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Oil & Gas · NSE: ONGC

Oil & Natural Gas Corporation

Price as of 12 Nov 2026
224.50−4.39%

Q1 FY27 earnings call · Guided by management

Call held 5 Aug 2026 · Read the filing on NSEFiling

39​MMTOil and gas production · FY27Agarwal · Q&A · p. 6
2​MMSCMDDUDP gas production addition · Daman Upside Development ProjectJoshi · Q&A · p. 6
1.3​MMSCMDGas production addition · East Coast CPPAgarwal · Q&A · p. 5
3​MMSCMDGas production · KG-DWN-98/2Singh · Q&A · p. 12
M.Cap
₹2,82,427Cr₹2.82L Cr
P/E
5.7×
1Y return
−11.56%
From 52W high
−27.0%

Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.

Share price

Results Q1 FY27, as filed · consolidated · ₹ Cr

Q1 FY27Q1 FY26YoYQ4 FY26QoQ
Revenue2,04,9871,63,108+25.7%1,73,805+17.9%
EBITDA15,48525,907-40.2%25,356-38.9%
EBITDA margin7.5%15.9%-833 bps14.6%-704 bps
One-off items472-19—-462—
PBTProfit before tax6,41515,736-59.2%15,847-59.5%
Net profit11,8999,804+21.4%10,820+10.0%
EPS (₹)9.467.79+21.4%8.60+10.0%

From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.

Guidance

EBITDA · OPaL · long termRs 1,000 CrOPaL SEZ exit for C2, C3 to add about Rs 1,000 crore EBITDA
Volume growth · FY271 BCMGas output to be higher by about 1 BCM by year end
CapexRs 40,000 CrWestern Offshore projects exceeding Rs 40,000 crore under execution
CapexRs 1,000 CrEach deepwater well costs about Rs 1,000 crore
CapexRs 500 CrEach KG deepwater well re-entry costs more than Rs 500 crore
Capex · FY273.50-4 USD billionkeptFull-year capex kept at USD 3.5-4 billion range

Production trend expected to improve in coming quarters

Anupam Agarwal · Director (Finance) · p. 4
“we expect the production trend to progressively improve in the coming quarters.”

Next year's production split considered 50-50 oil and gas

Anupam Agarwal · Director (Finance) · Q&A · p. 6
“50-50 is considered next year. Oil and gas, both.”

By year end, oil output near last year's level

Anupam Agarwal · Director (Finance) · Q&A · p. 11
“that. By the end of the year, we will see that production of oil will be almost the level of the last year,”

Part of December-quarter gas additions will spill into January to March

Anupam Agarwal · Director (Finance) · Q&A · p. 15
“You are correct, but it is not October to December. Some part of that will be spilling over to”

More figures from the call

Company · Guidance
40​MMTOil and gas production · FY28
“You see, I had told you about 39 MMT for the current year and 40 MMT for the next year, oil and gas”
Anupam Agarwal · Director (Finance) · Q&Ap. 6
Daman Upside Development Project · Guidance
3​MMSCMDDUDP gas production · by third quarter
“by third quarter, it could be 3 MMSCMD.”
Prakash Joshi · Investor Relations · Q&Ap. 6
Company · Guidance
1​BCM per yearGas from new developments · current year
“We see about 1 BCM gas per year from the new developments which I am talking about. That is for”
Anupam Agarwal · Director (Finance) · Q&Ap. 6
Company · Guidance
1​MMTOEOil and gas production gain · FY 2027-28
“the current year. Next year, another overall almost 1 MMTOE oil and gas gain will be there for FY 2027-”
Anupam Agarwal · Director (Finance) · Q&Ap. 6
KG-DWN-98/2 · Guidance
6–7​MMSCMDGas production · Q4 of FY27-28
“enhance the production from 98/2 gas wells. We are expecting more gases, and it we have 6-7 million.”
Ajay Kumar Singh · President · Q&Ap. 14

