ONGC Q1 FY 2026-27 Results: Net Profit Jumps 112% To ₹17,034 Crore

Oil and Natural Gas Corporation (ONGC) Q1 FY 2026-27 results were driven by higher crude oil and gas price realisations during the June quarter. On a standalone basis, gross revenue increased 45.2% year-on-year to ₹46,460 crore. The company posted its highest-ever quarterly profit before tax (PBT) of ₹22,848 crore. Net profit more than doubled to ₹17,034 crore, compared with ₹8,024 crore in the corresponding quarter last year.

At the consolidated level, gross revenue rose 25.7% YoY to ₹2,04,987 crore. Net profit attributable to owners increased 21.4% to ₹11,899 crore. However, consolidated net profit stood at ₹6,554 crore, as Hindustan Petroleum Corporation Limited (HPCL) reported a ₹12,265 crore loss due to under-recoveries on petroleum products following the sharp rise in crude oil prices. ONGC said stronger earnings from subsidiaries such as ONGC Videsh and Mangalore Refinery and Petrochemicals Limited (MRPL) partly offset the impact.

ONGC Q1 FY27 Results: Performance Summary

Higher price realisations supported the company's earnings during the quarter. Net realisation for nomination crude oil increased to US$99.45 per barrel from US$66.13 a year ago, while joint ventures (JVs) crude realisation improved to US$103.34 per barrel from US$67.87. New well gas prices also rose sharply to US$13.31 per mmbtu, compared with US$8.24 in Q1 FY26.

Revenue from new well gas reached ₹3,998 crore, generating an additional ₹1,897 crore compared with administered price mechanism (APM) gas pricing. The company said new well gas now contributes around 38% of revenue from its nomination gas portfolio, highlighting the increasing share of higher-value gas production.

Production remained largely stable during the quarter despite operational challenges. Standalone crude oil production stood at 4.452 million metric tonnes (MMT), while natural gas production was 4.756 billion cubic metres (BCM). Standalone oil and oil equivalent gas production, excluding JVs, came in at 9.444 million metric tonnes of oil equivalent (MMTOE).

ONGC attributed the year-on-year decline in production to reservoir complexities, rough sea conditions in Western Offshore that delayed pipeline replacement work, temporary shutdown of wells during commissioning of major projects, and lower gas offtake from isolated fields. The company expects production to improve as projects including Daman Upside Development Project (DUDP) are completed.

Management Commentary And Stock Price

ONGC said the production decline is expected to be arrested and progressively reversed through ongoing strategic projects. The company has also engaged bp for the entire Western Offshore portfolio to improve reservoir management, enhance recovery and strengthen long-term production from its offshore assets.

At the close of the day on 4 August 2026, ONGC’s share price was ₹242.0 on the National Stock Exchange.

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