Earnings · Energy PSU · ONGC
ONGC reports its September-quarter numbers on Thursday, 5 November 2026 and will consider an interim dividend the same day. Standalone profit doubled last quarter, but HPCL’s loss dragged the consolidated figure. Here are the date, the clean base and the lines to read first.
Quick answer
ONGC Q2 results FY27 are due on Thursday, 5 November 2026, with an interim dividend under consideration. The base to beat is Rs 9,848 crore standalone profit at $67.34 crude realisation from Q2 FY26. Q1 FY27 standalone profit was a record Rs 17,034 crore at $99.45, as of 1 November 2026.
Latest update (1 November 2026, 1:00 PM IST): ONGC’s board meets on 5 November 2026, and the company has fixed 12 November 2026 as the record date if a first interim dividend is declared. HPCL reported a Q2 profit on 22 October 2026. I did not find a published Q2 FY27 profit consensus for ONGC as of this update.
Key takeaways
- Date: board meeting on Thursday, 5 November 2026; interim dividend record date 12 November 2026 if declared.
- Base to beat: Q2 FY26 standalone profit Rs 9,848 crore; Q1 FY27 standalone profit Rs 17,034 crore.
- Crude: realisation was $99.45 per barrel in Q1 FY27 against $67.34 in the Q2 FY26 base.
- HPCL swing: Q1 loss of Rs 12,265 crore became a Q2 profit of Rs 3,625 crore, a swing of about Rs 15,890 crore.
- Profit trap: standalone, consolidated and owners’ profit are three different figures.
In plain words: ONGC pumps most of India’s crude oil and gas, so its profit moves with the crude price. It also owns HPCL, a fuel retailer that can lose money when crude jumps. This page shows the year-ago numbers, why profit appears in three versions, and what to read first.
Data note: as of Sunday, 1 November 2026, 1:00 PM IST. Q1 FY27 figures come from ONGC’s 4 August 2026 results as carried by ANI, Kotak Neo and other news sites; Q2 FY26 figures come from news reports and the company’s Q2 FY26 earnings call. I did not open the exchange filings. Q2 FY27 results are not reported yet.
When are ONGC Q2 results FY27 due?
Thursday, 5 November 2026, according to ONGC’s board-meeting notice of 23 October 2026 as reported by several news sites.
The board will consider unaudited standalone and consolidated results for the quarter and half-year ended 30 September 2026 and the recommendation of a first interim dividend, if any. The trading window for insiders has been closed since 1 October and reopens 48 hours after the results, on 7 November. On 30 October ONGC fixed 12 November 2026 as the record date for the first interim dividend, if declared on 5 November.
Timing pattern: the Q2 FY26 results came on Tuesday, 11 November 2025 and the Q1 FY27 results on Tuesday, 4 August 2026. I did not find an exact time for 5 November or a call notice, so watch the exchange pages.
ONGC Q2 results FY27: what changed and when
| Event | Date | Weekday | Status |
|---|---|---|---|
| Q2 FY26 results and Rs 6 interim dividend | 11 November 2025 | Tuesday | Filed; year-ago base |
| Q1 FY27 results | 4 August 2026 | Tuesday | Filed; PBT Rs 22,848 crore |
| HPCL Q2 FY27 results | 22 October 2026 | Thursday | Filed; subsidiary read-across |
| Interim dividend record date notice | 30 October 2026 | Friday | Record date 12 Nov if declared |
| ONGC Q2 FY27 results | 5 November 2026 | Thursday | Board meeting notified |
The legal deadline is 14 November 2026. Several large names report the same week; see Coal India Q2 FY27 results for another energy PSU, and the results calendar hub for every date.
What numbers does ONGC have to beat?
