India · Delayed Price · Currency is INR Oil and Natural Gas Corporation Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 consolidated PAT fell 53% YoY, but annual PAT rose 30% on strong subsidiary results. Gas production is set to grow with new projects, and CapEx will remain robust, focused on offshore and renewables. Record dividend payout and new JVs highlight strategic diversification.
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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 growth reversed the declining trend, with major new projects boosting output. Financial performance was muted due to lower oil prices, but debt metrics improved and significant CapEx was deployed. Renewables and technical partnerships are set to drive future growth.
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Q2 FY25 net profit rose 17.1% year-over-year, but consolidated profit fell due to weaker subsidiary results. Oil and gas production guidance remains robust, with major investments in OPaL and new well gas allocations expected to drive future growth.
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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.