In short

  1. 01Standalone PAT was Rs 17,034 crore in Q1 FY27, up over 112% YoY.
  2. 02Consolidated PAT was Rs 6,554 crore; HPCL posted a net loss of Rs 12,265 crore on under-recoveries.
  3. 03Oil plus gas production guided at about 39 MMT for FY27 and 40 MMT for FY28.
  4. 04Full-year capex kept at USD 3.5-4 billion, with some upside in exploration capex from Samudra Manthan.
  5. 05KG 98/2 gas expected at 3 million plus with three more wells, and 6-7 million by Q4 FY27-28.
  6. 06Western Offshore projects exceeding Rs 40,000 crore are under execution.
  7. 07OVL earning about Rs 1,000 crore a quarter with Sakhalin back; Mozambique production expected end FY28 or early FY29.
  8. 08OPaL Q1 FY27 EBITDA was Rs 57 crore negative; SEZ exit for C2, C3 expected to add about Rs 1,000 crore EBITDA.

Capex

Deepwater exploration: Each deepwater well Rs 800-1,000 crore, about USD 100 million

Anupam Agarwal · Director (Finance) · Q&A · p. 21
“800-1,000 crores. It's about USD 100 million.”

Western Offshore: More projects under discussion at board level

Anupam Agarwal · Director (Finance) · Q&A · p. 11
“are undertaking, those are under discussion at the board level, and you will get to know in days to”

KG-DWN-98/2: Remaining KG deepwater gas wells likely to start in October - November

Ajay Kumar Singh · President · Q&A · p. 12
“to start somewhere in the month of October - November.”

ONGC Videsh - Mozambique: Mozambique production expected end FY28 or beginning FY29

Anupam Agarwal · Director (Finance) · Q&A · p. 13
“end of FY’28 or beginning of FY’29, the production will start from the Mozambique project. This is,”

ONGC Videsh - BM-SEAL: BM-SEAL FPSO awarded; first oil expected from 2030

Anupam Agarwal · Director (Finance) · Q&A · p. 13
“well. Work for FPSO has already been awarded, and we expect the first oil starting from 2030.”

Capacity

Renewables: Renewable portfolio through OGL reached 2.853 GW

Anupam Agarwal · Director (Finance) · p. 4
“Through OGL, our renewable energy portfolio has now reached 2.853 GW.”

Renewables: 300 MW ISTS-connected solar project awarded for captive use

Anupam Agarwal · Director (Finance) · p. 4
“ONGC awarded a 300 MW ISTS-connected solar power project”

Renewables: 250 MW wind power project awarded

Anupam Agarwal · Director (Finance) · p. 4
“for captive consumption last year, and the corresponding 250 MW wind power project was awarded”

Segments

New well gas: New well gas revenue nearly Rs 4,000 crore; Rs 1,900 crore above APM

Anupam Agarwal · Director (Finance) · p. 4
“nearly INR 4,000 crores, generating an incremental realization of about INR 1,900 crores over the”

New well gas: New well gas about 38% of nomination gas revenue

Anupam Agarwal · Director (Finance) · p. 4
“administered pricing mechanism. New well gas now contribute approximately 38% of revenue from”

Mumbai High: Mumbai High TSP oil output around 107% of contractual baseline

Anupam Agarwal · Director (Finance) · p. 4
“results, with oil production reaching around 107% of contractual baseline production and gas”

KG-DWN-98/2: KG deepwater block oil output currently around 21,000 barrels per day

Anupam Agarwal · Director (Finance) · Q&A · p. 5
“challenges we have been seeing, and the production of oil is currently around 21,000 barrels per day,”

Mumbai High: Mumbai High TSP absolute oil gain about 1-2%

Anupam Agarwal · Director (Finance) · Q&A · p. 10
“over the natural decline rate of 6-7%. Overall, absolute term, the increase will be about 1-2% for”

Demand

Management expects oil at USD 75 plus in the long run

Anupam Agarwal · Director (Finance) · Q&A · p. 9
“baseline, and we believe it will be USD 75 plus in the long run. That is our expectation. With that, many”

Margins and costs

Operating expenditure held broadly at last year's Q1 level

Anupam Agarwal · Director (Finance) · p. 3
“exchange rate movements, ONGC maintained operating expenditure broadly at the same level as the”

