Meeting Details

The 38th AGM was held on Monday, August 24, 2026, at 04:00 PM (IST) through video conferencing and other audio visual means (VC/OAVM). The meeting commenced at 04:00 PM and concluded at 5:30 PM (IST).

Attendance

Directors in Attendance:

  • Arun Kumar Singh, Chairman & CMD-ONGC (via VC from New Delhi)
  • Mundkur Shyamprasad Kamath, Managing Director & CEO (via VC from Mangalore)
  • Nandakumar Velayudhan Pillai, Director (Refinery) (via VC from Mangalore)
  • Devendra Kumar, Director (Finance) (via VC from Mangalore)
  • Satyan Kumar, ONGC Nominee Director (via VC from New Delhi)
  • Seema, MoP&NG Nominee Director (via VC from Mangalore)
  • Bharathan, HPCL Nominee Director (via VC from Mumbai)

Other Representatives:

  • Premachandra Rao G, Company Secretary (via VC from New Delhi)
  • Statutory Auditors: M/s. YCRJ & Associates, Chartered Accountants and M/s. BSJ & Associates, Chartered Accountants
  • Cost Auditors: M/s. Bandyopadhyaya Bhaumik & Co, Cost Accountants
  • Secretarial Auditor: M/s. Ullas Kumar Melinamogaru & Associates, Practicing Company Secretaries
  • Scrutinizer: M/s. Kumar Naresh Sinha & Associates, Practicing Company Secretaries
  • Representatives from ONGC and HPCL

Quorum

A total of 67 members representing 1,55,25,16,1101 shares attended the meeting, constituting requisite quorum.

Resolutions Passed

All ten (10) resolutions set forth in the Notice dated July 15, 2026, were passed with requisite majority:

Ordinary Business (Ordinary Resolutions):

1. Adoption of Audited Financial Statements (Standalone and Consolidated) for FY ended March 31, 2026, together with Reports of Board of Directors, Auditor's Report, and comments of the Comptroller and Auditor General of India

2. Re-appointment of Shri Arun Kumar Singh (DIN: 06646894) as Director who retires by rotation

3. Declaration of dividend for financial year ended March 31, 2026

4. Authorization to Board of Directors to fix remuneration of Statutory Auditors to be appointed by C&AG for FY 2026-27

Special Business (Ordinary Resolutions):

5. Appointment of Dr. Seema (DIN: 11780592) as Director

6. Appointment of Shri Satyan Kumar (DIN: 10181958) as Director

7. Appointment of Secretarial Auditor for 5 years (FY 2026-27 to 2030-31)

8. Approval of Material Related Party Transaction(s) with Shell MRPL Aviation Fuels and Services Limited for FY 2027-28

Special Business (Special Resolution):

9. Amendment in Object clause and Adoption of Memorandum of Association and Articles of Association in line with Companies Act, 2013

Voting Process

E-voting on proposed resolutions was kept open for 15 minutes after conclusion of the meeting. Voting results and Scrutinizer's Report will be intimated to Stock Exchanges and uploaded on company website and NSDL website.

Chairman's Speech Highlights

Financial Performance FY 2025-26:

  • Revenue from Operations: ₹21,05,155 crore
  • Profit before Tax: ₹4,022 crore
  • Profit after Tax: ₹2,931 crore (compared to ₹251 crore previous year)
  • Gross Refining Margin: US$9.22 per barrel (compared to US$4.45 per barrel previous year)
  • Interim dividend of 40% (₹2.40 per equity share) declared, involving payout of ₹701.04 Crore, recommended as final dividend

Operational Performance:

  • Processed 16.77 million tons of crude oil
  • Operated at 112% of rated capacity
  • Distillate yield of 81.94%
  • Increased LPG production by nearly 30%
  • Processed four new crude grades, taking approved crude basket to 273 grades

Marketing and Sales:

  • Added 85 new retail outlets, taking network to 252 outlets
  • Sold nearly 344 million litres of petrol and diesel
  • All petrol sold met government's ethanol blending requirement
  • Installed 76 electric vehicle charging points across retail network
  • Devangonthi Marketing Terminal near Bengaluru became fully operational
  • Shell MRPL Aviation Fuels JVE turnover: ₹2,706 crore

Sustainability Initiatives:

  • Net Zero Scope-1 and Scope-2 emissions commitment by 2038
  • Reduced scope-1 and 2 emission intensity by nearly 10%
  • Absolute reduction in scope-1 and 2 emissions by more than 11% compared to baseline
  • Energy conservation initiatives saved over 43,436 tonnes of oil equivalent
  • Natural gas extensively used as feedstock and fuel
  • Grid Infrastructure Project commissioning expected in September 2026
  • Setting up country's first Sustainable Aviation Fuel plant using indigenously developed DILSAAFTM technology
  • Green Hydrogen plant with production capacity of 500 tons per year under development

Awards and Recognition:

  • Filed 42 patents (13 granted, including one in United States)
  • Fourth consecutive year of national recognition for research and innovation initiatives

Financial Impact

The dividend declaration involves a payout of ₹701.04 Crore. Other financial impacts from the resolutions are subject to implementation of approved actions.