$ONGC

Shares of ONGC declined as much as 4 percent on May 27 after the state-run energy major posted modest growth in its fourth-quarter earnings and revenue. Analyst attributed the subdued performance to higher operating costs and increased write-offs from dry wells. ONGC reported a 3 percent year-on-year rise in net profit for the March quarter at Rs 6,649.97 crore, supported by improved oil and gas prices despite lower production levels. The company had posted a profit of Rs 6,448.28 crore in the corresponding quarter last year, while profit stood at Rs 8,371.85 crore in the preceding quarter, according to its stock exchange filing. Revenue from operations during the quarter rose marginally to Rs 35,928.18 crore from Rs 34,982.23 crore a year earlier. However, for the full financial year 2025-26, ONGC’s net profit declined 7.6 percent to Rs 32,894.02 crore compared with Rs 35,610.32 crore in FY25. During the quarter under review, ONGC wrote off Rs 4,876.75 crore towards exploration well costs after several drilled wells failed to produce commercially viable hydrocarbon discoveries. This was higher than the Rs 4,173.04 crore write-off recorded in the same quarter of the previous fiscal year.