OPaL: OPaL MoU with Mitsui for ethane carriers to cut feedstock cost

Anupam Agarwal · Director (Finance) · Q&A · p. 18
“MOU with Mitsui and we are building up ethane carriers. We'll be bringing ethane from the”

OPaL: OPaL naphtha rose from USD 600 to USD 1000; gaseous feed stopped

Satish Kumar Dwivedi · Chief Joint Venture & Business Development (JV & BD) · Q&A · p. 18
“Naphtha prices went up from USD 600 to US 1000, and gaseous feed has stopped. As and when”

Exploration: Survey tenders retendered as rates received were not workable

Anupam Agarwal · Director (Finance) · Q&A · p. 19
“got in our tenders, they were not workable. We had to take a step back and go for retender. Now the”

Crude realization about USD 99 per barrel in the quarter

Anupam Agarwal · Director (Finance) · Q&A · p. 20
“This quarter, our realization, we reported about USD 99 per barrel. Brent average is also around USD”

Acquisitions and new business

Deepwater exploration: International partners welcome to join deepwater exploration

Anupam Agarwal · Director (Finance) · Q&A · p. 10
“partners want to come and join with us, they are welcome. We keep on inviting them, discussing with”

ONGC Videsh - Venezuela: OFAC licence obtained for Venezuela projects

Anupam Agarwal · Director (Finance) · Q&A · p. 13
“Venezuela is another evolving story, and you might be aware that we recently managed to get an OFAC”

ONGC Videsh - Venezuela: ONGC expects to take operatorship of some Venezuela projects from PDVSA

Anupam Agarwal · Director (Finance) · Q&A · p. 13
“new agreement signed, and we taking over the operatorship for some of those projects from PDVSA.”

ONGC Videsh - Sakhalin: Sakhalin regained in December, accounted from January 2026

Anupam Agarwal · Director (Finance) · Q&A · p. 13
“Sakhalin. Sakhalin, we could get back in December, and we started accounting for in our profit and loss”

Risks

HPCL: HPCL net loss of Rs 12,265 crore mainly from under-recoveries on petroleum products

Anupam Agarwal · Director (Finance) · p. 3
“12,265 crore, primarily due to under-recoveries on petroleum products following the sharp increase”

YoY production variation put down to temporary operational factors

Anupam Agarwal · Director (Finance) · p. 4
“The YoY variation was primarily attributable to temporary operational factors including reservoir”

Western Offshore: Pre-monsoon swell hit offshore platform installation last quarter

Anupam Agarwal · Director (Finance) · Q&A · p. 11
“pre monsoon swell that impacted some of the offshore installation of platforms. Also, lot of activities”

Panna-Mukta Tapti: PMT arbitration: understanding that ONGC should not arbitrate against Government

Anupam Agarwal · Director (Finance) · Q&A · p. 7
“directive. It is a kind of understanding that we should not be going for this arbitration against the”

Panna-Mukta Tapti: PMT arbitration outcome expected to apply across the JV

Anupam Agarwal · Director (Finance) · Q&A · p. 7
“has gone in the court. Whatsoever the decision will be there that will be applicable across. That is the”

Other

Standalone PAT Rs 17,034 crore, up over 112% YoY

Anupam Agarwal · Director (Finance) · p. 3
“profit after tax stood at INR 17,034 crore, registering a robust growth of over 112% YoY.”

Standalone gross revenue Rs 46,460 crore, up over 45% YoY

Anupam Agarwal · Director (Finance) · p. 3
“46,460 crore, an increase of over 45% over the corresponding quarter of the last year.”

Highest-ever standalone quarterly PBT of Rs 22,848 crore

Anupam Agarwal · Director (Finance) · p. 3
“also witnessed the highest-ever standalone quarterly profit before tax of INR 22,848 crore.”

Consolidated group PAT Rs 6,554 crore in Q1 FY27

Anupam Agarwal · Director (Finance) · p. 3
“On a consolidated basis, the ONGC Group reported a profit after tax of INR 6,554 crores during the first”

Production upside to come mainly from gas projects

Anupam Agarwal · Director (Finance) · Q&A · p. 5
“The upside will come mainly from gas because many of the projects, like”

Sources

Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.

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