ONGC Q1 FY'27 Net Profit Surges 112% to ₹17,034 Crore; Gross Revenue Up 45%
ONGC reported Q1 FY'27 standalone net profit of ₹17,034 crore, up 112.3%. Gross revenue increased 45.2% to ₹46,460 crore. Consolidated net profit attributable to owners rose 21.4% to ₹11,899 crore. Capital investment of over ₹40,000 crore is underway in Western offshore.
The results show substantial year-on-year growth in key financial metrics and highlight significant ongoing investments in offshore exploration and production, which are material to the company's future prospects.
The company reported a significant increase in net profit and revenue for the quarter, along with record PBT and substantial ongoing capital investments, indicating strong operational and financial performance.
Oil & Natural Gas Corporation Limited (ONGC) announced its financial results for the First Quarter (Q1) of FY 2026-27, reporting a substantial surge in net profit. The company's standalone net profit climbed by 112.3% to ₹17,034 crore, compared to ₹8,024 crore in Q1 FY'26. Standalone gross revenue also saw a significant increase of 45.2%, reaching ₹46,460 crore from ₹32,003 crore in the same period last year. The highest ever quarterly Profit Before Tax (PBT) was recorded at ₹22,848 crore.
On a consolidated basis, ONGC Group's gross revenue grew by 25.7% to ₹2,04,987 crore. However, consolidated net profit attributable to owners stood at ₹11,899 crore, a 21.4% increase from Q1 FY'26. The consolidated net profit for the quarter was impacted by a net loss of ₹12,265 crore from HPCL, primarily due to under-recoveries on petroleum products following a surge in crude oil prices due to the West Asia crisis. The performance of other subsidiaries like ONGC Videsh and MRPL provided positive contributions.
Production performance for crude oil and natural gas remained relatively stable, with standalone crude oil production at 4.452 MMT and natural gas at 4.756 BCM. The company highlighted a robust capital investment program of over ₹40,000 crore underway in the Western offshore to boost production growth. ONGC also spudded its first deepwater well in the Mahanadi basin under the "Samudra Manthan" initiative. The share of new well gas has reached approximately 38% of the total revenue from nomination fields.
ONGC received multiple awards for digital transformation, IT infrastructure, treasury management, and health, safety, and environment (HSE) excellence during the quarter. The company also operationalized strategic resource sharing for deepwater operations with RIL and extended helicopter services to Oil India Limited.
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