HPCL's under-recovery hit — a direct consequence of the same crude price surge that boosted ONGC's upstream realisations — illustrates the structural tension inside the group. While ONGC Videsh and MRPL contributed positively, the refining subsidiary's loss wiped out more than half of the standalone profit gain at the consolidated level. Diluted normalised EPS on a consolidated basis stood at ₹9.11, up 16.77% year-on-year but well below the standalone trajectory.
ONGC reiterated its ₹40,000 crore offshore investment programme, targeting the Daman Upside Development Project, TSP, and Discovered Small Fields to arrest the production decline. The board approved the results at its 413th meeting on 4 August 2026.
What to Watch
With crude realisations near US$100 per barrel and new-well gas pricing locked in at a premium, the upstream cash engine is firing. The question is whether HPCL's marketing under-recoveries will persist long enough to make consolidated EPS a recurring disappointment despite record upstream margins.
Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6