Standalone profit of Rs 9,848 crore, consolidated owners’ profit of Rs 10,785 crore and crude realisation of $67.34 per barrel, all from Q2 FY26.
| Measure | Q2 FY26 (year-ago base) | Q1 FY27 | Gap (my calculation) | Why it matters |
|---|---|---|---|---|
| Standalone profit (Rs crore) | 9,848 | 17,034 | +7,186 (+73.0%) | Core ONGC earnings |
| Net crude realisation ($ per barrel) | 67.34 | 99.45 | +32.11 (+47.7%) | Main profit driver |
| Crude production (million tonnes) | 4.630 | 4.452 | -0.178 (-3.8%) | Volume fell |
| Consolidated profit (Rs crore) | 12,615 (PAT) | 6,554 | -6,061 | HPCL loss in Q1 |
| Consolidated profit before tax (Rs crore) | 17,284 | 7,012 | -10,272 | Data-page figures |
Cite this table: PositionalCalls, “PositionalCalls ONGC Q2 FY27 Base-to-Beat Table, as of 1 November 2026”.
The gap column reads across two different quarters, so it is a guide, not a seasonal comparison. The year-on-year test for ONGC Q2 results FY27 uses the base column. Standalone profit in the five latest quarters, per a data page, was Rs 8,024 crore (June 2025), 9,848 (September 2025), 8,372 (December 2025), 6,650 (March 2026) and 17,034 crore (June 2026). Q1 FY27 profit before tax of Rs 22,848 crore was a record, against Rs 10,744 crore a year earlier.
Which ONGC profit number is the right one?
For the clean ONGC read use standalone profit; consolidated profit adds HPCL and other subsidiaries, and owners’ profit deducts minority interest.
| Profit definition, Rs crore | Q2 FY26 | Q1 FY27 | Source note |
|---|---|---|---|
| Standalone profit after tax | 9,848 | 17,034 | Company; widely reported |
| Consolidated profit to owners | 10,785 | Not confirmed | Q2 FY26 per Business Standard |
| Consolidated profit after tax (incl. minority) | 12,615 | 6,554 (-43.3%) | Q2 FY26 per earnings call |
| Other Q1 FY27 figures in circulation | — | 11,899 or 13,678 | Sources conflict; unresolved |
Cite this table: PositionalCalls, “PositionalCalls ONGC Profit Definitions Table, as of 1 November 2026”.
Q1 FY27 consolidated profit appears as Rs 6,554 crore (down 43.3% from Rs 11,554 crore), as Rs 11,899 crore (up 21.4%, described as profit to owners) and as Rs 13,678 crore. I could not reconcile these from the sources, so do not quote Q1 consolidated profit without the filing. The Q2 FY26 consolidated profit was Rs 10,785 crore to owners (up 5.4%) or Rs 12,615 crore including minority interest (up 28.2% from Rs 9,841 crore), and the earnings call credited the rise to subsidiaries HPCL and MRPL.
Two other base traps
- Q1 FY26 base: standalone profit Rs 8,024 crore is the year-ago figure for Q1 FY27; one data page shows Rs 6,650 crore, which is actually the March 2026 quarter.
- Realisation: “net” realisation is after levies and deductions; crude billed at higher prices can show a lower net figure. Use the same measure in both periods.
How much did crude prices lift profit?
Net crude realisation rose 50.4% to $99.45 per barrel in Q1 FY27 while production fell 5.5%; my calculation puts each $5 per barrel at about Rs 1,545 crore of pre-tax profit.
| Standalone, Q1 | Q1 FY27 | Q1 FY26 | Change |
|---|---|---|---|
| Net crude realisation ($ per barrel) | 99.45 | 66.13 | +50.4% |
| Net crude realisation (Rs per barrel) | 9,419 | 5,658 | +66.5% |
| JV crude realisation ($ per barrel) | 103.34 | 67.87 | +52.3% |
| Crude production (million tonnes) | 4.452 | 4.68 | -5.5% |
| Gas production (billion cubic metres) | 4.756 | About 4.85 | About -2% |
| New well gas revenue (Rs crore) | 3,998 | Not in sources | 38% of nomination gas |
Cite this table: PositionalCalls, “PositionalCalls ONGC Realisation and Production Table, as of 1 November 2026”.
