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Revenue
₹1,57,911 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
ONGC's consolidated PAT rose 28.19% YoY to INR 12,615 crore in Q2 FY26, driven by strong subsidiary performance from HPCL and MRPL. Standalone PAT fell 17.8% to INR 9,848 crore due to lower crude oil realizations ($67.34/bbl vs $78.33/bbl) and higher DD&A costs. Crude oil production grew 1.2% YoY to 4.630 MMT, while gas production decline was arrested at -0.04%. New well gas contributed INR 3,352 crore in H1, with share reaching 21% of gas revenue. Management guided FY27 oil production at 21 MMT and gas at 21.5 BCM, with ramp-up from KG 98/2 (gas to 10 MMSCMD by mid-2026) and Daman upside (5 MMSCMD). The BP-led Mumbai High redevelopment is expected to show green shoots from January 2026. Key risk: KG 98/2 oil production has slipped to 28,000 bpd, and recovery depends on well interventions.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided FY27 standalone crude oil production at 21 MMT, up from expected 19.8 MMT in FY26.
- Management guided FY27 standalone gas production at 21.5 BCM, up from expected 20 BCM in FY26.
- Gas production from KG 98/2 is expected to ramp up to 10 MMSCMD by June-July 2026 after living quarters installation.
- Management targets reducing operating expenses by INR 5,000 crore through logistics optimization, dual-fuel rigs, and renewable power.
Risks flagged
- Oil production from KG 98/2 fell to 28,000 bpd from 30,000 bpd, and recovery depends on well interventions with uncertain timing.
- Management acknowledged that FY26 oil and gas production will be below initial guidance due to delays in KG 98/2 ramp-up.
- Total project cost for Mozambique LNG may rise above $16-17 billion, requiring additional approvals and partner contributions.
- Standalone PAT declined 17.8% YoY due to lower crude realizations; further price drops could pressure earnings.
Key quotes
- We are expecting that we should have a reduction of about INR 5,000 crore in OpEx.
- Under TSP, we are likely to see green shoots from coming January onwards.
- For KG 98/2, currently, we are having 28,000 barrels of oil per day, and that is what is actually affecting our production estimates for this year.
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