State-owned Oil and Natural Gas Corporation Ltd on Thursday reported a 9.1% quarter-on-quarter decline in net profit to ₹15,489 crore for the second quarter, compared with ₹17,034 crore in the previous quarter. Revenue fell 5.6% to ₹43,875 crore from ₹46,461 crore in the preceding quarter.
Earnings before interest, tax, depreciation and amortisation declined 12.3% to ₹24,860 crore from ₹28,355 crore. EBITDA margin contracted to 57% from 61% in the previous quarter. Against the CNBC-TV18 poll, ONGC's net profit came in below the estimate of ₹15,591 crore.

Revenue was also lower than the projected ₹44,257 crore, while EBITDA missed the estimate of ₹26,574 crore. EBITDA margin stood at 57%, against the poll estimate of 60%. Consolidated net profit rose 46.9% to ₹18,535 crore. The company maintained broadly stable production in Q2 FY27 compared with the previous quarter.
However, production moderated year-on-year due to reservoir behaviour complexities in the KG-98/2 asset in the Eastern Offshore Basin, monsoon-related operational challenges and delays in the PRP-8 and PRP-9 pipeline replacement projects. Gas production from onshore fields was also affected by lower customer offtake following disruptions at certain major consumer facilities.

ONGC has scaled up the engagement of BP as its technical service provider for the entire Western Offshore under TSP-1 and TSP-2, as part of its efforts to enhance production from mature fields, arrest natural decline and accelerate development activities.
BP mobilised its team for TSP-2, covering the entire Western Offshore except the MH field, in August 2026. The projects involve a combined capital investment of approximately ₹11,800 crore and are expected to unlock an estimated 22 million tonnes of oil equivalent of hydrocarbon potential.

ONGC also awarded the Pipeline Replacement Project-X , with an estimated cost of over ₹4,300 crore. The project involves installing new subsea pipelines and replacing ageing pipeline infrastructure in the Western Offshore to improve asset integrity, operational reliability and long-term production sustainability.
In exploration, ONGC drilled its first exploratory well, MNDWO181HDB-1, in the OALP Block MN-DWHP-2018/1 in the Mahanadi deepwater under the Samudra Manthan initiative. The well has been proven gas-bearing. Amraghat-1 was drilled in the Cachar District PML in the Assam-Arakan Fold Belt to explore the Upper and Middle Bhuban Formations.

Successful gas flow from the well led to its notification as a new prospect discovery. Vadatal-48 was drilled in the Vadatal Ext-I PML, under the NELP-VI block CBONN-2004/2 in the Cambay Basin, to produce oil from the Chhatral Pay. A new sand was encountered below the Chhatral Pay, creating further exploration opportunities and leading to its notification as a new pool discovery in the Chhatral Lower Pay.
During the first half of FY27, revenue from new-well gas stood at ₹7,050 crore, contributing more than 34% of the total revenue from ONGC's nomination gas portfolio. November 12, 2026, has been fixed as the record date for determining shareholder eligibility.

The dividend will be paid within 30 days of the declaration. The board also approved an inter-corporate loan of up to ₹10,000 crore to ONGC Videsh Ltd, the company's wholly owned subsidiary. The loan will be valid for five years, with the outstanding amount not exceeding ₹10,000 crore at any point during the period.
The terms and conditions will be mutually agreed upon by the lender and borrower. ONGC had ₹1,000 crore worth of unsecured non-convertible debentures outstanding as of September 30, 2026. Shares of Oil and Natural Gas Corporation Ltd ended at ₹230.10, down by ₹4.45, or 1.90%, on the BSE.