Shares of Oil and Natural Gas Corporation Ltd (ONGC) plunged 4 per cent in Wednesday's trade, as the fourth quarter profit by the state-run oil refiner, despite rising 53 per cent year-on-year (YoY) missed analyst estimates on higher-than-expected write-offs. Volumes growth for the quarter disappointed too. Following the development, ONGC share price fell 4.17 per cent to hit a low of Rs 275.50 on BSE. 

MOFSL said the adjusted profit miss was driven by high dry-well write offs, adding that volume growth disappointed, with crude oil production falling 6 per cent YoY while and natural gas production declining 3 per cent YoY.

ONGC reported  53 per cent surge in consolidated net profit at Rs 13,678 crore, up 53 per cent YoY. Gross revenue for the quarter rose 3.6 per cent to Rs 1,73,805 crore, the oil PSU said.

"Geological surprises arising out of reservoir complexities affected the production from 98/2 Field in Eastern Offshore. West Asia crisis also affected pipeline replacement project and DUDP project affecting the oil and gas production from Western Offshore. Further, some production got affected for a brief spell of time due to hook up operation of pipeline, compressor and turbines in two existing wells and surface facilities in Western offshore," ONGC noted.

MOFSL said ONGC has booked additional impairment at Mozambique and Sakhalin assets in Q4FY26. It said dry well write-offs and other expenses came in above estimates, even as finance cost and other income stood in-line with estimate.

ONGC's crude oil and gas sales came 4 per cent and 5 per cent below MOFSL estimates of 4.6mmt and 3.8bcm. Reported oil realisation stood at $78.3 a barrel.    

ONGC said its revenue from new well gas stood at Rs 6,678 crore for FY26, delivering an additional Rs 1,223 crore revenue compared to the APM gas price. New Well Gas now contributes more than 21 per cent of total revenue from ONGC nomination gas portfolio, ONGC said.