Oil and Natural Gas (ONGC) Q1 26/27 earnings summary

Executive summary

• Standalone revenue for Q1 FY 2026-27 rose over 45% year-over-year to INR 46,450 crore, with profit after tax up 112% to INR 17,034 crore, and highest ever quarterly profit before tax at INR 22,848 crore.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, with auditor review completed and no material misstatements identified.

• Consolidated profit after tax was INR 6,554 crore, impacted by HPCL's net loss of INR 21,255 crore due to under-recoveries from high crude prices, partially offset by strong subsidiary performance.

• Operational focus remains on gas portfolio transformation, mature offshore asset upgrades, and deepwater exploration, with significant progress in new well gas and renewable energy expansion.

Financial highlights

• Standalone revenue from operations rose to ₹46,460.45 crore, up from ₹32,002.89 crore year-over-year.

• Standalone net profit surged to ₹17,033.81 crore, compared to ₹6,649.97 crore in the same quarter last year.

• Consolidated revenue from operations reached ₹204,987.35 crore, up from ₹163,106.33 crore year-over-year.

• Consolidated net profit was ₹13,677.87 crore, up from ₹11,554.21 crore year-over-year.

• Average crude price realization was $99.45 per barrel, with operating expenditure stable despite inflation and FX pressures.

Outlook and guidance

• Standalone oil and gas production expected at 39 Mtoe for FY 2027 and 40 Mtoe for FY 2028, with a 50/50 oil-gas split.

• Gas production to see upside from Daman, Tapti, and KG-DWN-98/2 projects, targeting 3 MMSCMD by Q4 and 6-7 MMSCMD by Q4 FY 2027-28.

• CapEx guidance remains $3.5–4 billion annually, with exploration CapEx to rise due to Samudra Manthan.

• No explicit forward-looking guidance provided; ongoing legal and regulatory matters may impact future results.