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Revenue
₹1,63,108 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
ONGC reported consolidated PAT of INR 11,552 crore for Q1 FY26, up 18.2% YoY, driven by higher other income from HVCR and lower statutory levies due to SAED abolition. Standalone PAT fell 10.2% to INR 8,024 crore on lower crude realizations (INR 66.13/bbl vs INR 83.05/bbl). Crude oil production rose 1.2% YoY to 4.683 MMT, reversing decline, while gas production was flat at 4.846 BCM. KG Basin output reached 30,000 bbl/d oil and 3 mmscmd gas, with ramp-up to 45,000 bbl/d and 6-7 mmscmd gas expected from Q4 FY26 after living quarter installation. New Well Gas contributed INR 1,703 crore revenue at a 20% premium. OPaL turned EBITDA positive at INR 13 crore. Risks include further delays in KG Basin ramp-up and sustained low crude prices.
Colored figures show movement against the previous available record.
Guidance to track
- KG Basin oil production to increase from 30,000 bbl/d to 45,000 bbl/d and gas from 3 mmscmd to 6-7 mmscmd by Q4 FY26, after living quarter installation in Nov-Dec 2025.
- Management guided standalone crude oil production of 20.928 MMT and gas production of 20.110 BCM for FY26.
- Management guided standalone crude oil production of 21 MMT and gas production of 21.487 BCM for FY27.
- New Well Gas volume expected to increase from 2.6 BCM in FY26 to 4.8+ BCM in FY27, representing 24-25% of total gas production.
Risks flagged
- KG Basin production ramp-up delayed from Q2 to Q4 FY26 due to unavailability of living quarter vessel and monsoon. Further delays could impact FY26 production targets.
- Crude oil realization fell 20% YoY to INR 66.13/bbl. If prices remain low, standalone profitability could be further impacted.
- OPaL has debt of INR 24,800 crore. While EBITDA turned positive, profitability depends on petrochemical cycle upturn. Management has no immediate plans to infuse equity.
- Operating expenses rose 7.6% YoY due to higher FPSO charges and LNG costs. Cost reduction initiatives (Pipavav port, crew boats) are yet to show material impact.
Key quotes
- ONGC successfully reversed the crude oil production decline in Q4 FY 2024 and continues to increase production on a quarter-on-quarter basis for the past four to five quarters.
- We do expect that something tangible should start coming up from the fourth quarter of this year, from January 2026 onwards.
- We have EBITDA first quarter, it will be EBITDA positive. We are hopeful with the measures that we have taken, and now that the plant is also running more than 90% asset-based, we should end the year with a good profit.
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