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State-run oil explorer Oil and Natural Gas Corporation shares declined nearly 4% in early trade on May 27 after the company reported a drop in quarterly profit despite stronger revenue growth and improved crude oil realisations.
As of 10:36 AM, ONGC shares were trading under pressure after investors reacted negatively to weaker profitability and lower production during the March 2026 quarter.
The stock touched an intraday low of Rs 275.50 compared to the opening price of Rs 284.20. The stock had previously closed at Rs 287.50. During the session, ONGC shares also touched a high of Rs 284.20, while the 52-week trading range stood between Rs 228.61 and Rs 307.50. Live traded volume stood at over 1.37 crore shares.
For the quarter ended March 2026, ONGC reported revenue of Rs 35,928 crore, registering a 14% quarter-on-quarter increase from Rs 31,547 crore in the previous quarter.
EBITDA rose 3% to Rs 17,774 crore compared to Rs 17,322 crore reported in the December quarter. However, EBITDA margins contracted sharply to 49.5% from 54.9%, reflecting pressure on operational profitability despite higher revenue.
Net profit declined 21% sequentially to Rs 6,650 crore against Rs 8,372 crore reported in the previous quarter, which weighed heavily on market sentiment.
The company’s total production also slipped 4% quarter-on-quarter to 9.83 MMT from 10.21 MMT, indicating lower output during the period.
On the positive side, ONGC reported a sharp improvement in crude oil realisation. Crude oil realisation increased to $78.3 per barrel during the quarter compared to $63 per barrel in the previous quarter, supported by stronger global crude price trends.
Despite better crude realisations and revenue growth, investors remained concerned over falling profitability margins and declining production levels, leading to sharp selling pressure in the stock during morning trade.
ONGC share price Snapshot
- Current trend: Weak
- Intraday low: Rs 275.50
- Intraday high: Rs 284.20
- Previous close: Rs 287.50
- 52-week low: Rs 228.61
- 52-week high: Rs 307.50
- Live traded volume: 1,37,50,001 shares
Disclaimer
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