ONGC’s Q1FY27 adj. EBITDA/PAT (standalone) came in at INR 292.5/INR 170.4bn (+67%/2.1x YoY), ahead of I-Sec and Street’s estimates. Consol. adj. EBITDA/PAT stood at INR 163.9/INR 115.5n (-40%/+18% YoY), driven by weaker performance by subs HPCL (reported EBITDA loss of INR 161.4bn).