ONGC Reports 29.9% YoY Jump in Consolidated Net Profit

Revenue – Consolidated gross revenue slipped 0.2 % YoY to ₹ 6,62,247 crore (FY 2026 vs ₹ 6,63,262 crore FY 2025). Stand‑alone ONGC revenue fell 3.9 % YoY to ₹ 1,32,509 crore.

Net Profit (PAT) – Consolidated net profit jumped 29.9 % YoY to ₹ 49,793 crore, with Q4 FY 26 profit up 52.6 % YoY to ₹ 13,678 crore. Stand‑alone ONGC profit declined 7.6 % YoY to ₹ 32,894 crore, while its Q4 profit rose modestly 3.1 % YoY to ₹ 6,650 crore.

Dividends – FY 26 dividend declared at ₹ 13.25 per share (≈ 51 % payout), totaling ₹ 16,669 crore, the highest ever for the company.

Operating margins – No explicit OPM/EBITDA margin disclosed for ONGC. However, OPaL (a group subsidiary) turned EBITDA positive to ₹ 1,207 crore in FY 26 from a loss of ₹ (203) crore in FY 25.

Key operational highlights

• Production remained broadly flat YoY (crude oil ≈ 18.4 MMT, natural gas ≈ 19.5 BCM) with short‑term dips linked to reservoir complexities and Western Offshore interruptions.
• Technical Service Provider (TSP‑2) contract awarded for the entire Western Offshore after successful TSP‑1 results in Mumbai High.
• Mega Offshore Gas – Daman Upside Development Project (DUDP) entered commercial production, expected to lift gas output by ~9 %.
• Ongoing Western Offshore projects total ₹ 33,075 crore, the largest recent investment, aimed at future production growth.
• New‑well gas now contributes 17 % of total production and >21 % of nomination‑gas revenue (₹ 6,678 crore).
• Reserve accretion surged: total ONGC Group reserves rose to 99.17 MMToE (FY 26) from 34.46 MMToE (FY 25); domestic reserve replacement ratio (2P) reached 1.17.
• Strategic moves include a petrochemical trading JV with MRPL & OPaL, energy‑logistics JV with MOL, OPaL capital restructuring, renewable power projects (300 MW solar awarded), and a mega liquid‑port JV at Dahej.

Group company performance (selected)

• ONGC Videsh Ltd.: PAT rose to ₹ 1,152 crore (FY 26) from ₹ 428 crore (FY 25).
• HPCL: PAT ₹ 17,175 crore, revenue ₹ 4,78,543 crore.
• MRPL: PAT ₹ 1,931 crore, revenue ₹ 1,05,155 crore.
• OPaL: EBITDA turnaround to ₹ 1,207 crore.
• ONGC Green Ltd.: Revenue ₹ 298 crore, PAT ₹ 55 crore; renewable capacity commissioned 839 MW (total operating 3 GW).

Outlook – No formal management guidance was provided. The company highlighted continued execution risk on large Western Offshore projects and sensitivity to commodity price movements, noting a decline in realized crude oil price (US$ 68.40 /bbl, –11 % YoY) and mixed gas price trends.