ONGC profit more than doubles as oil prices surge amid West Asia conflict
India's state‑owned Oil and Natural Gas Corporation (ONGC) reported a standalone net profit of Rs 17,034 crore for Q1 FY27, a 112 % year‑on‑year increase, while revenue rose 45 % to Rs 46,460 crore. The surge was driven by a roughly 50 % jump in global crude oil prices after the West Asia conflict, raising crude realisation to $99.45 per barrel and boosting gas revenues, including Rs 3,998 crore from new‑well gas. Despite the profit windfall, ONGC’s consolidated profit fell 43 % to Rs 6,554 crore because of a large loss at its subsidiary Hindustan Petroleum Corporation Ltd (HPCL). Crude output slipped modestly to 4.45 million tonnes and gas output to 4.76 billion cubic metres. ONGC supplies about two‑thirds of India’s oil and more than half of its gas, making the earnings surge significant for the country’s energy security. The company plans to invest over Rs 40,000 crore in western offshore projects to raise production from FY28 onward.
Entities: Hindustan Petroleum Corporation Ltd (HPCL) · India · Oil and Natural Gas Corporation (ONGC) · PNB Housing Finance
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] ONGC's standalone gross revenue increased 45.2% year‑on‑year to Rs 46,460 crore. (ONGC Q1 results)
- [○ 1 SOURCE] PNB Housing Finance's Q1 FY27 net profit rose 4% year‑on‑year to Rs 557 crore. (PNB Housing Finance Q1 results)
- [● 2 SOURCES] Consolidated profit after tax fell 43.3% to Rs 6,554 crore due to HPCL's loss. (ONGC Q1 results)
- [● 2 SOURCES] Net realisation from nominated crude oil rose 50.4% to USD 99.45 per barrel. (ONGC Q1 results)
- [● 2 SOURCES] Revenue from new‑well gas was Rs 3,998 crore, adding Rs 1,897 crore to earnings. (ONGC Q1 results)
- [● 2 SOURCES] ONGC reported its highest‑ever quarterly profit before tax of Rs 22,848 crore. (ONGC Q1 results)
- [○ 1 SOURCE] ONGC spudded its first deep‑water exploratory well in the Mahanadi basin on 25 July 2026 at a water depth of about 765 metres. (ONGC Q1 results)
- [● 2 SOURCES] ONGC's standalone net profit for Q1 FY27 rose 112.3% year‑on‑year to Rs 17,034 crore. (ONGC Q1 results)