ONGC STOCK IN FOCUS AFTER COMPANY REPORTS STRONG Q1FY27 RESULTS; MARGINS DOUBLE

State-owned company

reported a double jump in it's profit for the April-June quarter on Tuesday. The spike was fueled by higher crude oil prices and improved realisations, even as oil and gas production remained broadly stable. The company posted a net profit of Rs 17,033 crore in the first quarter of the 2026-27 financial year, compared with Rs 8,024 crore in the corresponding period last year. Moreover, total income during the quarter rose to Rs 48,321 crore from Rs 33,213 crore a year earlier. The sharp rise in earnings was supported by stronger crude oil prices, as well as new gas fields made a significant contribution to the company's performance. In order to support higher production from FY28 onwards, capital projects worth more than Rs 40,000 crore are being implemented in it's western offshore fields.