New Delhi: Oil and Natural Gas Corporation (ONGC) has reported a strong financial performance for the second quarter of FY 2026–27, with its standalone net profit increasing 57.3% year-on-year (YoY) to ₹15,489 crore, compared to ₹9,848 crore in the corresponding quarter of the previous financial year.
The company’s standalone gross revenue also registered significant growth of 32.8%, reaching ₹43,875 crore in Q2 FY27 against ₹33,030 crore in Q2 FY26.
ONGC further recorded its highest-ever half-yearly standalone net profit of ₹32,522 crore during H1 FY27, marking an impressive growth of 82% compared to ₹17,872 crore in the corresponding period last year.
On a consolidated basis, the company reported a net profit of ₹18,535 crore, registering a growth of 46.9% against ₹12,615 crore in Q2 FY26. Consolidated gross revenue increased 25.6% year-on-year to ₹1,98,263 crore.
The Board of Directors approved the financial results at its 415th meeting held on November 5, 2026.
Alongside its strong financial performance, ONGC announced its highest-ever interim dividend of ₹8 per equity share and awarded major offshore development projects worth approximately ₹11,800 crore to strengthen its future hydrocarbon production capacity.
ONGC Declares Record Interim Dividend of ₹8 Per Share
In a major announcement for shareholders, the ONGC Board approved an interim dividend of 160%, equivalent to ₹8 per equity share with a face value of ₹5.
The total dividend payout will amount to ₹10,064 crore, making it the highest-ever dividend paid by the company in a single instalment.
The Board has fixed November 12, 2026, as the record date for determining the eligibility of shareholders to receive the interim dividend.
The dividend announcement reflects ONGC’s strong earnings performance and its commitment to delivering value to shareholders.
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Higher Crude Oil Realisations Boost ONGC’s Q2 FY27 Earnings
Higher crude oil realisations played an important role in strengthening ONGC’s financial performance during the July–September quarter.
The company’s nominated crude oil realisation increased to US92.33perbarrelinQ2FY27,comparedtoUS67.34 per barrel in the corresponding quarter of the previous financial year, registering a growth of 37.1%.
Realisation from joint venture crude oil also increased by 41.9% year-on-year to US$97.02 per barrel.
Meanwhile, the price of nomination gas stood at US7perMMBtu.NewwellgaspricesincreasedtoUS10.24 per MMBtu from US$8.36 per MMBtu in the year-ago period.
During H1 FY27, revenue from new well gas reached ₹7,050 crore, contributing more than 34% of the total revenue from ONGC’s nomination gas portfolio.
The improvement in crude oil and gas realisations supported the company’s overall revenue and profitability growth.
ONGC Production Remains Stable Sequentially, Faces Year-on-Year Moderation
ONGC maintained broadly stable production during Q2 FY27 compared with the preceding quarter, although crude oil and natural gas output declined year-on-year.
Standalone crude oil production stood at 4.437 MMT in Q2 FY27 against 4.630 MMT in Q2 FY26, while H1 production declined to 8.890 MMT from 9.314 MMT. JV crude oil production stood at 0.244 MMT during the quarter, compared to 0.308 MMT a year ago. Condensate production also declined to 0.239 MMT from 0.254 MMT.
Standalone natural gas production decreased to 4.839 BCM from 4.918 BCM in Q2 FY26, while H1 production stood at 9.595 BCM against 9.763 BCM. JV gas production was 0.087 BCM during the quarter, compared to 0.114 BCM in the year-ago period. Standalone O+OEG production, excluding JVs, stood at 9.515 MMT against 9.802 MMT.
ONGC attributed the year-on-year moderation to reservoir complexities in the KG-98/2 Asset in the Eastern Offshore Basin, monsoon-related operational challenges and delays in PRP-8 and PRP-9 pipeline replacement projects. Lower customer offtake following disruptions at major consumer facilities also affected onshore gas production.
To arrest natural production decline in mature fields and accelerate output, ONGC has expanded bp’s engagement as Technical Service Provider (TSP) across the Western Offshore under TSP-1 and TSP-2. bp mobilised its TSP-2 team in August 2026, covering the entire Western Offshore except the Mumbai High field.
ONGC Awards ₹11,800 Crore Offshore Projects to Unlock 22 MMTOE Potential
In a major step towards strengthening its future hydrocarbon production, ONGC has awarded two significant offshore development projects in the Western Offshore region, involving a combined capital investment of approximately ₹11,800 crore.
The projects cover MBOSN-2005-1, SD-4 and BS-17, along with the additional development of Ratna-1 and NLM-14.
