ONGC strikes Mahanadi gas: what it means for ONGC stock
Published on 10/08/2026 at 11:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
ONGC (ISIN INE213A01029) had struck gas at the MN-DW18-1-H-D deepwater well in the Mahanadi Basin on September 18, 2026, after drilling to 1,623 meters. Upstox reported that gas was encountered at 1,441 to 1,452 meters, with further appraisal and commercial evaluation required before monetization.
Gas discovery tests exploration strategy
The well is the first drilled under ONGC's Mahanadi deepwater campaign, and its offshore location offers a potential route to earlier development if appraisal work confirms commercial viability, according to Upstox.
The discovery matters because ONGC's latest quarter combined higher revenue with a more mixed profit picture. Consolidated revenue from operations reached INR 2.05 trillion in the first quarter of fiscal 2027, up 25.68 percent from INR 1.63 trillion in the first quarter of fiscal 2026, while consolidated net profit rose 21.37 percent to INR 118.99 billion from INR 98.04 billion, Upstox reported.
Revenue growth meets production scale
ONGC's investor-relations page says the company posted profit after tax of INR 328.9 billion in fiscal 2026 and produced 40.46 million tonnes of oil equivalent including joint ventures. The same page says ONGC contributes 73 percent of India's crude oil and 57 percent of its natural gas production, making new deepwater output strategically relevant to its domestic role.
The key issue for investors is conversion rather than discovery alone. The Mahanadi well still requires appraisal and commercial evaluation, while the first-quarter figures show that revenue growth did not remove the need to improve the quality and durability of earnings. Exploration success can expand future production, but the financial effect depends on development timing, recoverable volumes and realized commodity prices.
Stock trades near yearly low
ONGC was trading at INR 218.85 on the NSE on October 8, 2026 at 3:07 p.m. IST, placing the share 0.15 percent above its 52-week low of INR 218.53 and 28.83 percent below its 52-week high of INR 307.50. Its market capitalization was INR 2.8 trillion as of October 8, 2026.
ONGC stock facts
- Company: Oil and Natural Gas Corporation Limited
- ISIN: INE213A01029
- Ticker: ONGC
- Primary exchange: National Stock Exchange of India
- Primary exchange price: INR 218.85 on October 8, 2026 at 3:07 p.m. IST
- Market capitalization: INR 2.8 trillion as of October 8, 2026
- 52-week range: INR 218.53-307.50 as of October 8, 2026
- Sector / Industry: Energy / Oil Exploration and Production
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