Oil & Natural Gas Corporation Limited Earnings Summary — Q4 FY2026
ONGC Delivers Record Quarterly Revenue with Significant Profit Expansion in Q4 FY2026
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 4 consecutive quarters.
- Revenue of ₹2.05 Lakh Cr is 25.7% higher year-on-year.
- Revenue has compounded at 8.1% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹11,899 Cr is 21.4% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 7.9% annualised across the period.
- Operating margin stands at 7.5% in Q1 FY2027.
- Operating margin compressed by 825 bps year-on-year.
- Over the last two years operating margin has contracted by 534 bps.
- PBT margin is 3.4%.
- Expenses grew 38.0% against revenue growth of 25.7%.
- Operating profit of ₹15,485 Cr is 39.9% lower year-on-year.
- Operating leverage has been under pressure recently.
- 3 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 55/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 2,04,987 | 1,73,801 | 1,67,423 | 1,57,911 | 1,63,106 | 1,67,749 | 1,67,213 | 1,59,331 | 1,68,968 | 1,72,137 |
| Expenses | Accelerating | 1,89,502 | 1,48,449 | 1,42,088 | 1,31,390 | 1,37,336 | 1,45,983 | 1,42,858 | 1,38,757 | 1,47,183 | 1,48,913 |
| Operating Profit | Stable | 15,485 | 25,352 | 25,335 | 26,521 | 25,770 | 21,766 | 24,354 | 20,574 | 21,785 | 23,224 |
| Operating Margin | Softening | 7.5% | 14.6% | 15.1% | 16.8% | 15.8% | 13.0% | 14.6% | 12.9% | 12.9% | 13.5% |
| Other Income | Improving | 3,858 | 5,702 | 3,450 | 3,447 | 2,464 | 3,548 | 2,415 | 4,162 | 3,535 | 3,375 |
| Interest | Stable | 2,854 | 3,070 | 3,207 | 3,411 | 3,341 | 3,264 | 3,750 | 3,827 | 3,694 | 3,608 |
| Depreciation | Stable | 9,477 | 9,345 | 9,388 | 9,273 | 9,384 | 8,912 | 9,539 | 8,254 | 8,501 | 8,420 |
| Profit Before Tax | Softening | 7,012 | 18,640 | 16,190 | 17,284 | 15,509 | 13,137 | 13,480 | 12,655 | 13,125 | 14,570 |
| Tax | Softening | 458 | 4,962 | 4,244 | 4,670 | 3,954 | 4,172 | 3,734 | 2,814 | 3,349 | 3,474 |
| Net Profit | Stable | 11,899 | 10,820 | 10,016 | 10,785 | 9,804 | 7,431 | 8,585 | 10,235 | 9,974 | 10,032 |
| Net Margin | Stable | 5.8% | 6.2% | 6.0% | 6.8% | 6.0% | 4.4% | 5.1% | 6.4% | 5.9% | 5.8% |
Key Takeaways
- Q4 FY2026 revenue peaked at ₹173,805 Cr, representing the highest quarterly sales in recent years.
- Net profit surged by over 52% year-on-year to ₹13,678 Cr, aided by a significant jump in other income.
- Operating margins have stabilized at 15%, showing improvement from the 12-13% levels seen in late FY24.
- The company maintains a dominant 70% share of domestic crude oil production and 84% of natural gas.
- Other income reached a record high of ₹5,699 Cr in the latest quarter, significantly boosting the bottom line.
- Interest expenses have trended downward slightly to ₹3,070 Cr, the lowest level in the last five quarters.
- Reserves have grown to ₹365,478 Cr by March 2026, strengthening the overall balance sheet position.
Management Guidance
Management remains focused on the 'Energy Strategy 2040' vision, prioritizing gas production and the green energy transition. Efforts are centered on deepwater production (KG Basin) and offsetting declines from legacy mature fields.
Sentiment Shift
Improving
A sharp rise in net profit and revenue reaching multi-quarter highs indicates strong execution and favorable realization cycles compared to the previous fiscal year.
Outlook
The outlook is positive but cyclical, dependent on global commodity prices and government regulations regarding windfall taxes. Strategic expansion into deepwater exploration is expected to be the primary volume driver.
From the Annual Report (Key Quotes)
“The company has evolved from a pure-play upstream explorer to an integrated energy giant.”
“Trading at 0.88x book value, the stock offers deep value despite being a cyclical PSU.”
“Management's focus has successfully shifted toward gas production and green energy transition.”
Official Quarterly Documents
This summary is AI-generated from Oil & Natural Gas Corporation Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.