The stock of Oil and Natural Gas Corporation (ONGC) on Wednesday declined over 4.1 percent as the company reported modest growth in its fourth-quarter results.
The stock opened lower by 0.86 percent at Rs 285 apiece compared to the previous close of Rs 287.50 apiece. During the early trading hours, the scrip further fell to Rs 275.50 apiece, which is 4.1 percent lower than the previous close.
The decline in the PSU (public sector unit) stock came after the company reported a 3.1 percent gain in net profit on a standalone basis in the fourth quarter of the previous financial year.
Its standalone net profit rose to Rs 6,650 crore during the period compared to Rs 6,448 crore. Higher oil and gas prices were behind the rise in profit despite a decline in output.
The standalone revenue in Q4FY26 stood at Rs 35,927 crore, up 2.7 percent compared to Rs 34,982 crore during the same period last year.
For the full financial year 2025-26, the company faced a decline of 7.6 percent in standalone net profit to Rs 32,894 crore compared to Rs 35,610 crore in FY25.
Standalone revenue also declined by 3.9 percent to Rs 1,32,509 crore in FY26 from Rs 1,37,846 crore in FY25.
However, on a consolidated level, the company reported a 52.6 percent growth in net profit at Rs 13,678 crore in Q4FY26 compared to Rs 8,965 crore during the same period last year.
But the growth in consolidated revenue was just 3.6 percent at Rs 1,73,805 crore in Q4FY26 compared to Rs 1,67,749 crore in Q4FY25.
ONGC also wrote off Rs 4,876.75 crore in exploration well costs during the quarter after the wells drilled did not yield any commercial hydrocarbon discoveries.
This compared with a Rs 4,173.04 crore write-off in the corresponding quarter of the previous year.