My calculation: 4.452 million tonnes is about 32.6 million barrels at 7.33 barrels a tonne, and Rs 9,419 over $99.45 implies about Rs 94.71 per dollar. A $5 per barrel change therefore moves pre-tax profit by about Rs 1,545 crore on Q1 volumes. Brent has been reported near $103 to $106 in recent estimates, so Q2 realisation may stay high, but net realisation can lag Brent. Management’s FY27 production guidance, per a February 2026 Emkay note, was about 21 million tonnes of crude, which is above Q1’s quarterly pace of 4.45 million tonnes.
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How does HPCL change the consolidated result?
HPCL swung from a Rs 12,265 crore loss in Q1 FY27 to a Rs 3,625 crore profit in Q2, a swing of about Rs 15,890 crore that should lift ONGC’s consolidated profit.
| HPCL, consolidated, Rs crore | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Profit after tax | 3,625.22 | -12,264.67 | 3,859.30 |
| Profit before tax | 6,820.13 | -18,170.07 | 5,130.91 |
| EBITDA | About 9,100 to 9,520 | About -16,100 | Not in sources |
Cite this table: PositionalCalls, “PositionalCalls HPCL Read-Across Table, as of 1 November 2026”.
HPCL beat expectations; one estimate had forecast a loss of about Rs 2,500 crore. My calculation: the swing is 3,625.22 plus 12,264.67, or Rs 15,889.89 crore. HPCL’s Q2 profit is 6.1% below its Q2 FY26 figure (3,625.22 over 3,859.30). A deferred-tax charge of Rs 3,194.88 crore reduced HPCL’s Q2 profit after tax. The ONGC share of HPCL’s profit and the effect of MRPL and other subsidiaries will only be clear in the filing, so I do not build a consolidated figure here. See how another refiner set up the quarter in our Reliance Q2 FY27 results analysis.
What could standalone profit look like?
Under my arithmetic, standalone profit stays near Rs 14,856 crore to Rs 18,313 crore if realisation is $90 to $105 on Q1 volumes; this is a sensitivity, not a forecast.
Assumptions: Q1 FY27 volumes of 32.6 million barrels and Rs 94.71 per dollar; profit after tax is 74.6% of profit before tax (Q1 FY27); gas, product sales, costs, dividend income and other lines stay at Q1 levels.
| Net realisation ($ per barrel) | Change in pre-tax profit (Rs crore) | Standalone profit (Rs crore) | vs Q2 FY26 base 9,848 |
|---|---|---|---|
| 80 | -6,011 | 12,552 | +27.5% |
| 90 | -2,921 | 14,856 | +50.9% |
| 99.45 | +0 | 17,034 | +73.0% |
| 105 | +1,715 | 18,313 | +86.0% |
Cite this table: PositionalCalls, “PositionalCalls ONGC Standalone Profit Sensitivity Table, as of 1 November 2026”.
These are not estimates, and I found no published Q2 FY27 consensus. Even at $80, standalone profit would exceed the base on these assumptions, which shows how far the realisation gap lifts profit; the bigger swing factors are production, costs and any levy lines in the filing. Judge ONGC Q2 results FY27 on realisation, volumes and the dividend, not only the headline growth.
Will ONGC declare an interim dividend?
The board will consider a first interim dividend on 5 November 2026; the record date is 12 November 2026 if one is declared, and last year’s first interim was Rs 6 per share.
| Item | Detail | Source note |
|---|---|---|
| Q2 FY26 first interim dividend | Rs 6 per share (120%) | Record date 14 November 2025 |
| Total payout Q2 FY26 | Rs 7,548 crore | Company call |
| Second interim, early 2026 | Rs 6.25 per share | ICICI Securities note |
| Q2 FY27 record date | 12 November 2026 | If declared; company notice |
| Insider trading window | Reopens 7 November 2026 | Notice |
Cite this table: PositionalCalls, “PositionalCalls ONGC Dividend History Table, as of 1 November 2026”.
