HDFC Securities has reduced its target price for Oil India to 495 from 509, citing delays in the Numaligarh Refinery's expanded capacity, now expected in Q4FY26. This leads to minor EPS estimate cuts for FY26 and FY27. Despite the delay, the brokerage maintains a 'Buy' rating, anticipating significant growth in gas and oil production over the next few years. The new target suggests a potential 16.7% upside from its recent closing price.