ONGC Q4 FY26 Results: Consolidated Net Profit Surges 53%; Declares Record ₹16,669 Crore Dividend

State-run energy major Oil and Natural Gas Corporation (ONGC) has reported a strong financial performance for the fourth quarter and full financial year 2025-26, registering a sharp 53% year-on-year surge in consolidated net profit for Q4 and announcing its highest-ever total dividend payout.

The company posted a consolidated net profit of ₹13,678 crore in Q4 FY26, compared to ₹8,965 crore in the corresponding period last year. For the full fiscal, consolidated net profit rose 30% to ₹49,793 crore.

On a standalone basis, ONGC reported a net profit of ₹6,650 crore in Q4 FY26, marking a 3% increase year-on-year, while full-year standalone profit stood at ₹32,894 crore.

Record Dividend Payout

ONGC’s Board has recommended a final dividend of ₹1 per share, taking the total dividend for FY26 to ₹13.25 per share. This translates into a total payout of ₹16,669 crore—the highest in the company’s history—with a payout ratio of around 51%.

Strong Operational Performance

The company’s performance was supported by robust contributions from key subsidiaries, including HPCL, MRPL, ONGC Videsh Ltd (OVL), and OPaL, all of which recorded significant improvement during the year.

ONGC also achieved a key milestone by commencing monetization of gas production from the Daman Upside Development Project (DUDP) in the Western Offshore in record time. Additionally, projects worth ₹33,075 crore are currently under execution in the region, marking one of the highest investment phases in recent years.

New well gas emerged as a major contributor, accounting for 17% of production and over 21% of revenue from ONGC’s nomination gas portfolio during FY26.

Production and Strategic Interventions

ONGC’s production remained broadly stable during the year, though impacted by geological complexities and external disruptions, including the West Asia crisis.

To address these challenges, the company has initiated structured long-term measures. The onboarding of global energy major BP as a technical service provider has already shown encouraging results in the Mumbai High field, with oil and gas output exceeding baseline targets in the first year itself.

The company is now expanding this model across the Western Offshore.

Exploration Push and Discoveries

ONGC has intensified its exploration activities through initiatives such as ‘Project DeepX’, aimed at accelerating deepwater exploration.

During FY26, the company drilled multiple wells across ultradeepwater and onland basins and declared three hydrocarbon discoveries in Mumbai Offshore. Additionally, several discoveries were monetized, strengthening ONGC’s reserve base and long-term energy outlook.

Expansion, Partnerships and Energy Transition

Looking ahead, ONGC is diversifying into new business segments and strengthening strategic partnerships. The company is planning a petrochemical trading joint venture with MRPL and OPaL and has entered into logistics partnerships with Mitsui O.S.K. Lines, Japan, for ethane transportation.

In line with its clean energy roadmap, ONGC has also awarded a 300 MW solar power project for captive use and is exploring wind energy projects to meet renewable consumption obligations and reduce costs.

Subsidiaries Deliver Strong Growth

ONGC’s subsidiaries delivered an impressive performance across segments:

• HPCL recorded its highest-ever refining throughput and sales volume
• MRPL reported a sharp jump in profitability
• OPaL achieved a turnaround with positive EBITDA
• ONGC Green Limited (OGL) showed significant improvement in profitability and renewable capacity

These performances underline the growing strength of ONGC’s diversified energy portfolio.

Recognition and Awards

ONGC’s operational and strategic excellence was recognised with multiple prestigious awards, including:

• “Exploration Company of the Year” at India Energy Week 2026
• Multiple honours at PSU and governance awards for financial performance, innovation, and sustainability