On a standalone basis, ONGC’s net profit has fallen by 17.8% to Rs 9,848 crore in Q2 FY26 from Rs 11,984 crore recorded in Q2 FY25.
Gross revenue for the period under review added up to Rs 33,031 crore, down 2.5% YoY.
The nominated crude oil price realization was Rs 5,876 per barrel in the second quarter, which is lower by 10.4% as compared with the same period last year. The company’s JV recorded realization of Rs 5,965 per barrel (down 8.6% YoY).
In Q2 FY26, a notable divergence in gas pricing was observed: Nomination gas prices rose 3.8% YoY to reach $6.75 per million metric British thermal units (MMBTU), while new well gas prices fell sharply by 11.3% YoY to $8.36 per MMBTU.
The company stated that 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. During H1 FY26, revenue from new well gas stood at Rs 3,352 crore, delivering an additional Rs 651 crore revenue compared to the APM gas price.
On the production front, ONGC stated that it has been able to achieve increasing trend in crude oil production. The standalone crude oil production (excluding condensate) during Q2 FY26 was 4.630 MMT, registering a growth of 1.2% over corresponding periods of FY25.
It has also manage to arrest the degrowth in gas production. The decline, which was 0.35% YoY in Q1 FY26, has been brought down to 0.04% in Q2 FY26 over Q2 FY25. The total gas production for the September 2025 quarter was 4.918 billion cubic meters (BCM).
The board has approved interim dividend of 120%, i.e. Rs 6 on each equity share of Rs 5. The total payout on this account will be Rs 7,548 crore. The record date for distribution of dividend has been fixed for 14 November 2025.
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. The Government of India held a 58.89% stake in ONGC as of 30 September 2025.
The scrip shed 0.24% to currently trade at Rs 250.75 on the BSE.