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In-line core performance; Beat driven by higher other income

Standalone 3Q revenue came in line with our est. at INR315.5b.

* Crude oil/gas sales were in line with our est. at 4.7mmt/3.9bcm. VAP sales stood at 662tmt (est. 635tmt).

* Reported oil realization was USD61.6/bbl, a USD1.5/bb discount to Brent during the quarter.

* Crude oil production declined marginally QoQ/ YoY while natural gas production remained flat QoQ/YoY

* Standalone EBITDAX came in line with our est. at INR173b. However, PAT came in 21% above estimate.

* DDA, dry well write-offs, and survey costs stood above estimate at INR86.6b.

* Other income stood significantly above estimate at INR31b and tax rate stood below estimate.

* ONGC Videsh:

* OVL’s OVL’s oil and gas production was down YoY at 1.7mmt/0.69bcm.

* Crude oil sales stood at 1.19mmt, while gas sales came in at 0.3bcm.

* OVL’s revenue (incl. other income) was INR18b and PBDT stood at INR3.9b

* ONGC Petro additions Limited (OPaL):

* OPaL’s average capacity utilization for 3QFY26 stood at 85% (vs 78%/93% in 2QFY26/3QFY25).

* OPaL reported a Loss of INR5.4b in 3QFY26 (vs. INR4.6b/INR7.7b in 2QFY26/3QFY25).

* The board has declared an interim dividend of INR6.25/sh (FV: INR5/sh; interim dividend in 2Q: INR6/sh).

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