Oil and Natural Gas (ONGC) Q3 25/26 earnings summary

Executive summary

• Standalone crude oil production in Q3 FY 2026 was 4.592 MMT, with nine-month output at 13.907 MMT, up 0.35% year-over-year, reflecting operational stability and growth momentum.

• Standalone natural gas production showed a year-over-year increase, with New Well Gas revenue crossing INR 5,000 crore in nine months, contributing over 18% of total gas sales revenue.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed by the Board and auditors, with no material misstatements identified.

• Board declared a second interim dividend of 125% (INR 6.25/share), totaling INR 7,863 crore, leading to a record cumulative interim dividend of INR 15,411 crore for the year.

Financial highlights

• Consolidated net profit grew 23% year-over-year in Q3 FY 2026 to INR 11,946 crore; nine-month consolidated net profit was INR 36,115 crore, up from INR 29,364 crore.

• Standalone net profit for Q3 FY 2026 was INR 8,372 crore, up 1.6% year-over-year; nine-month standalone net profit was INR 26,244 crore, down from INR 29,162 crore.

• Q3 FY 2026 sales revenue declined due to a INR 2,145 crore drop in crude oil revenue and INR 710 crore reduction in value-added products, partially offset by a INR 505 crore increase in natural gas revenue.

• Standalone revenue from operations for Q3 FY26 was INR 31,546.51 crore; consolidated revenue was INR 167,422.93 crore.

• Standalone EPS for Q3 FY26 was INR 6.65; consolidated EPS was INR 7.96.

Outlook and guidance

• FY 2027 standalone production target is 42.5 million tons oil and oil equivalent (21 MMT oil, 21.5 MMT gas).

• CapEx guidance for FY 2027 remains at INR 32,000–33,000 crore, focused on exploration and production.

• KG 98/2 gas production expected to ramp up to 5–6 MMSCMD by end-FY 2027, with peak guidance at 7–8 MMSCMD.

• Daman Upside Project to contribute 4–5 MMSCMD gas in FY 2027.

• The company remains prepared to assume operational control of the CB-OS-02 JV block as directed by the government, pending court proceedings.