On a year-on-year basis, the company reported a 10.2% fall in standalone net profit to Rs 8,024.23 crore on a 9.3% drop in revenue from operations to Rs 32,002.89 crore in Q1 FY26 over Q1 FY25.

Profit before tax (PBT) declined 10.1% YoY to Rs 10,744.33 crore in the quarter ended 30 June 2025.

Total expenses fell 11.0% to Rs 22,469.06 crore during the quarter compared with Rs 25,242.86 crore in Q1 FY25. The cost of materials consumed stood at Rs 1,071.94 crore (up 32.9% YoY), the survey cost stood at Rs 533.87 crore (down 29.7% YoY), while the exploration well cost was at Rs 937.97 crore (up 6.1% YoY) during the period under review.

The company’s net crude oil realization was $66.13 per barrel (down 20.4% YoY) during the period under review.

Gas from new wells is eligible for a 20% premium over the domestic APM gas price. ONGC is actively working to boost output from such wells. In Q1 FY26, revenue from new well gas stood at Rs 1,703 crore, delivering an additional Rs 333 crore compared to the APM gas price, the company said in a press release.

The standalone crude oil production during Q1 FY26 stood at 4.683 million metric tonnes (MMT), up 1.2% from 4.629 MMT recorded in Q1 FY25. The standalone natural gas production was 4.846 billion cubic meters (BCM) in Q1 FY26 against 4.863 BCM in Q1 FY25.

ONGC announced two offshore discoveries in Q1 FY’26—the “Vajramani” prospect in Mumbai Offshore (SW), which tested at 2,122 barrels of oil per day (BOPD) and 83,120 cubic meters of gas daily, and the “Suryamani” pool discovery in the Mukta Formation.

Production commenced from the PY-3 Field in the Cauvery Basin and the North Karanpura coal bed methane block, while a new gas supply began to the CGD sector in Tripura. The company also commissioned its largest ASP (alkaline surfactant polymer) plant in Ahmedabad and its first onshore multiphase pumping system.

On a consolidated basis, the company’s net profit rose 18.20% year on year (YoY) to Rs 11,554.21 crore in Q1 FY26 from Rs 9,776 crore in Q1 FY25, while revenue from operations fell 3.47% YoY to Rs 1,63,108.12 crore from Rs 1,68,967.98 crore in the same quarter last year.

Meanwhile, the board of directors has accorded approval for an investment of Rs 4,963.06 crore for setting up a 0.6 GW (300 MW solar and 300 MW wind) renewable power project by 2028.

Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services.