Oil & Gas · NSE: ONGC
Oil & Natural Gas Corporation
Q1 FY27 earnings call · Guided by management
Call held 5 Aug 2026 · Read the filing on NSEFiling
- 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 FY27 | Q1 FY26 | YoY | Q4 FY26 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 2,04,987 | 1,63,108 | +25.7% | 1,73,805 | +17.9% |
| EBITDA | 15,485 | 25,907 | -40.2% | 25,356 | -38.9% |
| EBITDA margin | 7.5% | 15.9% | -833 bps | 14.6% | -704 bps |
| One-off items | 472 | -19 | — | -462 | — |
| PBTProfit before tax | 6,415 | 15,736 | -59.2% | 15,847 | -59.5% |
| Net profit | 11,899 | 9,804 | +21.4% | 10,820 | +10.0% |
| EPS (₹) | 9.46 | 7.79 | +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
Production trend expected to improve in coming quarters
Anupam Agarwal · Director (Finance) · p. 4
Production trend expected to improve in coming quarters
“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
Next year's production split considered 50-50 oil and gas
“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
By year end, oil output near last year's level
“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
Part of December-quarter gas additions will spill into January to March
“You are correct, but it is not October to December. Some part of that will be spilling over to”
More figures from the call
“You see, I had told you about 39 MMT for the current year and 40 MMT for the next year, oil and gas”
“by third quarter, it could be 3 MMSCMD.”
“We see about 1 BCM gas per year from the new developments which I am talking about. That is for”
“the current year. Next year, another overall almost 1 MMTOE oil and gas gain will be there for FY 2027-”
“enhance the production from 98/2 gas wells. We are expecting more gases, and it we have 6-7 million.”
In short
- 01Standalone PAT was Rs 17,034 crore in Q1 FY27, up over 112% YoY.
- 02Consolidated PAT was Rs 6,554 crore; HPCL posted a net loss of Rs 12,265 crore on under-recoveries.
- 03Oil plus gas production guided at about 39 MMT for FY27 and 40 MMT for FY28.
- 04Full-year capex kept at USD 3.5-4 billion, with some upside in exploration capex from Samudra Manthan.
- 05KG 98/2 gas expected at 3 million plus with three more wells, and 6-7 million by Q4 FY27-28.
- 06Western Offshore projects exceeding Rs 40,000 crore are under execution.
- 07OVL earning about Rs 1,000 crore a quarter with Sakhalin back; Mozambique production expected end FY28 or early FY29.
- 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
Deepwater exploration: Each deepwater well Rs 800-1,000 crore, about USD 100 million
“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
Western Offshore: More projects under discussion at board level
“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
KG-DWN-98/2: Remaining KG deepwater gas wells likely to start in October - November
“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
ONGC Videsh - Mozambique: Mozambique production expected end FY28 or beginning FY29
“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
ONGC Videsh - BM-SEAL: BM-SEAL FPSO awarded; first oil expected from 2030
“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
Renewables: Renewable portfolio through OGL reached 2.853 GW
“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
Renewables: 300 MW ISTS-connected solar project awarded for captive use
“ONGC awarded a 300 MW ISTS-connected solar power project”
Renewables: 250 MW wind power project awarded
Anupam Agarwal · Director (Finance) · p. 4
Renewables: 250 MW wind power project awarded
“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
New well gas: New well gas revenue nearly Rs 4,000 crore; Rs 1,900 crore above APM
“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
New well gas: New well gas about 38% of nomination gas revenue
“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
Mumbai High: Mumbai High TSP oil output around 107% of contractual baseline
“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
KG-DWN-98/2: KG deepwater block oil output currently around 21,000 barrels per day
“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
Mumbai High: Mumbai High TSP absolute oil gain about 1-2%
“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
Management expects oil at USD 75 plus in the long run
“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
Operating expenditure held broadly at last year's Q1 level
“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
OPaL: OPaL MoU with Mitsui for ethane carriers to cut feedstock cost
“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
OPaL: OPaL naphtha rose from USD 600 to USD 1000; gaseous feed stopped
“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
Exploration: Survey tenders retendered as rates received were not workable
“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
Crude realization about USD 99 per barrel in the quarter
“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
Deepwater exploration: International partners welcome to join deepwater exploration
“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
ONGC Videsh - Venezuela: OFAC licence obtained for Venezuela projects
“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
ONGC Videsh - Venezuela: ONGC expects to take operatorship of some Venezuela projects from PDVSA
“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
ONGC Videsh - Sakhalin: Sakhalin regained in December, accounted from January 2026
“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
HPCL: HPCL net loss of Rs 12,265 crore mainly from under-recoveries on petroleum products
“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
YoY production variation put down to temporary operational factors
“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
Western Offshore: Pre-monsoon swell hit offshore platform installation last quarter
“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
Panna-Mukta Tapti: PMT arbitration: understanding that ONGC should not arbitrate against Government
“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
Panna-Mukta Tapti: PMT arbitration outcome expected to apply across the JV
“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
Standalone PAT Rs 17,034 crore, up over 112% YoY
“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
Standalone gross revenue Rs 46,460 crore, up over 45% YoY
“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
Highest-ever standalone quarterly PBT of Rs 22,848 crore
“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
Consolidated group PAT Rs 6,554 crore in Q1 FY27
“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
Production upside to come mainly from gas projects
“The upside will come mainly from gas because many of the projects, like”
Sources
- Earnings call transcript, Q1 FY27 Filed 12 Aug 2026 · 23 pages
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.

