have transported gas beyond NRL. That has already happened in the past. Now, this particular communication formalizing DNPL as common carrier has come. That will only help us do what we have already done in the past. As D.O.O has already mentioned that once IGGL comes into being, then there will be no stopping actually. We will be able to overcome the seasonal challenges that are there, the regular shutdowns that the existing customers they take. All of those can be overcome once these two facilities come into effect. Only a 200 meters thing is still to be done within NRL campus. IGGL, by end of the next financial, it will be over Things will be pretty smooth for us as far as gas is concerned. Got it, sir. If I understand correctly, fiscal year 2027 and maybe H1 fiscal year 2028 may see slightly flattish or slower improvement, and then a big jump can be expected maybe by the third quarter or fourth quarter of fiscal year 2028 in terms of achieving our long-term target of getting to five BCM on an annualized basis. fiscal year 2028 first quarter. Got it. For example, it can be fiscal year 2028 first quarter. Right. Last question, if I may, sir. No, no. I said fiscal year 2028, fiscal year 2029 maybe. Why fiscal year 2029? fiscal year 2029, yes. fiscal year 2029 first quarter. First quarter onward, yes. We'll have an additional 1.5 MMSCMD by virtue of NRL coming up. Yes. This should be in this financial year. That augmentation already done. Now, once NRL also gets into operation from, suppose, next January, then definitely there will be increase in gas offtake from them on their side also. There will be an immediate spike in the offtake when NRL comes into being, and maybe NRL by end of Phukan sir, would you like to add anything here? Phukan sir. Yes. I have only a couple of things to add. Please, sir. As Director Operations has already told that DNPL has become a common carrier. Currently, the pipeline, as you know, is one MMSCMD, and we will be able to connect with a 200-meter pipeline from Numaligarh to IGGL, and we will be in a position to give them shutdown so that they augment their capacity from 1 MMSCMD-2 MMSCMD immediately, and thereafter up to 2.5 MMSCMD. They were requesting for a shutdown because of the geopolitical thing, because it would have resulted also in the shutdown of the Numaligarh Refinery, and we needed diesel and petrol badly because of the geopolitical situation. We were not being allowed to give the shutdown to them. Now that the things have eased, we can do away with the shutdown because we can operate with the gas from the IGGL due to this 200-meter connectivity, which is going to come in two, three months time, we will be in a position to give a very short shutdown to DNPL to augment their capacity to 2 MMSCMD and eventually to 2.5 MMSCMD. That gives a headstart of around 1.5 MMSCMD, which, if not consumed in NRL, can also be given to the national grid. The fact is that NRL is going to start consuming 1.5 MMSCMD additional gas, perhaps in the second or third quarter of next financial year. Before that also, this 1.5 MMSCMD can find their way to national grid. That is the limited point that I wanted to make. Yes. Understood, sir. If I can just sum it up, I don't have any other questions. If I look at 1.5 MMSCMD, that translates to maybe about 0.5 BCM coming through gradually over calendar year 2027, as NRL's commissioning is done and the 200-meter connectivity is done. When all the other pipelines are in place, another 2.5 MMSCMD- 3 MMSCMD or 2 MMSCMD can come through, which is essentially another that 1.5 BCM. That is how we go from currently 2.93 BCM to somewhere around 5 BCM by fiscal year 2029. Is that the proper way to sum it up? Yes. I think that's the correct understanding. Yes. Got it. Perfect, sir. Thank you so much. I'll come back if I have more questions. All the best. Thank you. The next question comes from the line of Vivekanand from Ambit Capital. Please go ahead. Yeah, hello. Thank you for the opportunity. Dr. Ranjit, two questions. The recent regulatory changes that have- Excuse me. Our CMD sir is not attending this con call. I see. Okay. Apologies. Rest of the board is on here. Yes. Mr. Abhijit, yes. My question to you is on the recent regulatory changes and budgetary support that has been given to the upstream sector. How should one look at this in the context of your CapEx program for the next couple of years? My understanding is that you have drilled around 25 exploratory wells last year. Just to help us understand how your exploration program will look like in fiscal year 2027 and 2028, both in terms of wells drilled as well as in terms of capital outlay, considering the reimbursement that the government is giving. That is question one. The second question, I see that NRL has reported an exceptionally high GRM, and this, I believe, would include some inventory gains. Could you help us understand the normalized GRM that NRL reported this quarter? We understand 1Q fiscal year 2026 had refining losses, and this quarter