These projects are expected to unlock an estimated 22 million tonnes of oil equivalent (MMTOE) of hydrocarbon potential, supporting ONGC’s efforts to strengthen domestic oil and gas production.
Additionally, the company has awarded Pipeline Replacement Project-X (PRP-X), involving an estimated investment of more than ₹4,300 crore.
The project will involve the installation of new subsea pipelines and replacement of ageing pipeline infrastructure in the Western Offshore.
The initiative aims to improve asset integrity, enhance operational reliability and ensure the long-term sustainability of offshore production operations.
ONGC Discovers Gas in Mahanadi Deepwater Under Samudra Manthan Initiative
ONGC has achieved an important exploration milestone under its Samudra Manthan initiative by successfully drilling its first exploratory well, MNDWO181HDB-1, in OALP Block MN-DWHP-2018/1 in the Mahanadi deepwater.
The exploratory well has been proved gas-bearing, marking a significant outcome of the company’s deepwater exploration programme.
During Q2 FY27, ONGC also notified two new hydrocarbon discoveries in onshore areas.
The discoveries include:
1. Amraghat-1 Discovery
Amraghat-1 is an exploratory well drilled in Cachar District PML in the Assam-Arakan Fold Belt. The well targeted the Upper and Middle Bhuban formations.
Following successful gas flow, the discovery was notified as a new prospect discovery, highlighting additional hydrocarbon potential in the region.
2. Vadatal-48 Discovery
Vadatal-48 was drilled in Vadatal Ext-I PML in the Cambay Basin. The well encountered a new sand below the existing Chhatral Pay.
The discovery has been notified as a new pool discovery in the Chhatral Lower Pay, opening up further exploration opportunities in the Cambay Basin.
ONGC Takes Over CB-OS/2 Block Operations
During the second quarter of FY27, ONGC was designated as the Government’s nominee to continue petroleum operations in the CB-OS/2 block.
The company assumed control and possession of all associated assets, data, facilities, infrastructure and operations with effect from July 22, 2026.
The development marks another important step in ONGC’s efforts to strengthen its operational presence and manage petroleum assets in the country.
ONGC Receives National and International Awards for Excellence
Alongside its financial and operational achievements, ONGC received several national and international recognitions during the reporting period.
Some of the major awards and recognitions include:
- Platinum Category Global Decarbonization Award 2026: Presented by the Energy and Environment Foundation.
- Global Sustainability Champion Award 2026: Presented by the Global Energy & Environment Foundation.
- Best PSU Partner Award: Received at the Prime Minister Internship Scheme Recognition of Partner Company Awards 2026, organised by the Ministry of Corporate Affairs.
- Corporate EHS Excellence Award 2026: Received by ONGC’s NH&BS Asset at the Greentech 3rd EHS Summit & Awards.
ONGC’s Institute of Production Engineering and Ocean Technology (IPEOT) also received double recognition at the 16th Annual EEF Awards 2026 for its contributions to digital innovation and environmental sustainability.
ONGC Secures 35th Patent for Offshore Oil Production Technology
ONGC continued to strengthen its technological capabilities through innovations in production and drilling operations.
The Institute of Production Engineering and Ocean Technology (IPEOT) secured its 35th patent for developing the Single-Phase Retarded Acid System (SPRAS), which is aimed at enhancing offshore oil production.
Meanwhile, the Institute of Drilling and Well Engineering (IDWE), Dehradun, received its 12th patent on September 8, 2026, for an innovative water-based drilling-fluid technology.
These developments highlight ONGC’s continued focus on research, technological innovation and improving operational efficiency across its exploration and production activities.
ONGC Q2 FY27 Performance: Strong Earnings and Future Production Expansion
ONGC’s second-quarter performance reflects strong growth in profitability, supported by higher crude oil realisations and increased revenue from operations. The record interim dividend of ₹8 per share further highlights the company’s strong earnings position.
At the same time, investments in offshore development projects worth approximately ₹11,800 crore, the ₹4,300 crore PRP-X initiative and new hydrocarbon discoveries are expected to support its future production potential.
Although the company continues to face production challenges in certain mature assets, its focus on exploration, enhanced recovery, pipeline infrastructure and technological innovation remains central to its long-term growth strategy.
About ONGC
Oil and Natural Gas Corporation (ONGC) is India’s largest oil and gas exploration and production company and a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum and Natural Gas, Government of India. The company is engaged in the exploration, development and production of crude oil and natural gas, playing a key role in strengthening India’s domestic energy supply and energy security.
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