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Informist, Tuesday, Aug. 4, 2026

 

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--ONGC Apr-Jun net profit INR 170.34 bln
--Analysts saw ONGC Apr-Jun net profit at INR 143.89 bln
--ONGC Apr-Jun revenue INR 464.60 bln
--Analysts saw ONGC Apr-Jun revenue at INR 452.13 bln
--ONGC Apr-Jun net profit INR 170.34 bln vs INR 80.24 bln year ago
--ONGC Apr-Jun revenue INR 464.60 bln vs INR 320.03 bln year ago
--ONGC Apr-Jun operating margin 51.51% vs 37.08% year ago
--ONGC Apr-Jun offshore revenue INR 333.37 bln vs INR 220.86 bln yr ago
--ONGC Apr-Jun onshore revenue INR 131.23 bln vs INR 99.17 bln yr ago
--ONGC Apr-Jun crude oil production 4.45 mln tn vs 4.68 mln tn year ago
--ONGC Apr-Jun natural gas output 4.76 bln cu mtr vs 4.85 bln cu mtr yr ago
--ONGC: See production decline trend to reverse post executing some projects 
--ONGC Apr-Jun crude oil net realisation from nominated fields $99.45/bbl
--ONGC Apr-Jun crude oil net realisation from nominated fields up 50.4% YoY
--ONGC natural gas price from nominated fields $7.0/mBtu in Q1, up 5.4% YoY
--ONGC natural gas price from new well $13.31/mBtu in Q1, up 61.5% on year
--ONGC: Share of new well gas 38% of Q1 revenue from nomination fields
--ONGC Apr-Jun revenue from new well gas INR 39.98 bln

 

By Sunil Raghu

 

AHMEDABAD – Oil and Natural Gas Corp. Ltd. reported higher-than-expected net profit for the June quarter, led by high global crude oil prices and a depreciating rupee, boosting its earnings. As a result, ONGC's net profit for the June quarter rose the most annually in nine quarters. It was also the third consecutive year-on-year rise in the company's bottom line, after falling for four quarters.

 

The state-owned company's net profit for the June quarter more than doubled, rising over 112% on year to INR 170.34 billion. The bottom line was much higher than analysts' estimate of INR 143.89 billion. ONGC's revenue from operations rose over 45% on year to INR 464.60 billion. Analysts had estimated the company's top line at INR 452.13 billion. This is also the highest year-on-year growth in ONGC's top line over 15 quarters.

 

ONGC was expected to report 79% year-on-year increase in net profit for the June quarter, riding on high global crude oil prices. Crude oil rose sharply in the March quarter, with the price of Brent crude oil shooting up to about $104 per barrel, following the outbreak of war in West Asia and the closure of the Strait of Hormuz. In the June quarter, the price of crude oil has averaged at about $97 per barrel, compared to $67 per barrel in the June quarter a year ago. Analysts had also predicted that depreciation of nearly 10% in the rupee against the dollar during the quarter would pump up ONGC's net profit.

 

The company's total expenses rose over 13% on year to INR 254.74 billion. Within this, written-off exploratory well costs fell over 4% to INR 8.97 billion while statutory levies jumped over 50% to INR 91.28 billion. The upstream company's other expenses increased 16% to INR 64.58 billion. However, its cost of raw materials fell nearly 18% on year to INR 8.81 billion in the June quarter, from INR 10.72 billion a year ago. The company's employee costs for the quarter also fell nearly 7% year-on-year to INR 6.37 billion.

 

The company's total income for the June quarter was INR 483.22 billion, up over 45% on year. Its other income improved nearly 54% on year to INR 18.61 billion.

 

ONGC's offshore revenue from operations jumped nearly 51% on year to INR 333.37 billion in the June quarter. Its onshore revenue from operations rose over 32% on year to INR 131.23 billion.

 

The state-run enterprise is primarily engaged in exploration and production of crude oil, natural gas, and some value-added products. It produces around 70% of India's crude oil and 84% of its natural gas. Crude oil production accounted for nearly 42% of the company's turnover in the financial year 2025-26 (Apr-Mar) while natural gas production accounted for 51%. ONGC sells the bulk of its domestic production to refiners such as Hindustan Petroleum Corp. Ltd. and Mangalore Refinery and Petrochemicals Ltd.

 

The company's crude oil price realisation from the nominated category of fields was $99.45 per barrel, up over 50% on year. Its June quarter gas price realisation under the nominated category was $7 per million British thermal units, up 5.4%. The price realisation from new well gas was $13.31 per million British thermal units, up 61.5% on year. The share of new well gas in the June quarter was INR 39.98 billion, 38% of the revenue from nominated fields. The company's operating margin was 51.51% during the quarter, up from 37.08% in the year-ago quarter, mainly due to a jump in gas price realisations.

 

ONGC's standalone crude oil output for the June quarter fell 5% on year to 4.45 million tonnes. For FY26, it was 18.355 million tonnes, down from 18.558 million tonnes in FY25. The company's natural gas output declined 2% on year to 4.76 billion cubic metres in the June quarter. For FY26, it stood at 19.533 billion cubic metres, marginally down from 19.564 billion cubic metres in FY25.

 

The company said its oil and gas production remained flat during the June quarter, maintaining the momentum achieved in the Western Offshore region during the March quarter and providing a strong foundation for future production growth. However, the reduction in quarterly production from the corresponding period of FY26 is attributed primarily to complexities in reservoir behaviour of Krishna Godavari-98/2 in the Eastern Offshore region, inclement swell in the Western Offshore before the onset of the southwest monsoon, which resulted in delays in Pipeline Replacement Project-8 and Pipeline Replacement Project-9, and temporary closure of wells during pre-commissioning and commissioning activities of other major projects, including the Daman Upside Development Project.

 

Gas offtake from small isolated fields was lower during the quarter, primarily due to operational disruptions at customer facilities, leading to reduced demand and consequently production. The production decline trend is expected to be arrested and progressively reversed through the successful execution of strategic projects such as the Daman Upside Development Project.

 
Tuesday, shares of ONGC ended unchanged from Monday at INR 242 on the National Stock Exchange. The company announced its June quarter results after market hours.  End

 

US$1 = INR 95.37

 

Edited by Rajeev Pai

 

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