is likely to have had inventory gains. Thank you very much. Sir, could you take this question? Okay. I am requesting GD sir to take this question. The first question was about the drilling plan for 2027, 2028, how we are going to support the CapEx plan for that, right? Yes. Like last year, we drilled 74 wells, this year we are targeting 100 wells, which includes onshore as well as offshore. Currently, we are on track to achieve that big ambition of completing 100 wells. Going forward, we would obviously like to stretch ourselves further and try to again ride on a 10% at least increase in the number of wells to be drilled. Whatever wells that we are drilling primarily in onshore is from our own resources. You have seen that the current acreage holding that we have, about 55% of them are in offshore. A chunk of them are in deep offshore and ultra-deep offshore. With the new PNG rules which have been announced, there are a lot of opportunities for enhanced exploration. For example, if you feel that your block is extending beyond your exploration lease, you can also place your right for further extension of the lease area to bring it under your exploration campaign. There are other things, most recently is the Samudra Manthan, which has been announced. The formal nitty-gritties are yet to be announced, it has already been announced that some amount of money will be reimbursed by the government for seismic activities, around INR 675 crore per well, which is the maximum ceiling, will be provided for drilling deepwater and ultra-deep water wells. Also some INR 10,000 crore or something will be utilized for common infrastructure hub. With this, especially for deepwater and ultra-deep water, we have already worked out and chalked out a plan where we will be drilling in the deepwater and ultra-deep water in the next couple of years, especially since we have already acquired the vintage 2D and 3D data, and they are currently being processed and interpreted. In the deepwaters and ultra-deep waters of Mahanadi and KG, we have already acquired, completed 4,209 km and 5,300 sq km of 3D data within a year of the PL being awarded to us. By January, we will be finishing the seismic acquisition processing interpretation of the Mahanadi and KG basins, which is roughly about 40,000 sq km. As of now, we have already identified possible prospects to be drilled, and that is the reason why we have already tendered out the rig requirements. The first rig is going to come in June-July 2027, and the second rig is going to come by March 2028. That will kickstart our deepwater exploration campaign. One well we are also going to drill next year in Mahanadi, but that is also going to be sponsored by the government. INR 800 crore will be sponsored as part of the stratigraphic well campaign. Then the other wells we are going to take up through the Samudra Manthan route, where they will be supporting us with the funds. Most importantly, we are also de-risking these prospects to be drilled, because apart from our in-house and external consultants, Total is also looking at this data in each and every detail, and advising us. Now Petrobras have also come on board. They will also be doing an independent interpretation of this data so that they will also come up with their own independent interpretation. This is in broad is what is the outlay that we have for us in the next coming years. Does that answer your question? Yes. Just small follow-ups. One is, how much CapEx did you incur in 1Q? If you can give a bit more details about the wells drilled, how many were exploratory last year? My understanding is around 24 wells. How many exploratory wells are you planning to drill this year? If you can give a breakup of onshore versus offshore, that will be great. Thank you. For the CapEx, you have asked the question for how much we have actually spent for Q1 fiscal year 2027. The total amount spent is around INR 3,050 crore, which for survey, it is INR 450 crore. For exploratory drilling, it is INR 1,230 crore. Development drilling, we have spent INR 700 crore. For our capital equipment and our projects, we have already spent INR 350 crore, and investment in our subsidiaries and joint ventures and overseas investment was around INR 350 crore. It sum up to around INR 3,050 crore for fiscal year 2027 Q1. Our total budget estimate for the whole year as of now, it is INR 8,600 crore. It will undergo some changes and revision during our next review. And actual expenditure for the previous year was INR 13,026 crore. Fiscal year 2025, we drilled 22 exploratory and 35 development wells. fiscal year 2026, we drilled again 22 exploratory wells and 52 development wells. fiscal year 2027, we are targeting 42 exploratory and 57 development wells. Right. Thank you. Can you answer my question on NRL now? Thanks a lot. Phukan, sir? Yes. I heard that question on the GRM. I think the GRM reported was 35. That accounts for around INR 2 crore that we have gained in terms of inventory gain. If you bank that out, it will be $33 for GRM. The GRM increase is basically because of the difference between MS and diesel and crude prices. Those splits were extremely high. In fact, this is after backing out the discount that we had to give to OMCs to keep the prices stable as an understanding. Therefore, this is the GRM that we had. Generally, our GRM hovers around $7-$8 that you may have observed in last annual reports and all. Now we are clocking in the first quarter around $35. That includes INR 2 crore as inventory gain. If you back it out, it will be $33. Did I answer your question? Yes. Thank you very much. Yeah. Thank you. The next question comes from the line of Somaiah Valliyappan. from Avendus Spark. Please go ahead. Hi, sir. Thanks for the opportunity. My first question is on NRL expansion. Could you provide us an update in terms of the commissioning? Earlier, I believe CDU units were expected to get started. Where are we, and what is our expectations in terms of output for this year and also in fiscal year 2028? I think I can answer that question. MD NRL can say. In the last interaction, we indicated that in the first quarter, we will be commissioning our CDU/HDU. We have mechanically completed that unit. We are subjecting it to inspection by OISD, followed by PESO. These are statutory inspections that are required to be carried out before we do a startup activity. Otherwise, we are ready for startup. DHDS unit is ready. SRU unit, which is required prior to commissioning of DHDS unit, is almost getting completed. Maybe another couple of months' time, we should be able to start the DHDS along with SRU. These three units will be commissioned by, say, October or November at best. Rest of the unit, we are still taking a target of commissioning by 31st March 2027. Having done that, our actual production in a graded manner will start from next financial year. Gradually, we will hit up to around 75% of the total capacity utilization by end of year 2027/2028. At Q4, I think we will hit around 75% of our rated capacity of nine million tons. That is what our plan is. Understood, sir. Also on the related infrastructure there, in terms of the Paradip to Numaligarh pipeline. There was a few km that was pending. Any update there? When is that expected to be done? Actually, there has been very good progress over there also. Entire stretch of ROU, barring only eight kilometer, stands acquired as of now. We are in a good shape there. We are getting good traction, good support from the governments associated with ROU, because we are traveling through four states, all of them are supporting us. In terms of timeline, by December of. By December, we will commission the pipeline year. October, we are taking a target for mechanical completion. Yes. Understood. Sir, also in terms of. Sorry to interrupt, sir. May I request you to please rejoin the queue? Okay. If it's okay, can I just ask one clarification? Hello? Yes, you can go ahead. Thanks. Just on the CapEx part on NRL. Also, if you could just help with what is the net debt at NRL of the INR 35,000 crore-INR 40,000 crore of expansion CapEx, how much have we spent so far, and what is the plan for the next couple of years? We have invested around INR 30,000 crore so far. We should be completing the refinery project around INR 34,000 crore-INR 35,000 crore. We should also be completing the PPU project by spending another INR 7,200 crore or INR 7,300 crore. That is the outlook of that CapEx that we have. The current net debt at NRL, what is the actual cash CapEx that we have spent so far? The INR 30,000 figure that I spoke is the total spend that we have made. Out of that, around INR 19,000 will be the borrowings that we have done. Got it. The debt component is INR 19,000 crore? Yeah. This is at NRL level? Yes. Absolutely NRL level. Okay. The consolidated level, including upstream and international? From standalone point of view, for foreign investment, we are having INR 1.4 billion loan. From oil super, oil is concerned, it's only for our Mozambique project. In consolidated level, another one bond we have from our foreign subsidiary in Singapore, which is INR 550 million of bond. Which is to be repaid in the next year, May 27th. From NRL point of view, as I already told, it is INR 19,000+ crore. This is in a group level, if you see sum of these three figures, this will be our debt, total debt in the group level, which is around INR 37,233 crore is our total debt. Got it. It's helpful. Thank you. Thank you. Ladies and gentlemen, you are requested to restrict your questions to two questions per participant. I repeat, you are requested to restrict your questions to two questions per participant. We have the next question from the line of Yogesh Patil from Dolat Capital. Please go ahead. Thanks for taking my question, sir, congratulations for the good set of numbers. Question pertains to gas discovery in Vijayapuram, Andaman. What are the upcoming steps or the procedure plan for this field to help us gauge volume reserves and that can be produced