ONGC Standalone Net Profit Surges 57 Percent to Rs 15489 Crore in Q2 on Higher Crude Realisations
State-run upstream giant Oil and Natural Gas Corporation (ONGC) announced a robust operational and financial performance for the second quarter of FY27, with standalone net profit climbing 57.3% year-on-year to ₹15,489 crore, compared with ₹9,848 crore reported in the corresponding period of the previous fiscal year.
The sharp recovery in earnings for India's largest oil and gas explorer was driven primarily by an upswing in global crude prices, which lifted gross revenues and bolstered operating margins. Standalone gross revenue for the July–September quarter jumped 32.8% year-on-year to ₹43,875 crore, up from ₹33,030 crore in Q2 FY26.
Consolidated Earnings and Performance Metrics
On a consolidated basis, which factors in subsidiaries such as Hindustan Petroleum Corporation Limited (HPCL) and overseas arm ONGC Videsh Limited (OVL), the company recorded a 46.9% year-on-year rise in net profit to ₹18,534.82 crore from ₹12,614.60 crore in Q2 FY26. Consolidated revenue from operations expanded 25.6% to ₹1,98,263.33 crore against ₹1,57,913.60 crore in the year-ago period.
Sequentially, however, standalone metrics showed some moderation compared to the record highs of the first quarter. Standalone net profit declined 9.1% quarter-on-quarter from ₹17,034 crore in Q1 FY27, while revenue fell 5.6% from ₹46,460 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) dropped 12.3% quarter-on-quarter to ₹24,860 crore, leading to an EBITDA margin contraction of 440 basis points to 56.6%.
Surge in Crude Oil Realisations
The key driver behind the year-on-year turnaround was realisations from oilfields:
- Nominated crude oil realisations increased to $92.33 per barrel during the quarter, compared to $67.34 per barrel in Q2 FY26, marking an increase of 37.1%.
- Realisation from joint venture fields stood at $97.02 per barrel, climbing 41.9% year-on-year.
For the first half of the fiscal year (H1 FY27), ONGC reported a standalone net profit of ₹32,522 crore, an 82% surge over the ₹17,872 crore posted in H1 FY26.
Record Dividend Payout and Inter-Corporate Loan
Sharing the cash flows with shareholders, the company's board declared an interim dividend of 160%, or ₹8 per equity share of face value ₹5 each. The total dividend payout will amount to ₹10,064 crore, marking the company's highest-ever dividend distributed in a single instalment.
The board fixed Thursday, November 12, 2026, as the record date for determining shareholder eligibility for the dividend.
In a separate corporate development, ONGC's board approved an inter-corporate loan of up to ₹10,000 crore to its wholly-owned overseas exploration arm, ONGC Videsh Limited, over a tenure of five years to support international exploration and development commitments.
