ONGC Reports Record Net Profit Surge Amid Higher Oil Prices
State-run Oil and Natural Gas Corporation (ONGC) reported a significant surge in earnings for the first quarter of FY27, with standalone net profit soaring 112% year-on-year to ₹17,034 crore. The company's financial results were approved by the ONGC Board during its 413th meeting on August 4, 2026.
The jump in profits was driven by significantly higher crude oil realizations and stronger gas prices. Standalone gross revenue climbed 45.2% to ₹46,460 crore, while standalone net profit surged to ₹17,034 crore from ₹8,031 crore in the same period last year. The company's Profit Before Tax (PBT) also reached a new high of ₹22,848 crore.
ONGC attributed its strong performance to elevated global crude oil prices and improved gas realizations. The company's revenue from new well gas reached ₹3,998 crore during the quarter, with premium pricing generating an additional revenue of ₹1,897 crore over the conventional APM gas price.