ONGC · Oil Gas & Consumable Fuels · filed 5 Nov 2026
Oil & Natural Gas Corporation Ltd. reported revenue of ₹1.98 lakh cr for July to September 2026, +25.6% on the year and −3.3% on the quarter. That is faster than this quarter has grown in recent years (+3.5% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹7.44 lakh cr, +13.5% on the four before.
Operating profit (EBITDA) was ₹37,130 cr, a margin of 18.7%, +199 bps on the year and +1,117 bps on the quarter. It is the widest margin of the last 8 quarters (range 7.6% to 18.7%). Operating costs grew +22.5% against revenue growth of +25.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹18,535 cr, +46.9% on the year and +182.8% on the quarter, with earnings per share of ₹13.31. Profit before other income, one-offs and tax grew faster, at +70.4%; other income, one-offs or tax held the headline back. The tax rate was 32% against an average of 24% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹50,713 cr, +18.3% on the four before.
Of the 12 companies in Oil, gas and energy that have reported Q2 FY27 so far, Oil & Natural Gas Corporation Ltd. ranks 8th on revenue growth; the sector median is +27.3%. Its margin moved +199 bps on the year against a sector median of −71 bps.
Oil & Natural Gas Corporation Ltd. is a Nifty 50 company. Of the 30 Nifty 50 companies reported so far, the median profit growth is +21.2%; Oil & Natural Gas Corporation Ltd.'s +46.9% puts it above that.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply.
On earnings per share of ₹39.33 over the last four quarters, the stock at ₹222.08 trades at 5.6 times trailing earnings.
The auditor drew attention to a matter in the limited review report. Read it before the numbers.
“Note no. 1 to the accompanying Statement, in respect of the Statement reviewed and approved directly by the Board of Directors of the Holding Company on November 05, 2026, as…”
Source: Auditor (p. 1-5)
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +46.9% on the year; profit before other income, exceptional items and tax +70.4%.
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Operating cash flow for the first half ₹55,617 cr against profit of ₹25,089 cr.
Source: Cash flow statement
Could not run on this quarter: Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹27,652 cr | ₹24,559 cr | ▲ 12.6% |
| Inventory | ₹70,534 cr | ₹64,918 cr | ▲ 8.7% |
| Cash | ₹1,899 cr | ₹1,534 cr | ▲ 23.8% |
| Bank balances | ₹48,771 cr | ₹30,645 cr | ▲ 59.1% |
| Long-term borrowings | ₹97,068 cr | ₹93,823 cr | ▲ 3.5% |
| Short-term borrowings | ₹55,405 cr | ₹48,232 cr | ▲ 14.9% |
| Trade payables | ₹51,985 cr | ₹46,933 cr | ▲ 10.8% |
| Net block | ₹3.29 lakh cr | ₹3.31 lakh cr | ▼ 0.6% |
| Capital work in progress | ₹1.02 lakh cr | ₹1.11 lakh cr | ▼ 8.4% |
| Equity | ₹4.01 lakh cr | ₹3.72 lakh cr | ▲ 7.7% |
| Total assets | ₹8.34 lakh cr | ₹7.92 lakh cr | ▲ 5.3% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹55,617 cr | ₹60,786 cr |
| Capital expenditure | −₹23,842 cr | −₹25,329 cr |
| Investing cash flow | −₹50,842 cr | −₹33,829 cr |
| Financing cash flow | ₹127 cr | −₹19,558 cr |
| Dividends paid | −₹1,225 cr | −₹1,544 cr |
Operating cash flow was 2.22× profit. Receivables at 13 days of sales (−1 days against the last year end). Inventory at 32 days of sales (−4 days).
Emphasis of matter: “Note no. 1 to the accompanying Statement, in respect of the Statement reviewed and approved directly by the Board of Directors of the Holding Company on November 05, 2026, as…”
₹0.0 cr still unused. “Issued four series of NCDs aggregating ₹4,140.00 crore in FY 2020-21 (outstanding amount ₹1,000.00 crore as on 30.09.2026), fully utilised for intended purposes with…”
Board approved providing inter-corporate loan to wholly-owned subsidiary ONGC Videsh Limited (OVL) valid for 5 years for an amount not exceeding ₹10,000 crore.
