New Delhi, Nov. 10 -- Oil and Natural Gas Corporation (ONGC) reported a strong performance for the second quarter (Q2) of FY 2025-26, with its Board approving the financial results in its 402nd meeting held on Monday. The state-run energy major posted a consolidated net profit of Rs 12,615 crore, marking a 28.2 per cent rise over Rs 9,841 crore in the same period last year.

On a consolidated basis, ONGC's gross revenue stood at Rs 1,57,911 crore in Q2 FY26, marginally lower than Rs 1,59,331 crore a year ago.

For the first half (H1) of FY26, gross revenue declined 2.2 per cent year-on-year to Rs 3,21,019 crore. Consolidated net profit for H1 FY26 rose 23.2 per cent to Rs 24,169 crore, up from Rs 19,617 crore in H1 FY25.

Net profit attributable to owners increased 5.4 per cent to Rs 10,785 crore in Q2 and 1.9 per cent to Rs 20,589 crore in H1 FY26 compared with the previous year's corresponding periods.

On a standalone basis, ONGC's gross revenue in Q2 FY26 stood at Rs 33,031 crore, a decline of 2.5 per cent from Rs 33,881 crore a year earlier. The standalone net profit dropped 17.8 per cent to Rs 9,848 crore in Q2 FY26 from Rs 11,984 crore in Q2 FY25. For H1 FY26, the standalone net profit fell 14.6 per cent to Rs 17,872 crore.

The company's nominated crude oil realization averaged $67.34 per barrel in Q2 FY26, compared to $78.33 per barrel in Q2 FY25 - a 14 per cent decline. Realization in rupee terms fell 10.4 per cent to Rs 5,876 per barrel. Joint Venture (JV) crude oil realization also dropped 12.3 per cent to $68.35 per barrel.

For gas, the nomination price averaged $6.75 per mmbtu, marginally higher than $6.50 in the same quarter last year. The price for gas from new wells was $8.36 per mmbtu, lower by 11.3 per cent year-on-year.

Gas from new wells, which earns a 20 per cent premium over the domestic APM gas price, contributed Rs 3,352 crore in revenue during H1 FY26, generating Rs 651 crore in additional income.

Dividend

The ONGC Board declared an interim dividend of 120 per cent, i.e., Rs 6 per equity share of face value Rs 5. The total payout will amount to Rs 7,548 crore. The record date for dividend distribution has been fixed for November 14, 2025.

Production Performance

With sustained focus on enhancing domestic output, ONGC achieved an upward trend in crude oil production. Standalone crude oil output (excluding condensate) rose 1.2 per cent to 4.630 million metric tonnes (MMT) in Q2 FY26 and 9.314 MMT in H1 FY26.

Natural gas production remained largely stable, with ONGC successfully curbing decline. The drop reduced from 0.35 per cent in Q1 FY26 to just 0.04 per cent in Q2 FY26 compared to the corresponding quarters last year.

During the quarter, standalone gas production stood at 4.918 billion cubic metres (BCM), while JVs produced 0.114 BCM.

Published by HT Digital Content Services with permission from Millennium Post.