New Delhi: Oil and Natural Gas Corporation (ONGC) has announced its unaudited financial results for the quarter ended June 30, 2026, reporting a sharp increase in standalone profitability driven by strong operational performance.
The state-owned energy major recorded significant growth in revenue, EBITDA, and earnings during the first quarter of FY27. However, its consolidated net profit declined sharply as heavy losses in the refining and marketing segment offset gains from its exploration and production (E&P) business.
Standalone Q1 FY27 Results: Profit More Than Doubles
ONGC delivered an impressive standalone performance during the April–June 2026 quarter.
Standalone Financial Highlights
- Revenue from Operations: ₹46,460 crore, up 45.2% YoY
- Total Income: ₹48,322 crore, up 45.5% YoY
- Profit Before Tax (PBT): ₹22,848 crore, up 112.7% YoY
- Net Profit: ₹17,034 crore, up 112.3% YoY
- Basic Earnings Per Share (EPS): ₹13.54, compared with ₹6.38 in Q1 FY26
The company also reported strong sequential growth:
- Net Profit: Up 156.1% QoQ from ₹6,650 crore.
- Revenue: Up 29.3% QoQ from ₹35,928 crore.
EBITDA and Operating Margins Improve Significantly
ONGC’s operating performance strengthened considerably during the quarter.
Operational Performance
- EBITDA: ₹28,355 crore, up 123.9% QoQ
- EBITDA Margin: 61%, compared with 35.3% in the previous quarter
- Margin Expansion: 2,570 basis points
Although other income declined 29.2% QoQ to ₹1,861 crore, the company’s strong core operations more than compensated for the lower non-operating income.
Consolidated Q1 FY27 Results
Despite the strong standalone performance, ONGC’s consolidated earnings were affected by losses in downstream businesses.
Consolidated Financial Highlights
- Revenue from Operations: ₹2,04,987 crore, up 25.7% YoY
- Total Income: ₹2,07,776 crore, up 25.5% YoY
- Profit Before Tax: ₹7,012 crore, down 54.8% YoY
- Net Profit: ₹6,554 crore, down 43.3% YoY
- Basic EPS: ₹9.46, up 21.4%
Why Did Consolidated Profit Decline?
The sharp fall in consolidated profit was primarily due to significant losses in the refining and marketing business.
Key Reasons
- Refining & Marketing Segment: Reported an operating loss of ₹16,155 crore, compared with a profit of ₹5,932 crore in the same period last year.
- Petrochemicals Business: Loss widened to ₹454 crore.
- Total Expenses: Increased 34.7% YoY to ₹2,01,833 crore.
These losses outweighed the strong performance of ONGC’s upstream exploration and production operations.
Exploration & Production Business Performs Strongly
ONGC’s core E&P business delivered healthy growth across all major segments.
Segment Performance
- E&P Offshore Profit: ₹19,298 crore, up 95.3%
- E&P Onshore Profit: ₹4,078 crore, up 124.8%
- International Operations Profit: ₹1,033 crore, up 115.9%
The robust performance of upstream operations highlighted the strength of ONGC’s core business despite challenges in downstream operations.
Key Corporate Disclosures
The company also made several important disclosures in its quarterly filing.
Major Disclosures
- Contingent Liability: ₹15,365 crore related to the PMT Joint Venture, currently under arbitration.
- Service Tax/GST Provision: ₹20,450 crore on royalty payments.
- Terminal Excise Duty Refund: ₹2,088 crore treated as recoverable.
- CB-OS-02 Block: ONGC assumed operational control following a Delhi High Court order.
- Board Meeting: Held from 4:55 PM to 6:40 PM. The Audit Committee meeting could not be held due to the absence of Independent Directors.
Strong Core Business Offsets Downstream Challenges
ONGC’s Q1 FY27 results demonstrate the resilience of its upstream oil and gas business, supported by higher production earnings, improved operating margins, and strong revenue growth.
While refining and petrochemical losses weighed on consolidated earnings, the company’s standalone performance reflects solid operational efficiency and continued strength in exploration and production activities.
About ONGC
Oil and Natural Gas Corporation (ONGC) is India’s largest oil and gas exploration and production company and a Maharatna public sector enterprise under the Ministry of Petroleum and Natural Gas. The company plays a key role in India’s energy sector through exploration, production, and development of oil and natural gas resources. ONGC is also focusing on sustainability, renewable energy, and initiatives that support India’s economic and infrastructure growth.