Worked examples, my calculation: 100 shares at last year’s Rs 6 would pay Rs 600 before tax; 1,000 shares would pay Rs 6,000. A Rs 6 payout of Rs 7,548 crore would equal 44% of Q1 FY27 standalone profit (7,548 over 17,034) against 77% of the Q2 FY26 base (7,548 over 9,848). These are illustrations, not predictions of the amount. Under T+1 settlement you generally need to hold the shares at the close on Wednesday, 11 November 2026; confirm in the NSE circular. For tax on dividends read our capital gains tax on shares guide; NRI holders should see our NRI investment guide.
Results-day decoder: what to read first
For ONGC Q2 results FY27, read standalone profit and net realisation first, then production, then the HPCL swing, then the dividend.
| What to read | Mark to beat | Question to ask |
|---|---|---|
| Standalone profit | Rs 9,848 crore (year-ago); Rs 17,034 crore (Q1) | Did it hold above Rs 17,000 crore? |
| Net crude realisation | $67.34 (year-ago); $99.45 (Q1) | Is it near the Brent level? |
| Crude production | 4.630 million tonnes (year-ago); 4.452 (Q1) | Did volumes recover? |
| Consolidated profit | Rs 6,554 crore (Q1) | Did HPCL’s swing show? |
| Profit definitions | Standalone, owners, incl. minority | Which does the headline use? |
| Interim dividend | Rs 6 per share (last year) | Amount and 12 Nov record date? |
Cite this table: PositionalCalls, “PositionalCalls ONGC Results-Day Decoder, as of 1 November 2026”.
How to read the result and what to avoid
To read ONGC Q2 results FY27, use the exchange filing and the company press release, and ignore any message that offers the result early.
- Open the BSE or NSE announcements page for ONGC and find the results filing.
- Read the standalone statement first, then the consolidated one.
- Check net realisation, production and any levy line.
- Match the headline profit to standalone, owners or group.
- Compare HPCL’s share with the swing table.
- Note the interim dividend amount and 12 November record date.
What it costs and what to avoid
Reading the result costs nothing. Dealing costs depend on your broker, so check the current charges schedule. Fake result alerts, “sure-shot” tips, KYC or OTP links and fake dividend-claim pages circulate around PSU results. Never share an OTP.
What most people miss
Analyst’s note
- What stands out: standalone profit nearly doubled on a $32 per barrel realisation gain while production fell.
- Easy to miss: the HPCL swing is bigger than ONGC’s entire standalone profit growth in Q1.
- What would change the view: net realisation below $90, production below 4.4 million tonnes, or a lower interim dividend than Rs 6.
- Caution: the sensitivity table is my own arithmetic, not a forecast or target. This note is reasoning from reported figures.
- Reader action: on 5 November, match each headline to standalone or consolidated before comparing.
Bottom line
ONGC Q2 results FY27 are due on Thursday, 5 November 2026, with an interim dividend under consideration and a 12 November record date if declared. The base is Rs 9,848 crore standalone profit at $67.34 crude. Q1 FY27 was a record at $99.45, and HPCL’s swing will move the consolidated figure, so read realisation, volumes and the profit label first.
Next read: see all Q2 result dates on the calendar hub.
Part of the Earnings series.
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FAQs on ONGC Q2 results FY27
When are ONGC Q2 results FY27 due?
ONGC’s board meets on Thursday, 5 November 2026 to approve standalone and consolidated results for the quarter and half-year ended 30 September 2026, and to consider a first interim dividend if any. The trading window, closed since 1 October, reopens on 7 November, as reported from the exchange notice.
What is the base to beat for ONGC Q2 results FY27?
