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ONGC Q3 Consolidated Net Profit Rises 23% to ₹11,946 Cr; Declares ₹6.25 Dividend
ONGC reported a robust 23% YoY increase in consolidated net profit to ₹11,946 crore for Q3 FY'26. The board declared a second interim dividend of ₹6.25 per share, taking the total cumulative dividend for FY'26 to a record ₹15,411 crore. Operational highlights include a 0.35% rise in 9M crude oil production and significant progress in the KG-98/2 and Daman offshore projects. Notably, revenue from new well gas exceeded ₹5,000 crore, now accounting for 18% of total gas sales revenue.
Key Highlights
Consolidated net profit grew 23% YoY to ₹11,946 crore in Q3 FY'26.
Second interim dividend of ₹6.25 (125%) declared; record date set for Feb 18, 2026.
New Well Gas revenue reached ₹5,028 crore in 9M FY'26, contributing 18% to total gas sales.
Standalone crude oil production for 9M FY'26 rose 0.35% to 13.907 MMT.
KG-98/2 Eastern Offshore project successfully installed all imported mega structures and modules.
💼 Action for Investors
The strong earnings growth and record dividend payout make ONGC attractive for value and income-seeking investors. Monitor the commissioning of the KG-98/2 and Daman projects for future production volume triggers.
ONGC Declares 2nd Interim Dividend of ₹6.25 per Share for FY 2025-26
ONGC has declared a second interim dividend of ₹6.25 per equity share (125% of face value) for the financial year 2025-26. The company has fixed February 18, 2026, as the record date to determine shareholder eligibility for this payout. On the financial front, standalone revenue for Q3 FY26 stood at ₹31,546.51 crore, reflecting a slight sequential decline from ₹33,030.56 crore in the previous quarter. Investors should also note significant contingent liabilities, including a ₹14,600 crore arbitration demand related to the Panna-Mukta and Tapti contract areas.
Key Highlights
Declared 2nd interim dividend of ₹6.25 per equity share of face value ₹5 each.
Record date for dividend eligibility is set for February 18, 2026.
Standalone revenue from operations for Q3 FY26 reported at ₹31,546.51 crore.
Contingent liability of ₹14,600 crore disclosed regarding Panna-Mukta and Tapti JV arbitration.
Disputed GST/Service Tax on royalty and related penalties totaling over ₹8,600 crore maintained as contingent liabilities.
💼 Action for Investors
Investors seeking dividend income should ensure they hold shares before the February 18 record date. While the dividend payout is healthy, long-term investors should monitor the resolution of the high-value arbitration and tax disputes mentioned in the notes.
ONGC Q3 FY26 Revenue at ₹31,547 Cr; Declares ₹6.25 per Share Interim Dividend
ONGC reported a standalone revenue from operations of ₹31,546.51 crore for the quarter ended December 31, 2025, reflecting a decline from ₹33,716.80 crore in the same quarter last year. The company has declared a second interim dividend of ₹6.25 per equity share (125% of face value), with the record date set for February 18, 2026. Total income for the nine-month period ended December 2025 stood at ₹104,308 crore, down approximately 6.2% year-on-year. Investors should note significant contingent liabilities, including a ₹14,600 crore arbitration demand related to the PMT JV and over ₹8,600 crore in disputed tax and penalty claims.
Key Highlights
Revenue from operations for Q3 FY26 stood at ₹31,546.51 crore, a 6.4% decline year-on-year.
Declared a second interim dividend of ₹6.25 per equity share for FY 2025-26.
Contingent liability of ₹14,600 crore reported regarding the Panna-Mukta and Tapti JV arbitration award.
Nine-month total income reached ₹104,307.99 crore compared to ₹111,268.81 crore in the previous year.
Statutory levies for the quarter amounted to ₹5,975.33 crore, down from ₹6,629.64 crore in Q3 FY25.
💼 Action for Investors
Investors may view the dividend declaration as a positive yield support, but should remain cautious regarding the large contingent liabilities and the slight decline in operational revenue. Monitor global crude price trends and regulatory updates regarding windfall taxes which impact net realizations.
ONGC ESG Score Declines to 61.1; Governance and Safety Concerns Highlighted
ONGC's adjusted ESG score for FY 2024-25 has declined to 61.1 from 63.9 in the previous year, according to an independent report by SES ESG Research. The report highlights critical governance gaps, including the lack of requisite Independent Directors and concerns over material Related Party Transactions. Environmental performance was mixed, with a rise in GHG emission intensity to 142.4x10-6 MTCO2e/USD, while social metrics were impacted by three fatalities recorded during the year.
