ONGC Reports Q1 Results: Net Profit Jumps 112% to ₹ 17,034 Crore Amid Robust Investments
Oil & Natural Gas Corporation Limited (ONGC) announced strong financial results for the first quarter of FY'27, reporting a robust net profit increase of 112%. Standalone Gross Revenue reached ₹ 46,460 crore in Q1. The company also highlighted its aggressive capital investment program aimed at unlocking production growth in Western Offshore and accelerated offshore exploration activities.The results reflected the significant performance of ONGC's core operations alongside various strategic projects, including the spudding of a deepwater well under the Samudra Manthan scheme.
Financial Performance Snapshot (Standalone)
ONGC reported substantial improvements across key financial metrics in the standalone segment for Q1 FY'27. The company recorded the highest ever quarterly Profit Before Tax (PBT) of ₹ 22,848 crore.The detailed standalone financial performance for Q1 FY'27 compared to Q1 FY'26 is presented below:
| Particulars | Q1 FY'27 | Q1 FY'26 | % Variation | FY'26 |
|---|---|---|---|---|
| Gross Revenue ( ₹ Crore) | 46,460 | 32,003 | 45.2 | 1,32,509 |
| Net Profit ( ₹ Crore) | 17,034 | 8,024 | 112.3 | 32,894 |
| Net Realization ( ₹ /bbl) | 9,419 | 5,658 | 66.5 | 6,041 |
In terms of crude oil and gas realization rates, the standalone figures stood as follows:
| Metric | Q1 FY'27 Value | Q1 FY'26 Value | % Variation |
|---|---|---|---|
| Net Realization (US$/bbl) | 99.45 | 66.13 | 50.4 |
| Realization (US$/bbl) | 103.34 | 67.87 | 52.3 |
Production and Capital Investment in Western Offshore
While the company achieved significant financial growth, Q1 FY'27 oil and gas production remained flat compared to the corresponding period of FY'26. This plateau was attributed to complexities in reservoir behavior in KG-98/2 in Eastern Offshore, as well as inclement swell and pipeline replacement projects (PRP-8 and PRP-9) during pre-commissioning activities in Western Offshore. Gas offtake from small isolated fields was also noted to be lower due to operational disruptions at customer facilities.Despite these factors, ONGC has commenced a substantial capital investment program in the Western Offshore area. This program, exceeding ₹ 40,000 crore, is designed to improve production performance and asset integrity. The company expects the benefits of these strategic projects, including Daman Upside Development Project (DUDP) and TSP, to progressively materialise from FY 2027-28 onwards.
Exploration Discoveries and Offshore Focus
ONGC declared a total of two discoveries during Q1 FY 2026-27 in its operated acreages: one onland prospect and one offshore new pool discovery.The exploration commitment under the National Offshore Exploration Scheme, Samudra Manthan, saw ONGC spud exploratory well MNDWO181HDB-1 on July 25, 2026, in the Mahanadi deepwaters of the OALP block MN-DWHP-2018/1. This operation is aimed at exploring the Pliocene Shallower Channel with respect to discoveries 'UTKAL' and 'KONARK'.
Group Consolidated Performance and Operational Details
The consolidated results for the ONGC Group showed a Gross Revenue of ₹ 2,04,987 crore in Q1 FY'27. The net profit attributable to owners stood at ₹ 11,899 crore. The overall Profit After Tax (PAT) was impacted by HPCL's consolidated net loss of ₹ 12,265 crore, which stemmed from under-recoveries on petroleum products due to the sharp increase in crude oil prices following the West Asia crisis. However, strong contributions from ONGC Videsh and MRPL offset this impact.Key operational metrics for Q1 FY'27 are as follows:
| Metric | Standalone Value | JV Contribution |
|---|---|---|
| Crude Oil Production (MMT) | 4.452 | 0.262 |
| Condensate (MMT) | 0.236 | - |
| Gas Production (BCM) | 4.756 | 0.095 |
Furthermore, revenue from new well gas stood at ₹ 3,998 crore during the quarter, contributing approximately 38% of total revenue from ONGC nomination gas portfolio.
Awards and Corporate Recognition
ONGC received several notable recognitions for its operational and technical excellence:- Technology & Digital Transformation: The company was awarded three prestigious awards at the 11th India PSU IT Forum & Awards 2026, recognizing achievements in digital transformation and data center infrastructure. ONGC also won the ICC Technology Excellence Award as a Digital Transformation Champion.
- Treasury Management: ONGC's Corporate Treasury team received the 'Treasury Team of the Year' award from Inventicon Business Intelligence.
- Safety & Environment: The Mehsana Asset earned three HSE and Energy Management awards in 2026, while the Corporate HSE (CHSE) team was recognized with the Global Safety Award - Platinum Category by the Energy and Environment Foundation.
- Exploration Technology: ONGC's Institute of Drilling & Well Engineering (IDWE) received the Golden Peacock Innovative Product/Service Award 2026 from the Institute of Directors (IOD).
ONGC Stock Price Movement
Shares of Oil & Natural Gas Corporation Limited today settled at ₹242 after closing flat amid market activity. The stock saw robust trading volume, with over 10.47 million shares changing hands during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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