Oil India shares surged by 5%, reaching a 52-week high of ₹531 following the announcement of strong quarterly earnings for Q4 FY26. The company's consolidated net profit jumped 62% year-on-year to ₹2,424 crore, driven by a 6% increase in crude oil production and a 5% rise in crude price realization from $74.46/bbl to $77.89/bbl. Similarly, ONGC shares saw a 2% increase, reaching ₹303.65, buoyed by the government's recent decision to rationalize royalty rates for upstream oil and gas fields. This change is expected to enhance the earnings potential of both companies, as analysts predict a positive impact on their financial performance. The Ministry of Petroleum and Natural Gas has revised royalty rates, cutting them by 5-6% for onshore fields and 1-1.5% for offshore fields, which analysts believe will stimulate domestic oil and gas exploration and reduce dependency on imports. Overall, both Oil India and ONGC are viewed positively by analysts, with target prices set at ₹552 and ₹399, respectively.