Oil and Natural Gas Corporation Ltd (ONGC) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Oil and Natural Gas Corporation (ONGC), India's largest crude oil and natural gas producer, reports Q2 FY 2026-2027 results with crude prices near six-month highs after the West Asia crisis pushed Brent to a $131/b daily peak in September. The print will speak to two things: how much of the sharp realization tailwind flows into standalone earnings, and whether HPCL's under-recovery losses — a ₹12,265 Cr net loss in Q1 — narrow as the quarter's crude spike fades.

Oil and Natural Gas Corporation Ltd Q2 Results Date and Time

The Board of ONGC will meet on Thursday, 5 November 2026 to approve Q2/H1 FY27 standalone & consolidated results (period ended 30 Sep 2026) and consider the 1st Interim Dividend. The trading window for insiders was closed from 1 October to 7 November 2026.

What to expect from Oil and Natural Gas Corporation Ltd's Q2 FY27 results

The quarter's story is price versus volume: the Indian crude basket climbed from $82.04/bbl in July to $102.11 in September-to-date, with full-September Brent averaging $114/b and a daily peak of $131/b on 15 September, so standalone realizations should again land well above the year-ago quarter even as official prints show a second straight quarter of YoY crude-volume de-growth (−5.3% in July, −3.6% in August, versus −4.93% for ONGC standalone in Q1).

The APM gas ceiling was held unchanged at US$7.00/MMBTU through the quarter and re-notified for October, while the new deepwater/UDW/HPHT ceiling of US$9.89/MMBTU for Oct 2026–Mar 2027 sits below the US$13.31/mmbtu new-well-gas realization reported in Q1 — a fresh realization question from November onward. The rupee fell past 95/USD in September with fortnightly prints at 95.79–96.61 into October, extending the depreciation that drove ₹1,045 Cr of forex loss in OpEx in Q2 FY26 alone.

On the consolidated side, HPCL is the single biggest swing factor: Q1's R&M segment loss of ₹16,155 Cr came from petroleum under-recoveries after the West Asia crisis crude spike, and the direction of HPCL's Q2 loss is genuinely two-sided. OPaL's feedstock squeeze intensified through the quarter, with press reporting of losses amid skyrocketing naphtha and gas prices, putting its ₹1,500–2,000 Cr FY27 EBITDA guidance under pressure after Q1's negative ₹57 Cr EBITDA.

No SAED was applied on domestic crude at any 2026 fortnightly revision per PPAC's duty table, keeping the upstream P&L clean on the retrieved record. The call will also be probed on whether the ~39 MMT FY27 production guide still holds, with ONGC nomination crude down 3.36% YoY cumulatively through July.

Key Things To Watch

Guidance scorecard — FY27 targets vs delivery: Key management targets from the Q1 FY27 call and their tracking status:

• Standalone oil+gas production — ~39 MMT by FY27 — H1 tracking behind, with nomination crude −3.36% YoY cumulatively through July
• E&P CapEx — Rs. 30,000-32,000 Cr for FY27 — ~70% to Western Offshore, 70/30 offshore/onshore split
• KG-98/2 gas — >3 MMSCMD by Q4 FY27; balance 3 gas wells on stream Oct-Nov 2026
• OPaL EBITDA — Rs. 1,500-2,000 Cr for FY27 — recovery path pressured by feedstock costs after Q1's negative Rs. 57 Cr
• Cost reduction (2nd tranche) — Rs. 5,000 Cr — around a year more, part of a Rs. 10,000 Cr target with Rs. 4,000 Cr realized

KG-DWN-98/2 gas ramp and reservoir study

• Confirmation on whether the 3 remaining gas wells started in October-November 2026, taking gas from 1.5-1.7 MMSCMD past 3 MMSCMD
• Update on the reservoir study of inter-reservoir connectivity issues, with well re-entry costs exceeding Rs. 500 Cr each
• Oil run-rate fell to ~21,000 bopd in Q1 FY27 from 24,000 in Q4 FY26; management called it 'reservoir related challenges' under study with a world-renowned geological centre

HPCL loss trajectory — the consolidated swing factor

• Whether the Rs. 12,265 Cr Q1 FY27 consolidated net loss at HPCL narrows as West Asia crisis effects fade
• Q1's R&M segment loss was Rs. 16,155 Cr; the gap between consolidated PAT (Rs. 6,554 Cr) and attributable PAT (Rs. 11,899 Cr) was Rs. 5,345 Cr
• Whether any government mechanism for OMC under-recoveries is announced or sought — ICRA estimated OMCs under-recovering ~Rs. 23/litre on diesel and Rs. 5 on petrol at September's average prices

OPaL turnaround progress

• Recovery from the negative Rs. 57 Cr Q1 EBITDA as the C2/C3 SEZ exit (~Rs. 1,000 Cr EBITDA benefit), Mitsui ethane MOU and feedstock normalization take effect
• Net debt of Rs. 25,188 Cr at Sep-end 2025, stated at Rs. 23,000-24,000 Cr after debt cleanup and equity conversion

Volumes, realization premium and payout

• Whether Q2 standalone crude recovers from 4.452 MMT (−4.93% YoY) and gas from 4.756 BCM, and whether the sales-to-production ratio normalizes from 75-76%
• Whether the Q1 realization premium (US$99.45/bbl vs $97-98 Brent, a 'Brent plus 1%' arrangement with ~4% net to ONGC) persists, fades, or widens with September Brent at $114/b
• Board consideration of the 1st interim dividend on 5 November 2026, against FY26's total payout of Rs. 13.25/share (Rs. 16,669 Cr)