Crude oil price volatility
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.
ONGC / Q3-FY26 / risks
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Ongc · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
KG-DWN-98/2 project execution delays
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.
GST increase on oil services
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 debt and profitability
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.