Crude oil production (standalone)
4.683 MMT
+1.2% YoY
Standalone crude oil production increased 1.2% YoY to 4.683 MMT in Q1 FY26.
ONGC
Diversified
12 Aug 2025
Ongc Ltd — Q1 FY26
ONGC reported consolidated PAT of INR 11,552 crore for Q1 FY26, up 18.2% YoY, driven by higher other income from HVCR and lower statutory levies due to SAED abolition.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
ONGC reported consolidated PAT of INR 11,552 crore for Q1 FY26, up 18.2% YoY, driven by higher other income from HVCR and lower statutory levies due to SAED abolition. Standalone PAT fell 10.2% to INR 8,024 crore on lower crude realizations (INR 66.13/bbl vs INR 83.05/bbl). Crude oil production rose 1.2% YoY to 4.683 MMT, reversing decline, while gas production was flat at 4.846 BCM. KG Basin output reached 30,000 bbl/d oil and 3 mmscmd gas, with ramp-up to 45,000 bbl/d and 6-7 mmscmd gas expected from Q4 FY26 after living quarter installation. New Well Gas contributed INR 1,703 crore revenue at a 20% premium. OPaL turned EBITDA positive at INR 13 crore. Risks include further delays in KG Basin ramp-up and sustained low crude prices.
ONGC ने पहली तिमाही (अप्रैल-जून 2025) में कुल मुनाफा 11,552 करोड़ रुपये कमाया, जो पिछले साल की समान तिमाही से 18.2% ज्यादा है। यह बढ़ोतरी दूसरे स्रोतों से ज्यादा आय और सरकारी फीस में कमी के कारण हुई। लेकिन सिर्फ तेल-गैस कारोबार का मुनाफा 10.2% घटकर 8,024 करोड़ रुपये रह गया, क्योंकि कच्चे तेल की कीमत 83 डॉलर से गिरकर 66 डॉलर प्रति बैरल हो गई। तेल उत्पादन 1.2% बढ़कर 4.68 करोड़ टन हुआ, जबकि गैस उत्पादन स्थिर रहा। KG बेसिन से तेल उत्पादन 30,000 बैरल प्रतिदिन और गैस 3 मिलियन घन मीटर प्रतिदिन है। अगले साल की चौथी तिमाही से यह बढ़कर 45,000 बैरल तेल और 6-7 मिलियन घन मीटर गैस होने की उम्मीद है। नई गैस से 1,703 करोड़ रुपये की आय हुई। OPaL ने पहली बार 13 करोड़ रुपये का मुनाफा कमाया। जोखिम: KG बेसिन में देरी और कच्चे तेल की कीमतें कम रहना।
Key Numbers
KG Basin oil production
30,000 bbl/d
flat QoQ
KG Basin oil production steady at 30,000 bbl/d; target of 45,000 bbl/d delayed to Q4 FY26.
New Well Gas revenue
INR 1,703 crore
+INR 333 crore vs APM
New Well Gas revenue reached INR 1,703 crore, with INR 333 crore incremental over APM price.
OPaL EBITDA
INR 13 crore
positive vs negative
OPaL turned EBITDA positive at INR 13 crore in Q1 FY26, with plant utilization above 90%.
What Changed vs Last Quarter
NEW
KG Basin ramp-up to 45,000 bbl/d oil and 6-7 mmscmd gas by Q4 FY26
KG Basin oil production to increase from 30,000 bbl/d to 45,000 bbl/d and gas from 3 mmscmd to 6-7 mmscmd by Q4 FY26, after living quarter installation in Nov-Dec 2025.
NEW
New Well Gas volume to reach 4.8+ BCM in FY27 (24-25% of total gas)
New Well Gas volume expected to increase from 2.6 BCM in FY26 to 4.8+ BCM in FY27, representing 24-25% of total gas production.
UPDATED
FY26 standalone production guidance: 20.928 MMT crude oil, 20.110 BCM gas
Management guided standalone crude oil production of 20.928 MMT and gas production of 20.110 BCM for FY26.
UPDATED
FY27 standalone production guidance: 21 MMT crude oil, 21.487 BCM gas
Management guided standalone crude oil production of 21 MMT and gas production of 21.487 BCM for FY27.
DROPPED
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.
DROPPED
New well gas to add INR 1,500-2,000 crore revenue in FY26
Revenue from new well gas pricing expected to double from INR 700 crore in FY25 to INR 1,500-2,000 crore in FY26.
NEW RISK
KG Basin ramp-up delays
KG Basin production ramp-up delayed from Q2 to Q4 FY26 due to unavailability of living quarter vessel and monsoon. Further delays could impact FY26 production targets.
NEW RISK
Sustained low crude oil prices
Crude oil realization fell 20% YoY to INR 66.13/bbl. If prices remain low, standalone profitability could be further impacted.
NEW RISK
OPaL debt burden and petrochemical cycle risk
OPaL has debt of INR 24,800 crore. While EBITDA turned positive, profitability depends on petrochemical cycle upturn. Management has no immediate plans to infuse equity.
NEW RISK
Operating cost inflation
Operating expenses rose 7.6% YoY due to higher FPSO charges and LNG costs. Cost reduction initiatives (Pipavav port, crew boats) are yet to show material impact.
