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Revenue
₹1,67,749 Cr
verified against source
Revenue YoY
-0.3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
ONGC's Q4 FY25 standalone PAT declined 12.1% YoY to INR 35,610 crore, primarily due to a INR 4,257 crore increase in exploration write-offs. Revenue was flat at INR 137,361 crore. Crude oil production rose 0.9% to 18.558 MMT, while gas production fell 1.6% to 19.654 BCM. Management highlighted a record 578 wells drilled and INR 62,000 crore CapEx, the highest ever. Key growth drivers include the KG 98/2 field (oil at 33-34 kbpd, targeting 45 kbpd), new well gas pricing adding INR 700 crore in FY25, and OPaL's turnaround post-SEZ denotification. Guidance points to standalone crude production of ~21.5 MMT and gas of ~21 BCM in FY26, with 5 MSCMD incremental gas from DUDP by Q4 FY26. Risks include continued dry well write-offs and delayed KG 98/2 gas ramp-up due to living quarters installation.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects crude production to rise to 21.5 million metric tons in FY26, driven by TSP initiatives and new wells.
- Gas production expected to reach 21 BCM in FY26, with 5 MSCMD incremental from DUDP by Q4 FY26.
- Total CapEx including E&P and renewables expected to be INR 30,000-35,000 crore, lower than FY25 due to falling service costs.
- Revenue from new well gas pricing expected to double from INR 700 crore in FY25 to INR 1,500-2,000 crore in FY26.
Risks flagged
- Exploration write-offs surged to INR 4,257 crore in FY25; management noted unpredictability in dry well incidence, which could pressure earnings.
- Gas production currently at 2.75 MSCMD; target of 6-7 MSCMD hinges on installing a living quarters platform, delayed due to weather.
- OPaL's ethane import from US is targeted for 2028; any delay could prolong reliance on costlier naphtha (60% of feedstock).
Key quotes
- If you discount these write-offs, then our profit is at the same level.
- In one year, I do not know how many examples in the world is there where you jump from 0.1, 0.2 GW- 2.5 GW in four months' time.
- We are very, very confident that we will have our growth story intact.
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