Oil & Natural Gas Corpn Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 43,875.15 Cr (+32.83% YoY) and PAT growth of +57.28% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | November 05, 2026 |
|---|
| Revenue (Q2) | Rs. 43,875.15 Cr (+32.83% YoY) |
|---|
| PAT (Q2) | Rs. 15,488.64 Cr (+57.28% YoY) |
|---|
| EBITDA margin | 56.66% (+641 bps YoY) |
|---|
| EPS (Q2) | Rs. 12.31 (+57.21% YoY) |
|---|
Quarter Snapshot
ONGC delivered 32.83% standalone revenue growth and 57.28% PAT growth YoY with EBITDA margin up 641 bps YoY, while the HPCL-driven R&M segment swung Rs.25,961.76 Cr QoQ from loss to profit. Offsetting pressures include a 34.91% QoQ DD&A step-up, a 31.56% consolidated ETR, the Rs.1,497 Cr PIVSA write-down, and continued petrochemical losses. No prior guidance numbers were met or missed on quantified metrics this quarter; the December quarter carries the delivery evidence on volumes, KG-98/2 wells, and OPaL inflection.
Key Investment Insights
Key Positives
- Standalone revenue grew 32.83% YoY to Rs.43,875.15 Cr; consolidated revenue grew 25.55% YoY to Rs.198,263.33 Cr
- Standalone PAT rose 57.28% YoY to Rs.15,488.64 Cr; consolidated owners' PAT rose 55.25% YoY to Rs.16,743.54 Cr (65.5% normalized)
- Standalone EBITDA of Rs.24,860.13 Cr, up 49.77% YoY with margin up 641 bps YoY to 56.66%
- R&M segment swung from −Rs.16,154.95 Cr in Q1 to +Rs.9,806.81 Cr, a Rs.25,961.76 Cr QoQ swing; NCI flipped from −Rs.5,344.49 Cr to +Rs.1,791.28 Cr
- Onshore segment result up 109.33% YoY with margin expanding from 19.91% to 32.63%
- H1 FY27 CFO of Rs.52,437.55 Cr standalone (1.61x PAT) and FCF of Rs.35,721.75 Cr standalone / Rs.31,775.26 Cr consolidated
- First interim dividend of Rs.8/share (160%) declared, totaling Rs.10,064 Cr
- Standalone debt/equity at 0.01 with current ratio improving to 2.81 from 2.25
Risk Factors
- Standalone DD&A jumped 34.91% QoQ to Rs.8,476.07 Cr, compressing EBITDA margin 437 bps QoQ to 56.66%
- Consolidated ETR of 31.56% exceeded the 25.17% statutory rate, with a Rs.1,976.11 Cr deferred-tax charge
- Rs.1,497 Cr expected credit loss on Venezuela (PIVSA) receivables charged in H1, estimate-dependent per the filing
- Petrochemicals segment remained loss-making at −Rs.240.54 Cr with an OPaL plant shutdown pending an OEM report and insurance assessment
- OVL (Outside India E&P) segment result fell 27.78% YoY and 59.08% QoQ
- GST-on-royalty contingent provision grew Rs.1,493 Cr in H1 to Rs.21,138 Cr; PMT JV DGH demand rose to Rs.15,583 Cr
- Audit Committee could not be reconstituted for want of independent directors; results approved directly by the Board (auditors' emphasis of matter)