New Delhi, Nov. 12 -- Oil and Natural Gas Corp. Ltd's (ONGC) shares have stayed largely flat over the past year amid lower crude oil prices and stagnant volumes. Unfortunately for investors, the September quarter (Q2FY26) results hardly move the needle.

Standalone Ebitda, excluding forex transactions, declined about 3% in the September quarter (Q2FY26) to Rs.17,700 crore. Despite improved gas realization and marginally higher sales volumes, falling crude prices and higher operating expenses weighed on earnings.

On the positive side, petrochemicals subsidiary ONGC Petro-additions Ltd's (OPaL) recorded an Ebitda of Rs.210 crore, against Rs.10 crore loss in Q2FY25. OPaL's profitability could further improve as capacity utilization is likel...