Tax: Consolidated tax expense of ₹8,547.21 crore (current tax ₹6,571.10 crore, deferred tax ₹1,976.11 crore) on Profit before tax of ₹27,082.03 crore for Q2 FY27
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Production | 9.52 | 9.8 |
| Realisation ($/bbl) | 92.33 | 67.34 |
| Crude Oil Realization - JVs (US$/bbl) | 97.02 | 68.35 |
| Gas Price - Nomination Gas (US$/mmbtu) | 7 | 6.75 |
E&P upstream operations carry crude oil/gas inventory at cost with minimal inventory impact; downstream refining subsidiaries (MRPL/HPCL) report inventory movements within segment results.
Upstream E&P earnings are driven by benchmark crude realization prices rather than refining inventory gains.
No under-recovery burdens or government subsidy sharing were imposed on ONGC crude oil or natural gas sales during Q2 FY27; gas price realized per nomination regime stood at US$ 7.00/mmbtu.
Full market-linked crude realizations ($92.33/bbl) and formula-based gas pricing maintained profitability.
Read using the Oil, gas and energy framework (named in the filing read). Primary valuation lens: Sum of the parts.
Read more closely in this sector: Inventory gains inside reported margin · Under-recoveries and government compensation.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Combined Capital Investment for Two Western Offshore Projects | 11800.00 | Future periods | unchanged or first given |
| Pipeline Replacement Project-X (PRP-X) Investment | 4300.00 | Future periods | unchanged or first given |
| Hydrocarbon Potential to be Unlocked from Western Offshore Projects | 22.00 | Future periods | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| E&P - Offshore India | ₹30,936 cr | ▲ 35.1% | ₹12,358 cr | ▲ 33.2% |
| E&P - Onshore India | ₹12,813 cr | ▲ 27.6% | ₹3,963 cr | ▲ 103.7% |
| Refining & Marketing India | ₹1.75 lakh cr | ▲ 28.1% | ₹9,807 cr | ▲ 50.3% |
| Petrochemicals India | ₹5,655 cr | ▲ 66.6% | −₹241 cr | — |
| E&P - Outside India | ₹3,169 cr | ▲ 46.5% | ₹423 cr | ▼ 27.8% |
| Others Unallocated | ₹193 cr | ▲ 17.5% | ₹178 cr | ▼ 10.9% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 | ₹1.98 lakh cr |
| YoY | — | — | +3% | +8% | −0% | −3% | −3% | −1% | +0% | +4% | +26% | +26% |
| EBITDA margin | 12.2% | 13.5% | 12.9% | 12.9% | 14.6% | 13.0% | 15.8% | 16.7% | 15.1% | 14.6% | 7.6% | 18.7% |
| Other income, % of PBT | 31% | 23% | 27% | 33% | 18% | 27% | 16% | 19% | 21% | 31% | 40% | 12% |
| Exceptional items | — | — | — | — | — | — | — | −₹0.2 cr | — | — | ₹472 cr | −₹119 cr |
| Tax rate | 25% | 24% | 26% | 22% | 28% | 32% | 26% | 27% | 26% | 27% | 7% | 32% |
| Net profit | ₹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 | ₹18,535 cr |
| YoY | — | — | −45% | −39% | −7% | −19% | +18% | +28% | +23% | +53% | −43% | +47% |
| Core profit YoY | — | — | −55% | −52% | +15% | −14% | +36% | +66% | +15% | +35% | −71% | +70% |
| EPS | ₹8.51 | ₹7.97 | ₹7.93 | ₹8.14 | ₹6.82 | ₹5.91 | ₹7.79 | ₹8.58 | ₹7.96 | ₹8.60 | ₹9.46 | ₹13.31 |
| Flags | 1 | · | 2 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 3 | 1 |
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 ₹1.98 lakh cr (+25.6% on the year) and net profit of ₹18,535 cr (+46.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +70.4% on the year, against +46.9% for reported profit.
1 check raised a question: The auditor drew attention to a matter in the limited review report. Read it before the numbers.
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