Shares of Oil and Natural Gas Corporation declined sharply in early trade on May 27 after the state-run oil producer reported a sequential decline in fourth-quarter profitability and lower production numbers.
The stock fell more than 4% during the morning session. As of 9:21 AM, ONGC shares were trading near the day’s low after opening at Rs 284.20. The stock touched an intraday low of Rs 275.50 and a high of Rs 284.20. The previous closing price stood at Rs 287.50, while live traded volume crossed 34.83 lakh shares.
For the quarter ended March 2026, ONGC reported revenue of Rs 35,928 crore, up 14% quarter-on-quarter from Rs 31,547 crore.
EBITDA increased 3% to Rs 17,774 crore compared to Rs 17,322 crore in the previous quarter. However, EBITDA margins contracted to 49.5% from 54.9%, indicating pressure on operational profitability.
Net profit declined 21% sequentially to Rs 6,650 crore against Rs 8,372 crore reported in the previous quarter.
The company’s total production also declined 4% to 9.83 MMT from 10.21 MMT quarter-on-quarter.
Meanwhile, crude oil realisation improved significantly during the quarter. ONGC reported crude oil realisation of $78.3 per barrel compared to $63 per barrel in the previous quarter, reflecting stronger crude price trends.
The decline in profitability despite higher revenue and oil realisations appeared to weigh on investor sentiment, with the stock witnessing sharp selling pressure in early trade.
On the technical front, ONGC’s 52-week high stands at Rs 307.50, while the 52-week low is Rs 228.61.
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