MUMBAI, Aug. 27 -- One figure captures what the April-to-June quarter did to India's oil industry: Rs 17,034 crore in profit at one end of the supply chain, Rs 3,962 crore in loss at the other, separated not by management quality but by where each company sits relative to the wellhead.

Oil and Natural Gas Corporation posted standalone net profit of Rs 17,034 crore for Q1 FY27, a 112% year-on-year surge and the highest quarterly profit before tax in the company's history at Rs 22,848 crore. Revenue from operations rose 45.2% to Rs 46,460 crore. The driver was crude: ONGC's net realization jumped to $99.45 per barrel from $66.13 a year earlier, as India's crude basket averaged $100.74 per barrel - the highest quarterly average since 2022 -...