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ONGC reported standalone gross revenue of INR 46,460 crore in Q1 FY27, up over 45% YoY, while standalone PAT surged over 112% YoY to INR 17,034 crore. The company recorded its highest-ever standalone quarterly PBT of INR 22,848 crore, with average crude price realization at INR 99.45 per barrel.
The Print Times
Anupam Agarwal, Director (Finance), ONGC, attended the Q1 FY27 concall and said: “The first quarter has been the strong one for ONGC. The reported standalone gross revenue of INR 46,460 crore, an increase of over 45% over the corresponding quarter of the last year. Standalone profit after tax stood at INR 17,034 crore, registering a robust growth of over 112% YoY. This quarter also witnessed the highest-ever standalone quarterly profit before tax of INR 22,848 crore.
Our average crude price realization has been INR 99.45 per barrel. Despite inflationary pressures and adverse exchange rate movements, ONGC maintained operating expenditure broadly at the same level as the corresponding quarter of the previous year. This reflects the impact of sustained operational initiatives and a continued focus on optimizing controllable operating costs across the organization.
On a consolidated basis, the ONGC Group reported a profit after tax of INR 6,554 crores during the first quarter of FY27. While the group's consolidated performance was impacted by HPCL's net loss of INR 12,265 crore, primarily due to under-recoveries on petroleum products following the sharp increase in crude oil prices during the West Asia crisis, this was substantially cushioned by the robust performance of our other subsidiaries, particularly ONGC Videsh and MRPL, underscoring the resilience and diversification of ONGC Group.
The quarter reflects continued progress across three important transformations that are shaping ONGC's future. Transforming our gas portfolio, transforming our mature offshore assets, and transforming India's deep water exploration landscape.
The first transformation is unfolding through the growing contribution of new well gas. During the quarter, revenue from new well gas reached nearly INR 4,000 crores, generating an incremental realization of about INR 1,900 crores over the administered pricing mechanism.
New well gas now contribute approximately 38% of revenue from our nomination gas portfolio, demonstrating the steady migration towards a more remunerating gas basket. The contribution of gas to ONGC standalone revenue has also increased from around 25% in FY25 to 28% in FY26, and as the share of new well gas continues to expand.
On the production front, overall oil and gas production during the quarter remained broadly stable. The YoY variation was primarily attributable to temporary operational factors including reservoir complexities in KG Deepwater 98/2, pre-commissioning activities associated with major offshore projects, pipeline replacement activity in Western Offshore, and lower gas offtake from certain isolated fields due to customer site disruptions.
Most of these are execution related challenges rather than structural concerns regarding our asset base. With the progressive commissioning of strategic projects such as the Daman Upside Development Project, expansion of TSP program and monetization of DSF, we expect the production trend to progressively improve in the coming quarters.
Our second transformation is centered on renewed thrust in Western Offshore, under which ONGC is implementing one of the largest capital investment programs in the history of its Western Offshore operations with projects exceeding INR 40,000 crore under various stages of execution.
These encompass pipeline replacement, reservoir and pressure management, enhanced water injection, production system upgrades, and several field development initiatives being undertaken.
In collaboration with our technical service partner BP, encouraged by the positive outcome under the first phase of the partnership in Mumbai High, we have now expanded this model across the entire Western Offshore portfolio.
During the quarter, Mumbai High TSP continued showing encouraging results, with oil production reaching around 107% of contractual baseline production and gas production around 113% of the contractual baseline.
The third transformation relates to deepwater exploration, which we believe represents the next major frontier for India's upstream sector.
Recent approval by the Government of Samudra Manthan, the National Offshore Exploration Scheme, with a total outlay of INR 84,084 crore, is a landmark initiative that reflects a decisive national commitment towards unlocking India's deepwater hydrocarbon potential and creating a favourable investment environment for offshore exploration.
As India's flagship E&P company, ONGC will play central role in this national mission. During the quarter, we achieved an important milestone by commencing drilling of our first deepwater exploratory well in the Mahanadi Offshore Basin under the Samudra Manthan Programme.
Oil and Natural Gas Corporation Limited (ONGC) on 18 September 2026 struck gas at deepwater well MN-DW18-1-H-D in the Mahanadi Offshore Basin, off the Odisha coast, under the Samudra Manthan initiative. The well drilled to a target depth (TD) of 1,623 metres recorded the gas strike at 1,441–1,452 metre interval.
The well is located approximately 43 km off Konark and is the first well in the Mahanadi Basin under the campaign. Its relative proximity to the coast offers potential for early monetisation, subject to further appraisal, and commercial evaluation.
We continue to make steady progress in strengthening our green energy portfolio.
Through OGL, our renewable energy portfolio has now reached 2.853 GW, supported by both organic expansion and strategic acquisitions. ONGC awarded a 300 MW ISTS-connected solar power project for captive consumption last year, and the corresponding 250 MW wind power project was awarded in June 26.
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