ONGC Q1 FY27 Net Profit up 112% to ₹17,034 Cr

Oil and Natural Gas Corporation Ltd (ONGC) announced its Q1 FY27 standalone results, reporting a net profit surge of 112% to ₹17,034 crore. Gross Revenue for the quarter increased by 45% to ₹46,460 crore, achieving the highest ever quarterly Profit Before Tax (PBT) of ₹22,848 crore. The company is undertaking a robust capital investment program of over ₹40,000 crore in Western Offshore to boost production. New well gas now accounts for 38% of total revenue from nomination fields. However, the ONGC Group's consolidated Profit After Tax was significantly impacted by HPCL's net loss of ₹12,265 crore due to under-recoveries, despite strong performance from other subsidiaries like ONGC Videsh and MRPL. Production remained flat, with strategic projects expected to reverse declines.