ONGC reported a mixed Q1FY27.

Revenue crossed the ₹2L Cr milestone, but weak refining margins severely dragged down profitability. Key Numbers (Consolidated YoY): ✧ Revenue: ₹2.05L Cr (+25.7%) ✧ PAT: ₹6,554 Cr (-43.3%) ✧ Basic EPS: ₹9.46 (vs ₹7.79) What worked: 🟢 Revenue crossed ₹2 lakh crore for the first time, driven by exploration and marketing volumes. 🟢 JVs turned profitable, contributing ₹598 Cr vs a loss last year. Key concerns: ⚠️ Refining & Marketing segment took a massive hit, posting a loss of ₹16,155 Cr. ⚠️ PAT was heavily cushioned by a ₹5,989 Cr deferred tax credit and a ₹472 Cr exceptional gain, masking weak core operating performance. Overall, top-line growth is strong, but refining margins remain a major roadblock.