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Oil & Natural Gas Corporation Margin Trend — Quarter by Quarter

Oil & Natural Gas Corporation's EBITDA margin moved from 19.0% in Q2 FY24 to 13.0% in Q4 FY25 across 6 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2513.0%—
Q2 FY2513.0%—
Q1 FY2513.0%—
Q4 FY2413.0%—
Q3 FY2412.0%—
Q2 FY2419.0%—

What management said about ebitda margin

G

Q3 FY26 · Cost reduction target of INR 1,000 crore

Through various efficiency measures, ONGC targets reducing costs by INR 1,000 crore in FY27.

G

Q2 FY26 · OpEx cost reduction target of INR 5,000 crore

Management targets reducing operating expenses by INR 5,000 crore through logistics optimization, dual-fuel rigs, and renewable power.

G

Q4 FY25 · CapEx guidance of INR 30,000-35,000 crore for 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.

G

Q3 FY25 · OPaL to get full 3.2 MMSCMD gas from April 2025

OPaL will receive full contracted gas volume of 3.2 MMSCMD from ONGC's new finds starting April 2025, improving margins.

G

Q2 FY25 · OPaL turnaround expected from FY26 onwards

Management expects OPaL to improve significantly from next year due to lower interest costs and cheaper feedstock from new well gas allocation.

G

Q4 FY24 · OPaL restructuring expected to improve profitability in 1-2 years

Management expects OPaL to turn around in 1-2 years after equity infusion, feedstock resolution, and SEZ exit.