Key Highlights
Adjusted ESG score dropped from 63.9 in 2024 to 61.1 in 2025.
Three fatalities and 39 work-related injuries recorded in FY 2024-25 compared to zero fatalities in FY 2023-24.
Board non-compliance noted regarding the number of Independent Directors, leading to stock exchange penalties.
Renewable energy remains a negligible 0.25% of total energy consumption.
Water consumption intensity improved, decreasing to 0.00031 KL/USD from 0.00034 KL/USD.
💼 Action for Investors
Investors should monitor the company's efforts to rectify board composition and safety standards, as persistent ESG downgrades can impact institutional investment eligibility. Pay close attention to management's response regarding Related Party Transaction pricing justifications.
ONGC Sets Feb 18, 2026, as Record Date for Second Interim Dividend of FY26
Oil & Natural Gas Corporation (ONGC) has fixed February 18, 2026, as the record date to determine shareholder eligibility for its second interim dividend of the financial year 2025-26. The formal declaration and the specific dividend amount will be decided in the upcoming Board meeting scheduled for February 12, 2026. This announcement follows the company's routine of providing periodic payouts to its shareholders. Investors must hold the stock prior to the ex-dividend date to be eligible for the payout.
Key Highlights
Record date for the 2nd Interim Dividend for FY 2025-26 is fixed as February 18, 2026.
The Board of Directors is scheduled to meet on February 12, 2026, to consider and declare the dividend.
The intimation is in compliance with Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
💼 Action for Investors
Income-focused investors should monitor the Board meeting on February 12 for the dividend quantum. To qualify for the payout, ensure the shares are in your demat account before the record date of February 18.
ONGC Clarifies No Definitive Negotiations with ExxonMobil for Joint Bidding
ONGC has officially clarified to the exchanges that it is not currently engaged in any definitive negotiations or arrangements with ExxonMobil for joint bidding of oil and gas blocks, contrary to recent media reports. The company attributed its recent 2.46% share price increase to the broader rising trend in Brent crude oil prices, which also impacted peers like Oil India (up 4.93%). This response aims to quell market speculation regarding a potential high-profile international partnership. Investors should note that the stock's movement remains primarily driven by global energy macro factors rather than specific new corporate alliances at this stage.
Key Highlights
ONGC confirms no definitive negotiations or arrangements are currently underway with ExxonMobil.
Attributed recent 2.46% stock price gain to rising Brent crude oil prices rather than the news item.
Noted sector-wide gains with Oil India Limited rising 4.93% and Hind Oil Exploration rising 1.89% on the same day.
Clarification issued in response to a Livemint article dated January 28, 2026, regarding joint bidding for blocks.
💼 Action for Investors
Investors should disregard the speculative rumors regarding the ExxonMobil partnership and focus on Brent crude price trends and domestic production volumes. The stock remains a macro play on energy prices rather than a news-driven M&A candidate for now.
ONGC Confirms Resource-Sharing Pact with Reliance Industries for Offshore Energy Development
ONGC has officially confirmed a resource-sharing agreement with Reliance Industries to collaborate on offshore and onland infrastructure, facilitated by the ORDA Act 2025. While the news is significant, the company clarified that its recent stock price movement is largely driven by a 10.5% surge in Brent crude prices, which rose from $60 to $67 per barrel in three weeks. This partnership aims to enhance operational efficiency and reduce development costs in the hydrocarbon sector. Peer companies like Oil India also saw gains of 9.79%, indicating a broader sector rally driven by global oil prices.
Key Highlights
Confirmed resource-sharing pact with Reliance Industries for offshore and onland energy infrastructure
Agreement is enabled by the new Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025)
Brent crude prices rose 10.5% from approximately $60 on Jan 7 to $67 on Jan 28, 2026
Peer stock movements: Oil India Limited rose 9.79% and Hind Oil Exploration rose 5.18% today
💼 Action for Investors
Investors should view the collaboration with Reliance as a structural positive for long-term margins and efficiency. However, short-term stock performance remains highly sensitive to global Brent crude price fluctuations.
ONGC Confirms Resource-Sharing Pact with Reliance Amid 10.5% Surge in Crude Oil Prices
ONGC has clarified that its recent share price movement is primarily driven by a 10.5% increase in global Brent crude prices, which rose from approximately $60 to $67 per barrel over the last three weeks. The company also confirmed a resource-sharing agreement with Reliance Industries, enabled by the Oilfields (Regulation and Development) Amendment Act, 2025. This pact allows for the shared use of infrastructure and facilities to enhance efficiency in offshore and onland hydrocarbon production. Peer companies like Oil India and Hind Oil Exploration also saw gains of 9.79% and 5.18% respectively, reflecting sector-wide momentum.
