ONGC Poised for Earnings Surge Amid Crude Price Rally

Oil and Natural Gas Corp. Ltd. (NSE:ONGC) is set to see a significant jump in earnings, according to forecasts from Kotak. The company's EBITDA (earnings before interest, taxes, depreciation, and amortization) is expected to rise by around 66% year-over-year and 67% quarter-over-quarter due to strong crude and gas realizations as well as increased volumes.

The key drivers behind this estimate are crude realization at $101.3 per barrel, net oil revenue at $74.8 per barrel, and gas revenue at $8.3 per million British thermal units (mmbtu), along with specified sales volumes.

In related news, ONGC has provided a parent company guarantee worth $500 million to Saudi Aramco in support of MRPL's crude oil imports from September 1, 2026, to August 31, 2028. This move is part of the ongoing efforts by Indian state-owned companies to secure energy supplies and strengthen trade ties with major producers.

ONGC has also made progress on its geothermal projects, completing two deep wells at Puga, Ladakh, as announced in July 2026. These wells are expected to contribute significantly to India's renewable energy mix and reduce the country's reliance on fossil fuels.