Revenue saw a sequential increase of 13.9%, rising to ₹35,928 crore from ₹31,547 crore. However, EBITDA decreased by 17.1% quarter-on-quarter to ₹12,666 crore from ₹15,272 crore, with the EBITDA margin dropping to 35.3% from 48.4% in the prior quarter.
The company reported a turnover of ₹8,443 crore for FY26, down from ₹9,160 crore in FY25, excluding trading activities. ONGC attributed this drop to reduced realised crude oil prices of $60.09 per barrel in FY26, compared to $70.23 per barrel the prior year.
ONGC declared a total dividend of ₹13.25 per share for FY26, yielding a payout ratio of approximately 51%. The board suggested a final dividend of ₹1 per share (20%), pending shareholder approval at the AGM. The overall payout for FY26 is ₹16,669 crore, which includes an interim dividend of ₹15,411 crore or ₹12.25 per share already disbursed this year.
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During FY26, new well gas contributed 17% to production and over 21% to revenue from ONGC’s nomination gas portfolio. Revenue from this segment amounted to ₹6,678 crore, generating an extra ₹1,223 crore against APM gas prices.
ONGC noted that the technical service provider contract TSP-2 has been awarded to cover the entire Western Offshore area after positive outcomes from TSP-1 in the Mumbai High field. Oil production hit 102% of the target baseline, while gas production reached 108% of the target baseline within the first year, following BP’s onboarding as a technical service provider.
Gas production monetisation has commenced from the Daman Upside Development Project (DUDP) in the Western Offshore, which is projected to yield a nearly 9% increase in ONGC’s current gas production.
Projects worth ₹33,075 crore are underway in the Western Offshore, described by ONGC as the highest activity level seen in recent times. These initiatives are expected to drive production growth in the years ahead.
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Geological surprises due to reservoir complexities have impacted production from the 98/2 field in Eastern Offshore. Additionally, the West Asia crisis has affected pipeline replacement and the DUDP project, subsequently impacting oil and gas production in the Western Offshore. Production was also temporarily disrupted during hook-up operations involving pipelines, compressors, turbines, and surface facilities at two existing wells.
To overcome reservoir and geological challenges in the KG basin, ONGC has collaborated with multiple international technical experts and specialist partners to stabilise production and halt declines in key assets. The company has also mobilised a specialist taskforce under Project DeepX to accelerate deepwater exploration and has plans to double drilling activities over the next two years under the “Samudra Manthan” initiative.
Throughout FY26, ONGC drilled four exploratory wells in the ultra-deep waters of the Andaman Basin and gathered 508 LKM of 2D seismic data along with 3,377 SKM of 3D seismic data in the ultra-deep waters of the Mahanadi Basin. The company is also drilling the inaugural stratigraphic well, AND-P-1, in the ultra-deep waters of the Andaman Basin as part of a government-sponsored initiative.
In category-II and III basins, ONGC completed 13 exploratory wells during FY26, including four in Andaman ultra-deep waters, four in Bengal Onland, two in Kutch Onland, and one each in the Ganga, Narmada, and South-Reva basins.
During FY26, ONGC made three hydrocarbon discoveries across its operated acreages, all in shallow-water areas of Mumbai Offshore, which comprised two new prospects and one new pool discovery.
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Mangalore Refinery and Petrochemicals Ltd processed 17 MMT in FY26, compared to 18.18 MMT the prior year, primarily due to the shutdown for turnaround in phase 2 of the refinery complex during Q1 FY26. MRPL’s gross refinery margin for FY26 was $9.22 per barrel, up from $4.45 per barrel the previous year.
MRPL reported operational revenue of ₹1,05,155 crore during FY26, down from ₹1,09,280 crore in FY25. Capacity utilisation was 113% in FY26, as opposed to 121% the previous year. The net profit for MRPL stood at ₹1,931 crore in FY26, compared to ₹51 crore in FY25.
The board granted in-principle approval to form a 50:50 joint venture with the Gujarat Maritime Board (GMB) to establish a 5 MMTPA liquid port at Dahej, Gujarat, pending investment approvals by joint venture partners and nod from DIPAM, Government of India.
ONGC indicated that the proposed port facility at Dahej will bolster the ONGC Group’s integrated energy business and enhance its logistical capabilities in the region.
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In a separate announcement, the board approved a related party transaction for ONGC Nile Ganga BV (ONGBV) to provide a Parent Company Guarantee to BC-10 operator Shell Brasil Petróleo Ltda on behalf of ONGC Campos Ltda. (OCL) for abandonment liability of up to $325 million, approximately ₹2,760 crore. Guarantee fees will be determined via a transfer pricing study.
ONGC Nile Ganga BV is a subsidiary of ONGC Videsh Ltd, while ONGC Campos Ltda., Brazil, operates as a step-down subsidiary of ONGC Videsh via ONGBV. The board also sought shareholder approval for related party transactions associated with the Area-1 Mozambique Project, including the implementation of the AssetCo structure through asset transfers and extending the validity period of the current Debt Service Undertaking (DSU) provided by ONGC.
Furthermore, ONGC revealed it has ₹1,000 crore in unsecured non-convertible debentures (NCDs) outstanding as of March 31, 2026. Security cover certificates are inapplicable under SEBI Listing Regulations, given that the NCDs are unsecured.
Shares of Oil and Natural Gas Corporation Ltd closed at ₹287.50, an increase of ₹2.55 or 0.89%, on the BSE.
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