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Steady 1Q performance Net

• In 1QFY26, ONGC’s revenue came in 5% above our est. at INR320b.
• Crude oil/gas sales were in line with our est. at 4.7mmt/3.9bcm. VAP sales stood at 616tmt (est. 633tmt).
• Reported oil realization was USD66.1/bbl, at a USD0.9/bb discount to Brent during the quarter.
• Crude oil and natural gas production remained flat QoQ/YoY.
• EBITDAX also stood 12% above our est. at INR186.6b, while PAT of INR80.2b was 4% above our est.
• DDA, dry well write-offs, and survey costs stood above estimates, while other income came in below estimate, impacting profitability.
• ONGC Videsh: ? OVL’s oil production was marginally down YoY at 1.75mmt, while gas production was 0.7bcm (similar YoY).
• Crude oil sales stood at 1.17mmt, while gas sales came in at 0.43bcm (down YoY).
• OVL’s revenue was INR24.5b, and PBDT stood at INR4.5b.

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