commercially? If there is any new exploratory well plan for the Andaman, what would be the timeline for this completion, and when can we anticipate the results? This is my first question. As you are aware, we have drilled so far three wells in Andaman. First well we drilled, and we went to the second well because the sand that we encountered was tight, and with the current testing system, we couldn't test the well. We decided that we will come back prepared for testing the first well. We went to the second well, where the gas was reported. In the second well, it was flowing very intermittently. In the third well, which we drilled, the gas was flowing continuous. That was a technical discovery, which we have also intimated to the DGH, which is the statutory authority. In the first well, we are now going back, and even as we speak, we are preparing to test the sand there using hydrofrac, for which a separate contract has been mobilized. The hydrofrac is a well stimulation mechanism which can help you to test tight sands, so the fluid or gas can come out easily. This will take about a month in Vijayapuram-1 for the testing to be complete. Then we will demobilize this current rig, semi-submersible rig that we have, because it has completed its contractual tenure. The fourth well we are going to go in Andaman with a jackup rig, and this we are going to be drilling by December this year. The fourth well is further up north in the Andaman Block, at a water depth of about 90 meters. This rig is actually currently drilling in our KG offshore DSF block. Once we complete this well in KG offshore, which in a few days we will be testing in KG, then we will mobilize this rig to Andaman and drill the fourth well. In the meantime, based on the discoveries in Vijayapuram-2 and Vijayapuram-3, we have secured additional 3D seismic data because the discoveries which were made were based on 2D data and 2D data interpretation. We thought we will have an opportunity to map the subsurface better using 3D seismic. In and around Vijayapuram-2, we took 300 sq km of 3D, and in and around Vijayapuram-3 also, we took around 300 sq km of additional 3D. This 600 sq km of 3D data is currently being processed by Schlumberger, which is going to be completed by October. That by January, we have completed the interpretation, and then after going through our normal Assessment assessment and QC, especially leveraging on the partnership technical services agreement that we have with TotalEnergies and Petrobras. After having detailed discussions with our technical service providers based on the new 3D data, we will take the next course of action to undertake the campaign in Andaman, in and around Vijayapuram-2 and Vijayapuram- 3, for which most probably we'll be drilling appraisal wells, and that will help us to delineate the reservoir further. Also with more conclusive testing coming up, we'll be able to come up with some numbers regarding the size of the structure or the fluid in place, gas in place, and possible production rates. Any possible timeline that you declare or share the results in terms of the gas reserves into that field in next 6 months, 9 months down the line after doing all these exercise? Yeah. The fourth well we are going to drill by December, in about three to 3.5 months, say by March, we'll be able to have some assessment of the fourth well, which is again a pure exploratory venture. The appraisal wells that we are going to drill near Vijayapuram- 2 and Vijayapuram- 3, that will depend on the interpretation that we complete by January. By February, we should be able to take a call, like how many additional wells will be required to be drilled in Andaman. Sir, my second question related to 8% year-on-year decrease in gas production. How long will the petrochemical and power plants continue to use less gas? We have been seeing this issue of a shutdown or less gas consumption from the petrochemical side. The question here is that could you throw some light on the challenges that BCPL is encountering, consuming a less amount of gas or anything which you can highlight on the less consumption from the side of power plants and any lower offtake. Actually, as for power consumption, we supply to NEEPCO. I would like to explain to you how the power things they are working. They are having hydro power at the same time, and they are having the gas-based power project. Now, with an increase in gas price, they are not actually able to match the price of hydro. In that case, what they do, they try to consume less, and they try to increase the hydroelectricity. This is what they do. Number two, like you have said about the petchem. Basically, BCPL survives on what you can call a subsidy. In our part of the players actually, as far as the economy goes, maybe they are not that able to make very great headway in terms of finance and in terms of economy of scale. I think that is their issue. Once we have this connectivity, then we'll definitely have it exported to western part and also if required, to the