The year-ago Q2 FY26 standalone profit was Rs 9,848 crore, down 17.8%, on crude realisation of $67.34 per barrel. Consolidated profit was Rs 10,785 crore to owners or Rs 12,615 crore including minority interest. Q2 FY27 growth is measured against these figures.
What were ONGC’s Q1 FY27 results?
For the June 2026 quarter ONGC reported standalone profit of Rs 17,034 crore, up 112.3%, on crude realisation of $99.45 per barrel against $66.13. Consolidated profit fell 43.3% to Rs 6,554 crore because subsidiary HPCL reported a loss of Rs 12,265 crore.
Why is ONGC’s consolidated profit so different from standalone?
Standalone covers ONGC alone. Consolidated adds subsidiaries, mainly HPCL and MRPL. In Q1 FY27 HPCL lost Rs 12,265 crore on fuel under-recoveries, so consolidated profit of Rs 6,554 crore was far below the standalone Rs 17,034 crore.
Will ONGC declare an interim dividend on 5 November 2026?
The board will consider a first interim dividend, and ONGC has fixed 12 November 2026 as the record date if one is declared. Last year’s first interim was Rs 6 per share (120%) with a 14 November 2025 record date. Only the board announcement can confirm an amount.
How did HPCL perform in Q2 FY27?
HPCL reported consolidated profit of Rs 3,625 crore for Q2 FY27 on 22 October 2026, reversing a Q1 loss of Rs 12,265 crore, per a data-site report. That is a swing of about Rs 15,890 crore (my calculation), which should lift ONGC’s consolidated result.
How much does a $5 crude price change move ONGC’s profit?
On Q1 FY27 crude volumes of 4.452 million tonnes, a $5 per barrel change in realisation moves standalone profit before tax by about Rs 1,545 crore (my calculation, using 7.33 barrels per tonne and Rs 94.71 per dollar). Gas, product sales and costs are not included.
What is ONGC’s Q2 FY27 dividend record date?
If a first interim dividend is declared on 5 November 2026, the record date is 12 November 2026, per the company’s intimation. Under T+1 settlement you generally need to hold the shares at the close of the previous day, Wednesday, 11 November. Confirm in the NSE circular.
Where can I read the official ONGC Q2 results?
Read the filing on the BSE and NSE corporate announcement pages and the press release on ONGC’s investor page. Compare the standalone and consolidated tables with the base on this page, and ignore unofficial messages or screenshots that claim an early result.
Does this page give an ONGC Q2 results FY27 buy or sell call?
No. This is research and education, not advice. PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Use the numbers to frame questions and speak to a registered adviser before investing.
Sources
- ONGC investor information, company website: results, press releases and presentations.
- NSE corporate announcements and BSE corporate announcements: the exchange filing.
- ANI, Kotak Neo and Whalesbook, ONGC Q1 FY27 results (4 August 2026)
- PSU Connect and Whalesbook, ONGC board meeting notice (23 October 2026); Screener, record date notice (30 October 2026)
- Business Standard and ONGC Q2 FY26 earnings call, November 2025
- Scanx and NiftyTrader, HPCL Q2 FY27 results (22 to 28 October 2026)
- ICICI Securities and Emkay research notes, February 2026
Editorial disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls.com is an independent research and education site founded by Shubham Chaudhary. This page is not investment advice, a recommendation or a price target. How I researched this: I cross-checked ONGC’s Q1 FY27 results across several news reports, checked the year-ago base against the Q2 FY26 earnings call and coverage, and recalculated every derived figure. I did not open the exchange filings; own calculations are labelled.
Shubham Chaudhary is the founder of PositionalCalls, an independent Indian stock market research website. He writes company fundamentals, quarterly results analysis, IPO analysis and sector research for NSE and BSE listed companies, with a focus on banking stocks, insurance and long-term value investing. Every article is built from primary sources such as RBI, SEBI, NSE and BSE filings and company annual reports, and states its risks plainly in simple language for retail investors.
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