ONGC Q1 FY27: Standalone Profit Doubles, HPCL Drag Cuts

Oil and Natural Gas Corporation Limited reported Q1 FY27 results for the June 2026 quarter on 4 August. Q1 FY27 numbers: Standalone revenue: Rs 46,460 crore, up 45.2% YoY; PAT Rs 17,034 crore, up 112.3%, record quarterly PBT of Rs 22,848 crore Crude realisation: $99.45 a barrel, up 50.4% from $66.13; JV crude $103.34, up 52.3% New well gas: Rs 3,998 crore, 38% of the nomination portfolio, Rs 1,897 crore incremental over APM Consolidated PAT to owners: Rs 11,899 crore, up 14.4%; HPCL loss of Rs 12,265 crore drags the headline to Rs 6,554 crore Since results: ONGC announced Rs 1 lakh crore deepwater exploration, 87 wells by FY31. Final dividend Rs 1 ex 4 September; trailing dividends Rs 14.50. Oil and Natural Gas Corporation [][***** shares trade at Rs 237.28 (9 Sep 2026, 09:22 AM IST), down 1.4 percent over one year, 22 percent below the Rs 305 high. P/E 6.86; P/B 0.80; yield 4.66 percent. My view: standalone ONGC had its best quarter ever; the market treats it as a pass-through for HPCL's under-recovery losses, and that read is correct. The 112 percent standalone profit sits on crude above $99, which is historically self-correcting or policy-correcting in India, as IOC's Q1 loss proved. What is real and durable: deepwater optionality from the Rs 1 lakh crore programme, new well gas above APM prices, and P/B of 0.80 on a company producing 71 percent of India's domestic crude. Hold; the yield pays while you wait. Fresh money enters near Rs 225 to 232. Levels: Rs 228 to 232 the July base; Rs 250 to 260 the band to reclaim; Rs 305 the high. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.