ONGC profit falls 43% to ₹6,554cr after HPCL's ₹12,265cr loss
ONGC just posted a 43% drop in profit for the first quarter of fiscal year 2027, landing at ₹6,554 crore.
The main reason? HPCL lost a whopping ₹12,265 crore after crude oil prices spiked due to the West Asia crisis.
HPCL couldn't recover enough on fuel sales, which dragged ONGC's numbers down.
Income up ₹2.08Lcr output flat
Even with lower profits, ONGC's total income actually grew to ₹2.08 lakh crore this quarter, helped by higher crude oil prices and strong gas sales from new wells (which now make up 38% of ONGC nomination gas portfolio revenue).
Still, actual oil and gas production didn't really budge because of tough reservoir conditions and complexities in reservoir behavior of KG-98/2 in Eastern Offshore, inclement swell in Western Offshore in April and May 2026 before onset of monsoon resulting in delays in PRP-8 and PRP-9, and temporary closing of wells during pre commissioning/commissioning activities of some major projects.