Key Highlights
Brent crude prices rose 10.5% from ~$60 on Jan 7 to ~$67 on Jan 28, 2026
Confirmed resource-sharing agreement with Reliance Industries to optimize offshore energy production
Agreement is facilitated by the new Oilfields (Regulation and Development) Amendment Act, 2025
Peer company Oil India Limited saw a 9.79% price increase in the same period
Collaboration aims to improve development efficiency for India's hydrocarbon sector
💼 Action for Investors
Investors should view the infrastructure-sharing pact with Reliance as a long-term positive for operational efficiency and cost reduction. Maintain a focus on global crude price trends, as the company remains highly sensitive to Brent price fluctuations.
ONGC and Reliance Sign Landmark Agreement to Share Deepwater Resources on India's East Coast
ONGC and Reliance Industries have signed a strategic agreement to share deepwater resources in the Krishna Godavari (KG) basin and Andaman offshore. This partnership, facilitated by the ORDA Act 2025, allows both companies to share high-value assets including drilling rigs, processing facilities, and subsea equipment. The collaboration aims to optimize costs, reduce idle capacity, and accelerate the execution of complex deepwater projects. This move is expected to enhance operational efficiency and contribute significantly to India's energy security goals.
Key Highlights
Strategic sharing of resources across the Krishna Godavari (KG) basin and Andaman offshore regions.
Includes sharing of high-value assets like drilling rigs, marine vessels, pipelines, and processing facilities.
Enabled by the Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025).
Focuses on cost optimization and faster mobilization for complex deepwater E&P operations.
Aims to improve asset utilization by reducing duplication of infrastructure between the two energy giants.
💼 Action for Investors
Investors should view this as a positive development for long-term margin improvement due to shared capital expenditure and operational costs. Monitor future earnings reports for specific cost-saving metrics resulting from this synergy.
ONGC JVs Sign Contracts for 2 Very Large Ethane Carriers with Samsung Heavy Industries
ONGC, through its joint ventures with Mitsui O.S.K. Lines (MOL), has signed shipbuilding contracts with Samsung Heavy Industries for two state-of-the-art Very Large Ethane Carriers (VLECs). These vessels, each with a capacity of 100,000 cubic meters, will transport approximately 600 KTPA of ethane from the USA to India for ONGC's subsidiary, OPaL. The project involves the establishment of two JV companies in GIFT City, Gujarat, to own and operate the Indian-flag vessels. This strategic move secures long-term marine logistics for critical feedstock, with vessel delivery scheduled for FY 2028-29.
Key Highlights
Construction of two 100,000 cubic meter capacity Very Large Ethane Carriers (VLECs) by Samsung Heavy Industries.
Vessels will support the transportation of 600 KTPA of ethane for ONGC subsidiary OPaL.
Establishment of two JV companies, Bharat Ethane One and Two, in GIFT City, Gujarat.
Long-term Time Charter Party agreements signed to secure a dedicated energy feedstock corridor from the USA.
Vessels are scheduled for delivery in FY 2028-29, enhancing long-term supply chain resilience.
💼 Action for Investors
Investors should view this as a positive long-term strategic move that secures the supply chain for ONGC's petrochemical operations. While the financial impact will only materialize after FY 2028-29, it demonstrates ONGC's commitment to vertical integration and reducing external logistics risks.
ONGC Invests ₹4 Crore to Form 50:50 Shipping JVs with Mitsui O.S.K. Lines
ONGC has finalized a 50:50 joint venture with Japan's Mitsui O.S.K. Lines (MOL) by investing ₹4 crore in two new entities, Bharat Ethane One and Bharat Ethane Two. These GIFT City-based JVs will own and operate Very Large Ethane Carriers (VLEC) to transport ethane from the USA. The primary objective is to secure a stable feedstock supply for ONGC's subsidiary, ONGC Petro additions Limited (OPaL). This strategic move strengthens ONGC's midstream logistics and supports its petrochemical business vertical.
Key Highlights
Acquisition of 50% stake in two JV companies for a total consideration of ₹4,00,00,000
Partnership with Mitsui O.S.K. Lines Ltd (MOL) for owning and operating Very Large Ethane Carriers
VLECs will operate under the Indian flag to transport ethane from the USA to India
Strategic alignment to meet feedstock requirements for subsidiary ONGC Petro additions Limited (OPaL)
Regulatory approval from DIPAM has been successfully obtained for the JV formation
💼 Action for Investors
Investors should view this as a positive step toward securing the supply chain for OPaL, though the immediate financial impact is small. Monitor future updates on OPaL's profitability as these logistics efficiencies come online.
