State-run ONGC reported a healthy almost 53 per cent y-o-y jump in its consolidated net profit at around ₹13,678 crore in Q4 FY26 largely aided by high crude oil prices.
Sequentially, the net profit of India’s largest exploration & production (E&P) company rose about 15 per cent.
The company’s consolidated gross revenue was marginally higher at ₹1.74 lakh crore in the March quarter of FY26 compared to around ₹1.67 lakh crore reported during both in Q3 FY26 and Q4 FY25.
Total expenses of the Maharatna company on a consolidated basis were higher at ₹1.61 lakh crore in Q4 FY26. compared to ₹1.55 lakh crore in Q3 FY26 and ₹1.58 lakh crore in Q4 FY25.
On a standalone basis, ONGC wrote-off ₹4,876.75 crore in exploration well cost during the March quarter.
ONGC’s net realisation from nominated fields rose by 6 per cent Y-o-Y to $78.32 per barrel in Q4 FY26. However, the realisation fell by 11 per cent Y-o-Y to $68.40 a barrel in FY26. While net realisation from Joint Ventures (JVs) rose 5 per cent Y-o-Y to $77.87 a barrel, it fell 9 per cent Y-o-Y to $69.18 in FY26.
The Board has recommended a final dividend of 20 per cent (₹1 per share) subject to approval of shareholders at AGM.
The total dividend for FY’26 would be 265 per cent (₹13.25 per share of face value ₹5 each) with a total payout of ₹16,669 crore. This includes an interim dividend of ₹15,411 crore i.e. 245 per cent (₹12.25 per share) already paid during the year.
ONGC’s standalone crude oil production declined to 4.449 million tonnes (mt) in Q4 FY26 from 4.7 mt in Q4 FY25. Standalone gas production also was on the lower side at 4.78 billion cubic meters (bcm) from 4.89 bcm.
“Geological surprises arising out of reservoir complexities affected the production from 98/2 Field in Eastern Offshore. The West Asia crisis also affected the pipeline replacement project and DUDP project affecting the oil and gas production from Western Offshore. Further, some production got affected for a brief spell of time due to hook up operation of pipeline, compressor and turbines in two existing wells and surface facilities in Western offshore,” the PSU said.
While ONGC’s production has remained broadly flat in recent years, the company has now taken a series of bold, structured and long-term initiatives to address India’s exploration and production challenges, it added.
Mumbai High field shows strong early signs of production revival within the first year of onboarding of BP as technical service provider with Oil production reaching 102 per cent and Gas production reaching 108 per cent of target baseline. After this success, ONGC is advancing the onboarding of BP for the entire Western Offshore.
Projects worth ₹33,075 crore under progress in Western Offshore, highest in recent times, will contribute to the production growth in coming years, the company said.