ONGC · Oil Gas & Consumable Fuels · filed 5 Nov 2026
Oil & Natural Gas Corporation Ltd. reported revenue of ₹43,875 cr for July to September 2026, +32.8% on the year and −5.6% on the quarter.
Operating profit (EBITDA) was ₹24,860 cr, a margin of 56.7%, +641 bps on the year and −437 bps on the quarter. Operating costs grew +15.7% against revenue growth of +32.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹15,489 cr, +57.3% on the year and −9.1% on the quarter, with earnings per share of ₹12.31. Profit before other income, one-offs and tax grew faster, at +67.8%; other income, one-offs or tax held the headline back.
Of the 12 companies in Oil, gas and energy that have reported Q2 FY27 so far, Oil & Natural Gas Corporation Ltd. ranks 4th on revenue growth; the sector median is +27.3%. Its margin moved +641 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 +57.3% 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.
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)
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹14,235 cr | ₹13,168 cr | ▲ 8.1% |
| Inventory | ₹9,490 cr | ₹10,520 cr | ▼ 9.8% |
| Cash | ₹42.3 cr | ₹83.5 cr | ▼ 49.3% |
| Bank balances | ₹46,820 cr | ₹28,577 cr | ▲ 63.8% |
| Long-term borrowings | ₹3,870 cr | ₹3,803 cr | ▲ 1.8% |
| Short-term borrowings | ₹1,500 cr | ₹4,020 cr | ▼ 62.7% |
| Trade payables | ₹4,705 cr | ₹6,458 cr | ▼ 27.1% |
| Net block | ₹1.82 lakh cr | ₹1.81 lakh cr | ▲ 0.1% |
| Capital work in progress | ₹52,775 cr | ₹54,994 cr | ▼ 4.0% |
| Equity | ₹3.64 lakh cr | ₹3.32 lakh cr | ▲ 9.6% |
| Total assets | ₹4.89 lakh cr | ₹4.61 lakh cr | ▲ 6.0% |
Receivables at 29 days of sales (−8 days against the last year end). Inventory at 19 days of sales (−10 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹33,031 cr | ₹46,460 cr | ₹43,875 cr |
| YoY | — | — | +33% |
| EBITDA margin | 50.3% | 61.0% | 56.7% |
| Other income, % of PBT | 27% | 8% | 23% |
| Exceptional items | — | — | — |
| Tax rate | 21% | 25% | 22% |
| Net profit | ₹9,848 cr | ₹17,034 cr | ₹15,489 cr |
| YoY | — | — | +57% |
| Core profit YoY | — | — | +68% |
| EPS | ₹7.83 | ₹13.54 | ₹12.31 |
| Flags | · | · | 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 ₹43,875 cr (+32.8% on the year) and net profit of ₹15,489 cr (+57.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +67.8% on the year, against +57.3% 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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