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Revenue
₹1,67,423 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
ONGC reported a strong Q3 FY26 with consolidated PAT of INR 11,946 crore, up 23% YoY, driven by higher gas revenue and lower statutory levies despite a decline in crude oil prices to $61.63/bbl. Standalone PAT rose 1.6% to INR 8,372 crore. Key operational highlights include the near-completion of the KG-DWN-98/2 project, with first gas expected in Q1 FY27 and ramp-up to 5-6 MMSCMD by year-end. The Daman Upside project is on track for first gas in March 2026, adding 4-5 MMSCMD. The BP TSP contract has already shown positive results in Mumbai High, arresting decline. Management guided for FY27 production of 42.5 million tonnes (oil & gas equivalent) and CapEx of INR 32,000-33,000 crore. A second interim dividend of INR 6.25/share was declared, bringing cumulative interim dividends to a record INR 15,411 crore. Risk: Sustained low crude prices could pressure upstream margins and delay project economics.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for standalone production of 42.5 million tonnes in FY27, comprising ~21 million tonnes of oil and ~21.5 million tonnes of gas equivalent.
- ONGC plans to maintain CapEx in the range of INR 32,000-33,000 crore for FY27, focused on exploration and production.
- Through various efficiency measures, ONGC targets reducing costs by INR 1,000 crore in FY27.
- Management expects the share of New Well Gas in total gas production to rise from 18% to 24% in FY27.
Risks flagged
- Crude oil prices declined to $61.63/bbl in Q3 FY26 from $72.5/bbl a year ago, impacting revenue. Sustained low prices could pressure upstream margins.
- The project has faced delays in module installation; any further delays in hook-up and commissioning could push back first gas and ramp-up timelines.
- The budget raised GST on oil services from 12% to 18% with no input tax credit, increasing operating costs. Management indicated no relief under ORD Amendment.
- OPaL carries net debt of INR 23,000-24,000 crore. While EBITDA is positive, turning net profitable depends on petrochemical prices, which remain volatile.
Key quotes
- We expect that the gas flow from these wells should start from the next quarter, which is from April to June onwards, and the gas would be ramped up. Coming towards the end of financial year 2027, we would expect that this gas quantum should increase to 5-6 MMSCMD.
- If you see, in spite of the crude prices going down very substantially, we have been able to report positive figures, both for the third quarter as well as for the nine-month period.
- We are targeting that we should be reducing our costs by around INR 1,000 crore by the various measures that we have undertaken now.
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