India · Delayed Price · Currency is INR Oil and Natural Gas Corporation Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw net profit rise 23% year-over-year despite lower crude prices, driven by higher gas revenue and cost controls. Major projects like KG-DWN-98/2 and Daman Upside are set to boost FY27 production, while record interim dividends underscore strong shareholder returns.
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Consolidated Q2 FY26 net profit rose 28% year-over-year, driven by subsidiaries, while standalone profit fell due to lower crude prices. Production guidance for FY26 is slightly below target, but deferred output is expected to boost FY27. Major projects and cost optimization are set to enhance future performance.
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Net profit declined 10.2% year-over-year due to lower crude prices, but consolidated profit rose 18.2% on improved subsidiary performance. Production ramp-up in KG Basin and cost control measures are expected to support future growth, with OPaL turning EBITDA positive and new projects on track.
Fiscal Year 2025
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Profit after tax declined 12.1% year-over-year due to higher exploration write-offs, but oil production increased and record CapEx was deployed. Renewables capacity reached 2.5 GW, and major subsidiaries showed improved performance.
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Production trends reversed with growth in oil and gas output, major ramp-up at KG-DWN-98/2, and a strategic BP partnership targeting a 60% increase in Mumbai High production. Financials saw muted revenue and PAT due to lower prices, but debt metrics improved and green energy expansion is accelerating.
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Q2 FY25 standalone net profit rose 17.1% year-over-year, while consolidated profit fell due to weaker subsidiary results. OPaL became a subsidiary after a major capital infusion, and new well gas pricing is set to boost future revenues.
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Q1 FY25 net profit fell 15% year-over-year due to lower gas realization and higher costs, while consolidated profit dropped 43% mainly from weaker subsidiary results. Production ramp-up from KG 98/2 is expected to drive growth, with major CapEx and green energy investments planned.