ONGC Q2 Results: Net Profit Soars 57% to ₹15,489 Crore; H1 Profit Hits Record ₹32,522 Crore

Oil and Natural Gas Corporation (ONGC) has reported a strong financial performance for the second quarter of FY 2026-27, with standalone net profit surging 57.3% year-on-year to ₹15,489 crore against ₹9,848 crore in the corresponding quarter of the previous financial year.

The company’s standalone gross revenue for Q2 FY27 increased 32.8% to ₹43,875 crore compared to ₹33,030 crore in Q2 FY26.

ONGC also recorded its highest-ever half-yearly standalone net profit of ₹32,522 crore during H1 FY27, registering an impressive growth of 82% over ₹17,872 crore reported in the corresponding period last year.

On a consolidated basis, ONGC posted a net profit of ₹18,535 crore for Q2 FY27, representing a growth of 46.9% against ₹12,615 crore in Q2 FY26. Consolidated gross revenue stood at ₹1,98,263 crore, up 25.6% year-on-year.

The Board of Directors approved the financial results at its 415th meeting held on November 5, 2026.

Record interim dividend of ₹10,064 crore

In a major announcement for shareholders, the ONGC Board approved an interim dividend of 160%, equivalent to ₹8 per equity share of ₹5 each.

The total dividend payout will amount to ₹10,064 crore, marking the highest-ever dividend paid by the company in a single instalment.

The record date for determining shareholder eligibility for the dividend has been fixed as November 12, 2026.

Crude oil realisations boost financial performance

Higher crude oil realisations contributed significantly to ONGC’s improved financial performance.

The company’s nominated crude oil realisation increased to US$92.33 per barrel in Q2 FY27, compared to US$67.34 per barrel in the corresponding quarter last year, registering an increase of 37.1%.

Realisation from joint venture crude oil stood at US$97.02 per barrel, up 41.9% year-on-year.

The price of nomination gas increased marginally to US$7 per MMBtu, while new well gas prices rose to US$10.24 per MMBtu from US$8.36 per MMBtu.

During H1 FY27, revenue from new well gas stood at ₹7,050 crore, contributing more than 34% of the total revenue from ONGC’s nomination gas portfolio.

Production remains broadly stable sequentially

ONGC maintained broadly stable production during Q2 FY27 compared with the preceding quarter. However, production registered a moderation on a year-on-year basis.

Standalone crude oil production stood at 4.437 million metric tonnes (MMT) during Q2 FY27 against 4.630 MMT in Q2 FY26. Half-yearly crude oil production was 8.890 MMT.

Natural gas production from standalone operations stood at 4.839 billion cubic metres (BCM) during the quarter, compared with 4.918 BCM in the corresponding period last year.

The company attributed the year-on-year moderation primarily to reservoir behaviour complexities in the KG-98/2 Asset in the Eastern Offshore Basin, monsoon-related operational challenges and delays in PRP-8 and PRP-9 pipeline replacement projects.

Gas production from onshore fields was also affected by lower customer offtake following disruptions at certain major consumer facilities.

To arrest the natural decline in mature fields and accelerate production, ONGC has expanded the engagement of bp as its Technical Service Provider for the entire Western Offshore under TSP-1 and TSP-2.

bp mobilised its team for TSP-2, covering the entire Western Offshore except the Mumbai High field, in August 2026.

₹11,800 crore offshore projects to unlock 22 MMTOE potential

In a significant push towards enhancing future hydrocarbon production, ONGC has awarded two major offshore development projects in the Western Offshore region involving a combined capital investment of approximately ₹11,800 crore.

The projects include MBOSN-2005-1, SD-4 and BS-17, along with additional development of Ratna-1 and NLM-14.

These projects are expected to unlock an estimated 22 million tonnes of oil equivalent (MMTOE) of hydrocarbon potential, strengthening ONGC’s future production prospects.

Additionally, the company has awarded Pipeline Replacement Project-X (PRP-X), involving an estimated investment of more than ₹4,300 crore.

The project will involve installation of new subsea pipelines and replacement of ageing pipeline infrastructure in the Western Offshore to improve asset integrity, operational reliability and long-term production sustainability.

Samudra Manthan: ONGC strikes gas in Mahanadi deepwater

ONGC has achieved an important exploration milestone under its Samudra Manthan initiative by drilling its first exploratory well, MNDWO181HDB-1, in OALP Block MN-DWHP-2018/1 in the Mahanadi deepwater.

The well has been proved gas-bearing, marking a significant outcome of the company’s deepwater exploration programme.

During Q2 FY27, ONGC also notified two new hydrocarbon discoveries, both onland.

The discoveries comprise:

• Amraghat-1: An exploratory well drilled in Cachar District PML in the Assam-Arakan Fold Belt, targeting the Upper and Middle Bhuban formations. Successful gas flow resulted in its notification as a new prospect discovery.
• Vadatal-48: Drilled in Vadatal Ext-I PML in the Cambay Basin, the well encountered a new sand below the existing Chhatral Pay. The discovery has been notified as a new pool discovery in the Chhatral Lower Pay, opening up additional exploration opportunities.

CB-OS/2 block takeover and major recognitions

During the quarter, ONGC was designated as the Government’s nominee to continue petroleum operations in the CB-OS/2 block. The company assumed control and possession of all associated assets, data, facilities, infrastructure and operations with effect from July 22, 2026.

ONGC also received several national and international recognitions during the period.

These include the Platinum Category Global Decarbonization Award 2026 from the Energy and Environment Foundation and the Global Sustainability Champion Award 2026 from the Global Energy & Environment Foundation.

The company was also recognised as the Best PSU Partner at the Prime Minister Internship Scheme Recognition of Partner Company Awards 2026, organised by the Ministry of Corporate Affairs.

ONGC’s Institute of Production Engineering and Ocean Technology (IPEOT) received double recognition at the 16th Annual EEF Awards 2026 for digital innovation and environmental sustainability.

The NH&BS Asset received the Corporate EHS Excellence Award 2026 at the Greentech 3rd EHS Summit & Awards.

In the area of technological innovation, IPEOT secured its 35th patent for developing the Single-Phase Retarded Acid System (SPRAS), aimed at enhancing offshore oil production.

Meanwhile, the Institute of Drilling and Well Engineering (IDWE), Dehradun, received its 12th patent for innovative water-based drilling-fluid technology on September 8, 2026.

ONGC’s Q2 FY27 performance reflects strong earnings growth, higher crude oil realisations and an aggressive investment programme in offshore development and exploration, even as the company continues to address production challenges in its mature assets.