ONGC declares results for Q1 FY’26: Posts consolidated net profit of Rs 11,554 crore, up by 18.2%
ONGC Standalone financial performance showed a decline in key metrics compared to the same period in the previous fiscal year. Gross revenue for Q1 2025-26 stood at Rs 32,003 crore, a 9.3% decrease from Rs 35,266 crore in Q1 2024-25.
ONGC declares results for Q1 FY’26: Posts consolidated net profit of Rs 11,554 crore, up by 18.2%
ONGC declares results for Q1 FY’26;
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Posts consolidated net profit of Rs 11,554 crore, up by 18.2%
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Standalone crude oil production up by 1.2%
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New well gas revenue crosses Rs 1,700 crore
In its 397th meeting on August 12, 2025, the ONGC Board approved the company's financial results for the first quarter of fiscal year 2025-26. The standalone financial performance showed a decline in key metrics compared to the same period in the previous fiscal year. Gross revenue for Q1 2025-26 stood at Rs 32,003 crore, a 9.3% decrease from Rs 35,266 crore in Q1 2024-25. Similarly, net profit fell by 10.2% to Rs 8,024 crore from Rs 8,938 crore. This downturn was largely influenced by a significant drop in crude oil prices. The net realization for nominated crude oil was $66.13 per barrel, a 20.4% decrease from $83.05 per barrel in Q1 2024-25. Joint Venture crude oil realization also saw a decline of 15.8% to $67.87 per barrel. In contrast, gas prices saw a slight increase, with the price for nomination gas rising to $6.64 per million British thermal units (mmbtu) from $6.50 in the previous year, marking a 2.2% growth. Additionally, the price for new well gas was reported at $8.26 per mmbtu.
Gas from new wells is eligible for a 20% premium over the domestic APM gas price. ONGC is actively working to boost output from such wells. In Q1 FY’26, revenue from new well gas stood at Rs 1,703 crore, delivering an additional Rs 333 crore compared to the APM gas price.
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In the first quarter of the 2025-26 fiscal year, the consolidated financial performance showed a mixed trend. Gross Revenue experienced a slight decline, decreasing by 3.5% to Rs 1,63,108 crore compared to Rs 1,68,968 crore in the same period of the previous year. However, Net Profit saw significant growth, surging by 18.2% to Rs 11,554 crore from Rs 9,776 crore in Q1 of the 2024-25 fiscal year. Despite this, the Net Profit attributable to owners saw a marginal dip of 1.7%, reaching Rs 9,804 crore compared to Rs 9,974 crore the year prior.
The standalone crude oil production during Q1 FY’26 was 4.683 MMT with an increase of 1.2% over Q1FY’25. The Standalone natural gas production was 4.846 BCM in Q1FY’26 as against 4.863 BCM in Q1FY’25.
ONGC declared total 2 discoveries (both in offshore) during Q1 FY 2025-26 in its operated acreages. Out of these, one is prospect and one is pool discovery.
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Vajramani: Exploratory well MBS181HNA-1 was drilled in OALP-III Block MB-OSHP-2018/1 Mumbai Offshore (SW) with the objective to explore hydrocarbon prospectivity of Mahuva sands, Daman Sand-60 and Panna Clastics. During production testing, Object-III in Mahuva Formation flowed Oil @ 2122 BPD and Gas @ 83120 m3/day. This discovery is an independent fault bounded nosal feature and lies in the western part of the block MB-OSHP-2018/1. The success in well MBS181HNA-1 was notified as New Prospect Discovery named as "Vajramani".
MBS202HAA-1: In exploratory well MBS202HAA-1, object-II was tested in Mukta Formation which flowed oil @ 413 BPD and gas @ 15,132 m3/day. This hydrocarbon success in Mukta Formation was encountered for the first time in OALP Block MB-OSHP-2020/2 and was notified as “New Pool Discovery” of Suryamani prospect.
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