Oil and Natural Gas Corporation Limited (ONGC) Earnings Call Transcripts

Oil and Natural Gas Corporation Limited's Latest Earnings Call - Q4 FY2026

In Q4 FY 2026, ONGC reported a profit after tax (PAT) of INR 13,678 crores, a substantial increase of 53% year-over-year, driven by improved crude realization and a favorable exchange rate. However, annual PAT decreased by 3% to INR 49,793 crores due to lower crude oil prices and increased operational expenses. Management maintained a positive outlook on gas production, signaling a shift towards gas as a more lucrative segment, with expectations for continued growth in FY 2027 and FY 2028.

Reported metrics

Guidance from management

Management expects gas production to grow by 7-8% annually, with a focus on new well gas. They maintain a CapEx of INR 33,000 crores for FY 2027 to support production growth.

What management said

I gave you the reason. Our -- their projects are under commissioning. Do you -- many things, as I told you, wells are under opening and all that. So we have to shut other wells to gradually open these works. Anyway, these are technical things, which may not worry. But whenever you commission something new, they'll be temporary delay. So this is something this quarter is mainly attributable to that blip, 2% minus.

Yes, first of all, gave. We gave you a hint that had a geological production, right? Gas wells are yet to be open because because gas wells, which could not open because platform was not ready. So platform was ready and platform got ready and then now connections are going on. So hopefully, we are hoping that July, August, maybe we'll open those wells.

What analysts pressed on

Analysts expressed concerns regarding the decline in gas production despite previous guidance for increases. There were also questions about the impact of increased operational expenses and the timeline for expected production growth from new projects.

Main topics on the call

• Strong Q4 Earnings — ONGC's Q4 FY 2026 PAT increased to INR 13,678 crores from INR 8,965 crores in Q4 FY 2025, marking a 53% rise. Management noted, "The increase is mainly supported by performance of our subsidiaries HPL, MRPL, OVL and OPaL...
• Shift to Gas Production — Management emphasized that ONGC is now producing and selling more gas than oil, with expectations for gas production to grow by 7-8% annually. Arun Singh stated, "Gas is now basically more than oil," indicating a strateg...
• Exploration and Production Challenges — Despite the positive earnings, ONGC's crude oil production declined from 18.558 million tonnes in FY 2025 to 15.355 million tonnes in FY 2026. Singh acknowledged, "While oil production of the world is around 4,000 millio...
• Increased Operational Expenses — ONGC's operational expenses rose significantly, attributed to GST increases and one-off provisions totaling INR 4,820 crores. Management noted, "There is an increase in exchange loss mainly on account of depreciation of ...

Read the full Oil and Natural Gas Corporation Limited transcript (Q4 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 21 Oil and Natural Gas Corporation Limited earnings call transcripts on record, spanning February 14, 2020 to May 27, 2026. Based on this history, Oil and Natural Gas Corporation Limited reports semi-annually. The most recent call on file is dated May 27, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

ONGC

Exchange

NSEI

Country

IN

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

21

First call

February 14, 2020

Most recent

May 27, 2026

Reporting cadence

semi-annually