ONGC · Oil Gas & Consumable Fuels
Oil & Natural Gas Corporation Ltd. reported revenue of ₹2.05 lakh cr for April to June 2026, +25.7% on the year and +17.9% on the quarter. That is faster than this quarter has grown in recent years (−0.2% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹7.04 lakh cr, +7.1% on the four before.
Operating profit (EBITDA) was ₹15,485 cr, a margin of 7.6%, −825 bps on the year and −703 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 7.6% to 16.8%). Operating costs grew +38.0%, faster than revenue at +25.7%, so operating profit grew less than sales.
Net profit was ₹6,554 cr, −43.3% on the year and −52.1% on the quarter, with earnings per share of ₹9.46. Profit before other income, one-offs and tax fell 75.8%, so 33 points of the headline growth came from outside the core business. The tax rate was 7% against an average of 27% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹44,793 cr, +11.7% on the four before.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹34.59 over the last four quarters, the stock at ₹222.08 trades at 6.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 55% of profit before tax, against 16% a year earlier.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 7.0% against 26.5% over the previous quarters, worth about ₹1,367 cr of profit.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Oil, gas and energy: Margins move with crude and inventory gains each quarter. EBITDA margin 7.6%, −825 bps on the year (−703 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.48 lakh cr | ₹1.67 lakh cr | ₹1.72 lakh cr | ₹1.69 lakh cr | ₹1.59 lakh cr | ₹1.67 lakh cr | ₹1.68 lakh cr | ₹1.63 lakh cr | ₹1.58 lakh cr | ₹1.67 lakh cr | ₹1.74 lakh cr | ₹2.05 lakh cr |
| YoY | — | — | — | +3% | +8% | −0% | −3% | −3% | −1% | +0% | +4% | +26% |
| EBITDA margin | 19.0% | 12.2% | 13.5% | 12.9% | 12.9% | 14.6% | 13.0% | 15.8% | 16.8% | 15.1% | 14.6% | 7.6% |
| Other income, % of PBT | 17% | 31% | 23% | 27% | 33% | 18% | 27% | 16% | 20% | 21% | 31% | 55% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 24% | 26% | 22% | 28% | 32% | 26% | 27% | 26% | 27% | 7% |
| Net profit | ₹16,171 cr | ₹10,511 cr | ₹11,096 cr | ₹9,776 cr | ₹9,841 cr | ₹9,747 cr | ₹8,965 cr | ₹11,554 cr | ₹12,615 cr | ₹11,946 cr | ₹13,678 cr | ₹6,554 cr |
| YoY | — | — | — | −45% | −39% | −7% | −19% | +18% | +28% | +23% | +53% | −43% |
| Core profit YoY | — | — | — | −55% | −52% | +15% | −14% | +36% | +63% | +15% | +35% | −76% |
| EPS | ₹10.89 | ₹8.51 | ₹7.97 | ₹7.93 | ₹8.14 | ₹6.82 | ₹5.91 | ₹7.79 | ₹8.57 | ₹7.96 | ₹8.60 | ₹9.46 |
| Flags | · | 1 | · | 2 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Oil & Natural Gas Corporation Ltd. reported revenue of ₹2.05 lakh cr (+25.7% on the year) and net profit of ₹6,554 cr (−43.3% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −75.8% on the year, against −43.3% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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