Financial Performance (Standalone)

ONGC reported exceptional standalone financial results for Q1 FY27:

  • Gross Revenue: ₹46,460 crore, up 45.2% YoY (from ₹32,003 crore in Q1 FY26)
  • Net Profit: ₹17,034 crore, up 112.3% YoY (from ₹8,024 crore in Q1 FY26)
  • Profit Before Tax (PBT): ₹22,848 crore (highest ever quarterly PBT)

Price Realizations:

  • Crude Oil Nominated Net Realization: $99.45/bbl (up 50.4% YoY) or ₹9,419/bbl (up 66.5% YoY)
  • Crude Oil JV Realization: $103.34/bbl (up 52.3% YoY) or ₹9,787/bbl (up 68.5% YoY)
  • Nomination Gas Price: $7.00/mmbtu (up 5.4% YoY)
  • New Well Gas Price: $13.31/mmbtu (up 61.5% YoY)

New Well Gas Contribution:

  • Revenue from new well gas: ₹3,998 crore in Q1 FY27
  • Additional revenue of ₹1,897 crore compared to APM gas price
  • New Well Gas now contributes ~38% of total revenue from ONGC nomination gas portfolio

Financial Performance (Consolidated)

| Metric | Q1 FY27 | Q1 FY26 | % Variation | FY26 |

| Gross Revenue (₹ Crore) | 2,04,987 | 1,63,106 | 25.7 | 6,62,243 |

| Net Profit (₹ Crore) | 6,554 | 11,554 | (43.3) | - |

| Net Profit attributable to owners (₹ Crore) | 11,899 | 9,804 | 21.4 | - |

The consolidated PAT was significantly impacted by HPCL's consolidated net loss of ₹12,265 crore, primarily due to under-recoveries on petroleum products arising from the sharp increase in crude oil prices following the West Asia crisis. The strong performance of other subsidiaries, including ONGC Videsh and MRPL, provided a positive contribution to the Group's overall financial performance.

Production Performance

Crude Oil Production (MMT):

  • ONGC Standalone: 4.452 (vs 4.683 in Q1 FY26)
  • JVs*: 0.262 (vs 0.306 in Q1 FY26)
  • Condensate: 0.236 (vs 0.250 in Q1 FY26)

Natural Gas Production (BCM):

  • ONGC Standalone: 4.756 (vs 4.846 in Q1 FY26)
  • JVs*: 0.095 (vs 0.117 in Q1 FY26)

Standalone Oil and Oil Equivalent Gas (O+OEG) (MMT)-excl JVs: 9.444 (vs 9.779 in Q1 FY26)

*JVs operated by others

Production Challenges:

The reduction in quarterly production compared to Q1 FY26 is attributed to:

  • Complexities in reservoir behavior of KG-98/2 in Eastern Offshore
  • Inclement swell in Western Offshore in April and May 2026 before monsoon onset
  • Delays in PRP-8 and PRP-9 (Pipeline replacement Project)
  • Temporary closing of wells during pre-commissioning/commissioning activities of major projects (MTPBP, DUDP)
  • Lower gas offtake from small isolated fields due to operational disruptions at customer facilities

Strategic Initiatives:

The production decline trend is expected to be arrested and reversed through:

  • DUDP (Daman Upside Development Project)
  • TSP (Technical Service Provider)
  • DSF (Discovered Small Fields)

ONGC has engaged bp as TSP through ICB tender for the entire Western Offshore portfolio based on early positive results of TSP-1. A comprehensive program with bp includes reservoir and pressure management, enhanced water injection, pipeline replacement, and major capital projects.

Capital Investment:

Robust capital investment program of more than ₹40,000 crore underway in Western Offshore to unlock production growth. Benefits expected to progressively materialize from FY 2027-28 onwards, leading to enhanced production, improved recovery, and sustained value creation.

Exploration Performance

ONGC declared 2 discoveries during Q1 FY27:

  • 1 onland discovery
  • 1 offshore discovery (1 prospect offshore, 1 new pool discovery onland)

Samudra Manthan Initiative:

  • National Offshore Exploration Scheme approved
  • ONGC spudded exploratory well MNDWO181HDB-1 (MN-DW18-1-H-D) on 25.07.2026
  • Location: OALP block MN-DWHP-2018/1 in Mahanadi deepwaters (water depth ~765m)
  • Target: Pliocene Shallower Channel with respect to discoveries 'UTKAL' and 'KONARK'
  • First deepwater well by ONGC in Mahanadi basin

Awards and Recognitions

1. Strategic resource sharing for Deepwater Operations: ONGC and RIL successfully operationalized sharing of Multi support Vessel (MSVs) for Eastern Offshore Asset. ONGC extended helicopter services to Oil India Limited for crew change and Medivac operations.

2. Digital Transformation Awards: ONGC won three prestigious awards at the 11th India PSU IT Forum & Awards 2026 for digital transformation, IT implementation, and data center infrastructure.

3. Treasury Excellence: ONGC's Corporate Treasury team won 'Treasury Team of the Year' award at the 10th Annual Treasury Management India Summit & Awards 2026.

4. HSE and Energy Management: Mehsana Asset won three prestigious HSE and Energy Management awards in 2026.

5. Innovation Award: Institute of Drilling & Well Engineering (IDWE) won Golden Peacock Innovative Product/Service Award 2026.

6. Digital Transformation Champion: ONGC won ICC Technology Excellence Award as Digital Transformation Champion.

7. Global Safety Award: ONGC won Global Safety Award – Platinum Category by the Energy and Environment Foundation.

Disclaimer

This Press Release contains unaudited financial results for quarter ended 30th June 2026 approved by the Board of Directors on 4th August 2026, along with other major developments. These are not forward looking statements and should not be construed as investment guidance.