ONGC Sees 112% YoY Net Profit Surge in Q1 FY27 on Strong Crude Prices

State-run Oil and Natural Gas Corporation (ONGC) Ltd has reported a significant increase in standalone net profit for the first quarter of fiscal 2026-27. The company's standalone net profit surged by 112% year-on-year to ₹17,034 crore, driven primarily by higher crude oil prices and improved realisations from new well gas.

ONGC's revenue from operations increased by 45.2% to ₹46,460 crore during the quarter, with new well gas contributing significantly to the revenue growth. The company's net crude oil realisation improved by 50.4% to $99.45 per barrel, while new well gas realisation jumped 61.5% to $13.31 per mmBtu.

The production decline trend is expected to be arrested and progressively reversed through the successful execution of strategic projects. ONGC has initiated various initiatives, including drilling an exploratory well under the Samudra Manthan campaign, to enhance India's energy security.