- Home
- Results news
- Oil and Natural Gas Corporation
- Q2 FY27 results
Oil and Natural Gas Corporation Q2 FY27 results: net profit up 57.3% to ₹15,489 crore, revenue up 32.8%
Oil and Natural Gas Corporation Limited reported standalone revenue of ₹43,875 crore in Q2 FY27, up 32.8% from a year ago, with EBITDA of ₹24,860 crore and a net profit of ₹15,489 crore, up 57.3%. Against Q1 FY27, revenue fell 5.6% and profit fell 9.1%, while the EBITDA margin eased to 56.7% from 61.0%. The board also declared a first interim dividend of ₹8 per equity share for FY27.
Key points
- Q2 FY27 standalone revenue was ₹43,875 crore, up 32.8% from ₹33,031 crore in Q2 FY26 but down 5.6% from ₹46,460 crore in Q1 FY27.
- EBITDA for the quarter was ₹24,860 crore at a margin of 56.7%, against ₹16,599 crore and 50.3% a year ago.
- Net profit was ₹15,489 crore, up 57.3% from ₹9,848 crore a year ago and down 9.1% from ₹17,034 crore in the previous quarter.
- Basic EPS was ₹12.31, compared with ₹7.83 in Q2 FY26 and ₹13.54 in Q1 FY27.
- The board declared a first interim dividend of ₹8 per equity share of face value ₹5/- each, with 12 November 2026 fixed as the record date.
How did Oil and Natural Gas Corporation perform in Q2 FY27?
Oil and Natural Gas Corporation reported standalone revenue of ₹43,875 crore for Q2 FY27, up 32.8% from ₹33,031 crore in Q2 FY26. EBITDA rose to ₹24,860 crore from ₹16,599 crore, and the EBITDA margin widened by 6.4 percentage points to 56.7%. Total income was ₹48,341 crore, up ₹11,887 crore or 32.6% from the year-ago quarter.
Profit before tax was ₹19,772 crore, up ₹7,227 crore or 57.6% from a year ago, and net profit was ₹15,489 crore, up ₹5,641 crore or 57.3%. Basic EPS was ₹12.31, up ₹4.48 from ₹7.83. The net profit margin rose 5.5 percentage points to 35.3%.
Against Q1 FY27, revenue fell by ₹2,585 crore or 5.6%, EBITDA fell by ₹3,495 crore or 12.3%, and net profit fell by ₹1,545 crore or 9.1%. Basic EPS declined by ₹1.23 to ₹12.31, and the EBITDA margin narrowed by 4.3 percentage points to 56.7%. The board approved both standalone and consolidated unaudited results for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 43,875 | 46,460 | 33,031 | +32.8% | −5.6% |
| Other income | 4,466 | 1,861 | 3,424 | +30.4% | +140.0% |
| Total expenses | 28,570 | 25,474 | 23,910 | +19.5% | +12.2% |
| EBITDA | 24,860 | 28,355 | 16,599 | +49.8% | −12.3% |
| EBITDA margin | 56.7% | 61.0% | 50.3% | +6.4 pp | −4.3 pp |
| Profit before tax | 19,772 | 22,848 | 12,545 | +57.6% | −13.5% |
| Tax | 4,283 | 5,814 | 2,697 | +58.8% | −26.3% |
| Net profit | 15,489 | 17,034 | 9,848 | +57.3% | −9.1% |
| EPS (₹) | 12.31 | 13.54 | 7.83 | +57.2% | −9.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Oil and Natural Gas Corporation's costs and profit?
Total expenses for the quarter were ₹28,570 crore, up ₹4,660 crore or 19.5% from the year-ago quarter but ₹3,096 crore or 12.2% higher than in Q1 FY27. Depreciation rose by ₹2,107 crore or 33.1% year on year, and other expenses were up ₹2,825 crore or 19.5%. Cost of materials increased by ₹98.39 crore or 8.5%.
Employee cost fell by ₹136.42 crore or 20.5% from the year-ago quarter to ₹529.62 crore, and finance costs were lower by ₹31.23 crore or 2.8% at ₹1,079 crore. Other income rose by ₹1,042 crore or 30.4% to ₹4,466 crore. There was no exceptional item in the quarter.
Tax expense was ₹4,283 crore, up ₹1,586 crore or 58.8% from Q2 FY26 and ₹1,531 crore or 26.3% lower than in the previous quarter. Against Q1 FY27, depreciation was higher by ₹2,193 crore or 34.9%, cost of materials by ₹368.69 crore or 41.8%, and other expenses by ₹617.36 crore or 3.7%, while employee cost was lower by ₹107.66 crore or 16.9%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,250 | 1,151 | +98.39 | +8.5% |
| Employee cost | 529.62 | 666.04 | −136.42 | −20.5% |
| Finance costs | 1,079 | 1,110 | −31.23 | −2.8% |
| Depreciation | 8,476 | 6,369 | +2,107 | +33.1% |
| Other expenses | 17,302 | 14,478 | +2,825 | +19.5% |
| Total expenses | 28,570 | 23,910 | +4,660 | +19.5% |
| Other income | 4,466 | 3,424 | +1,042 | +30.4% |
| Tax | 4,283 | 2,697 | +1,586 | +58.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue was ₹90,336 crore, up ₹25,302 crore or 38.9% from ₹65,033 crore in H1 FY26. Total income was ₹96,663 crore, up ₹26,995 crore or 38.7% from ₹69,668 crore.
