Higher oil and gas realisations boost ONGC’s September-quarter earnings, while record first-half profit and new offshore projects strengthen the company’s financial and development outlook.
By – Snigdha Mishra
Oil and Natural Gas Corporation’s ONGC Q2 results for FY2026–27 show a sharp rise in earnings, supported by higher crude oil and natural gas realisations. The state-owned company reported standalone net profit of ₹15,489 crore, up 57.3% year-on-year, for the quarter ended September 30, 2026.
Standalone gross revenue increased 32.8% to ₹43,875 crore. The board also approved an interim dividend of ₹8 per share, with November 12, 2026, fixed as the record date.
The results, announced on November 5, reflect stronger earnings despite continuing production challenges. ongcindia.com
ONGC Q2 Results: Key Financial Figures
ONGC recorded growth across both standalone and consolidated earnings. However, these figures represent different reporting scopes and should be read separately.
| Financial indicator | Q2 FY2026–27 | Q2 FY2025–26 | Growth |
|---|---|---|---|
| Standalone net profit | ₹15,489 crore | ₹9,848 crore | 57.3% |
| Standalone gross revenue | ₹43,875 crore | ₹33,030 crore | 32.8% |
| Consolidated net profit | ₹18,535 crore | ₹12,615 crore | 46.9% |
| Consolidated gross revenue | ₹1,98,263 crore | ₹1,57,914 crore | 25.6% |
Figures are rounded as presented in the company’s results release.
Standalone results cover ONGC’s own operations. Consolidated results include its subsidiaries and other group interests under applicable accounting rules. Therefore, the 57.3% profit growth refers specifically to standalone performance. www.bazaarwatch.com
Higher Oil and Gas Prices Lift Earnings
Higher realisations—the prices ONGC receives for its output—played a major role in the earnings increase.
Crude oil from nomination fields fetched $92.33 per barrel, compared with $67.34 in the same quarter last year. This represents a 37.1% increase. Meanwhile, joint-venture crude realisations rose 41.9% to $97.02 per barrel.
Natural gas also contributed to the improvement. Nomination gas prices increased to $7 per million British thermal units, from $6.75 a year earlier. New-well gas realisations climbed 22.5% to $10.24 per million British thermal units.
During the first half of the financial year, new-well gas generated ₹7,050 crore in revenue. It accounted for more than 34% of revenue from ONGC’s nomination gas portfolio. www.financialexpress.com
First-Half Profit Reaches a Record ₹32,522 Crore
ONGC reported its highest-ever standalone first-half net profit of ₹32,522 crore for April–September 2026.
The six-month total nearly matched the ₹32,894 crore earned during the entire FY2025–26, demonstrating the strength of the annual earnings improvement.
However, profit declined compared with the preceding quarter. September-quarter earnings of ₹15,488.64 crore were below the ₹17,033.81 crore recorded in April–June 2026.
Based on those reported figures, standalone net profit fell approximately 9.1% quarter-on-quarter. The distinction matters: ONGC delivered strong annual growth, but earnings eased from the previous quarter’s level. www.business-standard.com
ONGC Dividend: ₹8 Per Share Announced
The board approved an interim dividend of ₹8 per equity share, carrying a face value of ₹5. This equals 160% of the share’s face value.
The dividend involves a total payout of ₹10,064 crore. ONGC described it as the largest dividend payment it has announced in a single instalment.
The record date is November 12, 2026. This is the date used to determine eligible shareholders; it is not the dividend payment date. ongcindia.com
Production Challenges Continue Despite Profit Growth
While earnings improved, production remained under pressure.
Standalone crude oil output fell to 4.437 million tonnes, against 4.630 million tonnes a year earlier. Natural gas production declined to 4.839 billion cubic metres, from 4.918 billion cubic metres.
ONGC linked the moderation to reservoir complexities at its KG-98/2 asset, monsoon-related difficulties and delays in pipeline replacement work.
These figures provide context for the profit increase. Higher realisations supported financial growth, while increasing physical output remains an operational priority. www.tribuneindia.com
New Offshore Projects Target Future Output
ONGC awarded two Western Offshore development projects worth approximately ₹11,800 crore to support future production.
The projects are expected to unlock an estimated 22 million tonnes of oil-equivalent hydrocarbon potential. Separately, the company awarded Pipeline Replacement Project-X, involving expenditure of more than ₹4,300 crore.
It also notified two onshore discoveries during the quarter: Amraghat-1 in Assam and Vadatal-48 in the Cambay basin. Together, the development projects and discoveries form part of ONGC’s effort to strengthen its future resource and production base. www.tribuneindia.com
The ONGC Q2 results highlight two important trends: stronger selling prices have lifted earnings, while operational constraints continue to affect output. Going forward, project execution and production recovery will help determine how effectively the company builds on its financial gains.
