ONGC Sees Record Profit Boost from Higher Crude Prices

Oil and Natural Gas Corporation (ONGC) reported a significant surge in its standalone net profit for Q1FY27, rising by 112% to ₹17,034 crore. This increase was primarily driven by higher crude prices and robust offshore performance.

The company's gross revenue from operations increased by 45% to ₹46,460 crore during the quarter, with crude oil realizations improving sharply to USD 99.45 per barrel (₹9,419 per barrel) compared to USD 66.13 per barrel (₹5,658 per barrel) in Q1FY26.

However, ONGC's consolidated net profit declined by 43% to ₹6,554 crore due to downstream losses at subsidiaries like HPCL. Despite this, the company's upstream business delivered record profitability with Profit Before Tax reaching an all-time high of ₹22,848 crore.