Oil and Natural Gas Corporation Limited Q2 Profit Falls 9.1%

Oil and Natural Gas Corporation Limited reported Q2 FY27 net profit of ₹15,489 crore, down 9.1% from ₹17,034 crore in the preceding quarter, while revenue declined 5.6% to ₹43,875 crore. The company declared its first interim dividend of ₹8 per share, with 12 November 2026 set as the record date.

What did ONGC report for Q2 FY27?

ONGC reported a sequential decline in profit, revenue and EBITDA for the quarter ended 30 September 2026. Net profit was ₹15,489 crore, compared with ₹17,034 crore in the previous quarter. Revenue fell to ₹43,875 crore from ₹46,460 crore over the same comparison.

EBITDA declined to ₹24,860 crore from ₹28,355 crore in Q1, while the EBITDA margin narrowed to 56.7% from 61%. The results show that operating earnings reduced faster than revenue on a quarter-on-quarter basis, resulting in a 9.1% fall in profit.

The board considered and approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 at its meeting on 5 November. The scheduled meeting had also included consideration of the first interim dividend for FY27.

Which key Q2 figures changed from the previous quarter?

ONGC's reported quarterly measures were lower than the preceding quarter across revenue, EBITDA, margin and net profit. The sequential comparison is important because it captures the change in the company's operating and financial performance during the first half of FY27.

The margin movement was sharper than the revenue decline. EBITDA decreased by ₹3,495 crore sequentially, while the EBITDA margin fell by 4.3 percentage points. This combination explains why reported profit declined even as the company maintained a high EBITDA margin in the quarter.

Separate information cited for Q1 FY27 said revenue had risen 25.7% year on year to ₹2,04,987 crore and net profit had increased 21.4% to ₹11,899 crore. These figures are presented in the available material alongside the Q2 disclosures, but the source does not provide a like-for-like reconciliation with the Q2 revenue figure.

What is ONGC's interim dividend timetable?

ONGC declared a first interim dividend of ₹8 per share for FY27, and 12 November 2026 is the record date for determining eligible shareholders. The company had communicated the proposed record date on 30 October, subject to the board's dividend decision on 5 November.

A record date determines which shareholders are eligible for a declared dividend based on the company's records. The available disclosure states that the dividend will be disbursed within 30 days of its declaration. The corporate-action listing separately showed an interim-dividend announcement dated 2 November and an ex-dividend date of 12 November, while listing the dividend amount as ₹0.00 before the board's decision.

ONGC had earlier paid a final dividend of ₹1 per share, with an ex-dividend date of 4 September 2026, according to the supplied corporate-action data. The current ₹8-per-share interim dividend is therefore a separate FY27 distribution and should be assessed using the record-date eligibility announced by the company.

When will ONGC discuss the quarterly results with investors?

ONGC has scheduled a conference call with analysts and investors at 3:30 pm IST on 6 November 2026 to discuss Q2 FY27 earnings. The call follows the 5 November board meeting and results announcement.

The company said Director (Finance) Anupam Agarwal, Chief Corporate Finance Yogish Nayak, and Chief Treasury and Investor Relations Dr Ravinder Singh Negi will participate. Investors will look to the discussion for management's comments on the reported quarterly movement and the outlook disclosed during the call.

The company had issued an intimation on 2 November under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations for the analyst and investor meet. Such calls give market participants an opportunity to hear management's explanation of announced results, but they do not alter the financial figures already reported.

What other company developments were disclosed before the results?

ONGC's credit ratings were reaffirmed by India Ratings on 30 October at IND AAA/Stable and IND A1+. The available information attributes the assessment to strong liquidity, government linkage and credit metrics, while noting the volatility associated with exploration and production operations.

The company also disclosed a senior-management change effective 1 November 2026. Sanjay Kumar Singh superannuated from the position of Executive Director, and Deepali Masirkar was appointed as Executive Director on deputation from the Election Commission of India. The disclosure describes her as having experience in law enforcement and public administration, with responsibility connected to ONGC's security leadership.

ONGC also said it would provide a ₹10,000 crore loan to its arm, ONGC Videsh. The supplied material does not specify the timing, terms, use of funds or financial effect of this loan. Upstream stocks ONGC and Oil India were reported to have fallen by up to 2%, although the material does not provide individual price changes or establish a specific reason for the moves.

Why do the Q2 results and dividend matter to investors?

The results give investors a current view of ONGC's operating performance after Q1 FY27. Revenue declined by 5.6% sequentially, but the larger 12.3% reduction in EBITDA and the margin decline to 56.7% point to lower operating profitability during the quarter. The ₹8 interim dividend adds a direct shareholder-return element to the update.

The credit-rating affirmation is also relevant because it reflects India Ratings' assessment of ONGC's liquidity and government linkage. At the same time, the quarter's financial performance, the planned ₹10,000 crore loan to ONGC Videsh, and management's comments on the 6 November call are relevant disclosures for investors tracking cash flows, capital allocation and operating conditions.

Conclusion

ONGC's Q2 FY27 update combines a 9.1% sequential fall in net profit to ₹15,489 crore with a 5.6% reduction in revenue and a lower EBITDA margin. The first interim dividend of ₹8 per share provides a defined shareholder payout, while the IND AAA/Stable rating affirmation supports the company's stated credit profile.

The next disclosed event is the analyst and investor conference call at 3:30 pm IST on 6 November 2026. Investors will also watch the 12 November record date for dividend eligibility and any further details the company provides on its operating performance, the ONGC Videsh loan and management's outlook.