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.
high · management_commentary
Oil & Natural Gas Corporation — Q3 FY26
ONGC reported a strong Q3 FY26 with consolidated PAT of INR 11,946 crore, up 23% YoY, driven by higher gas revenue and lower statutory levies despite a decline in crude oil pric...
bullish
high
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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
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.
medium · analyst_questionGST 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.
medium · analyst_questionOPaL 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.
medium · data_observation