rest of the country. Another thing, some upside is there because government of Assam is also taking interest in increasing the domestic supply of gas, CGD. We still have some upside, and we are in talks with our Assam Gas Company so that they increase their intake because there are a lot of areas for inroads. That gas consumption can increase if government of Assam Gas Company increases their consumption. Otherwise, this situation continues. I cannot tell you this. The only thing is that since Numaligarh is coming up, and we have already told that we will be supplying a total of 2.5 MMSCMD to Numaligarh or maybe close to 3 MMSCMD to Numaligarh Refinery Limited, once they start ramping up their production. As you already told, it is coming up. Ladies and gentlemen, the line for the management is disconnected. Please stay connected while we reconnect. We have the management line connected with us. Sir, you have joined? You may proceed. Phukan sir, you have also joined in this call now? Yes, sir. Yes. Okay. shall I complete Yes. The other thing is that we have a DFL, Duliajan Feeder Line, that is being done by IGGL, Indradhanush Gas Grid Limited. Once that is connected, we have the gas immediately we can evacuate. That should not be an issue. One good thing about that line is that most of the places we have the ROU. We have our own ROU. They will pass through in some parts, except some 30 km, 40 km, rest of the places we have the ROU. One of BCPL, the other one is, I think, ONGC. There should not be much issue in laying the pipeline. This is already going to be constructed very soon. Sir, BCPL consumptions have improved after the maintenance shutdown is over, or still the BCPL consumption levels for the gas are still lower in the current quarter Q2 also? BCPL is stable. BCPL more or less it has picked up and it currently is stable. They take net around 1.25 MMSCMD- 1.35 MMSCMD. Rest, around 3.25 MMSCMD they take. 3.25 MMSCMD is returned back. 4 MMSCMD is returned to us. That 4 MMSCMD is a DNPL with pipe gas. If we look at BCPL. We are basically taking a very narrow view. Why we are focusing on DFL, DNPL, these are all long-term things which will help us transport the gas to other parts of the country. Merely relying on BCPL or NEEPCO and few other customers in the North-East, we all know that will not help us evacuate the potential that we have. BCPL, little up, down, this will not really change the scenario drastically. For us to really have a big head start is DFL has to happen. DNPL has more or less happened, except for the 200-meter stretch within NRL. That will happen in due course, as MD NRL has already pointed out. That is the larger picture. Thanks a lot, sir, and all the best. Thank you. The next question comes from the line of Varatharajan Sivasankaran from Antique Limited. Please go ahead. Thank you for the opportunity. On the feeder line, has the tendering been done or construction has it started? Yes, sir. On the feeder line, there is already a progress of around 20% of the project, and the PMC has already been engaged. Work is progressing as per plan. Cool. Secondly, a small clarification on this issue. Once the 200 meter is completed, irrespective of how Numaligarh ramps up, you are still in a position to put it in IGGL, isn't it? The common carrier is already in place, so you're not dependent entirely on Numaligarh for that additional 100 or so, am I right? You are correct, actually. Once this 200 meter is there, and DNPL being a common carrier, so even if NRL doesn't consume, it can travel to IGGL and eventually to the national gas grid. This you think will be ready in the next two, three months, is what you're saying? Yeah, two, three months it should be ready. Yes. Very well, sir. Thank you very much. Thank you. We have the next question from the line of Sabri Hazarika from Emkay Global Financial Services. Please go ahead. Two small questions. Firstly, you mentioned in NRL that you gave some discounts. Was this like the windfall tax related discount? How much was the quantum? If not for the discounts, then what could have been the GRMs? The GRMs would have been much higher because we have been giving some discount to OMCs. The first quarter, we started off with a very high number of INR 13 per liter for petrol, which eventually came down to INR 3 per liter by the end of this. For diesel, it started with INR 10 per liter, eventually it was nil by the quarter end. They keep calibrating based on the international price of diesel. Our GRM would have been much higher. That is what I can confirm you, actually. Yes. INR 13 per liter- INR 3 per liter in petrol and INR 10 per liter. INR 13 per liter- INR 3 per liter. INR 13 per liter- INR 3 per liter. Okay. INR 13 per liter- INR 3 per liter, and INR 10 per liter to nil. Those were the kind of discounts that we were required to give to OMCs. Yes. Right now also we are at zero, or right now again it has come back? No, right now it again reappeared, we are giving now some value. It gets calibrated month-on-month