Financial Performance (Consolidated)

ONGC reported consolidated financial results for Q4 FY26 and full year FY26:

| Metric | Q4 FY26 | Q4 FY25 | % Var | FY26 | FY25 | % Var |

| Gross Revenue (₹ Crore) | 1,73,805 | 1,67,749 | 3.6 | 6,62,247 | 6,63,262 | (0.2) |

| Net Profit (₹ Crore) | 13,678 | 8,965 | 52.6 | 49,793 | 38,329 | 29.9 |

Financial Performance (Standalone)

ONGC's standalone performance showed:

  • Net Profit: ₹6,650 crore in Q4 FY26 (up 3.1% from ₹6,448 crore in Q4 FY25)
  • Net Profit: ₹32,894 crore in FY26 (compared to ₹35,610 crore in FY25)

Realizations:

  • Crude Oil Price-Nominated Net Realization: $78.32/bbl in Q4 FY26 (up 6.2% from $73.72/bbl in Q4 FY25)
  • Crude Oil Price-Nominated Net Realization: ₹7,158/bbl in Q4 FY26 (up 12.1% from ₹6,385/bbl in Q4 FY25)
  • Gas Price for Nomination: $6.40/mmbtu in Q4 FY26 (down 1.5% from $6.50/mmbtu in Q4 FY25)
  • New Well Gas Price: $7.71/mmbtu in Q4 FY26 (down 16.4% from $9.22/mmbtu in Q4 FY25)

During FY26, revenue from new well gas stood at ₹6,678 crore, delivering an additional ₹1,223 crore revenue compared to the APM gas price. New Well Gas now contributes more than 21% of total revenue from ONGC nomination gas portfolio and 17% of production.

Dividend Payout

The Board recommended a Final Dividend of 20% (₹1 per share) subject to shareholder approval at AGM. The total dividend for FY26 would be 265% (₹13.25 per share of face value ₹5 each) with a total payout of ₹16,669 crore. This includes interim dividend of ₹15,411 crore (245% or ₹12.25 per share) already paid during the year, representing a payout ratio of ~51%.

Production Performance

| Metric | Q4FY'26 | Q4FY'25 | FY'26 | FY'25 |

| Crude Oil–ONGC Standalone (MMT) | 4.449 | 4.700 | 18.355 | 18.558 |

| Crude Oil–JVs share (MMT) | 0.270 | 0.300 | 1.170 | 1.294 |

| Condensate (MMT) | 0.230 | 0.259 | 0.977 | 1.040 |

| Gas – ONGC Standalone (BCM) | 4.782 | 4.893 | 19.533 | 19.654 |

| Gas – JVs share (BCM) | 0.097 | 0.120 | 0.434 | 0.536 |

Production was affected by geological surprises from reservoir complexities in the 98/2 Field in Eastern Offshore, the West Asia crisis affecting pipeline replacement and DUDP projects in Western Offshore, and brief production interruptions due to hook up operations.

Strategic Initiatives

ONGC has undertaken several strategic initiatives to address production challenges:

(a) Mumbai High field shows strong early signs of production revival within first year of onboarding BP as technical service provider with Oil production reaching 102% and Gas production reaching 108% of target baseline. ONGC is advancing the onboarding of BP for the entire Western Offshore through Technical Service Provider (TSP-2) contract.

(b) Mega Offshore Gas project - Daman Upside Development Project (DUDP) recently put on production is expected to significantly increase gas production equivalent to nearly 9% of ONGC's current gas production.

(c) Projects worth ₹33,075 crore under progress in Western Offshore, highest in recent times, will contribute to production growth in coming years.

(d) ONGC has engaged multiple global technical experts and specialist partners to address complex reservoir and geological challenges in the KG basin.

Exploration Performance

(a) The Company mobilized a specialist taskforce PROJECT DeepX to accelerate deep water exploration and finalized to double its drilling efforts in next 2 years under "Samudra Manthan".

(b) During FY26, ONGC drilled four exploratory wells in ultradeep waters of Andaman Basin and acquired 508 LKM of 2D & 3,377 SKM of 3D seismic data in ultradeep waters of Mahanadi Basin.

(c) ONGC drilled 13 exploratory wells in Cat-II & III basins during FY26.

(d) ONGC declared 3 hydrocarbon discoveries during FY26 in its operated acreages, all in shallow water region of Mumbai offshore (2 new prospects and 1 new pool discovery).

Discoveries notified during Q4 FY 2025-26:

(i) MBS191HCA-1: Exploratory well drilled in OALP-III Block MB-OSHP-2019/1 of Mumbai Offshore, established as separate prospect gas discovery.

Discoveries notified during Q1 FY 2026-27:

(i) MBSWO231-AAA-1: First discovery notified in OALP Round-IX block in Mumbai Offshore basin.

(ii) BKAD_Shift (BK-21): Exploratory well in Pre-NELP Block AA-ONJ/2 in Cachar sector of Assam Arakan Fold Belt, notified as New Pool Discovery.

(e) ONGC monetized 3 hydrocarbon discoveries during FY26 and one Discovered Small Field (DSF-II) Block.