Profit before tax for the half year was ₹42,620 crore, up ₹19,331 crore or 83.0%, and net profit was ₹32,522 crore, up ₹14,650 crore or 82.0%. EPS for the period was ₹25.85, up ₹11.64 or 81.9% from ₹14.21.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 90,336 | 65,033 | +38.9% |
| Profit before tax | 42,620 | 23,289 | +83.0% |
| Net profit | 32,522 | 17,872 | +82.0% |
| EPS (₹) | 25.85 | 14.21 | +81.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, total assets were ₹488,818 crore against ₹461,276 crore at 31 March 2026, and total equity was ₹363,659 crore against ₹331,770 crore. Borrowings fell to ₹5,370 crore from ₹7,823 crore, while cash was ₹42.34 crore against ₹83.51 crore. Inventories were ₹9,490 crore, trade receivables ₹14,235 crore and trade payables ₹4,705 crore.
Operating cash flow in H1 FY27 was ₹52,438 crore, compared with ₹35,602 crore in H1 FY26. Investing cash flow was negative ₹42,712 crore against negative ₹25,053 crore, and financing cash flow was negative ₹9,766 crore against negative ₹10,543 crore. Capital expenditure was ₹10,929 crore, compared with ₹12,339 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,88,818 | 4,61,276 |
| Total equity | 3,63,659 | 3,31,770 |
| Borrowings | 5,370 | 7,823 |
| Cash and equivalents | 42.34 | 83.51 |
| Inventories | 9,490 | 10,520 |
| Trade receivables | 14,235 | 13,168 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 52,438 | 35,602 |
| Cash from investing | −42,712 | −25,053 |
| Cash from financing | −9,766 | −10,543 |
| Capital expenditure | 10,929 | 12,339 |
Source: Company's results filing (XBRL).
How has Oil and Natural Gas Corporation done over the last 8 quarters?
Which businesses drove the quarter?
The Offshore segment reported revenue of ₹30,936 crore for Q2 FY27, up 35.1% from ₹22,898 crore a year ago. Segment EBIT was ₹13,150 crore against ₹9,158 crore, and the segment EBIT margin was 42.5%.
The Onshore segment reported revenue of ₹12,939 crore, up 27.7% from ₹10,133 crore in the year-ago quarter. Segment EBIT was ₹4,222 crore against ₹2,017 crore, with an EBIT margin of 32.6%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| a) Offshore | 30,936 | +35.1% | 13,150 | 42.5% |
| b) Onshore | 12,939 | +27.7% | 4,222 | 32.6% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the auditors' limited review report. It also declared a first interim dividend for FY27 at ₹8 per equity share of face value ₹5/- each, at 160%, to be paid within 30 days from declaration. The record date for eligibility is 12 November 2026.
The board approved an inter-corporate loan to ONGC Videsh Limited, a wholly-owned subsidiary, valid for 5 years, with a value not exceeding ₹10,000 crore outstanding at any point of time on mutually agreed terms. It also disclosed that the company had ₹1,000 crore of unsecured non-convertible debentures as on 30 September 2026, and that security cover certificates do not apply because the debentures are unsecured.
What did the auditors point out?
The independent auditors said nothing had come to their attention causing them to believe the Statement did not disclose the information required under Regulations 33 and 52 of the Listing Regulations, or contained any material misstatement. The conclusion was not modified. The review was conducted under Standard on Review Engagements 2410 and does not constitute an audit opinion.
The auditors drew attention to three matters. Note 1 referred to the Statement being reviewed and approved directly by the Board on 5 November 2026, as the Audit Committee could not be reconstituted by that date because Independent Directors were not available. Note 3 related to the pending finality of an Arbitration Tribunal Award on Production Sharing Contract issues in the Panna Mukta and Mid and South Tapti contract areas, with a demand of USD 1,624.05 million equivalent to ₹15,583 crore as on 30 September 2026, compared with ₹15,225 crore up to 31 March 2026, treated as a contingent liability. Note 4 covered disputed Service Tax and GST demands on royalty on crude oil and natural gas, for which the company has recognised a provision.
Quick answers
What was Oil and Natural Gas Corporation's revenue in Q2 FY27?
Revenue from operations was ₹43,875 crore, up 32.8% from ₹33,031 crore in Q2 FY26 (standalone).
Did Oil and Natural Gas Corporation make a profit in Q2 FY27?
Yes. Net profit was ₹15,489 crore, against a net profit of ₹9,848 crore in Q2 FY26.
What was Oil and Natural Gas Corporation's EPS in Q2 FY27?
Basic earnings per share were ₹12.31, against ₹7.83 in Q2 FY26.
When did Oil and Natural Gas Corporation announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.