to reflect the delta between crude and product prices. Yes. Is it connected to the SAED or it is independent of the SAED? It is exactly as per SAED. Now if we are at 1 million ton every quarter, technically we have hit this 4 million ton target of that Mission 4+ million ton which we had. Is there any revision in guidance for oil production next year or are we looking to maintain it at this level for fiscal year 2028, 2029 or going ahead? Yes, Mr. Sabri. You see, we are ramping up the production by doing all whatever can be done. To increase to the next level, we are also doing some other things like near-field exploration. At the same time, we are doing the work of our production enhancement optimization. These are some of the drives, and we are increasing with getting whatever good technologies we can, including hydrofrac, you can say radial drilling. We are doing. We have some thoughts in mind to go to 4.2 million tons. If you look at our fiscal year 2029 kind of target, we are targeting up to around 4.2 million tons. Maybe it goes beyond that. That will also depend on a little bit of our own near-field exploration. That is one important aspect. Yes. Okay. 4.2 million tons from the main producing area. This doesn't include any DSF or nothing of that sort. Mainly main producing areas. Also we are ramping up production in Rajasthan. Okay, just one last small question. Any impact of the recent floods on your operations? No. In our areas, there was no impact. We have operations in Sivasagar and also in Charaideo, but these are in the eastern part of Sivasagar and Charaideo. Our place, not much of flood, but definitely the nearby areas got submerged and all those things. Yes. No impact on our side. Got it, sir. Thank you so much and all the best. Thank you. Thank you. The next question comes from the line of Mayank Maheshwari from Morgan Stanley. Please go ahead. Thank you for the call, sir. With all these pipelines that you're kind of thinking about completing and the 200 meters pipeline for NRL, what do you think will be your target F28 production for natural gas next year? Also if you can just help us understand what percentage of the gas is coming as new well gas pricing or you are not being able to get that yet? You see, I will not talk about the new well price. Whatever incremental production will happen will be all new well price. The APM part will be over by this time because whatever new gas we'll be doing, we'll be extending our perforations. We will be having more testing and already some areas we have already discovered, we have tested those areas and we know that we have the gas and we will open up those. These will be all new well. There will be no old gas kind of situation. This will be all new well. Number two is that you are talking about numbers in terms of total production in caffeine days. Once we get DSF connected, we are into 5 BCM. That is the bottom line. We are 5 BCM from the very first day. We have always maintained that ramping up the production by itself is not a challenge. Absence of the network is a challenge, which we are kind of trying to address once the network is laid, it is ready for evacuation, ramping up production will definitely happen. Yeah, no, I think that's very clear. we know that this is the production potential of these areas. I think, yeah, that's very clear. I was just thinking right now that the NRL is getting completed and ramping up second half of next year, and you have this pipeline as well done. Maybe I think the ramp up for next year, if you have some numbers around that will be interesting to get for natural gas. Next year will be 3.8 BCM. 3.8 BCM. Got it. On an average, we are shutting down some wells. At least 30 wells we are always shutting down. When we will be opening all those wells, on an average, if there is low consumption, we are shutting up to 60 wells. The situation is like this. It becomes an issue. These wells are already there. Production will automatically pick up. Yeah, that's fair. My second question was more related to NRL. Was there any benefits on excise duty you were able to get this quarter or it's very small a number? You have seen that excise duty was calibrated to keep the retail prices down. Obviously there will be a squeeze on the excise benefit that we get. To that extent, yes, our excise duty benefit realization has come down. It was not a big number, but it was a sizable number. Got it. The reason I'm asking you this is because. Sorry to interrupt. Sir, may I request you to please rejoin the queue for any follow-up questions? Sure. Thank you. The next question comes from the line of Nitin Tiwari from PhillipCapital India Private Limited. Please go ahead. Hi there, good afternoon and thanks for the opportunity. Actually, some clarificatory questions. Continuing on the line of questioning on the GRM bit, if you could just for our understanding help us understand that the $35 GRM that we have reported, does that include the impact of both SAED and the excise benefit that you