Summary of Key Information:

Reporting Period (Quarter/Year): Quarter ended June 30, 2026 (Q1 FY27)

Nature of Filing / Announcement: Outcome of Board Meeting - Approval of Unaudited Standalone and Consolidated Financial Results

Audit Opinion:

The limited review report from the joint auditors contains an unmodified conclusion but includes Emphasis of Matter paragraphs regarding several significant items.

Auditor’s Comment:

The auditors drew attention to: 1) The financial results were approved directly by the Board of Directors as the Audit Committee could not be reconstituted due to non-availability of Independent Directors; 2) Contingent liability of ₹15,365 crore related to PMT JV arbitration; 3) Provision of ₹20,450 crore for disputed Service Tax/GST on royalty with additional contingent liabilities; 4) Refund claim of ₹2,088 crore from DGFT; 5) Dispute over CB-OS/2 block with Vedanta Limited.

Key Financial Highlights [₹ Crore]:

Standalone Results:

Revenue from Operations: ₹46,460.45 (QoQ: +29.3% from ₹35,928.18; YoY: +45.2% from ₹32,002.89)

Total Income: ₹48,321.65 (QoQ: +25.3% from ₹38,555.91; YoY: +45.4% from ₹33,213.39)

Net Profit: ₹17,033.81 (QoQ: +156.2% from ₹6,649.97; YoY: +112.3% from ₹8,024.23)

EPS: ₹13.54 (Basic and Diluted)

Other Equity: ₹344,143.42

Cash and Cash Equivalents: Not explicitly specified in standalone results

Debt: ₹6,106.74 (comprising non-current and current borrowings)

Consolidated Results:

Revenue from Operations: ₹204,987.35 (QoQ: +17.9% from ₹173,801.45; YoY: +25.7% from ₹163,106.33)

Total Income: ₹207,775.93 (QoQ: +17.3% from ₹177,172.96; YoY: +25.5% from ₹165,588.78)

Net Profit: ₹6,554.44 (QoQ: -52.1% from ₹13,677.87; YoY: -43.3% from ₹11,554.21)

EPS: ₹9.46 (Basic and Diluted)

Other Equity: ₹379,854.61

Cash and Cash Equivalents: Not explicitly specified in consolidated results

Debt: ₹162,969.34 (comprising non-current and current borrowings)

Segment-wise Performance [₹ Crore]:

Standalone Segment Revenue:

Offshore: ₹33,337.24 (QoQ: +31.5% from ₹25,341.23; YoY: +50.9% from ₹22,085.57)

Onshore: ₹13,123.21 (QoQ: +24.0% from ₹10,586.95; YoY: +32.3% from ₹9,917.32)

Standalone Segment Result (Profit before tax and interest):

Offshore: ₹19,182.50 (QoQ: +161.2% from ₹7,343.68; YoY: +100.4% from ₹9,570.02)

Onshore: ₹3,936.56 (QoQ: +228.6% from ₹1,198.10; YoY: +116.0% from ₹1,822.19)

Consolidated Segment Revenue:

E&P Offshore: ₹33,337.24

E&P Onshore: ₹13,072.91

Refining & Marketing: ₹186,884.38

Petrochemicals: ₹3,857.87

Outside India: ₹3,346.20

Consolidated Segment Result (Profit/(Loss) before tax and interest):

E&P Offshore: ₹19,297.87 (QoQ: +198.4% from ₹6,466.51)

E&P Onshore: ₹4,077.53 (QoQ: +312.0% from ₹989.47)

Refining & Marketing: (₹16,154.95) (QoQ: deterioration from profit of ₹8,906.41)

Petrochemicals: (₹453.76) (QoQ: deterioration from profit of ₹456.18)

Outside India: ₹1,032.75 (QoQ: +28.8% from ₹802.06)

Corporate Actions:

No dividend declarations, share splits, bonus issues, buybacks, or capital raising activities were announced in this board meeting.

Other Significant Information:

Contingent Liabilities and Legal Matters:

1. PMT JV Arbitration: Demand of USD 1,624.05 million (₹15,365 crore) from Directorate General of Hydrocarbons related to Production Sharing Contract disputes.

2. Service Tax/GST on Royalty: Provision of ₹20,450 crore recognized, with additional contingent liabilities of ₹2,200 crore for penalties and ₹6,934 crore for JV partners' share.

3. Terminal Excise Duty Refund: Claim of ₹2,088 crore from DGFT considered recoverable.

4. CB-OS/2 Block Dispute: Vedanta Limited's petition dismissed by Delhi High Court on July 22, 2026; ONGC took control of the block but Vedanta has appealed.

Subsidiary Issue: ONGC Petro Additions Limited (OPaL) plant was shut down from August 14, 2025, to October 20, 2025, due to a technical issue; insurance claim assessment is ongoing.

Entities in Consolidation: The consolidated results include subsidiaries (ONGC Videsh Limited, MRPL, HPCL, etc.), joint ventures, and associates.

Governance: The Audit Committee could not be constituted due to absence of Independent Directors, requiring direct Board approval.