ONGC · Oil Gas & Consumable Fuels
Oil & Natural Gas Corporation Ltd. reported revenue of ₹1.58 lakh cr for July to September 2025, −0.9% on the year and −3.2% on the quarter. Over the last four quarters revenue comes to ₹6.56 lakh cr, −1.8% on the four before.
Operating profit (EBITDA) was ₹26,521 cr, a margin of 16.8%, +388 bps on the year and +100 bps on the quarter. It is the widest margin of the last 8 quarters (range 12.2% to 16.8%). Operating costs grew −5.3% against revenue growth of −0.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹12,615 cr, +28.2% on the year and +9.2% on the quarter, with earnings per share of ₹8.57. Profit before other income, one-offs and tax grew faster, at +62.9%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹42,881 cr, +4.0% 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 ₹29.09 over the last four quarters, the stock at ₹222.08 trades at 7.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +28.2% on the year; profit before other income, exceptional items and tax +62.9%.
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 16.8%, +388 bps on the year (+100 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹1.58 lakh cr (−0.9% on the year) and net profit of ₹12,615 cr (+28.2% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +62.9% on the year, against +28.2% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.