Oil and Natural Gas Corporation (ONGC) reported a standalone net profit of ₹17,033.81 crore for the April-June quarter of FY27, compared with ₹8,024.23 crore in the same period last year, as per exchange filings dated August 4, 2026.
The figure was also higher than the ₹6,649.97 crore reported in the previous quarter. Total income increased to ₹48,321.65 crore from ₹33,213.39 crore a year earlier, while profit before tax stood at a record ₹22,848 crore.
Revenue from operations rose 45.2% year-on-year to ₹46,460 crore. The increase was mainly due to higher crude oil prices during the quarter. Net crude oil realisation rose to $99.45 per barrel from $66.13 a year ago.
Realisation from joint venture crude production also increased to $103.34 per barrel from $67.87. The administered price mechanism (APM) gas price rose to $7 per mmBtu, while new well gas realisation increased to $13.31 per mmBtu from $8.24.
New well gas generated revenue of ₹3,998 crore during the quarter. According to the company, this resulted in an additional ₹1,897 crore compared with the APM gas price.
The segment accounted for around 38% of revenue from ONGC's nomination gas portfolio during the reporting period.
Crude oil production fell to 4.45 million tonnes from 4.68 million tonnes a year earlier. Natural gas production declined to 4.76 billion cubic metres from 4.85 bcm.
ONGC attributed the lower output to reservoir issues in the KG-98/2 block, rough weather in the western offshore region, delays in pipeline replacement work, and temporary shutdowns during project commissioning.
The company noted that the production is to improve as projects including Daman Upside Development, TSP and Discovered Small Fields progress.
ONGC's consolidated net profit declined 43.3% during the quarter. The company said the fall was largely due to Hindustan Petroleum Corporation Ltd (HPCL) reporting a consolidated net loss of ₹12,265 crore because of under-recoveries on petroleum products following the rise in crude oil prices.
Better performance from ONGC Videsh and Mangalore Refinery and Petrochemicals Ltd partly offset the impact.
During the quarter, ONGC reported two hydrocarbon discoveries, including one offshore prospect and one onshore new pool.
The company also started drilling an exploratory well in the Mahanadi deepwater basin under the Samudra Manthan offshore exploration programme.
It is currently implementing capital expenditure projects worth more than ₹40,000 crore in its western offshore fields to support production in the coming years.
As of August 5, 2026, 12:11 pm, Oil and Natural Gas Corporation (ONGC) share price was trading at ₹240.05, down 0.81% from the previous closing price.
Higher crude oil and gas realisations supported ONGC's standalone earnings in the first quarter of FY27, despite lower production. Consolidated profit remained under pressure due to losses at HPCL.
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Published on: Aug 5, 2026, 2:34 PM IST
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