Revenue increased 13.9% sequentially to ₹35,928 crore from ₹31,547 crore. EBITDA declined 17.1% quarter-on-quarter to ₹12,666 crore from ₹15,272 crore, while EBITDA margin fell to 35.3% from 48.4% in the preceding quarter.
The company reported turnover of ₹8,443 crore during FY26 compared with ₹9,160 crore in FY25, excluding trading activities. ONGC attributed the decline to lower realised crude oil prices of $60.09 per barrel during FY26 versus $70.23 per barrel in FY25.
ONGC said total dividend for FY26 stood at ₹13.25 per share with a payout ratio of about 51%. The board recommended a final dividend of ₹1 per share, or 20%, subject to shareholder approval at the AGM. The total payout for FY26 amounts to ₹16,669 crore, including an interim dividend of ₹15,411 crore, or ₹12.25 per share, already paid during the year.
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The company said new well gas contributed 17% of production and over 21% of revenue from ONGC’s nomination gas portfolio during FY26. Revenue from new well gas stood at ₹6,678 crore, generating an additional ₹1,223 crore compared with APM gas prices.
ONGC said the technical service provider contract TSP-2, has been awarded to cover the entire Western Offshore after encouraging results from TSP-1 in the Mumbai High field. Oil production reached 102% of the target baseline, while gas production reached 108% of the target baseline within the first year of onboarding BP as a technical service provider.
The company said monetisation of gas production has begun from the Daman Upside Development Project (DUDP) in Western Offshore. The offshore gas project is expected to increase gas production equivalent to nearly 9% of ONGC’s current gas production.
ONGC said projects worth ₹33,075 crore are under progress in Western Offshore, which it described as the highest in recent times. The projects are expected to contribute to production growth in the coming years.
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The company said geological surprises arising from reservoir complexities affected production from the 98/2 field in Eastern Offshore. It also said the West Asia crisis impacted pipeline replacement and the DUDP project, affecting oil and gas production in Western Offshore. Production was also affected temporarily during hook-up operations involving pipelines, compressors, turbines and surface facilities in two existing wells.
To address reservoir and geological challenges in the KG basin, ONGC said it has engaged multiple global technical experts and specialist partners to stabilise production and reverse decline across key assets. The company also said it has mobilised a specialist taskforce under Project DeepX to accelerate deepwater exploration and plans to double drilling efforts over the next two years under the “Samudra Manthan” initiative.
During FY26, ONGC drilled four exploratory wells in ultra-deep waters of the Andaman Basin and acquired 508 LKM of 2D seismic data and 3,377 SKM of 3D seismic data in ultra-deep waters of the Mahanadi Basin. The company is also drilling the first stratigraphic well, AND-P-1, in ultra-deep waters of the Andaman Basin under a Government of India-sponsored initiative.
In category-II and III basins, ONGC drilled 13 exploratory wells during FY26, including four wells in Andaman ultra-deep waters, four in Bengal Onland, two in Kutch Onland and one each in the Ganga, Narmada and South-Reva basins.
ONGC declared three hydrocarbon discoveries during FY26 in its operated acreages. All discoveries were in shallow-water regions of Mumbai Offshore, including two new prospects and one new pool discovery.
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Mangalore Refinery and Petrochemicals Ltd achieved a throughput of 17 MMT during FY26 compared with 18.18 MMT in the previous year, mainly due to the turnaround shutdown of phase 2 of the refinery complex during Q1 FY26. MRPL’s gross refinery margin for FY26 stood at $9.22 per barrel compared with $4.45 per barrel in the previous year.
MRPL reported revenue from operations of ₹1,05,155 crore during FY26 against ₹1,09,280 crore in FY25. Capacity utilisation stood at 113% during FY26 compared with 121% in the previous year. MRPL posted a net profit of ₹1,931 crore in FY26 compared with ₹51 crore in FY25.
The board also accorded in-principle approval for the formation of a 50:50 joint venture company with Gujarat Maritime Board (GMB) to develop a 5 MMTPA liquid port at Dahej, Gujarat, subject to investment approvals by the joint venture partners and approval from DIPAM, Government of India.
ONGC said the proposed port facility at Dahej will support the ONGC Group’s integrated energy business and strengthen its logistics infrastructure in the region.
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Separately, the board approved a related party transaction for providing a Parent Company Guarantee by ONGC Nile Ganga BV (ONGBV) to BC-10 operator Shell Brasil Petróleo Ltda, on behalf of ONGC Campos Ltda. (OCL) for abandonment liability of up to $325 million, or about ₹2,760 crore. The guarantee fees will be determined based on a transfer pricing study.
ONGC Nile Ganga BV is a subsidiary of ONGC Videsh Ltd, while ONGC Campos Ltda., Brazil, is a step-down subsidiary of ONGC Videsh through ONGBV. The board also recommended shareholder approval for related party transactions linked to the Area-1 Mozambique Project, including implementation of the AssetCo structure through transfer of assets under the AssetCo transaction and extension of the validity period of the existing Debt Service Undertaking (DSU) provided by ONGC.
Further, ONGC said the company had ₹1,000 crore unsecured non-convertible debentures (NCDs) outstanding as of March 31, 2026. Security cover certificates are not applicable under SEBI Listing Regulations, as the NCDs are unsecured.
Shares of Oil and Natural Gas Corporation Ltd ended at ₹287.50, up by ₹2.55, or 0.89%, on the BSE.
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