ONGC Q4 Results 2026 Highlights: Net profit rises 3% YoY to ₹6,650 crore, declares final dividend of Re 1

State-owned Oil and Natural Gas Corporation (ONGC), on Tuesday, post-market hours, reported its financial performance for the March quarter, posting a modest 3% YoY rise in net profit at ₹6,650 crore. Although production declined during the reporting quarter, higher oil and gas prices supported the bottom-line performance.

In the same period last year, the company had posted a net profit of ₹6,448.28 crore. Revenue from operations during the quarter under review stood at ₹35,928.18 crore, rising marginally from ₹34,982.23 crore reported in Q4FY25.

While the YoY net profit performance remained stable, the sequential performance came in sharply lower, with net profit declining 20.6% compared to Q3FY26.

During the quarter, the company wrote off ₹4,876.75 crore towards exploration expenses after wells drilled did not yield any commercial hydrocarbon discoveries. This was higher compared to the ₹4,173.04 crore write-off recorded in the corresponding quarter of the previous year.

ONGC’s net crude realisation could jump ~28% QoQ to USD 78–79/bbl in 4QFY26, in line with the change in Brent crude price. Crude sales volume is likely to decrease 3% QoQ for ONGC, while gas sales volume is likely to dip 2.3% QoQ for ONGC. Hence, ONGC’s EBITDA would rise 16.3% QoQ and PAT would increase 17.1% QoQ.

— JM Financi

MOSL expects oil and gas volumes to be flat YoY, with VAP volumes expected to be down 7% YoY. It said that a delay in peak oil production from the KG Basin is a key downside risk. Meanwhile, an update on the ramp-up of gas production remains the key monitorable.

PL Capital sees a rise in company adjusted PAT by 59% while sales could moderate 1.3%. EBIDTA margin are seen rising by 404 bps to 58.4%.

Oil realizations are likely to improve to ~USD76.0/bbl from USD61.6/bbl QoQ, supported by elevated crude prices amid ongoing US-Iran geopolitical tensions, which have tightened global supply and increased risk premiums.

PL Capital said that oil and gas sales volumes are expected to be marginally down QoQ at 4.6mmt and 4.1bcm respectively in Q4FY26 vs 4.7mmt and 4.1bcm in Q3FY26.

ONGC share price edged 0.74% higher to ₹287.05 on the BSE ahead of the Q4 results 2026 announcement. The stock hit the day's high of ₹289.65 today.

Upstream and Independent refiners remain the key beneficiary due to elevated crude oil price realizations and crack spreads respectively, said PL Capital in its earnings note. As a result, we upgrade FY27 EPS estimates of ONGC, OIL by 12-15% and for MRPL by 18%, it added.

Nuvama said that it anticipates ONGC EBITDAX to rise 3% YoY on higher benchmark Brent oil prices (+5% YoY), partly offset by lower oil (-3% YoY) and gas (-1% YoY) production. APM, NWG and HPHT prices are down 2%, 17% and 5% on YoY basis, pressuring gas realizations but are partly offset via a better mix as the share of APM falls and NWG rises.

Oil production is expected to be 4.9 MMT in the current quarter as against 4.63 MMT in Q2FY26 and 4.65 MMT in Q3FY25, while gas production is expected to be 4.92 BCM versus 4.92/4.98 BCM.

ONGC’s management commentary on the ramp-up of gas production remains the key monitorable, while analysts believe a delay in peak oil production from the KG Basin is a key downside risk.

EBITDA is estimated to increase 20% QoQ, largely on higher crude price realization. Net crude price realization is seen 24% higher sequentially, while gas price realization is expected to decline by 1.6%.

It expects overall crude oil sales volumes at 4.72 mmt, down 2.0% YoY, and flat QoQ, while natural gas sales volumes are estimated at 3.91 bcm, up 0.7% YoY, and down 0.9% QoQ.

The company’s revenue in Q4FY26 is expected to grow 21.2% to ₹38,247 crore from ₹31,546.5 crore, quarter-on-quarter (QoQ), according to Kotak Institutional Equities.

Analysts expect the oil PSU to report a net profit in the range of ₹7,500 crore to ₹10,600 crore in the quarter ended March 2026, as compared to a net profit of ₹8,371.9 crore in the December quarter.

ONGC share price traded higher ahead of the announcement of Q4 results today. The PSU stock opened flat at ₹284.95 apiece on the BSE. ONGC shares gained momentum and rose as much as 1.49% to ₹289.20 apiece.

ONGC is expected to report strong earnings growth in the fourth quarter of FY26 on a year-on-year (YoY), led by higher oil realizations as crude oil prices jumped during the quarter following disruptions around the Strait of Hormuz - a critical chokepoint that facilitates around 20% of global oil supply.

ONGC board will also recommend a final dividend, if any, for the Financial Year ended 31st March, 2026.

Oil and Natural Gas Corporation Ltd (ONGC), the largest state-run oil and gas explorer and producer in the country, is set to announce its Q4 results today. The board of directors of ONGC is scheduled to meet today, 26 May 2026, to approve the financial results for the quarter and financial year ended 31 March 2026.