ONGC Q1 net profit surges 112% to Rs 17,034 cr on higher crude oil realisations

Standalone gross revenue of the company increased 45.2 per cent to Rs 46,460 crore during the quarter, from Rs 32,003 crore in Q1 FY26. The company also reported its highest-ever quarterly profit before tax (PBT) of Rs 22,848 crore.

The strong financial performance was supported by higher crude oil realisations. Net realisation from nominated crude oil rose 50.4 per cent to USD 99.45 per barrel from USD 66.13 per barrel a year earlier. In rupee terms, the realisation increased 66.5 per cent to Rs 9,419 per barrel.

ONGC also saw a significant contribution from new well gas. Revenue from new well gas stood at Rs 3,998 crore during Q1FY27, generating an additional Rs 1,897 crore compared with the APM gas price. New well gas accounted for around 38 per cent of total revenue from ONGC's nomination gas portfolio.

At the consolidated level, gross revenue rose 25.7 per cent year-on-year to Rs 2,04,987 crore. Consolidated profit after tax, however, declined 43.3 per cent to Rs 6,554 crore, primarily due to a consolidated net loss of Rs 12,265 crore reported by HPCL. ONGC said the loss was largely attributable to under-recoveries on petroleum products following the sharp increase in crude oil prices amid the West Asia crisis.

Production remained broadly flat during the quarter, with standalone crude oil production at 4.452 million tonnes and natural gas production at 4.756 billion cubic metres.

To support future production growth, ONGC has more than Rs 40,000 crore of projects under implementation in the Western Offshore. The company expects benefits from these investments to progressively materialise from FY28, supporting higher production and improved recovery.

Meanwhile, under the Samudra Manthan initiative, ONGC spudded its first deepwater exploratory well in the Mahanadi basin on July 25, 2026, at a water depth of around 765 metres, strengthening its focus on offshore exploration and long-term energy security. (ANI)