get? Or the excise benefit is not included in this. Subsequent to that, if the excise benefit gets included, then what could be the GRM? The excise, when we report GRM, generally it is devoid of excise benefit, and it only includes the inventory loss and gain. That's what I clarified. Also it is netted off the discount that we are providing due to the SAED. Does it answer the question? Otherwise, you know what is the excise duties of petrol and diesel. You can quickly calculate the impact of those products and those benefits into our GRM. Whatever GRM that is visible, $35, is not considering the excise duty benefit that we are getting. Yes, sir. The reason why I ask is because SAED is also a special excise duty. I was wondering if both impacts are netted off and then you report in the GRM. Thanks for the clarification. Secondly, on your operating costs. You basically spoke about an increased pace of activity, but the contract costs have come off as compared to the previous quarter and so also other expenses. What are the key reasons for that, and how should we look at these costs going ahead throughout the year? Since we are in the expansion mode, some plants are getting commissioned. Those actually is accounted as an expense as of now. As we stabilize, it will be absorbed into our overall OpEx budget. With commensurate revenue coming, we will be having similar sort of, and much more lower per barrel operating cost. Our per barrel operating cost hovers around $4.5-$5 today. It will come down to a level of $3.5. That's what our expectation is. Because we will be rationalizing on the facilities, and our throughput will be high. Therefore, the operating cost will come to around $3.5. Sir, thanks for answering that. This is with respect to another, I suppose, that you mentioned. I'm talking from the perspective of Oil India, where contract costs and other expenses have come down on a sequential basis. What are the key reasons for that, and how should we look at these costs going ahead in the year? No. The contract cost for the current quarter for Oil India standalone is INR 615 crore as compared to INR 470. Is that what you are trying to understand from us? That is correct. The contract costs are lower sequentially, and other expenses are also lower. Yes. The contract cost margin has gone up around INR 146 crore which we are carrying. Sorry, sir, your voice is not very clear. Can you please come again? The contract cost of around INR 146 crore, which has gone up during the current quarter as compared to the previous quarter, is major for our G&G cost in our offshore blocks. The cost was ad hoc only, which contract has gone up to INR 146 crore. It is only G&G costs for our offshore blocks. The rest are, you can say, in line as compared to the previous year. Sure, sir. It was not very clear, from what I understood, that on a year-over-year basis, you mentioned that some INR 100 crore of extra cost has come, otherwise everything else is in line. That's the right understanding? Yes. It has several components. The one component which has basically consumed much of the cost is G&G. We are into operations in the offshore, so there has been a hike. Rest of the items are more or less similar. Of the seismic acquisition. Yes. Got it. Lastly, sir, if I may, just one more clarification question. If for everybody's benefit, if you can give Sorry to interrupt, sir. May I request you to please rejoin the queue for any follow-up questions? Sure. I just wanted the production targets for this year and next year. I mean, that's all from my end, if that can be given. This year, you see, we already told that quarter on quarter, we are almost close to 1 MMT. You can say that it will be around minimum 3.9 MMT will be our production this year. That's what I can tell as of now. We may touch four also. Got it, sir. Thank you. Now that we have surpassed 11,000. We are expecting 3.9 MMT It's possible that we touch 4 MMT this year itself. Understood. Thanks. Thanks for answering my question. Thank you. The next question comes from the line of Amit Murarka from Axis Capital. Please go ahead. Hi. Thanks for the opportunity. Just on Andaman. If I remember right, you had taken a write-down of the Vijayapuram- 2 well, whereas the Vijayapuram-1 and Vijayapuram-3, I think are still as of now in your assets. Just wanted to get clarity, is it fair to say that given that it's been now two, three quarters since the well was drilled, it's no longer going to come up for, let's say, a review or a write-down of the expense done on those two wells? Well, Vijayapuram- 3, actually, we just completed the testing sequence in July. Yeah. That didn't come up in the first quarter. We will be undertaking an appraisal campaign in Vijayapuram-3 also based on the new 300 sq km of 3D seismic data that we have acquired. Once we have the interpretation and the prospect generation done by April, we will be able to take a final call on Vijayapuram-3. Vijayapuram-1, we had to hold on because we didn't have the proper testing