ONGC Share Price: The shares of India's largest oil and natural gas explorer ONGC declined as much as 4% to hit an intra-day low of Rs 275.50 apiece after its march ended quarter was impacted as a result of higher exploration write-offs and low production.

The state-led Oil and Natural Gas Corporation (ONGC) on Tuesday posted a 3% rise in Q4FY26 profit as higher oil and gas prices helped mitigate a drop in output.

The company’s net profit in Q4FY26 surged to Rs 6,649.97 crore as against Rs 6,448.28 crore in the year-ago period, according to the company's bourse filing.

Revenue from operations during the Q4 rose marginally to Rs 35,928.18 crore during the quarter as compared to Rs 34,982.23 crore in the same period last year.

In the entire fiscal year, ONGC reported a 7.6% decline in net profit from Rs 35,610.32 crore last fiscal year to of Rs 32,894.02 crore.

Meanwhile, ONGC wrote off Rs 4,876.75 crore in exploration well cost during the quarter ended March 2026, after the wells drilled did not yield any commercial hydrocarbon discoveries. This compared with Rs 4,173.04-crore write-off in the corresponding quarter of the previous year.

On the other hand, the Board of Directors at ONGC also recommended a final dividend of Re 1 per share for the 2025-26 fiscal year.

The oil and gas explorer also noted that projects worth Rs 33,075 crore were under progress in Western Offshore (Arabian Sea). Further, it stated that 3 hydrocarbon discoveries were notified during FY’26 in Mumbai Offshore, including 2 new prospects and 1 new pool discovery.

At 11:03 AM, the share price of ONGC stood 3.83 % lower at Rs 276.50 apiece.