Oil and Natural Gas Corporation Limited — Q3 FY26

ONGC reported a 23% YoY rise in consolidated net profit to ₹11,946 crore in Q3 FY26, driven by higher gas revenue, lower statutory levies, and improved subsidiary performance, despite a 12% drop in crude oil realizations to $61.63/bbl. Standalone PAT grew 1.6% YoY to ₹8,372 crore. Key operational highlights include the near-completion of KG-DWN-98/2 subsea infrastructure, with first gas expected from April 2026 and ramp-up to 5-6 mmscmd by FY27-end. The Dan-Upside project is on track for first gas in March 2026, adding 4-5 mmscmd. Mumbai High decline has been arrested with BP's technical support, showing early production gains. Management guided for FY27 standalone production of 42.5 million metric tonnes of oil and gas equivalent, with capex of ₹32,000-33,000 crore. A second interim dividend of ₹6.25/share was declared, bringing cumulative interim dividends to a record ₹15,411 crore. Risk: KG basin ramp-up delays could disappoint if commissioning slips.