Oil and Natural Gas (ONGC) Q4 24/25 earnings summary

Executive summary

• Profit after tax for FY25 was INR 35,610 crore, down 12.1% year-over-year due to lower crude realization and higher exploration write-offs.

• Consolidated PAT dropped to INR 38,329 crore, mainly from lower subsidiary profits and international headwinds.

• OPaL became a subsidiary after increasing stake to over 95%, supporting group performance.

• Standalone crude oil production rose 0.9% to 18.558 MMT; natural gas output slightly declined.

• Nine discoveries were made, eight monetized, and reserve replacement ratio exceeded 1 for the 19th consecutive year.

Financial highlights

• Standalone revenue from operations for FY25: INR 137,846 crore, nearly flat year-over-year.

• Consolidated revenue from operations for FY25: INR 663,262 crore, up 1.5% year-over-year.

• Operating expenditure increased 2.8% to INR 27,478 crore.

• Exploration and dry well costs rose by INR 4,257 crore to INR 9,826 crore.

• Dividend payout ratio was 47.3%, with a total dividend of INR 15,411 crore, the highest ever.

Outlook and guidance

• Oil production is expected to increase, with targets of 21.5 MMT in FY26 and further growth in subsequent years.

• Gas output projected to rise 5-6% annually, reaching 21 BCM in FY26 and 22 BCM in FY27.

• Renewable energy capacity to reach 10 GW by 2030, with 2.5 GW already achieved.

• CapEx guidance for FY26 is INR 30,000-35,000 crore, covering E&P and renewables.

• Board expects continued focus on operational efficiency and prudent capital allocation.