ONGC Forms 50:50 JVs with Mitsui O.S.K. Lines for Ethane Logistics; Invests ₹4 Crore
ONGC has finalized a 50:50 joint venture partnership with Japan's Mitsui O.S.K. Lines (MOL) by investing ₹4 crore in two new entities. The JVs, Bharat Ethane One and Bharat Ethane Two, are based in GIFT City and will focus on owning and operating Very Large Ethane Carriers (VLECs). These vessels will transport ethane from the USA to provide essential feedstock for ONGC's subsidiary, OPaL. This move strengthens ONGC's midstream capabilities and ensures supply chain security for its petrochemical operations.
Key Highlights
Acquired 50% stake in Bharat Ethane One and Bharat Ethane Two IFSC Private Limited
Total investment of ₹4,00,00,000 for 4,00,000 equity shares at ₹100 each
JVs will operate Very Large Ethane Carriers (VLECs) to import ethane from the USA
Strategic alignment to support feedstock requirements of subsidiary ONGC Petro additions Limited (OPaL)
Project has received necessary approval from the Department of Investment and Public Asset Management (DIPAM)
💼 Action for Investors
This is a strategic long-term positive for ONGC's petrochemical segment as it secures logistics for cheaper feedstock from the USA. Investors should maintain a positive outlook on ONGC's vertical integration and diversification efforts.
ONGC Takes Operational Control of Mori-5 Well Incident; Fire Intensity Reducing
ONGC's Crisis Management Team has assumed operational control of the Mori-5 well in the Mori Field following a blowout incident. The company has finalized a comprehensive control plan and is currently deploying high-capacity firewater pumps via a newly excavated temporary canal. While flame intensity is decreasing and environmental monitoring is active within a 600-meter radius, the incident represents an operational disruption. Investors should monitor the progress toward full containment and any potential impact on production or safety-related liabilities.
Key Highlights
ONGC senior management and Crisis Management Team (CMT) experts have assumed operational control of the Mori-5 well site.
A comprehensive blowout control plan has been finalized and high-capacity firewater pumps are being positioned.
Environmental monitoring for air, noise, and water quality is being conducted within a 600-meter radius of the site.
Flame intensity and size are gradually reducing, and the team has successfully redirected the flame to a vertical position.
💼 Action for Investors
Investors should monitor for further updates regarding the successful capping of the well and any potential financial implications or production losses. The situation is currently under management, but operational risks in the Mori Field should be noted.
ONGC: Arun Kumar Singh re-employed as Chairman & CEO w.e.f. 07.12.2025
The Board of Directors of ONGC has approved the re-employment of Shri Arun Kumar Singh as Chairman & CEO on a contract basis. His re-employment is effective from December 7, 2025, for a period of one year, or until a regular incumbent assumes the role, or until further orders. This decision aligns with the letter no. CA-31011/5/2023-PNG (48404) issued by the Ministry of Petroleum and Natural Gas, Government of India on December 3, 2025. Shri Singh has nearly four decades of experience in the Oil & Gas industry.
Key Highlights
Arun Kumar Singh re-appointed as Chairman & CEO of ONGC w.e.f. 07.12.2025
Re-employment is for a period of one year or until further orders
Arun Kumar Singh has nearly four decades of experience in the Oil & Gas industry
Board meeting concluded at 20:25 hrs on 05.12.2025
💼 Action for Investors
Investors should monitor any further announcements regarding the appointment of a permanent Chairman & CEO. This re-employment provides leadership continuity for the company.
ONGC Board approves re-employment of Arun Kumar Singh as Chairman & CEO
The ONGC board has approved the re-employment of Shri Arun Kumar Singh as Chairman & CEO on a contract basis, effective December 7, 2025, for one year. This is until a regular appointment is made or further orders are issued, as per the Government of India's directive. Shri Singh has been serving as Chairman & CEO since December 7, 2022. He also holds chairmanship positions in ONGC Videsh Limited (OVL), Mangalore Refinery & Petrochemicals Limited (MRPL), and other ONGC Group companies.
Key Highlights
Arun Kumar Singh re-appointed as Chairman & CEO w.e.f. 07.12.2025
Re-employment is for a period of one year
Singh assumed the role of Chairman and CEO on December 7, 2022
Board meeting concluded at 20:25 hrs on 05.12.2025
💼 Action for Investors
Investors should monitor ONGC's leadership transition and any strategic shifts under Shri Singh's continued leadership. Keep an eye on the appointment of a permanent replacement.