ONGC Posts Record Quarterly Profit Amid Higher Crude Prices
India's Oil and Natural Gas Corporation (ONGC) has reported its strongest-ever quarterly performance in April-June FY2026-27, with a standalone net profit rising 112.3% year-over-year to INR 17,034 crore.
The company's revenue increased 45.2% to INR 46,460 crore, primarily driven by significantly higher crude oil realisations amid elevated global oil prices.
ONGC's average net crude oil realisation from nominated fields increased to $99.45/bbl during the quarter from $66.13/bbl a year earlier, while crude from joint venture fields realised $103.34/bbl compared with $67.87/bbl previously.
The company is investing over INR 40,000 crore in its western offshore assets, undertaking redevelopment projects aimed at improving recovery rates and supporting future crude and gas output.