ONGC profit up 57% in Q2 on higher realisations
NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) on Thursday reported a 57% year-on-year increase in net profit for the September quarter, driven by higher oil and gas realisations despite largely flat production.
Net profit of Rs 15,488.64 crore in July-September — the second quarter of the current 2026-27 fiscal year — compared with Rs 9,847.97 crore earnings in the same period a year back, according to a stock exchange filing by the company.
The profit was, however, lower than Rs 17,033.81 crore in the preceding April-June quarter.Revenue from operations rose to Rs 43,875.15 crore in the second quarter from Rs 33,030.56 crore a year back.
For the first half, ONGC reported a net profit of Rs 32,522.45 crore, almost double the Rs 17,872.20 crore of April-September 2025 — its highest-ever H1 profit.
On a consolidated basis, net profit increased 46.9% to Rs 18,535 crore in the second quarter, while gross revenue rose 25.6% to Rs 1.98 lakh crore.
Crude oil realisation from nomination fields rose 37.1% to $92.33 per barrel, up from $67.34 a year earlier. In rupee terms, realisation rose 50.2% to Rs 8,826 per barrel. Realisation from joint venture fields increased 41.9% to $97.02 per barrel.
Gas realisation rose 3.7% to $7 per mmbtu for output from nomination fields and 22.5% to $10.24 per mmbtu for new well gas.
The company declared an interim dividend of Rs 8 per share (160%), totalling Rs 10,064 crore, with November 12 as the record date.
Standalone crude oil production declined to 4.437 million tonnes from 4.630 million tonnes a year earlier, while natural gas production fell to 4.839 billion cubic metres from 4.918 billion cubic metres.
ONGC also awarded two Western Offshore development projects worth around Rs 11,800 crore and notified two new hydrocarbon discoveries during the quarter.
