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• ONGC's board met on 26 May 2026 in New Delhi, approving an in-principle 50:50 joint venture with Gujarat Maritime Board to develop a 5 MMTPA liquid port at Dahej, Gujarat, pending DIPAM and partner approvals.
• Standalone net profit for FY 2025–26 stood at INR 32,894 crore, down from INR 35,610 crore the previous year; consolidated net profit rose to INR 49,793 crore.
• A final dividend of INR 1 per share was recommended, and a USD 325 million abandonment liability guarantee for the BC-10 block in Brazil was approved.
Oil and Natural Gas Corporation Limited (ONGC) approved a clutch of significant corporate and financial proposals at its board meeting held on 26 May 2026 in New Delhi, including an in-principle nod for a 50:50 joint venture with Gujarat Maritime Board (GMB) to develop a 5 MMTPA liquid port at Dahej, Gujarat, along with the adoption of audited financial results for the year ended 31 March 2026. Advertisement
The board granted in-principle approval for the formation of a joint venture company with GMB on equal terms to develop the proposed liquid port facility at Dahej, Gujarat. The approval remains contingent upon investment clearances from both joint venture partners and the Department of Investment and Public Asset Management (DIPAM) under the Government of India. According to the board communication filed with the National Stock Exchange and BSE, the port facility is intended to support ONGC Group's integrated energy operations and strengthen the logistical infrastructure underpinning its existing asset base in the Gujarat region.
On the financial front, the board adopted standalone and consolidated audited financial results for FY 2025–26 pursuant to Regulations 33 and 52 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, with five statutory audit firms issuing unmodified opinions on both sets of results. On a standalone basis, ONGC reported total income of INR 1,42,863.90 crore for the year ended 31 March 2026, compared with INR 1,48,325.73 crore in the previous year. Net profit on a standalone basis stood at INR 32,894.02 crore, against INR 35,610.32 crore in FY 2024–25. Revenue from operations declined to INR 1,32,508.14 crore from INR 1,37,846.29 crore a year earlier, with offshore operations contributing INR 92,406.31 crore and onshore contributing INR 40,101.83 crore.
On a consolidated basis, the group reported total income of INR 6,74,603.84 crore, with net profit attributable to owners of the company at INR 41,424.38 crore, up from INR 36,225.62 crore in FY 2024–25. Total consolidated net profit for the period, including non-controlling interests, reached INR 49,793.10 crore against INR 38,328.61 crore the previous year. Consolidated earnings per equity share (basic and diluted) stood at INR 32.93 for the full year. The board recommended a final dividend of INR 1 per equity share of face value INR 5 each, representing 20% for FY 2025–26, subject to shareholder approval. This is in addition to interim dividends of INR 6 per share declared in November 2025 and INR 6.25 per share declared in February 2026, bringing the total dividend outflow for the year to INR 1,258 crore on account of the final tranche alone.
In a separate resolution concerning its international upstream subsidiary, the board approved a related party transaction to provide a parent company guarantee by ONGC Nile Ganga BV (ONGBV), a subsidiary of ONGC Videsh Limited, to M/s Shell Brasil Petróleo Ltda., the operator of the BC-10 block in Brazil, on behalf of ONGC Campos Ltda. (OCL), a step-down subsidiary. The guarantee covers abandonment liability of up to USD 325 million, with fees to be determined on an arm's length basis through a transfer pricing study.
The board also recommended for shareholder approval two related party transactions connected to the Area-1 Mozambique Project — specifically, the implementation of an AssetCo structure involving the transfer of assets, and the extension of the validity period of an existing Debt Service Undertaking (DSU) provided by ONGC. The Mozambique project, operated through step-down subsidiary ONGC Videsh Rovuma Limited, had been under force majeure since April 2021. The force majeure was lifted with effect from 7 November 2025, with production now expected to commence in July 2028.
The auditors' report flagged several emphasis-of-matter items, including a contingent liability of INR 15,225 crore relating to an ongoing arbitration dispute concerning the Panna-Mukta and Mid and South Tapti joint venture fields; disputed Service Tax and GST demands on crude oil and natural gas royalties for which the company has recognised provisions of INR 19,645 crore; and a INR 2,088 crore Terminal Excise Duty refund claim from the Directorate General of Foreign Trade, in respect of which a writ petition remains pending before the Delhi High Court.
The auditors additionally noted that ONGC did not have the minimum number of independent directors required under SEBI LODR Regulations and the Companies Act, 2013, following the completion of their tenure on 27 March 2026. The board meeting commenced at 14:45 hours and concluded at 19:15 hours.
Source: ONGC
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
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