Reserve Accretion (2P)

(MMToE)

| Category | FY'26 | FY'25 |

| ONGC operated domestic areas | 44.01 | 25.21 |

| ONGC share in Domestic JVs | 0.85 | 1.30 |

| Total Domestic | 44.86 | 26.52 |

| ONGC Videsh's Share in Foreign Assets | 54.31 | 7.94 |

| ONGC Group | 99.17 | 34.46 |

Reserve Replacement Ratio (2P) of ONGC-Operated Domestic Areas during FY26 was 1.17.

New Ventures and Strategic Partnerships

(a) ONGC with Group companies MRPL and OPaL are establishing a Petchem Trading JV including third party sales, currently under Government approval consideration.

(b) ONGC formed two joint venture companies with Mitsui O.S.K. Lines (MOL), Japan for shipment of ethane to OPaL, registered at GIFT City, Gandhinagar.

(c) As part of Capital Restructuring Plan of OPaL, exit of ONGC's C2-C3 Plant from the SEZ and renegotiation of outstanding debt has strengthened revival efforts. OPaL's EBITDA improved from ₹(203) crores in FY25 to ₹1,207 crores in FY26.

(d) ONGC awarded a 300 MW ISTS connected solar power project on 21st November 2025 for captive usage, with corresponding wind tender likely to be awarded soon.

(e) ONGC Board accorded In-principle approval to form a JVC with Gujarat Maritime Board (GMB) for development of mega liquid port facilities at Dahej.

Subsidiary Performance Highlights

ONGC Videsh Ltd

  • Production: 9.671 MMTOE in FY26 (vs 10.278 MMTOE in FY25)
  • Crude Oil: 6.908 MMT (vs 7.265 MMT)
  • Natural Gas: 2.763 BCM (vs 3.013 BCM)
  • Turnover: ₹8,443 crore in FY26 (vs ₹9,160 crore in FY25)
  • Realized crude oil price: $60.09/bbl in FY26 (vs $70.23/bbl in FY25)
  • PAT: ₹1,152 crore in FY26 (vs ₹428 crore in FY25)
  • Recommended final dividend of ₹0.50 per share (total ₹75 crore)

Hindustan Petroleum Corporation Ltd (HPCL)

  • Highest ever crude throughput: 26.04 MMT
  • Highest ever sales volume: 51.45 MMT (vs 49.82 MMT)
  • Highest ever LPG Sales: 9.41 MMT (5.2% growth)
  • Commissioned 1,351 new Retail outlets, total 25,098
  • Combined GRM: $8.79/bbl (vs $5.74/bbl)
  • Revenue from Operations: ₹4,78,543 crore (2.6% growth)
  • Standalone PAT: ₹17,175 crore (vs ₹7,365 crore)
  • Proposed final dividend: ₹19.25 per share + interim ₹5.00 per share

Mangalore Refinery and Petrochemicals Ltd (MRPL)

  • Throughput: 17 MMT (vs 18.18 MMT)
  • GRM: $9.22/bbl (vs $4.45/bbl)
  • Revenue from operations: ₹1,05,155 crore (vs ₹1,09,280 crore)
  • Capacity utilization: 113% (vs 121%)
  • Net profit: ₹1,931 crore (vs ₹51 crore)

ONGC Petro Additions Ltd (OPaL)

  • Operated at average 84% capacity
  • Revenue from operations: ₹14,214 crore (vs ₹14,804 crore)
  • EBITDA: ₹1,207 crore (vs ₹(203) crore)

ONGC Green Limited (OGL)

  • OGL One Limited recorded ~4% efficiency improvement, generating 556 MU
  • PAT: ₹55 crore (84% YoY increase)
  • ONGC NTPC Green Limited (ONGPL) subsidiary Ayana Renewables commissioned 839 MW RE capacity, total operating capacity to 3 GW
  • OGL consolidated revenue: ₹298 Crore (vs ₹14 Crore)
  • Consolidated net profit: ₹85 crore (vs loss of ₹19 crore)

Other Subsidiaries

  • Petronet MHB Limited (PMHBL): Throughput 4.065 MMT, revenue ₹199.45 crore, profit ₹116.17 crore, paid interim dividend of ₹1.93 per share
  • ONGC Tripura Power Company (OTPC): Revenue ₹1503 crore, PAT ₹137 crore
  • Mangalore SEZ Limited (MSEZ): Highest ever net Profit ₹68.18 crore, Long-Term Borrowing decreased to ₹96.59 Crores from ₹236.22 Crore

Awards

ONGC received multiple awards including:

  • "Exploration Company of the Year" by Federation of Indian Petroleum Industry
  • Three awards in Maharatna & Navratna category at 15th India Public Sector Enterprises Awards
  • Three awards at Governance Now 12th PSU Awards
  • Certificate of Merit at 38th Jamnalal Bajaj Uchit Vyavhar Puraskar
  • "Outstanding Contribution to the E3 Industry Award" for OGL
  • "Domestic Seller of the Year" Award at IGX Awards
  • GEEF Platinum Award 2026 for excellence in Safety and Environment Management