facilities at that point of time, because we didn't anticipate such tight formations in Vijayapuram-1. We had to keep Vijayapuram-1 on hold, and even as we speak, our rig has been now mobilized to Vijayapuram-1, where we'll be stimulating the well using hydrofrac technology. This testing campaign in Vijayapuram will take almost about this month of August. Post August, post testing in September, we will be able to freeze on the fate of Vijayapuram-I. Would you be able to share what has been the spend on Vijayapuram-1 and Vijayapuram-3? That will depend on the testing results. Vijayapuram-3, I've already told you that we'll be drilling an appraisal well in that area. If based on the 3D seismic campaign, we see that Vijayapuram-3 maybe was not in a proper structural position, then we can always examine the feasibility of utilizing this same well to sidetrack and go to a desired position, which we can go up to 1,000 meters or 2,000 meters laterally, horizontally. Vijayapuram-1, we'll take a call after the testing results, which will be concluded this month. No, I got that. I just wanted to know what were the. Sorry to interrupt, sir. May I request you to please rejoin the queue? No, it's a question which couldn't get answered properly. I'm saying that, what was the spend which was made on Vijayapuram-1? Is what I was asking. Vijayapuram-1, our spending has been roughly INR 1,000 crore. INR 1,001 crore. Yeah, it will be INR 1,000 crore-INR 1,050 crore. Okay, got it. That's all from me. Thank you. Thank you very much. We have the last question from the line of Vineet from Nomura. Please go ahead. Thanks for the opportunity. Just one couple of questions basically on GST and royalty. I think there was a BSE filing. Can you tell us what is the total amount due on this GST and royalty? How much was provisioned, how much was paid, and what could be the impact in the second quarter on the P&L as well as cash flow? Similarly, on the Assam land tax, I think the government has withdrawn the case. I believe Oil India has already not paid anything. Is there any impact from that also on your financial statements? Okay. I'll take up the land question first. In the recent, the senior council of the government of Assam, he gave an undertaking to the honorable court that this particular law will be withdrawn. It will be deliberated in the state legislature, and following the due process, the act will be repealed. Far, whatever we have shown in our financials, we have shown them as contingent liability. It has not impacted our financials at all. In the days ahead, we'll have to wait till it is withdrawn by the state. Once it is withdrawn, we will also kind of remove it from our books. That is the position on Assam land taxation. Now, as regards the GST on royalty, we have all this while been providing for it. It is again, not going to impact our financials because every quarter we were providing for it since this new thing was introduced in 2017. Right? From 1st of July 2017. Without interest, it would be to the tune of INR 2,500 crore. Without interest. [inaudible] Am I audible? Clear. Yes, sir. Without interest, it would be roughly about INR 2,500 crore. Our undertaking to the court was that the court has given us six weeks time to settle this, and we are trying to kind of make this payment as quickly as possible. At this point in time, I can tell you this much. Sir, within the next six months, the interest component doesn't have to be paid. Only the INR 2,500 crore principal component. Absolutely. Okay, thanks. Prospectively, there's no interest. We will only be paying the liability as it arises. This will be put in the second quarter result? Sorry? This will come up in the second quarter financials, the INR 2,500 crore. Yes. Second quarter financials. Financials as such is not going to be impacted- The cash flow We have provided for it. We will definitely make a disclosure saying that this much amount has been released on account of GST on royalty. Okay, sir. Thank you. Right. Thank you. We'll take that as the last question, and I would now like to hand the conference over to management for closing comments. Thank you, and over to you. Thank you very much for your participation in Oil India's Q1 2026/2027 earnings call. A big thanks to DAM Capital for helping us to organize today's session smoothly. We trust that we have satisfactorily addressed your queries and provided meaningful insights into our quarterly performance and ongoing initiatives. Should you require any additional information or further clarification, please do not hesitate to contact our investors relation cell. The relevant contact details are available on our website. We sincerely appreciate your time, participation, and continued confidence in Oil India Limited. Your engagement is highly valued, and we look forward to maintaining an open and constructive dialogue with you in future. Thank you, and have a great day ahead. Thank you. On behalf of DAM Capital Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.