RISK GONE
Dry well write-offs may persist
Exploration write-offs surged to INR 4,257 crore in FY25; management noted unpredictability in dry well incidence, which could pressure earnings.
RISK GONE
KG 98/2 gas ramp-up delayed by living quarters installation
Gas production currently at 2.75 MSCMD; target of 6-7 MSCMD hinges on installing a living quarters platform, delayed due to weather.
RISK GONE
OPaL ethane sourcing timeline uncertainty
OPaL's ethane import from US is targeted for 2028; any delay could prolong reliance on costlier naphtha (60% of feedstock).
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25, Q4 FY25
Total CapEx including E&P and renewables expected to be INR 30,000-35,000 crore, lower than FY25 due to falling service costs.
Mentioned in Q1 FY25, Q2 FY25
Management confirmed on track to reach 45,000 barrels of oil per day from the KG field by the end of the current financial year.
Mentioned in Q1 FY25, Q4 FY25
Management expects crude production to rise to 21.5 million metric tons in FY26, driven by TSP initiatives and new wells.
Management Guidance
KG Basin ramp-up to 45,000 bbl/d oil and 6-7 mmscmd gas by Q4 FY26
KG Basin oil production to increase from 30,000 bbl/d to 45,000 bbl/d and gas from 3 mmscmd to 6-7 mmscmd by Q4 FY26, after living quarter installation in Nov-Dec 2025.
Management guidance growthFY26 standalone production guidance: 20.928 MMT crude oil, 20.110 BCM gas
Management guided standalone crude oil production of 20.928 MMT and gas production of 20.110 BCM for FY26.
Management guidance growthFY27 standalone production guidance: 21 MMT crude oil, 21.487 BCM gas
Management guided standalone crude oil production of 21 MMT and gas production of 21.487 BCM for FY27.
Management guidance growthNew Well Gas volume to reach 4.8+ BCM in FY27 (24-25% of total gas)
New Well Gas volume expected to increase from 2.6 BCM in FY26 to 4.8+ BCM in FY27, representing 24-25% of total gas production.
Management guidance growthKey Risks
KG Basin ramp-up delays
KG Basin production ramp-up delayed from Q2 to Q4 FY26 due to unavailability of living quarter vessel and monsoon. Further delays could impact FY26 production targets.
high · management_commentarySustained low crude oil prices
Crude oil realization fell 20% YoY to INR 66.13/bbl. If prices remain low, standalone profitability could be further impacted.
high · data_observationOPaL debt burden and petrochemical cycle risk
OPaL has debt of INR 24,800 crore. While EBITDA turned positive, profitability depends on petrochemical cycle upturn. Management has no immediate plans to infuse equity.
medium · analyst_questionOperating cost inflation
Operating expenses rose 7.6% YoY due to higher FPSO charges and LNG costs. Cost reduction initiatives (Pipavav port, crew boats) are yet to show material impact.
medium · analyst_questionNotable Quotes
ONGC successfully reversed the crude oil production decline in Q4 FY 2024 and continues to increase production on a quarter-on-quarter basis for the past four to five quarters.
We do expect that something tangible should start coming up from the fourth quarter of this year, from January 2026 onwards.
We have EBITDA first quarter, it will be EBITDA positive. We are hopeful with the measures that we have taken, and now that the plant is also running more than 90% asset-based, we should end the year with a good profit.
Frequently Asked Questions
What was Ongc's revenue in Q1 FY26?
Ongc reported revenue of — in Q1 FY26, representing a — change compared to the same quarter last year.
What guidance did Ongc management give for FY27?
KG Basin ramp-up to 45,000 bbl/d oil and 6-7 mmscmd gas by Q4 FY26: KG Basin oil production to increase from 30,000 bbl/d to 45,000 bbl/d and gas from 3 mmscmd to 6-7 mmscmd by Q4 FY26, after living quarter installation in Nov-Dec 2025. FY26 standalone production guidance: 20.928 MMT crude oil, 20.110 BCM gas: Management guided standalone crude oil production of 20.928 MMT and gas production of 20.110 BCM for FY26. FY27 standalone production guidance: 21 MMT crude oil, 21.487 BCM gas: Management guided standalone crude oil production of 21 MMT and gas production of 21.487 BCM for FY27. New Well Gas volume to reach 4.8+ BCM in FY27 (24-25% of total gas): New Well Gas volume expected to increase from 2.6 BCM in FY26 to 4.8+ BCM in FY27, representing 24-25% of total gas production.
What are the key risks for Ongc in FY27?
Key risks include KG Basin ramp-up delays — KG Basin production ramp-up delayed from Q2 to Q4 FY26 due to unavailability of living quarter vessel and monsoon. Further delays could impact FY26 production targets.; Sustained low crude oil prices — Crude oil realization fell 20% YoY to INR 66.13/bbl. If prices remain low, standalone profitability could be further impacted.; OPaL debt burden and petrochemical cycle risk — OPaL has debt of INR 24,800 crore. While EBITDA turned positive, profitability depends on petrochemical cycle upturn. Management has no immediate plans to infuse equity.; Operating cost inflation — Operating expenses rose 7.6% YoY due to higher FPSO charges and LNG costs. Cost reduction initiatives (Pipavav port, crew boats) are yet to show material impact..
Did Ongc meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Ongc Q1 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.