Shares of state-run explorer Oil and Natural Gas Corporation (ONGC) tumbled as much as 4% to the day’s low of Rs 277 on the NSE on Wednesday despite reporting a consolidated net profit of Rs 10,820 crore for the March quarter, marking a 46% increase from Rs 7,431 crore recorded in the same period last year.
Revenue from operations during Q4FY26 increased 4% YoY to Rs 1,73,805 crore compared with Rs 1,67,749 crore in the year-ago quarter. On a sequential basis, revenue rose nearly 4% from Rs 1,67,423 crore reported in the October-December quarter of FY26.
On a standalone basis, ONGC posted a net profit of Rs 6,650 crore in Q4FY26, while FY26 standalone profit stood at Rs 32,894 crore. The company said subsidiaries including Hindustan Petroleum Corporation Limited, Mangalore Refinery and Petrochemicals Limited, ONGC Videsh Limited and ONGC Petro additions Limited delivered “remarkable” improvements in performance.
ONGC said projects worth Rs 33,075 crore are currently under execution in the Western Offshore region, marking the highest level of investment activity in recent years. The company also said that gas from new wells contributed 17% to production and accounted for 21% of revenue from ONGC’s nomination gas portfolio in FY26.
At ONGC Videsh Limited, turnover for FY26 stood at Rs 8,443 crore, compared with Rs 9,160 crore in FY25, excluding trading activities. The decline was mainly attributed to lower realised crude oil prices, which averaged $60.09 per barrel in FY26 against $70.23 per barrel in FY25. Despite the fall in turnover, the company reported a sharp rise in profitability, with PAT increasing to Rs 1,152 crore from Rs 428 crore in the previous year.
Hindustan Petroleum Corporation Limited reported a combined gross refining margin (GRM) of $8.79 per barrel for FY26, compared with $5.74 per barrel in the previous year. Revenue from operations rose 2.6% to Rs 4,78,543 crore from Rs 4,66,346 crore a year ago. Standalone PAT jumped to Rs 17,175 crore from Rs 7,365 crore in FY25. The company has proposed a final dividend of Rs 19.25 per share for FY26, in addition to an interim dividend of Rs 5 per share.
Meanwhile, Mangalore Refinery and Petrochemicals Limited posted a net profit of Rs 1,931 crore in FY26, compared with a PAT of Rs 51 crore in FY25. Revenue from operations came in at Rs 1,05,155 crore against Rs 1,09,280 crore in the previous financial year. Capacity utilisation for FY26 stood at 113%, compared with 121% in FY25. The company’s GRM for FY26 improved to $9.22 per barrel from $4.45 per barrel in the previous year.
