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Oil and Natural Gas Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary11 Nov, 2025
Executive summary
Consolidated net profit for Q2 FY26 rose 28.2% year-over-year to INR 12,615 crore, mainly due to strong subsidiary performance, while standalone net profit declined 17.8% to INR 9,848 crore due to lower crude price realization and reduced interest/dividend income.
Unaudited standalone and consolidated financial results for Q2 and H1 FY26 were approved, showing robust profitability and cash flows.
Interim dividend of INR 6 per share (120%) declared, totaling INR 7,548 crore.
Board approved investment of up to INR 421.5 crore in ONGC Green Limited for renewable energy expansion.
Strategic joint ventures with Mitsui O.S.K. Lines Ltd. for ethane transportation and energy logistics diversification.
Financial highlights
Standalone crude oil production in Q2 FY26 was 4.63 MMT; H1 FY26 was 9.314 MMT, both up 1.2% year-over-year.
Standalone revenue from operations for Q2 FY26: INR 33,030.56 crore; H1 FY26: INR 65,033.45 crore.
Consolidated revenue from operations for Q2 FY26: INR 157,911.08 crore; H1 FY26: INR 321,019.20 crore.
Gas revenue increased by INR 1,006 crore year-over-year in Q2 FY26, driven by higher ceiling prices and new well gas sales.
Strong operating cash flow: Standalone H1 FY26 net cash from operations at INR 35,601.92 crore; consolidated at INR 60,786.64 crore.
Outlook and guidance
FY26 standalone oil production expected at 19.8 MMT, rising to 21 MMT in FY27; gas at 20 BCM for FY26 and 21.5 BCM for FY27.
Deferred production from KG 98/2 and Mumbai High redevelopment expected to boost volumes in Q1 FY27.
New well gas share projected to rise from 14% currently to 30-35% of total gas production in 3-4 years.
Continued focus on renewable energy investments and value chain integration in energy logistics.
Ongoing legal and regulatory matters may impact future liabilities.
PMT JV arbitration outcome impact?
Sakhalin-1 project financial outlook?
OGL & MOL JVs: strategic benefits?
What drives confidence in FY27 production targets?
OpEx reduction: Phasing of INR 5,000 cr savings
NWG premium: Projected revenue impact by FY30
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Next Oil and Natural Gas earnings date
Q3 25/262 Feb, 2026
Next Oil and Natural Gas earnings date
Q3 25/262 Feb, 2026
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Frequently asked questions
Oil and Natural Gas Corporation Limited explores for, develops, and produces crude oil and natural gas in India. It operates through Oil and Gas Exploration; Crude Oil and Natural Gas Production; Marketing, Transportation, Storage, and Exports; Exploration Services; Manufacturing and Engineering Services; Network Operations; Corporate Development; International Business Development; and Corporate functions segments. Oil and Natural Gas Corporation Limited is headquartered in New Delhi, India.
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